Past year: ▼ 20%(10.0c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 Mar 2023capital raising announcement● Neutral
Cover letter to eligible retail shareholders summarising the 1-for-1 entitlement offer at $0.004 and pointing to the offer booklet. Options are to take up, top up, partly take up or let entitlements lapse. No new substance.
27 Mar 2023capital raising announcement● Neutral
Retail offer booklet for the 1-for-1 entitlement offer at $0.004 per share, targeting about $9.3m in total. Eligible holders can take up their entitlement or apply for a top-up; unclaimed entitlements lapse without payment. It repeats already announced terms.
27 Mar 2023capital raising announcement▲ GoodMajor
Armour completed the institutional part of its raising: about $2.7m placement (663.3m shares) and $2.9m institutional entitlement offer (722.9m shares), both at $0.004. DGR, Tenstar and Bizzell-affiliated entities backed it. The retail offer, up to about $6.4m, closes 20 April.
What it means for a shareholder
723m new shares at A$0.004 to raise about A$2.9m. That's 24% dilution: every existing holder's slice gets 24% smaller. If you held A$1,000 of shares (250,000 at the issue price), your slice goes from 0.0107% to 0.00818% of the company. To keep it you'd need 77,498 more shares - about A$310 at the issue price.
Create a free account to see this worked out for your own holding.
23 Mar 2023capital raising announcement● NeutralMajor
Armour launched a fully underwritten $32.0m recapitalisation: $2.7m placement and $9.3m 1-for-1 entitlement offer, both at $0.004 (33.3% discount), plus $20.0m convertible notes needing shareholder and Secured Noteholder approval. Proceeds cut Secured Note debt, refinance MOG notes and fund production work and Enterprise North planning.
23 Mar 2023security holder rights change● Neutral
Letter telling optionholders their options carry no right to join the retail entitlement offer at $0.004. To take part, they must exercise options before the 27 March record date. Administrative notice, no new substance.
23 Mar 2023investor presentation● Neutral
Investor presentation for the $32m capital raising, titled 'Pathway to sustainable growth'. The extract contains only disclaimers and competent person's statement, so no new substance can be confirmed.
20 Mar 2023material agreement▲ GoodMajor
Armour signed a Master Sales Agreement with Shell Energy Australia and an initial 13-month gas sales agreement from 1 December 2023, as the APLNG contract ends. December 2023 price is $12/GJ, with a higher 2024 price. Shell may also explore using Newstead storage (up to 7.9 PJ).
16 Mar 2023half year report● Neutral
Half-year report to 31 December 2022. The extract covers only the competent person statement on Surat reserves, independently reviewed by TR&A at 30 June 2022. No financial or reserve figures are in the extract.
20 Feb 2023material agreement▲ GoodMajor
Non-binding Heads of Agreement to supply Glyde gas (EP 171, NT) to Lucapa's Merlin Diamond Project for 14 years from mid-2025, at least 7 PJ. This would be first McArthur Basin production, but a full contract and conditions precedent are still needed.
31 Jan 2023quarterly activities report● Neutral
December quarter: revenue $3.4m, gas 3.5 TJ/d, oil and condensate 90.5 bbl/d. Myall Creek 5A workover only partly restored output (modest Rewan production); Rednook-1 connected. $7.94m funding secured in the half and Tribeca repaid. SLB MoU signed.
20 Jan 2023director officer appointment▲ Good
Bill Ovenden, ex-Santos exploration senior vice president with 38 years' experience, joined as Board Advisor from 9 January 2023. The company says a director appointment is intended very soon.
22 Dec 2022production update● Neutral
Stranded Rednook-1 well (drilled 1987) was connected, flowing 0.53 TJ/d. Myall Creek 5A still needs coiled tubing in January. Armour is shifting short-term focus to liquids-rich Rewan formation, citing federal gas market intervention; Enterprise North drilling targeted for second half of 2023.
30 Nov 2022investor presentation● Neutral
CEO address presentation to the 30 November AGM. Only the disclaimer is in the extract, so no new substance can be confirmed.
29 Nov 2022debt financing▲ GoodMajor
DGR Global provided a further $2.4m via McArthur exchangeable notes. Tribeca bonding facility was repaid in full on 15 Nov, so the proposed 72.5m share and 12.1m option issue to Pecal was withdrawn from the AGM. New gas sales talks for post-APLNG supply are at higher prices.
