29 Apr 2019investor presentation● Neutral
AGM presentation cover note and slides on drilling productivity and the large undeveloped oil position. Available text is mostly disclaimers and shows no new information.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
29 Apr 2019quarterly activities report▲ GoodMajor
March quarter: Taylor 27H-1 averaged 1,105 bbl/d (IP24 1,282) and Williams 26H-2 386 bbl/d, both above type curve (Williams on a normalised basis). Sales volume 206,000 bbl, revenue US$12.4m, cash US$37m; preparing wells 7 to 10.
5 Apr 2019drilling progress report▲ GoodMajor
Taylor 27H-1 (20 stages) and Williams 26H-2 (9 stages) began flowback on 2 April. Stewart 30H-1 made 86,500 bbl in 92 days, 35% above type curve. Acreage rises to 115,000 net acres, adding 9 MMbbl 2C (total 206 MMbbl).
12 Mar 2019investor presentation● Neutral
12 March presentation on early drilling results, repeating Stewart 30H-1 outperformance, 110,000 net acres, 410 locations and US$6.3m per-well NPV10 at US$60 WTI. Available text shows no new information.
1 Mar 2019annual report▲ Good
Appendix 4E for 2018: revenue up 44% to US$33.7m and a profit of US$85,000, against a US$1m loss in 2017. No dividend; net tangible assets US$0.18 per share. Summarises the annual report.
28 Feb 2019admin correction● Neutral
Cleansing notice for the 83,857,142 placement shares issued, allowing them to be on-sold. Administrative, no new information.
27 Feb 2019other● Neutral
Appendix 4G governance disclosure key lodged with the annual report. Administrative filing with no new operational or financial information.
27 Feb 2019drilling progress report▼ BadMajor
Williams 26H-2 (well 4) hit a failed tool and stuck pipe, so it will be completed on about 3,000 ft of lateral, expected at roughly 40% of type curve. Taylor 27H-1 awaits frac; new drilling fluid is planned from well 5. Stewart 30H-1 still ahead of type curve.
27 Feb 2019annual report▲ Good
2018 annual report: net profit US$85,000, year-end cash US$38m, and 110,000 net core acres. Stewart 30H-1 beat the type curve, with January 2019 revenue over US$2m. Reserves and resources total 197 MMbbl; repeats figures already announced.
27 Feb 2019capital raising announcement▲ Good
Tranche 1 of the placement completed: 83.9m shares at A$0.35, about A$29.4m, trading from 28 February. The chairman's and a director's A$1.1m Tranche 2 still needs AGM approval. Pro forma cash after both is stated as US$59m.
What it means for a shareholder
83.9m new shares at A$0.350 to raise about A$29.4m. That's 8.6% dilution: every existing holder's slice gets 8.6% smaller. If you held A$1,000 of shares (2,857 at the issue price), your slice goes from 0.000319% to 0.000292% of the company. To keep it you'd need 267 more shares - about A$93 at the issue price.
Create a free account to see this worked out for your own holding.
27 Feb 2019other● Neutral
2018 Corporate Governance Statement, current at 25 February 2019. Reports compliance with ASX principles, with partial compliance on diversity (no measurable gender objectives set in 2018). Administrative, no new business information.
18 Feb 2019capital raising announcement▲ GoodMajor
The A$30.5m placement succeeded, with 87m shares at A$0.35 and demand well above the shares available. Tranche 1 (about 83.9m shares, A$29.4m) settles 27 February; Tranche 2 (about 3.1m shares to the chairman and a director) awaits April AGM approval.
What it means for a shareholder
87.0m new shares at A$0.350 to raise about A$30.5m. That's 8.9% dilution: every existing holder's slice gets 8.9% smaller. If you held A$1,000 of shares (2,857 at the issue price), your slice goes from 0.000319% to 0.000291% of the company. To keep it you'd need 277 more shares - about A$97 at the issue price.
Create a free account to see this worked out for your own holding.
15 Feb 2019capital raising announcement● NeutralMajor
Seeks to raise up to A$30.5m via a placement of about 87m shares at A$0.35, a 12.5% discount to last close. Funds go to rig and services flexibility after well six, more core leases and working capital. About A$1.1m from the chairman and a director needs shareholder approval.
15 Feb 2019investor presentation● Neutral
Equity raising presentation supporting the A$30.5m placement, repeating the early drilling results and reserve figures already announced. The available text is mostly disclaimers and shows no new information.
