Past year: ▼ 20%(10.0c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
30 July 2020director officer appointment● Neutral
New leadership team under CEO Brad Lingo: Michael Laurent as COO, Erin Clark as Acting CFO and Neil McDonald as GM Commercial. This fills the gap left by CFO Richard Aden's resignation, though the CFO role is only acting.
27 July 2020capital raising announcement● Neutral
Supplementary prospectus extends the retail entitlement offer close to 5 August 2020 and updates disclosure on the amended Santos farm-in ($6m unconditional payment). Directors say this does not increase the raising's expected sources of funds.
27 July 2020farm in farm out agreement▲ GoodMajor
Santos amended the South Nicholson farm-in: it pays Armour $6m unconditionally by 31 July 2020, replacing up to $15m of contingent permit payments, and takes over pursuing the outstanding permit awards. The $64.9m free carry is unchanged. Armour says this, with the PL1084 sale, meets its raising's asset-proceeds target.
27 July 2020capital raising announcement● Neutral
Retail offer closing date pushed again, to 5 August 2020, so retail holders can consider the Santos amendment ($6m by 31 July, $64.9m free carry unchanged). Results are now due 10 August, with new shares trading 13 August.
10 July 2020capital raising announcement● Neutral
The retail entitlement offer's closing date moved from 15 July to 31 July 2020, with results due 5 August. Price (2.3c) and terms are otherwise unchanged.
1 July 2020regulatory community update● Neutral
Oilex says its subsidiary won a Cooper Basin exploration block (PELA677) in a South Australian bid, requiring 250 sq km of 3D seismic and two wells over five years. It falls within the assets Armour is buying, so Armour would bear the costs.
1 July 2020regulatory community update▲ Good
Armour says the Oilex subsidiary won a 565 sq km Cooper Basin block, which Armour would hold 100% once the Oilex acquisition and land access are completed. It requires 250 sq km of 3D seismic and two wells; Armour aims to be ready to drill in 2021.
24 June 2020capital raising announcement● Neutral
Armour confirmed the prospectus was sent to eligible retail shareholders and the retail entitlement offer opened, scheduled to close 15 July 2020. Terms are unchanged: 1-for-3 at 2.3c with free options.
19 June 2020capital raising announcement▲ GoodMajor
Early results of the 2.3c raising: over $8m secured, including $1.84m from institutions in the entitlement offer and $3.52m of placement commitments ($0.9m needs shareholder approval). The $2.69m retail portion is underwritten; the target is up to $10m.
18 June 2020asset acquisition disposition● NeutralMajor
Armour agreed to sell its 10% of the PL1084 Murrungama gas block to APLNG for $4m ($0.5m deposit, $3.5m on completion). It said the sale lets it focus on its 100%-owned assets and reduce debt. This reverses the earlier plan to develop PL1084 with first gas in 2021.
18 June 2020director officer appointment● Neutral
Terms of CEO Brad Lingo's contract: $276,000 base pay, a bonus of up to $100,000, and up to 7.2m performance shares. No fixed term, with six months' notice either way.
15 June 2020capital raising announcement● Neutral
Prospectus for the 1-for-3 entitlement offer at $0.023 per share, raising about $4.5m and fully underwritten by Bizzell Capital Partners. Retail offer closes 15 July 2020. Repeats terms in the raising announcement; the offer price is well below the 3.7c market price cited in March.
15 June 2020capital raising announcement● NeutralMajor
Armour launched a raising at 2.3c per share: a ~$3.36m placement, a ~$4.53m underwritten 1-for-3 entitlement offer, and up to $2.1m more in a conditional placement. One free option per two shares (5c, to Feb 2024). Funds go to Kincora work and note payments.
15 June 2020asset acquisition disposition● Neutral
Oilex's own notice of the executed share sale agreement for its Cooper-Eromanga assets. Armour issues 24.5m shares, plus up to 10m more if needed to deliver $906,500 of value, and pays $125,000. Conditions must be met by 15 September 2020, including Armour shareholder approval.
