Past year: ▼ 20%(10.0c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
1 Dec 2020director officer appointment▲ GoodMajor
Toni Hawkins, previously General Manager Finance at Senex, joins as permanent Chief Financial Officer from 1 December 2020. She replaces acting CFO Erin Clark, closing the CFO vacancy since Richard Aden left about five months earlier.
24 Nov 2020drilling progress report▼ Bad
COVID-19 quarantine rules for personnel from South Australia delayed the wireline crews needed to flow back the three stimulated wells, so all wells are now expected online by mid-December rather than end November. Armour says the cost impact is minimal and the $4.7m budget holds.
23 Nov 2020security holder rights change● Neutral
Post-entitlement capital structure notice: 1,162,514,211 shares and 330,408,637 quoted 5c options (AJQOA) on issue, plus unquoted options and 55,000 notes at $813.63 each. Confirms the share count after the raise (1,077,970,412 at 30 September).
20 Nov 2020drilling progress report▲ Good
Warroon 1 stimulation completed, finishing the three-well programme within the $4.7m budget. Flowback has started, with initial rates expected from the week of 23 November. CEO Lingo says the next three stimulation wells are targeted for the March 2021 quarter.
12 Nov 2020drilling progress report▲ Good
Horseshoe 2 two-stage stimulation completed, with wellhead pressures of 2000-2100 PSI, similar to Horseshoe 4. Warroon 1 is next. Minor weather and equipment delays push part of the $4.7m programme into early December, past the end-November target.
12 Nov 2020investor presentation● Neutral
SEAAOC conference presentation with the same 'Primed for growth & focused on delivery' content as the Noosa presentation. Extract shows no new figures.
11 Nov 2020investor presentation● Neutral
Noosa Mining Conference presentation, 'Primed for growth & focused on delivery'. Extract shows disclaimers and headline themes only, with no new figures; appears to repeat the earlier investor presentation.
4 Nov 2020drilling progress report▲ Good
Horseshoe 4 stimulation finished on time and budget, with wellhead pressure of 2000 PSI soon after, which Armour calls encouraging. Horseshoe 2 two-stage stimulation is next; the $4.7m three-well programme is still targeting all wells online by end November.
30 Oct 2020material agreement● Neutral
Armour hired Ocean Reach Advisory to find a joint venture partner for its Northern Territory McArthur Basin acreage. The mandate also covers its remaining 30% of South Nicholson Basin, which Armour could partly or fully sell. Aims to cut debt and fund Surat and Cooper work.
30 Oct 2020annual report● Neutral
Formatted version of the 2020 annual report released on 30 October, repeating the earlier chairman's message. The forward programme includes a six-well Surat stimulation, Cooper Basin exploration and a Northern Territory joint venture search. Extract shows no new figures.
28 Oct 2020drilling progress report▲ Good
Pre-stimulation work at Kincora finished on time and budget, and the three-well stimulation (Horseshoe 4, Horseshoe 2, Warroon 1) starts 30 October. The $4.7m programme targets about 4 TJ/d extra gas (up to 7 TJ/d high case), with wells online by end November.
16 Oct 2020asset acquisition disposition▲ GoodMajor
Armour completed the CoEra purchase from Oilex: about 79.33% of PEL 112 and PEL 444 (it exercised the option on the rest), plus 27 Senex PRLs covering 2,445 km2. It paid 24.5m shares, with up to 10m more via a 60-day price adjustment. Armour targets 3-5 drill-ready prospects by end of 2021.
15 Oct 2020asset acquisition disposition● Neutral
Oilex announces the sale of its Cooper-Eromanga interests to Armour has completed. Armour issued 22.05m shares to Oilex and paid $125,000 of past costs. A top-up of up to 10m shares applies if the price is below $0.037 after 60 days; 12-month escrow applies.
30 Sept 2020capital raising announcement● Neutral
Armour lodged a cleansing prospectus for up to 100,000 options at $0.01 (about $1,000) to remove resale restrictions on options issued in the placements. Options for placement participants are now being allotted. Technical filing; no new money of substance.
