AUSTRALIAN OIL & GAS CORP

13 Aug 2012listing compliance notice▼ BadMajor

The company said it no longer had enough assets to meet any new obligations arising after 30 June 2012 and had ceased operations. Its directors resolved to lodge a Form 15 to terminate its SEC registration.

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13 Aug 2012listing compliance notice▼ BadMajor

AUSTRALIAN OIL & GAS CORP deregistered its securities, ending its obligation to file reports with the SEC.

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5 July 2011asset acquisition disposition▼ BadMajor

Halved the Cornea stake again, from 17% to 8.5%, to raise A$1.59 million - and the buyer was Coldron, a private company of AOGC's own president Geoff Albers, with part of the money repaying another Albers company that had been funding AOGC. A year after the wells were drilled, A$769,193 was still owed to the joint venture operator. The company is now selling assets to its own controller to pay last year's bills.

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18 Feb 2010asset acquisition disposition● NeutralMajor

The PTTEP sale settled and $4,244,679 came in - and went straight out again, covering most of AOGC's share of the Braveheart-1 and Cornea-3 drilling bills. Selling the one asset a major wanted is what paid for the two wells, and nothing was left over.

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15 Dec 2009drilling progress report▲ GoodMajor

Cornea-3 was spudded on 11 December 2009 in Browse Basin permit WA-342-P using the Songa Venus rig, with AOGC holding 17%. The first of the two Browse wells the 2008 Gascorp farmout was designed to make possible.

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26 Oct 2009asset acquisition disposition▲ GoodMajor

Agreed to sell its remaining 7.5% of the Oliver permit (AC/P33) to a PTTEP subsidiary for at least US$4,125,000. PTTEP was negotiating to buy operator Stuart's 50% and wanted 100% of the permit, so the farmors chose a full exit, which the company called disappointing but acceptable.

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28 Oct 2008asset acquisition disposition▲ GoodMajor

The same trick in the Browse Basin: Gascorp earns 15% of permits WA-332-P, WA-333-P and WA-342-P by paying $1.12 million for 490 kilometres of new seismic and a drill site survey, cutting AOGC's interest from 20% to 17% and setting up a Braveheart-1 well for late 2009. Every stake the company holds is being diluted to get wells drilled with someone else's money.

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19 Sept 2008asset acquisition disposition▲ GoodMajor

Split its three Timor Sea permits into separate joint ventures and farmed out the best one: Stuart Petroleum takes 50% and operatorship of AC/P33, home to the Oliver oil and gas accumulation, halving AOGC's stake to 7.5% in exchange for paying the whole cost of an appraisal well, the engineering work to a development decision, and the first $25 million of development spending. A cashless way for a company with no revenue to get its best prospect drilled.

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6 Feb 2008financial restatement▼ BadMajor

The SEC objected to how the April 2006 purchases of Alpha and Nations had been booked - because both had been under common control with AOGC, the accounting had to be redone - so the 2006 annual accounts and the first two quarters of 2007 could no longer be relied on. The related-party structure of the founding acquisition catching up with the company two years later.

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18 Apr 2006asset acquisition disposition● NeutralMajor

Acquired its entire asset base in a single day: two Australian private companies, Nations Natural Gas and Alpha Oil & Natural Gas, bringing a 30% share of four Timor Sea permits (NT/P62 to NT/P65) and a 20% share of three Browse Basin permits, paid for with 4.1 million shares and A$150,000. Both were sold by entities in which AOGC's own director Geoff Albers was a director and shareholder - this is a US-listed wrapper around Albers's private Australian exploration interests.

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