Past year: ▼ 20%(10.0c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
30 Mar 2022farm in farm out agreement▼ BadMajor
Gas2Grid says it and Armour have ended attempts to finalise binding agreements for the Surat farm-in proposed on 22 November 2021. This is the counterparty's notice, duplicating Armour's own release the next day.
16 Mar 2022half year report● Neutral
Half-year report to 31 December 2021. Highlights: noteholder approval of amendments for the McArthur demerger, Tribeca facility extended to 29 April 2022, two partner-funded Surat frac programmes, and $2.6m raised so far in the pre-IPO exchangeable notes. Financial figures are not in the extract.
4 Feb 2022drilling progress report▲ Good
Warroon-1 is now free flowing and sending gas to sales at 325 MSCFD, with about 10% of stimulation fluids recovered. The clean-up is expected to take 3-5 more weeks before the well reaches its expected production.
19 Jan 2022drilling progress report▲ Good
Warroon-1 frac was completed on 10 January, placing 159,826 lbs of proppant (about 101% of plan), but results are 3-4 weeks away. Myall Creek-2 workover finished; a 30-day test began 17 January at 200-400 MSCF/day going to sales.
13 Jan 2022director officer appointment● Neutral
Boardroom Pty Ltd, with Natalie Climo as appointee, is appointed corporate secretarial provider. This fills the Company Secretary role after Karl Schlobohm's October resignation; he assists the transition to end of January.
10 Jan 2022drilling progress report● Neutral
Warroon-1 re-stimulation and Myall Creek-2 workover both began, after delays from weather and COVID travel limits. First stable Warroon gas expected in 2-3 weeks. Both are 100% funded by Armour's partners.
20 Dec 2021director officer appointment● Neutral
Craig Gouws, formerly CFO of Warrah Society and earlier of InfraStrata plc, starts as Chief Financial Officer on 20 December 2021, with Toni Hawkins assisting the handover. This fills the vacancy from her October resignation, ahead of the McArthur demerger.
25 Nov 2021investor presentation● Neutral
AGM presentation by the CEO, readable text covers only disclaimers and a headline of growth and delivery. No new figures or results are shown in the extract.
23 Nov 2021drilling progress report▼ Bad
Warroon 1 re-stimulation slips from mid-October to the third week of December, blamed on wet weather and COVID-related staffing. Myall Creek 2 workover now starts in early January 2022. Both are fully funded by partners.
22 Nov 2021farm in farm out agreement● Neutral
Gas2Grid (ASX:GGX) announces a non-binding heads of agreement to fund seismic and drilling for 50% of two Armour Surat blocks, Riverside and Myall-Bainbilla, with total spend over $12m. Mirrors Armour's own release; binding agreements are still to come.
22 Nov 2021farm in farm out agreement▲ GoodMajor
Armour agreed non-binding terms for Gas2Grid to earn 50% of 519 km2 of Surat acreage (Riverside and Myall-Bainbilla) by funding over $12m: three wells, fracture stimulation and 100 km2 of 3D seismic. Binding documents are due within three months. This is the Surat farm-in partner search progressing.
2 Nov 2021admin correction● Neutral
Statutory notice of JobKeeper payments: $367,500 for 41 individuals in FY2020 and $402,000 for 40 in FY2021, with nothing repaid. Administrative disclosure only.
1 Nov 2021farm in farm out agreement● Neutral
Stonehorse Energy and a private investor group will fund 100% of the Myall Creek 2 workover, estimated at $1.5m, then $1.4m for a second intervention. They get 50% of well revenue less costs for about seven years. Duplicate of Armour's own release below.
1 Nov 2021farm in farm out agreement▲ GoodMajor
Armour secured Stonehorse (ASX:SHE) and a private entity to fund 100% of Myall Creek 2 perforation and stimulation of the lower Tinowon, from December 2021. They fund $1.5m, then $1.4m more, for 50% of well revenue less costs for six years. Answers Armour's search for Surat partners.
28 Oct 2021director officer appointment● Neutral
CFO Toni Hawkins resigned to pursue other opportunities and will help with the transition for up to three months. A replacement is yet to be named, during the McArthur demerger preparations.
