Past year: ▼ 20%(10.0c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
23 July 2021debt financing▲ Good
Noteholders approved the amendments for the McArthur demerger with over 80% in favour against 75% needed, subject to finalising documents. Resolves the 14 July request. Proceeds from the Northern Basin sale are to retire note debt after the IPO.
14 July 2021debt financing● Neutral
Armour asked noteholders to approve further amendments permitting the McArthur demerger and IPO, up to $10m of subordinated unsecured notes, and escrow accounts for the roughly $40m consideration. 75% by value is needed, voting closes 23 July. If refused, the demerger will not proceed as planned.
15 June 2021investor presentation● Neutral
PESA Deal Day presentation seeking farm-in partners for Cooper Basin permits PEL 112 and 444 and Surat Basin Riverside and Kincora 3D seismic. Cites 5 to 10 mmbbl best-estimate for PEL 112 and a Riverside P10 of 19 Bcf. These are undiscovered estimates.
8 June 2021director officer appointment● Neutral
Olivia Versace joins as Joint Company Secretary and Mark Greenwood, ex-Santos, as Chief Commercial Officer. Karl Schlobohm, Company Secretary since 2009, will retire from the role in the coming months.
11 May 2021drilling scheduled▲ Good
Armour engaged Pinemont to fly a roughly 20,000 km2 airborne survey over its NT permits (EP171, 174, 176, 190, 191, EP(A)193), starting early July 2021 and taking about 35 days. Results are due from September; it aims to rank the 193 known leads.
10 May 2021asset acquisition disposition● Neutral
DGR Global reports Auburn has completed buying Armour's Ripple Resources for 5.6m Auburn shares, leaving Armour with about 12.5% of Auburn. Armour's hydrocarbon access rights are preserved. Repeats Armour's own completion notice of the same day.
10 May 2021asset acquisition disposition● NeutralMajor
Armour completed the sale of Ripple Resources to unlisted Auburn for 5.6m Auburn shares, about 12.5% of Auburn. It becomes a passive investment and lets management focus on core oil and gas. Completes the 12 March agreement.
30 Apr 2021admin correction● Neutral
Armour corrected its December 2020 and March 2021 quarterly reports: liquids were wrongly converted into petajoule equivalents in total production and sales volumes, and average price is now a weighted $/GJe. Revenue, debt, by-product figures and Appendix 5B cash flows are unchanged.
27 Apr 2021resource reserve update▲ GoodMajor
Independent estimate (NSAI) puts McArthur Basin prospective resources at about 33 Tcf best estimate, with conventional prospective up to 4.6 Tcf and contingent resource 53 Bcf (3C). Supports the planned McArthur Oil & Gas demerger and IPO of $65m; gas sales are targeted from late 2022.
31 Mar 2021debt financing▲ GoodMajor
Noteholders approved the covenant amendments, with 85% by value in favour against 75% needed. Documentation is due 6 April. This resolves the 23 March request and removes the covenant-breach risk Armour flagged for 31 March.
29 Mar 2021security holder rights change● Neutral
Unlisted employee options (2.55m at 19.5c, 2.55m at 34.5c, 1.65m at 49.5c) expired unexercised. Capital structure now 1,525,739,334 shares and 459,681,077 listed 5c options, after the March placement.
23 Mar 2021debt financing▼ BadMajor
Armour asked noteholders to relax covenants so the McArthur demerger can proceed, citing lower-than-expected uplift from the late 2020 work programme. Without approval it may breach covenants at 31 March, which could force note redemption. Needs 75% by value; vote closes 29 March.
23 Mar 2021debt financing● Neutral
Re-release of the 23 March noteholder amendment notice with the notice attached. Same request: relax covenants, extend the $6.8m bonding facility to 30 September 2021, 75% approval needed. No new substance.
18 Mar 2021investor presentation● Neutral
Capital raising presentation accompanying the $11.5m placement, repeating the 'Primed for growth & focused on delivery' themes. Extract shows disclaimers and headings only, with no new figures.
18 Mar 2021capital raising announcement● NeutralMajor
Armour raised $11.5m via placement at 3.5c, a 12.5% discount, with one free 5c option per four shares. $8.8m is immediate; $2.7m needs shareholder approval and includes directors and DGR. Funds the McArthur demerger costs, Kincora work and note payments.
