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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
29 Jan 2021quarterly activities report● Neutral
December quarter: sales revenue $4.2m, gas averaging 6.8 TJ/d, with output hit by wells offline for stimulation. Capex was $7.8m. Debt stood at $49.3m, and the Santos sale and Oilex completion are noted. Known items largely repeated.
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.
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.
16 Nov 2020agm notice● Neutral
Armour will hold its 2020 AGM on 18 December 2020, with the notice made available online and shareholders urged to vote by proxy. This is the meeting expected to consider approvals tied to the upsized placement and DGR participation.
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.
30 Oct 2020quarterly activities report● Neutral
September quarter: sales revenue $4.4m, gas averaged 6.9 TJ/d. The $15m raise closed (up from the $10m plan) and $10m of asset sales completed, with $5.3m of accelerated note repayments. Oilex deal completed after quarter-end; Surat stimulation began.
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.