Past year: ▼ 20%(10.0c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
1 Feb 2013asset acquisition disposition● Neutral
Armour took a further 175,830 Lakes Oil $10 convertible notes, lifting its fully diluted stake from 15.07% to 18.6%. Hancock's subsidiary also invested $4.25m in Lakes. Otway 1 drilling is scheduled for early March 2013, with Armour at 51%.
16 Jan 2013drilling progress report● Neutral
Yallourn Power 1 was at 166m, with intermediate casing set at 158m, drilling towards about 450m. Planned total depth is 1,200m, about 40 days. Armour has 25%. The well was spudded 19 December 2012.
16 Jan 2013drilling spud● Neutral
Lakes Oil spudded the Yallourn Power 1 stratigraphic corehole in PEP 166, targeting 1,200-1,500m to test oil-bearing source rock. Armour funds 25% of the well. The text states Lakes views it as a potential game changer.
21 Dec 2012investor presentation● Neutral
Market update presentation following the ATP1087 grant. The visible text is mainly boilerplate and company background, with no new figures shown before truncation; it appears to repeat the previous day's announcement.
20 Dec 2012regulatory community update▲ GoodMajor
Armour was granted ATP1087 in North Queensland (7,138 km2), resolving its preferred-tenderer status. It plans three vertical wells and one lateral in 2013 targeting Lawn Hill Shale (22.5 TCF mean prospective), aiming to define up to 9 TCF over three years.
13 Dec 2012regulatory community update▲ GoodMajor
NT permits EP174 (4,340 km2) and EP190 (12,820 km2) were granted, lifting contiguous granted McArthur Basin cover from 11,505 to 28,665 km2. A Fugro airborne survey is planned for January 2013, and NT drilling resumes after Queensland wells. About 105,000 km2 of applications remain.
6 Dec 2012drilling scheduled● Neutral
Lakes Oil says a rig is mobilising to drill a stratigraphic corehole near Yallourn Power Station in PEP 166, Gippsland. Armour contributes 25%. It aims to test oil source rocks previously seen with traces of oil.
30 Nov 2012investor presentation● Neutral
AGM presentation repeating known points: 41.3 Tcf prospective gas across northern Australia, 300m shares, about $40m net cash, and market cap of $72m at 24c. Nothing new is disclosed in the visible text, which is truncated.
30 Oct 2012resource reserve update▲ GoodMajor
Armour estimates a mean prospective conventional gas resource of 130.7 BCF for the Greater Coxco/Glyde field in EP 171, up from 10.2 BCF previously. Discovery was notified to the NT. Airborne gravity and magnetic surveys are planned for further targets.
26 Oct 2012annual report● Neutral
Re-release of the 2012 annual report in designed format, repeating the chairman's points: Glyde #1 discovery, 41.3 TCF mean prospective gas, and Otway 1 being prepared with Lakes. Text is truncated.
25 Oct 2012regulatory community update▲ GoodMajor
Armour signed native title agreements covering ATP 1087 in North Queensland, a key step toward grant as preferred tenderer. Exploration is planned from April 2013. The tenement carries a 22.5 TCF mean prospective gas resource, comparable to Glyde-style shale.
23 Oct 2012capital raising announcement● Neutral
Lakes Oil is offering $10 converting notes at 10% interest, converting at 0.2c per share. Armour, a 12.99% holder, intends to subscribe to lift its stake to 15%, up to about $1.4m. Proceeds fund Otway-1 and further wells with Armour.
28 Sept 2012annual report● Neutral
Annual report for the year to 30 June 2012. The chairman cites Glyde #1 as a discovery, with Batten Trough potential of up to 22.8 TCF, and 41.3 TCF mean prospective gas across three permits. No farm-ins or asset sales are planned. Text is truncated.
24 Sept 2012admin correction● Neutral
Armour moved its registered and main office to Level 27, 111 Eagle Street, Brisbane. Postal address and phone numbers are unchanged. Administrative only.