30 Sept 2020annual report● Neutral
Appendix 4G governance checklist for the year to 30 June 2020, pointing to the corporate governance statement on the website. Administrative; no business substance.
30 Sept 2020annual report● Neutral
Annual report for the year to 30 June 2020. The chairman cites a challenging year, Brad Lingo's June CEO appointment, and plans to farm out the Northern Territory acreage and use the Newstead gas storage. Debt paydown and the $15m raise are also mentioned. Financial detail is not visible in the extract.
29 Sept 2020debt financing▲ Good
Scheduled and accelerated payments have cut the face value of Armour's 55,000 amortising notes to $813.63 each from $1,000. Continues the note paydown funded by the asset sales and raising.
18 Sept 2020capital raising announcement▲ GoodMajor
After the EGM approved the placements, Armour upsized its conditional placement to about $7m, taking the total raise to about $15m (from about $10m). DGR Global plans to keep about 19%, subject to AGM approval. Funds go to Surat stimulation, Cooper exploration and Newstead gas storage restart.
15 Sept 2020material agreement● Neutral
Armour confirms the Oilex Cooper Basin purchase deadline moves from 15 September to 15 October 2020, allowing the 18 September EGM vote on up to 34.5m consideration shares. Cost payment of $125,000 and a 60-day price adjustment are amended; same as Oilex's notice.
15 Sept 2020material agreement● Neutral
Oilex's side of the CoEra deal: completion deadline extended from 15 September to 15 October 2020 so Armour shareholders can vote on 18 September. The $125,000 past-cost payment now follows that vote, and the share price adjustment window shortens from 90 to 60 days.
10 Sept 2020drilling scheduled▲ GoodMajor
Surat work program began at Kincora with workover on Horseshoe 4, the first hydraulic stimulation in the field. Three wells (Horseshoe 4, Horseshoe 2, Warroon 1) are due online by end November; three more in the first half of 2021. Lingo targets 20 TJ/d.
21 Aug 2020investor presentation● Neutral
August 2020 investor presentation; the visible text is disclaimers only, with no figures shown. It notes the Oilex/Cooper Basin acquisition remains conditional. Presumably covers the 2020/21 work program (inference from later announcements).
20 Aug 2020asset acquisition disposition▲ GoodMajor
Armour says the $10m of asset transactions is complete, after the $4m APLNG sale closed that Monday. Total note repayments in six months are $9.15m, and it says it is pursuing further commercial opportunities.
19 Aug 2020investor presentation● Neutral
Notice that CEO Brad Lingo will speak at a ShareCafe small-cap webinar on 21 August on production, development and strategy. Administrative; no new figures.
18 Aug 2020asset acquisition disposition● Neutral
DGR Global's release of the same term sheet: Auburn, which DGR says it owns 45%, would buy Armour's Ripple Resources for 5.6m Auburn shares, leaving Armour with about 12.5%. Same conditions as Armour's announcement; adds no new terms.
18 Aug 2020asset acquisition disposition● NeutralMajor
Term sheet to sell Ripple Resources (lead-zinc tenements in Qld and NT) to unlisted Auburn for 5.6m Auburn shares, leaving Armour with about 12.5%. Subject to due diligence, approvals and possible noteholder consent. Auburn is 44% owned by DGR Global, a major Armour shareholder.
13 Aug 2020listing compliance notice● Neutral
ASX lifted the suspension on the deferred-settlement securities (AJQOA). Administrative notice with no business substance.
11 Aug 2020debt financing▲ GoodMajor
Armour has received Santos's $6m and expects APLNG's $4m for PL1084 on 17 August. It will make $5.3m early principal payments on the secured notes, bringing repayments in six months to $9.15m and the balance to $45.85m.
10 Aug 2020capital raising announcement● NeutralMajor
The retail entitlement offer drew only $433,543 in applications; with institutions, existing holders took up $2.19m in total. Underwriter Bizzell Capital Partners must cover a $2,337,889 shortfall, so the raising relied heavily on its underwriter.
6 Aug 2020listing compliance notice● Neutral
ASX suspended the deferred-settlement trading line for Armour's new securities (AJQOA), because the prospectus said deferred settlement trading would not be available. Administrative only.
