Past year: ▼ 20%(10.0c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
3 Apr 2017resource reserve update▲ GoodMajor
Armour booked its first independently verified Kincora reserves: 2P of 56.8 PJ gas, 565 kbbl condensate and 117 kt LPG, upgraded from part of the earlier contingent resources. Gas sales and pipeline agreements underpinned the upgrade. First gas still targeted June 2017.
16 Aug 2016farm in farm out completion▼ BadMajor
Armour settled with AEGP after the court win. AEGP could not perform following Aubrey McClendon's death. The farm-out ends, Armour keeps 100% of its NT tenements and takes over AEGPAS, which holds 40,063,785 Armour shares (12.99%, about $3.5m), for disposal. No US$13m cash is received.
19 July 2016resource reserve update▲ GoodMajor
Independent SRK review lifts net 2C contingent gas at Myall Creek, Parknook, Namarah and Warroon from 15 PJ to 92 PJ (510% increase), with 105 PJ across the wider Kincora area. First gas is targeted by end 2016; reclassification to reserves depends on proving economics after plant restart.
15 July 2016farm in farm out agreement▲ GoodMajor
Queensland Supreme Court ruled for Armour, ordering AEGP to complete the NT farm-out. On completion AEGP must pay US$13m and subscribe 16,888,502 shares at 20c (A$3.37m). This resolves the dispute in Armour's favour for now; the court did not bar Armour's termination right. Armour will seek costs.
4 Feb 2016farm in farm out agreement▼ BadMajor
AEGP failed to complete on 2 February, so Armour started separate Supreme Court proceedings seeking specific performance of the farm-out, or alternatively a right to terminate. AEGP's second share tranche at 20c is due at completion and lapses automatically if the farm-out is terminated.
29 Jan 2016farm in farm out agreement● Neutral
Armour now says all farm-out conditions are satisfied and has served AEGP a Notice to Complete for 2 February 2016. AEGP's court case seeking to bar termination is returnable 9 February; Armour will defend vigorously.
18 Jan 2016farm in farm out agreement▼ BadMajor
AEGP has started Queensland Supreme Court proceedings seeking a declaration that Armour cannot terminate the NT farm-out. Armour says it keeps its termination right and will vigorously defend. Returnable 9 February. The farm-out has become a legal dispute.
12 Jan 2016farm in farm out agreement▼ Bad
Armour says its 9 January notice told AEGP it had unreasonably opposed the native title deeds. AEGP did not accept them by midnight, so the condition became incapable of satisfaction. Armour may terminate or renegotiate; the bid is not conditional on the farm-out.
11 Jan 2016farm in farm out agreement▼ BadMajor
AEGP says on 9 January it finished due diligence, but Armour gave notice the native title assignment condition could not be satisfied. A risk remains that either side terminates or renegotiates the farm-out, which is separate from the bid closing 12 January.
8 Jan 2016farm in farm out agreement● Neutral
Armour disputes AEGP's claim, saying the native title condition can be met by the cut-off. It says it supplied deeds signed with the Northern Land Council, and sees no substantive difference from AEGP's required form. It knows of no reason other conditions can't be met.
7 Jan 2016farm in farm out agreement▼ BadMajor
AEGP says farm-out conditions remain outstanding ahead of the 9 January cut-off, and a native title assignment is now unlikely to be met as required. Either party could then terminate or renegotiate, putting the US$130m farm-out at risk.
2 Dec 2015farm in farm out completion▲ GoodMajor
AEP received FIRB approval for the farm-out and its shareholding, up to 15.95% of Armour. Closing can occur up to 9 January 2016, when AEP pays US$13m. AEP will subscribe a further $3.75m at 20c; its first 5% ($3.75m) was completed 4 November. The bid could take it to 20%.
21 Sept 2015resource reserve update▲ GoodMajor
SRK-assessed best-estimate prospective gas resources in northern Australia rise 66%, from 34 to 57 Tscf. This adds maiden Tawallah Group (NT) and Riversleigh Shale (Qld) volumes, plus 97 new NT conventional leads. These are undrilled prospective estimates, not proven reserves.
11 Sept 2015farm in farm out agreement▲ GoodMajor
Binding AEP deal signed and upsized: US$130m Phase One spend for 75% of 29.3m acres, US$13m upfront, US$3m and US$7m bonuses, and options over 24m shares. AEP also takes a 33.7m-share placement at 20c (A$6.74m). Subject to shareholder approval.
20 Aug 2015farm in farm out agreement▲ GoodMajor
Non-binding letter of intent for American Energy Partners to spend US$100m over up to 5 years for 75% of 21.5m acres of Armour's NT McArthur Basin permits. Armour is carried 100%, gets US$11m upfront plus US$7m bonus. Definitive agreements due within 3 months. This follows months of farm-out talks.