5 Sept 2012material agreement termination▼ BadMajor
Armour terminated its NT drilling contract, saying the contractor could not fix performance problems; the contractor disputes the suspension and termination. The NT drilling campaign is suspended while a new contract is negotiated, following the 24 August suspension, delaying further wells.
24 Aug 2012drilling result● NeutralMajor
Glyde #1 lateral finished at 840m, cased with perforated sections and suspended awaiting production testing; independent resource assessment started. NT spend of $19.6m exceeded the $17.264m plan by $2.3m, five of eight wells drilled, and the drilling contractor is suspended over dissatisfaction.
13 Aug 2012flow test result▲ GoodMajor
Flow testing of Glyde #1 lateral gave 3.33 million cubic feet a day at 125 psi on a full-open choke after 10 minutes. Gas is about 77% methane and 11% each ethane and propane. Drilling continues at 810m in gas-bearing rock, within a roughly 500 km2 sub-basin.
10 Aug 2012drilling result▲ GoodMajor
Glyde #1 lateral, at 672m, is flaring gas at an estimated 3.5-4.5 million cubic feet a day while air drilling, with no water seen. This resolves the pending lateral result positively; a formal flow test awaits NT approval.
7 Aug 2012drilling result▲ GoodMajor
Glyde 1 reached 698m, intersecting 132m of gas-charged, naturally fractured Barney Creek Shale with continuous gas shows and negligible CO2. A 600m lateral well is now being drilled to test commercial potential.
30 July 2012drilling spud● NeutralMajor
Glyde 1 in EP171 (100%) spudded 27 July, with surface casing at 234m. It will drill to 800m, targeting the Barney Creek Shale and Coxco Dolomite near a 1979 gas flow. It spudded four days later than the 23 July target given on 17 July.
17 July 2012drilling result▼ BadMajor
Kilgour North 1 was suspended at 1,142m after repeated water inflows flushed hydrocarbons from the Lynott and Reward reservoirs. The rig moves to Glyde, due to spud 23 July. Armour has identified additional targets.
17 July 2012resource reserve update▲ GoodMajor
Armour booked its first gas resource: a mean prospective resource of 100.4 BCF for the Greater Cow Lagoon Structure in the Lynott and Reward Formations. Three down-dip targets (Batten Creek, Looking Glass, Ryans Bend) are identified for coring.
13 July 2012drilling result● Neutral
Lakes Oil's version of the same update: Holdgate-1 plugged and rig released after reaching 2,752m. Continuous gas readings typical of a tight gas well and carbonaceous shales in sidewall cores. Duplicate of Armour's release.
13 July 2012drilling result● Neutral
Holdgate-1 (2,752m) was plugged and the rig released. It showed continuous gas readings typical of a tight gas well and carbonaceous shales in cores. No flow or resource was reported; full assessment of tight gas potential is pending.
3 July 2012drilling progress report● Neutral
Lakes Oil's version of the same update: Holdgate-1 reached 2,752m total depth and drilling stopped. Logging and a seismic profile come next. Duplicate of Armour's release.
3 July 2012drilling progress report● Neutral
Holdgate-1 reached total depth of 2,752m and drilling has ceased. Logging and a vertical seismic profile follow, then partners will review the Strzelecki Group's unconventional potential to find a lateral well zone.
2 July 2012drilling progress report● Neutral
Holdgate-1 was at 2,730m and drilling ahead toward 2,800m. No results yet.
2 July 2012drilling progress report● Neutral
Lakes Oil's version of the same update: Holdgate-1 at 2,730m, drilling ahead. Duplicate of Armour's release.
29 June 2012drilling progress report● Neutral
Holdgate-1 was at 2,577m and drilling ahead toward 2,800m. No results yet.
29 June 2012drilling progress report● Neutral
Lakes Oil's version of the same update: Holdgate-1 at 2,577m, drilling ahead. Duplicate of Armour's release.
