Past year: ▼ 20%(10.0c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
28 Sept 2022drilling scheduled▲ GoodMajor
Armour says the Enterprise North prospect in PEP 169 (51%, operator; Lakes Blue 49%) is drill ready after seismic reinterpretation. It estimates a prospective resource of up to 419 Bcf gas in place. Rig, approvals and access work are underway; no spud date given.
4 Apr 2022drilling progress report▲ Good
Warroon-1 clean-up continues, with daily gas above 400 MSCF/D plus condensate. Myall Creek-2 Tinowon C is confirmed as a frac candidate, scheduled for June 2022 with Armour fully carried by its funding partner. Armour also reports 1,000 days without a reportable environmental incident.
31 Mar 2022farm in farm out agreement▼ BadMajor
Gas2Grid will not proceed with the binding farm-in over 519 km2 of Surat acreage, citing commercial issues over securing tenure during the earn-in. The deal that would have funded over $12m of work is dead; Armour will keep pursuing the acreage.
30 Mar 2022farm in farm out agreement▼ BadMajor
Gas2Grid says it and Armour have ended attempts to finalise binding agreements for the Surat farm-in proposed on 22 November 2021. This is the counterparty's notice, duplicating Armour's own release the next day.
4 Feb 2022drilling progress report▲ Good
Warroon-1 is now free flowing and sending gas to sales at 325 MSCFD, with about 10% of stimulation fluids recovered. The clean-up is expected to take 3-5 more weeks before the well reaches its expected production.
19 Jan 2022drilling progress report▲ Good
Warroon-1 frac was completed on 10 January, placing 159,826 lbs of proppant (about 101% of plan), but results are 3-4 weeks away. Myall Creek-2 workover finished; a 30-day test began 17 January at 200-400 MSCF/day going to sales.
10 Jan 2022drilling progress report● Neutral
Warroon-1 re-stimulation and Myall Creek-2 workover both began, after delays from weather and COVID travel limits. First stable Warroon gas expected in 2-3 weeks. Both are 100% funded by Armour's partners.
23 Nov 2021drilling progress report▼ Bad
Warroon 1 re-stimulation slips from mid-October to the third week of December, blamed on wet weather and COVID-related staffing. Myall Creek 2 workover now starts in early January 2022. Both are fully funded by partners.
22 Nov 2021farm in farm out agreement● Neutral
Gas2Grid (ASX:GGX) announces a non-binding heads of agreement to fund seismic and drilling for 50% of two Armour Surat blocks, Riverside and Myall-Bainbilla, with total spend over $12m. Mirrors Armour's own release; binding agreements are still to come.
22 Nov 2021farm in farm out agreement▲ GoodMajor
Armour agreed non-binding terms for Gas2Grid to earn 50% of 519 km2 of Surat acreage (Riverside and Myall-Bainbilla) by funding over $12m: three wells, fracture stimulation and 100 km2 of 3D seismic. Binding documents are due within three months. This is the Surat farm-in partner search progressing.
1 Nov 2021farm in farm out agreement● Neutral
Stonehorse Energy and a private investor group will fund 100% of the Myall Creek 2 workover, estimated at $1.5m, then $1.4m for a second intervention. They get 50% of well revenue less costs for about seven years. Duplicate of Armour's own release below.
1 Nov 2021farm in farm out agreement▲ GoodMajor
Armour secured Stonehorse (ASX:SHE) and a private entity to fund 100% of Myall Creek 2 perforation and stimulation of the lower Tinowon, from December 2021. They fund $1.5m, then $1.4m more, for 50% of well revenue less costs for six years. Answers Armour's search for Surat partners.
23 Sept 2021drilling scheduled● NeutralMajor
Armour will re-stimulate Warroon 1 from mid-October 2021 after the November 2020 frac failed from a gel problem, now in dispute with the contractor. A private investor funds the roughly $700k cost for 50% of incremental revenue over six years. Mediation with the contractor has failed so far.
28 July 2021drilling result▲ Good
The 20,000 km2 NT airborne survey is complete, ahead of schedule and within budget, run on behalf of McArthur Oil & Gas. Initial processed data is due within a month, to rank the 193 leads. No findings are reported yet.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
18 Feb 2020resource reserve update▲ GoodMajor
Armour booked its first oil reserves at Kincora: 2P of 1,220,600 bbl (nil before), plus 2C contingent oil of 3.7 million bbl. Four suspended oil wells are being restarted, and two oil appraisal wells are planned for late 2020 or early 2021.
4 Dec 2019farm in farm out completion▲ GoodMajor
The formal South Nicholson farm-in with Santos was signed. Armour gets $15m within 5 business days of lodging the ATP1087 transfer application, up to $15m more on conditions, and a free carry up to $64.9m. Santos earns 70% and operatorship. This completes the October term sheet.
25 Nov 2019drilling progress report● Neutral
Myall Creek North 1's secondary Tinowon C zone tested gas and water, so it is being isolated before testing the primary Tinowon A zone. Myall Creek 5A was fracture-stimulated, and two restarted old wells add 0.4 TJ/d. Both new wells are said to be on time and on budget.