15 Mar 2021half year report● Neutral
Half-year to 31 Dec 2020: sales revenue $8.5m (down from $11.0m), Kincora gas averaging 6.4 TJ/d (8.0 prior year). Debt cut $7.5m, including $5.3m accelerated amortisation from asset deals. Highlights repeat known Santos, Oilex and stimulation news.
15 Mar 2021investor presentation● Neutral
Brad Lingo's ASX Small & Mid-Cap Conference presentation repeating the 'Primed for growth & focused on delivery' themes. Extract shows disclaimers and headings only, with no new figures.
12 Mar 2021asset acquisition disposition● Neutral
Armour signed the share sale agreement to sell Ripple Resources to unlisted Auburn for 5.6m Auburn shares, about 12.5% of Auburn. It is conditional on Ripple being released from the notes and security. Formalises the August 2020 term sheet.
12 Mar 2021asset acquisition disposition● Neutral
DGR Global (Armour's largest shareholder) confirms the Ripple Resources sale to unlisted Auburn for 5.6m Auburn shares, leaving Armour with about 12.5%. Completion is expected April 2021; Armour's hydrocarbon access rights are preserved. Repeats the 12 March Armour sale.
11 Mar 2021debt financing▲ Good
Queensland's rehabilitation cost decision cut required financial assurances by $1.1m, which will reduce the Tribeca facility by the same amount. Total debt falls to about $43m, down 30% from $62m since June 2020 ($37.6m notes, $5.6m Tribeca).
9 Mar 2021investor presentation● Neutral
Investor update presentation repeating the 'Primed for growth & focused on delivery' themes. The extract shows disclaimers and headline themes only, with no new figures.
3 Mar 2021business combination▲ GoodMajor
Armour proposes to demerge its Northern Basin business into a new ASX-listed McArthur Oil & Gas, backed by a $60-65m IPO. Armour would receive $40m cash to retire debt, and shareholders would keep at least 33.3%. Needs shareholder approval.
25 Feb 2021regulatory community update▲ GoodMajor
Armour lodged retention licence applications covering 491 km2 of its EP171 and EP190 McArthur Basin permits, over the Glyde and Cow Lagoon gas discoveries. It is a step toward production licences; early gas sale talks target sales from late 2022.
4 Feb 2021asset acquisition disposition▲ GoodMajor
The Santos sale of the remaining South Nicholson interests completed, with Armour receiving about $12.16m cash and keeping 100% of ATP(A) 1107. About $6.08m will go to unscheduled repayment of the amortising notes, resolving the 22 December deal.
27 Jan 2021drilling progress report● Neutral
Combined 2020 work programme is lifting output about 3 TJ/d in January, but clean-up of the three Rewan wells is slower than expected (Horseshoe 4 at 260 mscfd, Horseshoe 2 at 160, Warroon 1 at ~400). A remedial treatment is planned for February. Target is +8 TJ/d by end 2021.
6 Jan 2021asset acquisition disposition▲ Good
The formal sale agreement with Santos was signed, matching the 22 December term sheet: about $12.25m cash and 100% of ATP(A) 1107 retained. Armour says the proceeds cut long-term debt 28%, from $62m to $44m, with completion expected by 31 January 2021.
24 Dec 2020drilling progress report● Neutral
Warroon 1 and Horseshoe 4 are connected to sales; Warroon 1 is producing 400 mscfd. Wet weather pushed Horseshoe 2 flowback to January. Armour calls the Basal Rewan proof of concept and is preparing a 2021 programme. Follows the 10 December flare test.
22 Dec 2020asset acquisition disposition▲ GoodMajor
Armour signed a binding term sheet to sell its remaining 30% in ATP 1087 and other South Nicholson permits to Santos for about $12.25m cash ($3m now, $9.25m on conditions), keeping 100% and operatorship of ATP(A) 1107 (7,906 km2). Part of proceeds goes to debt reduction.
18 Dec 2020investor presentation● Neutral
CEO presentation to the 18 December AGM repeating the 'Primed for growth & focused on delivery' themes. Extract shows disclaimers and headings only, with no new figures.
10 Dec 2020well test result▲ GoodMajor
Warroon 1's stimulated Rewan zone flared at up to 700 mcf/d, which Armour calls proof of concept for a new Rewan pay zone it says could support more wells. Two plunger-lift projects added 0.2 TJ/d. Horseshoe 2 and 4 flow data is due from the week of 14 December.
