Past year: ▼ 69%(0.40c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
1 Sept 2017drilling progress report● Neutral
Bird #13-18 has drilled and cased its surface section to about 1,000 ft, on plan and budget. Production hole drilling starts next week toward a vertical target of about 4,000 ft. Continues the August spud.
1 Sept 2017capital raising announcement▲ GoodMajor
Second tranche of the July placement is completed after shareholder approval, taking the total raised to $2,078,000. Funds go to Pathfinder development drilling and working capital. Completes the raise announced 11 July (originally A$1.7m at 2c).
21 Aug 2017drilling progress report▲ Good
After the Greenhorn Formation (about 5,700 ft) was perforated at C11-12, it is releasing crude oil into the well, which the company calls an early positive sign. A weighting tool was needed to lower the jet assembly; eight 500 ft laterals are due this week.
16 Aug 2017drilling progress report● Neutral
Bird #13-18 has drilled, cased and cemented the first 100 ft conductor section and is progressing to plan. Surface hole to about 1,000 ft is next.
16 Aug 2017drilling progress report● Neutral
Capillary Energy's radial jet drilling unit is on site at the C11-12 well, with jet drilling of the Greenhorn Formation expected before the end of August. Repeats the 7 August farm-out terms.
10 Aug 2017drilling spud▲ GoodMajor
Bird #13-18 has spudded at Pathfinder, the first well of the 2017 development program, targeting about 4,000 ft. Drilling is expected to take four to six weeks.
9 Aug 2017other● Neutral
Five operational videos of the Bird 13-18 well have been posted to the company website. No new operational or financial information.
8 Aug 2017drilling scheduled▲ Good
Final Colorado permits received for Bird #13-18 and the Math Energy rig is being mobilised, with spud this week. The target is drilling and completion for US$400,000, with completion expected in September.
7 Aug 2017farm in farm out agreement▲ GoodMajor
Capillary Energy will fund 100% of re-entering the C11-12 well to test the deeper Greenhorn Formation by radial jet drilling, earning a 5% net revenue interest if productive. Independent analysis estimates 9.53m barrels of oil in place per square mile. Bird #13-18 drilling starts this week.
28 July 2017security holder rights change● Neutral
Unmarketable parcel sale facility is complete: 5,003,020 shares sold at an average 1.73c for about 2,255 holders who chose not to keep their shares. Proceeds go to them without brokerage; cheques due in August.
11 July 2017other● Neutral
ASX confirms the trading suspension is lifted following the placement announcement. Administrative notice only.
11 July 2017capital raising announcement● NeutralMajor
Raises A$1.7m placement at 2c a share (48.9m shares in Tranche 1), with one free 4.5c option per two shares. A further 50m shares need approval at an August meeting. Funds go to Pathfinder drilling; total shares could reach 297m.
10 July 2017other● Neutral
ASX suspends trading at the company's request because it could not release the placement announcement before the trading halt expired. The company expects suspension to last no more than 2 days.
3 July 2017production update▲ Good
First US$101,359 of oil revenue banked since the April Florence acquisition (US$2m). Acquired equipment is valued at US$1.38m, and Bird #13-18 is now expected to cost about US$400,000, US$100,000 (20%) under budget.
27 June 2017drilling scheduled▲ Good
Surface use agreement is signed and the Bird #13-18 drill pad is being built in-house for under US$5,000, with drilling due to start in July. This is the first well of the 2017 Pathfinder development program flagged in the June presentation.
5 June 2017security holder rights change● Neutral
Shareholders approved the share consolidation on 2 June 2017. Securities trade on a deferred settlement basis under temporary codes until 15 June 2017.
5 June 2017investor presentation● Neutral
Presentation under the new Fremont Petroleum name (ASX:FPL) pitches Florence field development: 26 producing wells, 197m shares, and a plan to drill 47 wells over five years starting with 3 in 2017 at about US$500k each. Mostly repeats known facts.
