8 May 2012drilling progress report● Neutral
After assessing the electric logs, Lakes Oil will retest the 1,987–2,005m interval in Moreys 1, which is at 2,300m total depth. A second test attempt follows the failed first one.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
7 May 2012drilling progress report● Neutral
Lakes Oil's version of the same news: Moreys-1 reached total depth of 2,300m, logs are being prepared, and a retest of 1,987–2,005m will be reassessed afterwards. Duplicate of Armour's release.
7 May 2012drilling progress report● Neutral
Moreys 1 reached total depth of 2,300m. Electric logs are being prepared, and a retest of the 1,987–2,005m interval will be decided after log evaluation.
4 May 2012well test result▼ Bad
Lakes Oil reports the first Moreys-1 drill stem test (1,987–2,005m) failed because the testing tool blocked. Drilling continues, and the zone may be retested after logging. No gas result from this test.
4 May 2012well test result▼ Bad
Armour repeats Lakes Oil's news that the first Moreys 1 drill stem test (1,987–2,005m) failed when the tool blocked. Drilling continues, with a possible retest after logs are run.
3 May 2012drilling progress report● Neutral
Armour reports Moreys 1 at 2,005m, with a drill stem test planned that day at 1,989–1,997m. Armour is funding the $2.5m well to earn 51% of PEP169. No result yet.
2 May 2012drilling progress report▼ Bad
Moreys-1 at 1,908m has passed through the Waarre C and B sands, with no significant gas readings. Drilling continues to test the Eumeralla Formation. The primary target showed no notable gas so far.
1 May 2012drilling progress report● Neutral
Moreys-1 reached 1,783m and intersected the Flaxmans Formation at 1,760m, 11m deeper than predicted, with rising background gas. The primary Waarre C target may be reached later that day. No test result yet.
30 Apr 2012drilling progress report● Neutral
Lakes Oil reports Moreys-1 at 1,570m, still drilling toward the 1,740m target. Armour funds the $2.5m well. Routine depth update with no result.
26 Apr 2012drilling progress report● Neutral
Lakes Oil reports Moreys-1 at 735m, drilling toward the first target at 1,740m. Armour is funding the $2.5m well to earn 51% of PEP169. Routine depth update.
26 Apr 2012drilling scheduled▲ GoodMajor
Armour starts ASX trading 26 April after raising $75m (150m shares at $0.50). Cow Lagoon #1 shale well in the Northern Territory is due to spud in early May, targeting about 800m. Moreys 1 in Victoria, funded to earn 51% of PEP169, spudded 19 April.
23 Apr 2012other● Neutral
Amended securities trading policy for Armour Energy, setting clearance rules and prohibited periods for directors and staff dealing in company securities. Governance document with no business or financial information.
20 Apr 2012other● Neutral
Option distribution schedule: 92,400,000 options at $0.50 expiring 31 August 2014 held by 1,676 holders. Administrative listing record.
20 Apr 2012other● Neutral
Top 20 option holders hold 61.63% of 92.4 million options. DGR Global holds 18.84 million (20.39%) and CEO Phillip McNamara 7.76 million (8.40%).
20 Apr 2012other▲ GoodMajor
Armour Energy was admitted to the ASX Official List on 20 April 2012, with 221,050,000 shares and 57,687,500 options quoted from 26 April 2012. The company starts life as a listed gas explorer.
20 Apr 2012other● Neutral
Top 20 shareholders hold 60.13% of 300 million shares. DGR Global Limited is the largest holder with 75.05 million shares (25.02%).
20 Apr 2012other● Neutral
Rules of the Employee Share and Option Scheme, letting the board offer shares and options to eligible employees and directors. Governance document; no grants or figures announced.
20 Apr 2012security holder rights change● Neutral
Terms of performance shares issued to Ray Johnson (180,000) and David Warner's entity (625,000). Johnson's convert if the first multi-stage horizontal well is drilled and fracked by 1 December 2013; Warner's need 2,000 PJ 2P, 3,000 PJ 3P or 20,000 PJ 2C resources.
20 Apr 2012joint venture update● Neutral
Market update: none of the 13 NT exploration licence applications or ATP 1087 are yet granted, pending native title talks. Formal Lakes Oil farm-in agreements (PEP 166, PEP 169) are still being finalised. Lucas Titus joined as Chief Geologist; 5 million lead manager options issued.
20 Apr 2012other● Neutral
Share registry confirms mandatory escrow: 78,950,000 shares and 34,712,500 options held for 24 months from quotation, released only with ASX and company consent. Administrative confirmation.
20 Apr 2012other● Neutral
Share distribution schedule: 300,000,000 shares held by 1,634 holders, with 86.46% held in parcels over 100,000 shares. Administrative listing record.
20 Apr 2012other● Neutral
Company's share trading policy, restricting directors and staff from dealing in company securities without clearance and barring insider trading. Governance document with no new business information.
20 Apr 2012regulatory community update● Neutral
Solicitor's report (20 March 2012) says Armour holds 100% of granted NT permits EP 171 and EP 176 with good title and fees paid. 13 NT applications and Queensland's ATP 1087 remain ungranted.
20 Apr 2012capital raising announcement● Neutral
Replacement prospectus (dated 20 March 2012) offering 150 million shares at $0.50 to raise $75 million, with one attaching option per four shares expiring 31 August 2014. Underwritten to $50 million by Samuel Holdings. Re-release of the offer document already summarised.
What it means for a shareholder
150m new shares at A$0.500 to raise about A$75.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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20 Apr 2012half year report● Neutral
Half-year to 31 December 2011: loss of $192,402 and cash of $6.6 million, before the $75 million IPO. Holds about 126,000 km² of northern Australian permits and applications, and a stake in Lakes Oil NL.
20 Apr 2012capital raising announcement▲ GoodMajor
ASX circular confirms the IPO raised $75 million from 150 million shares at $0.50, with one free option per four shares. Quotation starts 26 April 2012; 78.95 million shares are escrowed 24 months. Activity is shale gas exploration in northern Australia.
What it means for a shareholder
150m new shares at A$0.500 to raise about A$75.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
20 Apr 2012other● Neutral
Rules of the Performance Rights Plan, a long-term incentive for executive directors and key personnel. Governance document; no specific grants stated.