15 June 2020investor presentation● Neutral
Investor presentation supporting the entitlement offer; the visible text is disclaimers only, with no new figures shown. It presumably repeats the raising terms and the Kincora story already announced (inference from the title and context).
15 June 2020director officer appointment● NeutralMajor
Armour signed the share sale agreement to buy CoEra (Oilex's Cooper Basin assets) for 24.5m to 34.5m shares, targeting $906,500 of value. Brad Lingo started as CEO; CFO Richard Aden resigned and is serving his notice. Completion still needs approvals.
12 June 2020resource reserve update▲ GoodMajor
Kincora 2P gas reserves rose 22% to 150.3 PJ (as at 31 December 2019), with 2P condensate 1.49 million bbl and 2P LPG 310,000 t. Armour credits the Myall Creek 5A stimulation and Horseshoe 4. Up from the 123.6 PJ booked a year earlier.
12 June 2020resource reserve update▲ Good
Re-release of the 12 June Kincora reserves update: 2P gas up 22% to 150.3 PJ (as at 31 December 2019), with 2P condensate 1.49 million bbl and 2P LPG 310,000 t. No new figures.
9 June 2020other● Neutral
Oilex says the Armour deal's conditions deadline is extended again, from 5 June to 15 June 2020, with more time needed to finish documentation. Duplicates Armour's release of the same day.
9 June 2020other● Neutral
Armour confirmed a second deferral of the Oilex Cooper Basin deal's conditions deadline, from 5 June to 15 June 2020. No other terms changed.
1 June 2020other● Neutral
The deadline for conditions on the Oilex Cooper Basin acquisition was pushed from 31 May to 5 June 2020. No other terms changed.
1 June 2020other● Neutral
Oilex's matching notice that the Armour deal's conditions deadline moved from 31 May to 5 June 2020. Duplicates Armour's release; no new facts.
29 May 2020other● Neutral
2,000,000 unlisted options (strikes $0.215 to $0.315) expired. Shares on issue remain 590,601,954. Administrative only.
28 May 2020asset acquisition disposition● Neutral
Oilex's own announcement of the deal: it would sell its Cooper-Eromanga Basin interests to Armour for up to 34.5m Armour shares (24.5m at completion plus up to 10m more) and $125,000 cash. Conditional on Armour's due diligence by 31 May 2020. Duplicates Armour's own release.
28 May 2020asset acquisition disposition▲ GoodMajor
Armour signed a conditional term sheet to buy Oilex's Cooper Basin assets: about 79.33% of PEL 112 and PEL 144, plus 27 retention licences. Consideration is 24.5m to 34.5m Armour shares, and Brad Lingo is to become CEO. It needs due diligence and a share sale agreement.
27 Apr 2020other▼ BadMajor
Citing COVID-19, Armour will cut corporate costs by at least 35%, cut Kincora operating costs about 20%, and defer 2020 capital spending, keeping a modest second-half stimulation program. CEO Bruce Clement's tenure ended before he started; Chairman Mather takes over day-to-day management.
26 Mar 2020debt financing● NeutralMajor
Noteholders approved the $55m note amendments with 96% by value in favour (75% needed). Covenants are relaxed, about $6m of 2020 amortisation is scheduled and the debt lock-up date is extended to 31 December 2020. Resolves the 12 March proposal.
17 Mar 2020other● Neutral
900,000 unlisted employee options (strikes $0.195 to $0.495) expired. Shares on issue stay at 590,601,954. Administrative only.
13 Mar 2020half year report● Neutral
Half-year to 31 December 2019: sales revenue $11.0m (down from $13.1m a year earlier), with gas averaging 8.0 TJ/d after normalising for the 26-day plant outage. The $15m Santos payment was received. Mostly restates known operating results.
12 Mar 2020director officer appointment▲ GoodMajor
Bruce Clement, ex-Managing Director of Roc Oil and AWE and most recently a Santos executive, was named permanent CEO. Interim CEO Richard Fenton's role ends when he starts. This resolves the open permanent-CEO search.