11 Feb 2019investor presentation● Neutral
Presentation on early drilling results, repeating the Stewart 30H-1 outperformance and the year-end reserves (combined reserves and 2C of 197 MMbbl). The per-well NPV10 shown is US$6.3m at US$60/bbl WTI. No new announcement-level information in the available text.
6 Feb 2019resource reserve update▲ GoodMajor
Ryder Scott year-end 2018 update on 110,000 net acres: 2P reserves rise to 49.7 MMbbl (from 46.6) and 1P to 31.9 MMbbl. 2C contingent resource is 107.8 MMbbl, and PDP value is US$82.8m. This covers the added acreage.
31 Jan 2019quarterly activities report▲ GoodMajor
December quarter: Stewart 30H-1 delivered an IP30 of 1,177 bbl/d, 34% above the type curve, at a provisional cost of US$10.3m (under budget). Cash is US$38m after drawing US$10m of the Macquarie facility. Continuing past six wells is a decision point around end of Q1 2019.
2 Jan 2019drilling progress report● Neutral
Stewart 30H-1 began flowback on 29 December 2018, with early production 'encouraging and in line with expectation'. Bergold 29H-2 has a casing restriction that blocked plug drill-out, so it is not representative of expected productivity and needs later remedial work.
20 Dec 2018drilling progress report● Neutral
Fracture stimulation finished on Stewart 30H-1 (20 stages) and Bergold 29H-2 (6 stages). Flowback is expected around the new year, with IP30 data due in February 2019. Williams 26H-2 is at 11,295 ft; the spudder rig has begun the Saxby/Quin pad.
28 Nov 2018drilling progress report▼ BadMajor
Bergold 29H-2 hit unstable formation and a stuck drill assembly; the company will complete it at about 2,000 ft of lateral rather than drill on. Stewart 30H-1 (19,424 ft) was ahead of plan; the rig moves to the Taylor/Williams pad, with frac starting in December.
15 Nov 2018drilling progress report▲ Good
Stewart 30H-1 drilled to 19,424 ft with a 6,900 ft horizontal section, finished in 25 days against a 32-day target. The rig has moved to Bergold 29H-2; production results are still to come.
29 Oct 2018investor presentation● Neutral
29 October 2018 presentation repeating the quarterly report's updated figures: 110,000 net acres, 410 future well locations. The only new figure is a per-well NPV10 of US$8.2m, up from US$6.5m, though the supporting detail is not in the available text.
2 Oct 2018drilling spud▲ GoodMajor
The Nabors B14 rig started drilling the Bergold 29H-2 on 29 September 2018, the first well of the initial TMS program. Results for the first pair of wells are expected by late Q1 2019.
13 Sept 2018half year report● Neutral
Half-year to June 2018: gross sales US$17.1m, field netback US$7.5m, cash US$43.1m, production about 1,400 bbl/d. The Macquarie US$75m facility is undrawn. Mostly restates known reserves and acreage.
31 Aug 2018contract award▲ GoodMajor
Rig contract signed with Nabors for a minimum six wells, with permits for 8 new drilling units. Rig release expected by end-September 2018; a smaller rig began top-hole drilling on 20 August. Funded by US$43m cash plus the undrawn Macquarie facility.
16 July 2018investor presentation● Neutral
July 2018 corporate presentation repeating known figures: 1P 29 and 2P 47 MMbbl, 98 MMbbl 2C, and about 4 MMbbl producing reserves valued at US$80m. No new information in the available text.
13 July 2018security holder rights change● Neutral
61.97m shares and 82.7m options held by directors and management from pre-IPO funding are released from 24-month escrow on 25 July 2018. This is the escrow release flagged earlier; the shares become tradable, and the options stay unquoted.
5 June 2018debt financing▲ GoodMajor
Signs a three-year senior secured US$75m term facility with Macquarie (LIBOR+6%), plus 30m options at A$0.49/A$0.51 issued to the lender. Answers the debt-financing thread; with over US$40m cash it funds the initial TMS drilling planned for second half 2018.
24 May 2018investor presentation● Neutral
Presentation for the 24 May 2018 AGM. The available text is mostly disclaimers, with no new figures shown.
29 Mar 2018other● Neutral
Standard notice under the Corporations Act allowing the 115,280,000 placement shares to be traded on without a disclosure document. Administrative, no new business news.