12 June 2020other▼ Bad
S&P Dow Jones quarterly index rebalance lists Australis Oil & Gas among removals from the All Ordinaries, effective 22 June 2020. An index-provider notice, not a company announcement; no change to the business.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
11 June 2020investor presentation● Neutral
AGM chairman's address and presentation. Chairman Stewart says short-term strategy is asset protection, financial conservatism and finding partners, and calls current oil prices unsustainable. Repeats known positions.
30 Apr 2020quarterly activities report● Neutral
March quarter: sales 170,000 bbl, revenue US$9.2m, average price US$49.2/bbl. Stewart well reached payout after 13 months. Cash US$13.9m, falling to US$3.9m after the US$10m debt repayment; debt US$23m. Strategic partner search continues.
6 Apr 2020debt financing▼ BadMajor
After the oil price fall, Australis repaid US$10m to Macquarie, cutting debt to US$23m, and the undrawn US$40m was cancelled, reversing the December 2019 funding extension. Covenants waived to end 2020; cash fell to about US$4m. Leasing and capex stopped, overheads cut a further 40%.
10 Mar 2020other● Neutral
Hedge update after oil price falls: 443,000 bbl hedged to 2023 at WTI floors of US$51-55, covering 68% of expected 2020 net PDP production. Debt unchanged since 31 December 2019.
28 Feb 2020admin correction● Neutral
Corporate governance statement and Appendix 4G lodged with the annual report. Administrative, no new information.
28 Feb 2020annual report▲ Good
2019 audited results: revenue US$52.6m (up 56%), net profit US$7.0m versus US$85,000 in 2018, year-end cash US$16m and borrowings US$33m. No dividend. Reserves repeat the February update.
12 Feb 2020investor presentation● Neutral
Presentation for investor meetings this week; the cover text gives no new information, and content appears to repeat earlier announced strategy and results.
11 Feb 2020resource reserve update▲ GoodMajor
Ryder Scott year-end 2019 estimate: 1P up 53% to 48.6 MMbbl, 2P up 25% to 62.1 MMbbl, 3P 93.8 MMbbl, 2C up 20% to 129.5 MMbbl. Increase attributed to the 2019 drilling program and 5,000 added acres, updating the 2018 figures.
31 Jan 2020quarterly activities report● NeutralMajor
December quarter: sales 208,000 bbl, revenue US$12.6m (US$52.6m for 2019), cash US$16.1m, debt US$33m. Review of the six initial wells found IP30 9% above type curve but only 57% of planned lateral length on average; partnering talks with industry have started.
31 Jan 2020investor presentation● Neutral
Updated corporate presentation setting out the findings of the initial drilling program review already described in the same-day quarterly report. No new figures in the cover text.
23 Dec 2019debt financing● NeutralMajor
Macquarie facility amended: committed funding stays US$75m, Tranche 1 availability extended to April 2021 and maturity to November 2023, with covenants loosened and a 2% standby fee. Debt is US$34m, cash US$18m; G&A cut 20% and the company is seeking industry partners to fund development.
4 Dec 2019well test result● NeutralMajor
Quin 41-30 3H (2,476 ft lateral) hit IP30 of 414 bopd, above type curve when normalised. Saxby 03-10 2H (4,825 ft) made only 387 bopd, 80 bopd per 1,000 ft against 122 type curve, as 3 of 17 stages barely contributed. Wells 5 and 6 convert 2,800 net acres to HBP.
31 Oct 2019quarterly activities report● Neutral
September quarter: sales 198,000 bbl, revenue US$11.8m, cash down to US$19.9m with US$24m debt. Wells 5 and 6 began flowback in October. Further drilling is paused and will be timed judiciously by market conditions; Stewart well is 26% above type curve.
23 Sept 2019drilling progress report● Neutral
Fracture stimulation on wells 5 and 6 began 20 September, with flowback expected mid October. Drilling is paused while vendor contracts, including the rig, are renegotiated. Wells 1-4 remain at or above type curve on a normalised basis.
23 Aug 2019half year report● Neutral
First-half 2019 accounts: sales US$28.2m, net profit US$4.5m, capex US$43.5m. At 30 June, US$20m debt drawn and US$45m undrawn. Production was 441,000 bbl, up 73%; reserves and 115,000-acre position repeat earlier figures.
23 Aug 2019half year report▲ Good
Half-year to June 2019: revenue up 76% to US$28.2m and net profit US$4.5m, against a US$395,000 loss a year earlier. No dividend; net tangible assets US$0.18 per share. Summary of the interim report.
12 Aug 2019drilling progress report● Neutral
Saxby 03-10 2H (well 6) drilled to 17,560 ft with about 5,000 ft lateral and a stable wellbore using the new mud. Six-well commitment is complete, about 8 weeks behind schedule but within budget. Fracs due late August; a roughly 2-month drilling pause follows.
31 July 2019quarterly activities report● Neutral
June quarter: sales 235,000 bbl, revenue US$15.7m (up 27%), cash US$29.7m with US$20m debt. Wells 1, 3 and 4 beat type curve; Quin has only a 2,500 ft completable lateral. Drilling pauses 6-8 weeks before wells 7-10.
1 July 2019security holder rights change● Neutral
17,496,730 unlisted options at A$0.275 expired on 30 June 2019, slightly fewer than the 18.3m notified, so some appear to have been exercised or otherwise removed (inference).
11 June 2019drilling progress report● NeutralMajor
Five of six initial wells are drilled; Stewart 30H-1 has made over 116,000 bbl in 150 days, above type curve. The Quin well will have a shorter lateral after third-party equipment failures. Macquarie lifted Tranche 1 to US$65m (US$20m drawn); a 1-3 month drilling break is being considered.
31 May 2019security holder rights change● Neutral
Letter to holders of 18,296,730 unlisted options at A$0.275 that they expire on 30 June 2019 unless exercised. Shares last traded at A$0.255, below the exercise price, so the options are currently out of the money.
1 May 2019investor presentation● Neutral
Notice that a recording of the CEO's 29 April AGM presentation is available online. Administrative, no new information in the text.
30 Apr 2019admin correction● Neutral
Secondary trading notice for the 3,142,858 Tranche 2 shares issued, allowing them to be on-sold. Administrative, no new information.
30 Apr 2019capital raising announcement● Neutral
Tranche 2 of the February placement completed: 3.1m shares at A$0.35 (about A$1.1m) to chairman Jon Stewart and director Alan Watson, approved at the 29 April AGM. Funds are for rig and services negotiations after well six, more TMS leases and working capital.
29 Apr 2019agm notice● Neutral
Chairman's AGM address restating the strategy and the view that the drilling program will re-rate the assets. Acknowledges 'some execution problems' alongside great results; says the company is well funded. No new figures beyond 115,000 acres.
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.
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.