17 May 2017admin correction● Neutral
Corrects the consolidation notice: fractional entitlements will be rounded up to the next whole security, not down. Timetable and the 10-for-1 ratio are unchanged.
9 May 2017security holder rights change● Neutral
Formal ASX notice of the 10-for-1 consolidation, subject to a 2 June 2017 general meeting. Shares fall from about 1,957m to 195.7m, with option exercise prices multiplied by ten. Implements the plan announced 10 April.
8 May 2017resource reserve update▲ GoodMajor
Updated Gustavson report lifts Colorado reserves value (NPV10) 126% from February to A$20.54m, with reserves now assigned over 21% of the 17,698 acres. P90 resource is 34.9m barrels of oil and 220 Bcf gas. Company is in talks on senior debt and plans 3-5 wells this year.
2 May 2017security holder rights change● Neutral
Austin launches a sale facility for unmarketable parcels (under A$500, or 124,999 shares or fewer at 0.4c), covering 75.2m shares held by 2,882 holders. Holders must opt out by 21 June 2017. Aims to cut administrative costs.
26 Apr 2017debt financing▲ GoodMajor
Austin secures an A$860,000 (US$650k) loan facility from ANB Bank for field operations and confirms the Florence purchase has completed. It says it is well advanced on a much larger project financing to speed 2017 drilling.
26 Apr 2017asset acquisition disposition● Neutral
Seller Incremental Oil and Gas confirms the Florence Oilfield sale to Austin closed on 25 April 2017 at US$2m, effective 31 December 2016. Resolves the pending acquisition from the counterparty's side.
10 Apr 2017security holder rights change● NeutralMajor
Austin plans to seek approval to rename itself Fremont Petroleum Corporation and consolidate shares 10-for-1, cutting 1,975m shares to about 197.5m. Says exploration of the Pierre is complete and focus is Pathfinder development; a strategic review of non-core assets is planned.
29 Mar 2017listing compliance notice▼ Bad
Company tells ASX its directors' Appendix 3Y notices (for a 2 March 2017 change) were lodged 4 business days late, blaming the rights issue shortfall and half-year accounts. It now monitors director holdings with next-day registry reporting.
27 Mar 2017production update▲ Good
Marco Polo #1 now shows some oil and falling gas pressure; Columbus #1 still flares gas. The C11-12 Niobrara well is back on production at 25 bbl/d. Haulage cut from US$11.50 to US$5.50 a barrel; Gustavson to update its report in early April.
15 Mar 2017half year report● Neutral
Half-year report to 31 December 2016 repeats the period's highlights: Magellan #1 production, the three-well program for about US$1.5m, the Gustavson reserves and Weatherford results. Text provided is truncated, so the financial figures are not shown.
6 Mar 2017asset acquisition disposition● Neutral
Seller Incremental Oil and Gas confirms the Florence sale agreement is signed at US$2m, with a further US$150k deposit paid. Closing is expected within 50 days. It keeps a 2.5% royalty on the Niobrara. Counterparty confirmation of Austin's own announcement.
6 Mar 2017asset acquisition disposition▲ GoodMajor
Austin signs the purchase agreement for Incremental Oil and Gas (Florence) LLC at US$2m, with US$200k deposits paid. Closing is expected within 50 days. It would then hold 100% of 18,208 Colorado acres; Incremental keeps a 2.5% Niobrara royalty.
22 Feb 2017capital raising announcement▲ GoodMajor
Shortfall from the priority offer placed: A$1m (166.7m shares at 0.6c) on top of A$576,158 raised, taking the offer past A$1.5m. With the December placement, company says the Florence purchase is fully funded. Each share gets a free 1:4 2019 option.
What it means for a shareholder
167m new shares at A$0.006 to raise about A$1.0m. That's 9.0% dilution: every existing holder's slice gets 9.0% smaller. If you held A$1,000 of shares (166,667 at the issue price), your slice goes from 0.00993% to 0.00903% of the company. To keep it you'd need 16,547 more shares - about A$99 at the issue price.
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