29 Apr 2015resource reserve update▲ GoodMajor
A CSIRO study found good oil and wet-gas source rock (organic content up to 7.7%) in the Tawallah Group beneath Armour's NT permits, a new play estimated over 52,000 km2. No resource figure yet; more sampling is underway before an estimate.
23 Sept 2014drilling progress report● Neutral
Egilabria 2 is recovering stimulation fluid faster than expected, over 50% so far, with gas pressure building. The 210km NT seismic survey is deferred to mid-2015, so the 2014 NT field program is pushed back.
17 Sept 2014drilling progress report▲ Good
Armour plans a 210km seismic survey in the Northern Territory and has started a 3D survey at Glyde. ATP1087 was extended two years to end-2018. Egilabria 2 clean-up restarted with a pump, aiming at a gas flow test.
16 July 2014resource reserve update▲ GoodMajor
SRK certified maiden contingent gas resources for Egilabria 2 DW1 (Lawn Hill Shale, ATP1087, 100% owned): 33 / 154 / 364 Bcf (1C/2C/3C), or 350 PJ at 3C, over 64 km2. It is the first booking from the Queensland shale flows; the plan is to define sweet spots before more testing.
27 May 2014drilling result▲ Good
Lab results on Egilabria 2 and 4 show organic carbon up to 11% in the Lawn and Riversleigh Shales, with about 90% methane, 2% CO2 and up to 6% helium in samples. Gas desorption was confirmed but volumes were not measured. No resource change.
23 Dec 2013farm in farm out agreement● NeutralMajor
Armour exercised its right to farm into Lakes Oil's PRL2 (Gippsland), taking operatorship and an initial 15% interest, with a $10m work program in 12 months and an option to reach 50% with a further $40m. Work is suspended by Victoria's fracking moratorium; it seeks revised terms and can withdraw at no cost.
6 Dec 2013drilling result▲ GoodMajor
Lamont Pass 3 reached 1,275m and was plugged and abandoned; the company reported an oil and gas discovery to the NT regulator based on 520m of oil-bearing Barney Creek Shale. Egilabria 2 flowback stopped at 45% fluid recovery for a long pressure build-up test; rigs demobilised for the wet season, work resumes 2014.
28 Nov 2013resource reserve update▲ GoodMajor
Third-party SRK Consulting lifted NT conventional gas mean prospective resources from 322 PJ to 3,496 PJ (2,870 Bscf), across 55 prospects and leads in EP171, 176 and 190. This supersedes D&M's 264.4 Bscf over 23 targets. Unrisked prospective, not contingent or reserves; 18.8 Tcf unconventional unchanged.
13 Nov 2013drilling result▲ GoodMajor
Lamont Pass 3 (EP190) intersected oil-bearing Barney Creek Shale from 260m to 780m, drilling at 922m toward about 1,200m. The company says this extends the oil window to 780m from 350m previously assessed. Shows only, no flow test or volumes.
23 Oct 2013drilling result▲ GoodMajor
Lamont Pass 3 hit live oil in fractures at 535m, with oil shows and connection gases up to 25 times background. It is a first oil sign in the 2013 NT campaign, still coring at 550m, with no flow test or volumes yet.
8 Oct 2013drilling progress report● Neutral
Myrtle Basin 1 reached 861m, topping the Barney Creek Shale deeper than expected, with coring planned and approval sought to deepen. The rig moved to Lamont Pass 3, drilling at 304m with connection gases up to 100 units; no flow results yet.
24 Sept 2013drilling result▲ GoodMajor
Egilabria 4 reached total depth of 1,839m, on time and within budget, with gas shows in the Lawn Shale, Riversleigh Shale and base of the Carpentaria Basin. Company says this supports continuous gas off structure. Egilabria 2 has recovered about one-third of frac fluid; gas not yet flowing, no rates.
19 Sept 2013drilling progress report● Neutral
Egilabria 2 stimulation is complete, with twelve zones fractured versus eight planned. Production test results are now expected around mid-October, and the company says it cannot accurately forecast the result or timing. Egilabria 4 reached the Lawn Shale at 1,055m, drilling at 1,312m.
16 Sept 2013drilling spud▲ GoodMajor
The 2013 Northern Territory campaign began with Myrtle Basin 1 spudded 13 September in 100%-owned EP176, planned to 800m. It targets a structure with 4.4 Bcf in-house prospective resource; Lamont Pass 3 and optional Caranbirini 1 follow, testing the Coxco Dolomite's 264 Bcf.
9 Sept 2013drilling progress report● Neutral
Halliburton has stimulated 3 of 8 planned stages on the Egilabria 2 lateral, with the rest due within a week; production test results slip to early October. Egilabria 4 has set casing at 477m after top-hole problems and is drilling toward 1,800m.