27 Oct 2021investor presentation● Neutral
McArthur presentation at NT Resources Week repeats known material: the demerger and IPO are conditional, with NSAI prospective resources of 4.6 Tcf conventional and 28.1 Tcf unconventional already disclosed. No new figures in the readable text.
27 Oct 2021material agreement● NeutralMajor
Morgans is appointed lead manager for the McArthur Oil & Gas IPO, now expected in Q1 2022, later than the earlier December 2021 quarter target. Demerger still needs shareholder, ASX, financier and ATO approvals.
5 Oct 2021director officer appointment● Neutral
Company Secretary Karl Schlobohm, in the role since 2009, resigned and will help with the transition until 31 January 2022. A replacement is still to be named. This follows the June notice that he would retire from the role.
30 Sept 2021annual report● Neutral
Annual report for the year to 30 June 2021. The extract includes only the competent person statement on Surat Basin reserves, reviewed by TR&A, with no reserve numbers or financial results shown.
30 Sept 2021admin correction● Neutral
Appendix 4G and corporate governance statement for the year to 30 June 2021, a compliance filing. It carries no business or financial news.
30 Sept 2021capital raising announcement● Neutral
Of the $8.2m placement, $5.725m has settled with 220,192,320 shares and 73,397,439 options issued. The balance, including the $1.6m needing shareholder approval, comes after the November AGM.
What it means for a shareholder
220m new shares at about A$0.026 to raise about A$5.7m. That's 12% dilution: every existing holder's slice gets 12% smaller. If you held A$1,000 of shares (38,462 at the issue price), your slice goes from 0.00235% to 0.00207% of the company. To keep it you'd need 5,172 more shares - about A$134 at the issue price.
Create a free account to see this worked out for your own holding.
27 Sept 2021capital raising announcement● NeutralMajor
Armour raised $8.2m in a placement at 2.6c, a 21% discount, with one free 5c option per three shares. $1.6m, including DGR's commitment, needs shareholder approval. Funds go to demerger costs, tenure compliance, plant upkeep and note payments.
23 Sept 2021drilling scheduled● NeutralMajor
Armour will re-stimulate Warroon 1 from mid-October 2021 after the November 2020 frac failed from a gel problem, now in dispute with the contractor. A private investor funds the roughly $700k cost for 50% of incremental revenue over six years. Mediation with the contractor has failed so far.
2 Sept 2021director officer appointment▲ Good
Jeff Schrull, formerly Beach Energy's exploration head, is named CEO-elect of McArthur Oil & Gas from 6 September 2021. This fills the full-time CEO role flagged on 4 August; Andrew Logan was interim.
9 Aug 2021investor presentation● Neutral
Armour updated the McArthur demerger, now targeting an IPO in the December 2021 quarter with a prospectus early that quarter. A briefing cites 4.6 Tcf conventional and 28.1 Tcf unconventional prospective resources. Shareholder vote, tax ruling and financier consents are still needed.
9 Aug 2021regulatory community update▲ GoodMajor
Force majeure on the Uganda Kanywataba licence is lifted and a 100 km infill 2D seismic survey will restart, taking about three months. The licence term, due to expire 13 September 2021, extends into 2022 or 2023, resolving the expiry thread. Armour's share is 16.82%.
9 Aug 2021regulatory community update▲ Good
DGR Global's release repeats Armour's news that Uganda force majeure is lifted and 2D seismic resumes. DGR holds the 83.18% beneficial interest, Armour 16.82%. No new information.
5 Aug 2021regulatory community update▲ GoodMajor
The NT government approved transfer of Armour's Northern Territory exploration permits (six granted, 52,592 km2, all 100%) into McArthur NT Pty Ltd. This resolves the pending permit-transfer approval; approval to place McArthur Oil & Gas above that subsidiary is still expected.
4 Aug 2021director officer appointment▲ Good
Armour named the proposed board and management for the McArthur Oil & Gas demerger, with Greg Martin as independent chair and Andrew Logan as interim CEO. Brad Lingo joins as a transitional director; a full-time CEO is still being recruited.
28 July 2021drilling result▲ Good
The 20,000 km2 NT airborne survey is complete, ahead of schedule and within budget, run on behalf of McArthur Oil & Gas. Initial processed data is due within a month, to rank the 193 leads. No findings are reported yet.
