Past year: ▼ 20%(10.0c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
1 July 2013drilling result▲ GoodMajor
Egilabria 2 hit a gas zone at 1,097m producing an 8m flare, with a peak show of 1,417 units (about 23.8%). Casing set at 735m; depth 1,330m. The Lawn Shale target is at 1,640-1,765m. Shows only, no flow rate or test result yet.
27 June 2013director officer appointment● Neutral
New CEO de Weijer gets $375,000 base pay including super, a bonus of up to 40%, and 7.5m unlisted options at 50c, 75c and $1.00 (2.5m each) over 30 months. The options need any required approvals.
26 June 2013material agreement● Neutral
APA's own notice of the non-binding Heads of Agreement with Armour to explore new pipeline infrastructure. Any investment is conditional on gas resource certification, supply and transport agreements and final board approval. Duplicates Armour's announcement.
26 June 2013material agreement● Neutral
Re-release of APA's notice of the non-binding Heads of Agreement with Armour, filed under APT Pipelines (AQH). Identical to the APA announcement; no new information.
26 June 2013material agreement▲ GoodMajor
Armour signed a non-binding Heads of Agreement with APA Group to work on transporting up to 330 PJ a year of gas to Mt Isa, Queensland and Sydney. Pipeline building is conditional on resource certification and gas sales. Armour targets first gas February 2016.
25 June 2013director officer appointment● NeutralMajor
Robbert de Weijer, formerly CEO of Dart Energy Australia and COO of Arrow Energy, becomes CEO from 8 July 2013, replacing Phil McNamara. This is a change of chief executive; no reason for McNamara's departure is given.
21 June 2013drilling progress report● Neutral
Egilabria 2 reached 745m on mud after water stopped air drilling; 9-5/8 inch casing is being set at 743m to isolate the water. Gas shows in tight sandstones continue. Planned depth remains 1,850m, then the lateral and frac.
20 June 2013drilling result● Neutral
Lakes Oil's Yallourn Power 1 corehole in PEP 166 reached total depth of 1,201m, with 791m of core from Early Cretaceous shales. Gas readings were up to 75 units; evaluation continues. Armour holds 25%. No hydrocarbon flow reported.
6 June 2013drilling progress report● Neutral
Egilabria 2 is at 545m with first gas detected at 425m and 502m (peaks of 900 units) in the South Nicholson Group, alongside water. Hard rock slowed drilling. Casing point is 785m; the Halliburton frac is still planned for July.
24 May 2013drilling progress report● Neutral
Egilabria 2 has set 13-3/8 inch casing at 322m and reached 391m in the Isa Superbasin. Planned vertical depth is now 1,850m, up from 1,750m, and the lateral is now planned to 2,200m measured depth, down from 2,360m.
13 May 2013drilling spud▲ GoodMajor
Egilabria 2 vertical well in ATP 1087 spudded 12 May 2013, the start of Armour's Queensland shale program, planned to 1,750m. A lateral and six-stage frac in July follow. Armour targets up to 9 TCF over three years from the Lawn Hill Shale.
30 Apr 2013quarterly activities report● Neutral
March quarter report recaps the 322 PJ certification, 12.5 PJ 3C resource, drilling contractor mobilisation, Halliburton contract and the 18.6% Lakes stake. Market cap was $81m at $0.27. Conditional gas sales talks are underway. Text is truncated.
26 Apr 2013drilling scheduled▲ Good
Armour mobilised its drilling contractor and expects Egilabria 2 to spud the week of 6 May 2013, to 1,750m. A lateral well and fracture stimulation in July follow, then Egilabria 3 and 4, then three NT wells.
24 Apr 2013resource reserve update▲ GoodMajor
DeGolyer and MacNaughton certified 322 PJ (264.4 Bscf) unrisked prospective resources across 23 Coxco Dolomite targets, and 12.5 PJ (10.3 Bscf) 3C contingent resource for Glyde 1. This is the first independently certified contingent resource. Armour is in confidential gas sales talks with three parties.
4 Apr 2013contract award▲ GoodMajor
Armour signed Halliburton for a six-stage hydraulic stimulation of the planned Egilabria 2 DW1 lateral well in ATP 1087. Long-lead equipment is bought and drilling starts May 2013. This fills the frac contract thread; target is 9 TCF over three years.
21 Mar 2013security holder rights change● Neutral
500,000 unlisted 50-cent options expired because a geologist left the company late last year. Administrative notice with no wider implication stated.
20 Mar 2013drilling progress report▼ Bad
Yallourn Power 1 corehole is at 590m and coring ahead. Lakes says the fractured formation has made coring slower than expected. Armour holds 25% of the well.
15 Mar 2013half year report● Neutral
Half-year to 31 Dec 2012 shows a loss of $1,486,079, versus $192,402 a year earlier. Highlights recap known events: five NT wells, Glyde 1 flow, ATP 1087 grant, and Armour's 18.6% Lakes Oil stake. Text is truncated.
1 Mar 2013investor presentation● Neutral
North American investor presentation repeating known points: 41.3 Tcf prospective, 300m shares, and $36m net cash said to fully fund 2013 exploration. Market cap is shown as $102m at 34c. Nothing new in the visible text, which is truncated.
1 Mar 2013resource reserve update▲ GoodMajor
An in-house review of ATP 1087 identified four new play types: targets of up to 18 TCF gas in place in the Riversleigh Shale, and up to 1.8 TCF gas plus 137m barrels of liquids in three other plays. Recoverability is not assessed. Drilling is planned for Q2 2013.
18 Feb 2013drilling progress report● Neutral
Lakes Oil's Yallourn Power 1 corehole in PEP 166 is at 454m with casing cemented. The rig is being swapped for a coring rig, with coring due to start early next week. Armour funds 25%; planned depth 1,200m.
12 Feb 2013resource reserve update▲ GoodMajor
Armour identified 18 conventional Coxco Dolomite targets in the Batten Trough with 314 PJ risked prospective resources, superseding the earlier 130 BCF Glyde estimate. Unconventional mean prospective resource is 18.7 TCF. Drilling 21 wells could yield a 314 PJ 2C contingent resource.
8 Feb 2013director officer appointment● Neutral
Matthew Stubbs was appointed alternate director for Bill Stubbs, who is on holiday until 23 March 2013. He holds 50,000 shares and 12,500 listed options. Temporary administrative appointment.
5 Feb 2013contract award▲ GoodMajor
Armour hired Silver City Drilling for 2013 wells, replacing the terminated 2012 contractor, with lump-sum rig moves and performance criteria. Queensland drilling begins late April at Egilabria 2, with a six-stage frac planned July 2013, then NT wells. This resolves the drilling contract thread.
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%.
31 Jan 2013quarterly activities report● Neutral
December quarter report recaps EP174/EP190 and ATP1087 grants, the 130.7 BCF Glyde estimate and completed Glyde airborne survey. Market cap was $75m at $0.25 with 300m shares. Armour holds 18.6% of Lakes Oil. Text is truncated.
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.
