Past year: ▼ 20%(10.0c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 Apr 2022quarterly activities report▼ Bad
March quarter: sales revenue $4.1m, gas 4.8 TJ/d, oil and condensate 90.8 bbl/d, all lower than December. The McArthur demerger has been slower than planned because of ATO feedback and market volatility. Surat 3D seismic work is suspended after the Gas2Grid exit.
22 Apr 2022debt default or forbearance▲ GoodMajor
Noteholders approved the amendments with 85% by value in favour, against 75% needed. Possible covenant breaches are waived, covenants are reset, and the bonding facility date is extended. This removes the immediate risk of a redemption demand raised on 11 April.
21 Apr 2022capital raising announcement● Neutral
Prospectus to issue 290m shares and 96.7m listed 5c options at nil price, mainly to lift trading restrictions so the placement securities can be sold. Shares on issue before the offer are 1,994,451,327. Offer closes 30 June 2022.
11 Apr 2022debt default or forbearance▼ BadMajor
Armour asks holders of its Secured Amortising Notes ($27.1m outstanding) to waive possible past breaches of debt service and leverage covenants, loosen those covenants, raise a debt limit and extend the bonding facility date. Needs 75% by value; failure could allow redemption demands.
4 Apr 2022director officer appointment▼ BadMajor
CEO Brad Lingo resigned effective immediately, with no replacement named. Executive Chairman Nick Mather and the CFO, COO and CCO will lead in the interim. He was also a transitional director of McArthur, whose demerger is still pending.
4 Apr 2022drilling progress report▲ Good
Warroon-1 clean-up continues, with daily gas above 400 MSCF/D plus condensate. Myall Creek-2 Tinowon C is confirmed as a frac candidate, scheduled for June 2022 with Armour fully carried by its funding partner. Armour also reports 1,000 days without a reportable environmental incident.
31 Mar 2022director officer appointment● Neutral
Non-Executive Director Roland Sleeman resigned for personal reasons, after about 10 years on the board since the April 2012 float. Board is now Mather, Bizzell and Uliel.
31 Mar 2022farm in farm out agreement▼ BadMajor
Gas2Grid will not proceed with the binding farm-in over 519 km2 of Surat acreage, citing commercial issues over securing tenure during the earn-in. The deal that would have funded over $12m of work is dead; Armour will keep pursuing the acreage.
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.
31 Jan 2022quarterly activities report● Neutral
December quarter: sales revenue $4.7m, gas 5.3 TJ/d, oil and condensate 101.8 bbl/d. Debt fell to $34.7m from $36.9m. McArthur IPO work continues with Morgans as lead manager; Surat 3D seismic plans were accelerated around the Gas2Grid farm-in.
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 2021quarterly activities report● Neutral
September quarter report: sales revenue $4.4m, gas 5.5 TJ/d, oil and condensate 114 bbl/d. The NT permit transfer and interposition of McArthur are now complete. A pre-IPO raise via unsecured exchangeable notes is underway, converting to McArthur shares on IPO subject to shareholder approval.
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.
