Past year: ▼ 69%(0.40c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
9 Apr 2019contract award▲ Good
Lockhart Geophysical is contracted to shoot 3D seismic over 1,173 acres around the Powell well, starting next week and taking about a month. It supports 2019 well planning and revaluing the acreage. Vespucci re-entry is on track for May.
26 Mar 2019capital raising announcement▲ GoodMajor
Completed a A$5.1m placement of 395.2m shares at $0.013, with Bell Potter as lead manager. Tranche 1 (318.3m shares) is issued; Tranche 2 (76.9m) needs shareholder approval at a May meeting. Funds go to Vespucci, 3D seismic, a resource update and gas sales work.
What it means for a shareholder
395m new shares at A$0.013 to raise about A$5.1m. That's 24% dilution: every existing holder's slice gets 24% smaller. If you held A$1,000 of shares (76,923 at the issue price), your slice goes from 0.00604% to 0.00461% of the company. To keep it you'd need 23,878 more shares - about A$310 at the issue price.
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26 Mar 2019investor presentation● Neutral
March 2019 investor presentation repeats known points: Powell flowed 220 BOE/d, Schlumberger collaboration, 500+ potential locations, P90 resource of 54m bbl oil and 540 Bcf gas, and ~100 bopd current production. No new results disclosed.
18 Mar 2019well test result▲ GoodMajor
JW Powell #23-25 tested at an initial 220 barrels of oil equivalent per day (peak gas 2.1 MMcf/d, choked back), about 80% gas and 20% oil. Schlumberger's new completion technique was used. Vespucci's Niobrara drilling is planned from mid-April. This confirms the Niobrara is productive at Pathfinder.
12 Mar 2019half year report● Neutral
Half-year to 31 December 2018: production 15,923 barrels and oil revenue A$650,561 (plus A$185,088 from Kentucky JV). Gas offtake with a large industrial company remains in final negotiation and unsigned. Largely repeats the quarterly report; financial statements were not in the text provided.
8 Mar 2019flow test result▲ GoodMajor
JW Powell #23-25 is flowing crude oil to tanks with a 15-foot gas flare, after about 35% of frack fluid was unloaded. An initial production rate is expected next week. First sign the Niobrara can produce at Pathfinder, but no rate is given.
5 Mar 2019drilling progress report● Neutral
Flow back on JW Powell #23-25 has recovered about 24% of frack fluid, aiming for ~30%. Natural gas appeared during flow back, described as an encouraging sign. No flow rate yet.
14 Feb 2019drilling progress report● Neutral
Fracking and completion of JW Powell #23-25 were done and flow back of frack fluids has begun, likely to take about 14 days. The CEO says the logs look excellent. No flow rates are reported yet.
7 Feb 2019drilling progress report● Neutral
Completion of JW Powell #23-25 is under way, with frac tanks and water arriving on site. The fracture stimulation is scheduled for next week, a week behind schedule because of poor US weather.
31 Jan 2019quarterly activities report● Neutral
December quarter production was 8,003 barrels (7,920 prior quarter); calendar 2018 production rose 33% to 31,628 barrels. Quarter revenue was A$279,676 (down on weaker oil prices) and cash A$1,330,490. Powell is drilled and awaiting fracking; Vespucci Pierre test is pending; 2018 lease drilling obligations were met.
18 Jan 2019investor presentation● Neutral
Notice of a Boardroom Media audio interview with Chairman Guy Goudy following the 16 January Powell drilling result. The announcement itself contains no new information.
16 Jan 2019drilling result▲ GoodMajor
JW Powell #23-25 reached 6,072 feet, with oil and gas shows through a 537-foot-thick Niobrara and oil-covered sidewall cores. Fracking is due late January. This is encouraging but untested; no flow rates yet. It is the first well in section 35 of the 21,500-acre property.
9 Jan 2019drilling progress report● Neutral
JW Powell #23-25 has been drilled through the Pierre to 4,896 feet, cased and cemented, and is now drilling the production section to about 6,000 feet. Drilling and completion are still expected before end of January; Vespucci #1 will be flow tested after Powell.
20 Dec 2018drilling spud▲ Good
JW Powell #23-25 spudded on 16 December; it has drilled and cased the conductor to 100 feet and is drilling the surface section to about 1,000 feet. Target depth is ~6,000 feet in the Niobrara; drilling and completion are expected before end of January.
14 Dec 2018drilling progress report● Neutral
JW Powell #23-25 is set to spud this weekend, with completion targeted by end of January. Vespucci #1 is shut in to build pressure ahead of a Pierre flow test next month. Management stresses gas wells matter as a very material gas offtake deal is in late-stage talks.