31 Oct 2022quarterly activities report▼ Bad
September quarter: revenue $3.1m (down from $4.7m), cash $1.77m, gas 4.1 TJ/d, oil and condensate 85.2 bbl/d. Warroon-1 steady near 530 MSCF/D. Myall Creek 5a workover and Enterprise North planning continue; $5m funding secured.
18 Oct 2022capital raising announcement● NeutralMajor
Armour raised $4.64m via McArthur exchangeable notes (DGR $4.0m, Bizzell $0.3m, BAM $0.34m) plus a Tenstar placement of 51.45m shares at $0.0065. Secured Notes fell to $22.4m. Tribeca bonding debt (about $1.7m left) has a standstill to 15 Nov. Surat in-well-bore work continues.
18 Oct 2022investor presentation● Neutral
October 2022 investor presentation pitching Kincora plant, Newstead storage and the Otway prospect (target up to 419 Bcf). It mentions a capital raising for working capital. Text is truncated; it largely repeats known facts.
30 Sept 2022annual report● Neutral
Annual report for the year to 30 June 2022. The extract covers only competent persons statements, including independent review of Surat Basin reserves by TR&A at 30 June 2022. Reserve and financial figures are not in the extract.
30 Sept 2022annual report● Neutral
2022 Corporate Governance Statement, dated 30 September 2022, lodged with the annual report. It says practices are largely consistent with ASX recommendations and notes a departure for Executive Chairman Nick Mather's written agreement. Administrative.
30 Sept 2022other● Neutral
Appendix 4G, the governance checklist lodged with the annual report. It states the corporate governance statement is current at 30 September 2022 and points to the company website. Administrative, no new substance.
28 Sept 2022drilling scheduled▲ GoodMajor
Armour says the Enterprise North prospect in PEP 169 (51%, operator; Lakes Blue 49%) is drill ready after seismic reinterpretation. It estimates a prospective resource of up to 419 Bcf gas in place. Rig, approvals and access work are underway; no spud date given.
24 Aug 2022investor presentation● Neutral
CEO Christian Lange's conference presentation on the Northern Territory McArthur and South Nicholson basin acreage. It repeats known facts: five wells drilled, Glyde-1 ST gas flow of 3.3 MMscf/d, 20,000 km2 airborne survey, about $33m spent to date.
1 Aug 2022quarterly activities report● Neutral
June quarter: sales revenue $4.7m, cash $3.3m, gas 4.2 TJ/d, oil and condensate 98.6 bbl/d. Warroon-1 is stabilised around 550 MSCF/D after a near-600 peak. In-well-bore work began in July. Enterprise North 1 well preparations continue.
20 July 2022director officer appointment▲ GoodMajor
Christian Lange, a former Schlumberger executive and ex-CEO of Neptune Marine Services, is appointed CEO from 25 July 2022. This fills the role vacant since Brad Lingo resigned on 4 April. Base pay is $480,000, with 40 million options.
19 July 2022director officer appointment● Neutral
Natalie Climo of Boardroom resigned as joint Company Secretary after Boardroom's service agreement ended. Geoff Walker, appointed 25 May, is now sole Company Secretary. Administrative.
6 July 2022debt financing● NeutralMajor
Armour secured a $4.5m facility from largest shareholder DGR Global, via exchangeable notes drawn over three months. Secured Notes fell to $24.9m after a $2.2m payment. Debt refinancing is planned; ATO feedback says demerger tax relief is unlikely. Warroon-1 peaked near 600 MSCFD.
6 July 2022debt financing● Neutral
DGR Global, holding 18.37% of Armour, announces its side of the $4.5m facility to Armour, funded from its own cash. DGR also holds $2.5m of Armour's secured notes and $2m of McArthur exchangeable notes. Duplicates Armour's own release.
1 June 2022asset acquisition disposition▲ GoodMajor
Armour agreed binding terms to sell its 46.25% Waldegrave JV and 25% Snake Creek East JV interests to PZE for $1.99m, mostly payable within 6 months and subject to approvals. PZE will fund up to $300k of an emissions study and toll gas through Kincora.
25 May 2022director officer appointment● Neutral
Geoff Walker, also CFO and Company Secretary of largest shareholder DGR Global, is appointed CFO and joint Company Secretary. CFO Craig Gouws, in the role since December 2021, has resigned and will help with the transition.
18 May 2022capital raising announcement● Neutral
Supplementary prospectus explains that the 290m shares and options go to PECAL and Talbragar, who take over the Tribeca facility (about $5.45m) on a limited-recourse basis and sell the securities to repay it. Armour stays liable and covers any shortfall from its own cash.
