Past year: ▼ 20%(10.0c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
18 Aug 2020agm notice● Neutral
Notice of an EGM on 18 September 2020 to ratify earlier share issues and approve the conditional placement (up to 58m shares at 2.3c) and options, including to DGR Global (up to 47.8m shares) and fee options to Bizzell and Mather entities.
18 Aug 2020agm notice● Neutral
Cover letter for the 18 September 2020 EGM: notice is online only because of COVID-19, voting is by poll, and proxy voting is encouraged. No new substance.
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.
31 July 2020quarterly activities report▼ Bad
June quarter revenue fell to $4.2m from $5.9m, with gas at 7.9 TJ/d and oil/condensate down to 113.8 bbl/d. Armour says deferred work left FY20 production behind forecast; stimulations start December 2020 quarter. Shares on issue 779.2m; market cap $16.4m.
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.