12 Dec 2018capital raising announcement● Neutral
Prospectus offering options linked to the September placement: 257.1m options to placement participants (one per two shares), 50m to advisors, 13.6m to directors and 357,143 to a previous placement subscriber. No new cash is raised from the shares; this is the paperwork for the promised options.
3 Dec 2018drilling progress report▲ Good
Vespucci #1 is at 4,800 feet after passing through the shallower Pierre Formation, where cuttings showed strong signs of oil and gas. Fremont will production-test the Pierre first and drill the final ~1,200 feet to the Niobrara after Powell #1. Powell is expected to spud mid-December.
27 Nov 2018remuneration report● Neutral
The board cancelled the long-term incentive performance rights (Classes E to I) proposed for related parties in the AGM notice. The short-term incentive rights (Classes A to D) still go ahead, subject to shareholder approval.
12 Nov 2018drilling spud▲ GoodMajor
Amerigo Vespucci #1 spudded on 9 November and was drilling at about 500 feet. It is a vertical well targeting the Niobrara B and C benches, the first of the 2018 two-well program funded by the September placement.
5 Nov 2018drilling scheduled● Neutral
Fremont received its Colorado drilling permit for Amerigo Vespucci #1, with machinery on site and spud due this week, about a month after the early-October target. A permit for the second well, Powell #1, has been submitted.
31 Oct 2018quarterly activities report● Neutral
September quarter production was 7,920 barrels, down on the prior quarter due to fire bans and workovers, but is back to about 120 bopd. Revenue was $370,885, cash $796,037. Company says it is in final negotiation of a long-term gas offtake deal; nothing is signed.
22 Oct 2018drilling progress report● Neutral
Vespucci #1 spud slips from early October, due to well design work and awaiting the drilling permit. An unnamed global service firm is appointed to fracture stimulate Vespucci and Powell #1. Production has risen to 120 bopd from 100 after workovers.
28 Sept 2018annual report● Neutral
Annual report for the year to 30 June 2018. The chairman/CEO letter says production stabilised at 100 bopd, resources rose to 540 Bcf gas and 55m barrels oil, and a gas sales solution is close. Text provided is truncated, so no financial figures are available.
27 Sept 2018investor presentation● Neutral
Notice that CEO Tim Hart gave a Boardroom Media interview on production growth, acreage, gas sales strategy and the drilling program. No new information is in the announcement itself; it only links to the interview.
25 Sept 2018drilling scheduled▲ Good
Vespucci #1, a vertical Niobrara well ~540 metres from C11-12, is scheduled to spud in early October, first of two back-to-back wells this year. Digital Formation estimates up to 470,000 barrels of oil equivalent in place in one section. Rig and crew secured.
13 Sept 2018production update● Neutral
Oil production is steady at about 100 bopd, 80% from Pathfinder, after fire-ban shut-ins were lifted. About 2,170 barrels in tanks (A$214,000 gross, A$148,000 net) await collection. Company says revenue covers monthly costs of about US$105,000.
5 Sept 2018capital raising announcement● NeutralMajor
Raises A$3.75m through a two-tranche placement of 535.7m shares at $0.007, with one free 2c option per two shares. Funds two 2018 Pathfinder wells, Vespucci #1 spudding early October. Tranche 2 (362.9m shares) and the options need shareholder approval; shares would reach about 1.23bn.
What it means for a shareholder
536m new shares at A$0.007 to raise about A$3.8m. That's 44% dilution: every existing holder's slice gets 44% smaller. If you held A$1,000 of shares (142,857 at the issue price), your slice goes from 0.0207% to 0.0116% of the company. To keep it you'd need 110,696 more shares - about A$775 at the issue price.
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9 Aug 2018resource reserve update▲ GoodMajor
Gustavson's independent report lifts Pathfinder's P90 contingent gas resource 145% to 540 Bcf and oil 55% to about 54-55m barrels (from 220 Bcf and 35m). It likens the geology to the Wattenberg Field. Delivers the upgrade promised on 5 July.
3 Aug 2018admin correction● Neutral
Corrects transposition and line-item errors in the June quarter cash flow report: receipts from customers were $344k, not $334k, and some planned outflows were reclassified. Section totals are unchanged.
3 Aug 2018listing compliance notice● Neutral
Replying to an ASX query on its cash position, Fremont says it expects similar revenue and costs next quarter, but negative cash flow once $250k of development spending is included. It says it could raise capital and is confident of continued quotation.
