Past year: ▼ 69%(0.40c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
2 Aug 2018debt financing● Neutral
Fremont lodged an interconnection request with Kinder Morgan's pipeline and plans to fund gas infrastructure with bank debt backed by US Department of Agriculture guarantees. Pipeline costs are being finalised; no binding gas sale or loan is yet signed.
30 July 2018quarterly activities report▲ Good
June quarter oil output was 10,598 barrels (about 115 bopd), up 47% on March. Revenue was $343,839, cash $514,000, monthly burn about $105,000. Gas sales talks, pipeline tendering and debt funding talks continue; no binding gas agreement yet. Largely repeats earlier updates.
23 July 2018security holder rights change● Neutral
51,950,014 unlisted 4.5c options held by 125 holders expired unexercised on 15 July 2018 and were cancelled. No new money came from them. Administrative notice.
20 July 2018asset acquisition disposition▲ Good
Fremont signed an option to acquire another 1,660 net acres, taking Pathfinder to about 21,500 acres. Terms are confidential, with activity not required until 2020. The pending Gustavson resource report will not cover this new acreage.
11 July 2018asset acquisition disposition▲ GoodMajor
Fremont leased a further 2,702 net acres, lifting its 100%-owned Pathfinder Field to 19,500 net acres, on confidential terms of exploration commitments and royalties. The Gustavson resource report will now include this acreage; more leasing is under way.
5 July 2018flow test result▲ GoodMajor
Marco Polo #1 gas well flowed initially at 1.5m cubic feet a day, taking the three recent tests (with C11-12 and Columbus #1) to 4.13m cf/day. Fremont engaged Gustavson to upgrade the 220 Bcf P90 resource; gas sales talks are described as advanced. Initial rates only.
3 July 2018flow test result▲ GoodMajor
Columbus #1 gas well, drilled in 2016, flowed initially at 1.03m cubic feet a day; with C11-12 the cumulative rate is 2.63m cf/day. Well is shut in pending a gas sales agreement, which is still not binding. Talks continue with Kinder Morgan and local buyers.
13 June 2018flow test result▲ GoodMajor
Pathfinder C11-12 horizontal well, the only Niobrara producer, flowed initially at 1.6m cubic feet of gas a day plus 50 barrels of oil after a workover. Fremont is talking to Kinder Morgan about a pipeline connection 10 miles away; flow rate is initial only.
6 June 2018capital raising announcement● Neutral
Prospectus for the free options promised with the placement and SPP: up to 143m placement options, 41.0m SPP options and 2.14m director options, all 2c options. It is a disclosure document with no new money raised; options are described as highly speculative.
6 June 2018production update▲ Good
May production was 3,811 barrels (3,123 Colorado, 688 Kentucky), up 14% on April. Seventeen Colorado workovers are done with seven remaining; company expects to be cash flow positive again, with revenue received about 60 days after delivery.
10 May 2018production update▲ Good
April oil production was 3,336 barrels (2,909 Colorado, 427 Kentucky), up 40% on March's 2,002 barrels, from workovers on 13 Colorado wells. Company says it is now cash flow positive, delivering a target set in earlier updates.
2 May 2018production update▲ GoodMajor
Colorado production averaged 105 bopd over 30 days from 21 wells, up 43% from 73 bopd the prior 30 days, after workovers on eight wells. Hits the 100 bopd target; company expects to be cash flow positive this quarter at about US$60 oil.
24 Apr 2018quarterly activities report● Neutral
March quarter: low-cost workovers under way across Pathfinder to reach 100+ bopd, and gas sales talks are 'advancing'. Reports A$2.6m raised, total debt cut to US$250,000, and says the company is funded for its current works programme. Largely repeats prior updates.
29 Mar 2018capital raising announcement▲ GoodMajor
The share purchase plan closed raising $518,245 at $0.007 with attaching 2c options, or $548,245 with directors' participation. Options need approval at a May general meeting. Company says it will reach 100 bopd next quarter; gas sales talks continue.
15 Mar 2018half year report● Neutral
Half-year to 31 December 2017 report restates Pathfinder's 220 Bcf gas and 35m barrel oil (P90) resource, the shut-in Bird #13-18, ongoing gas sales talks, and the post-period A$2m placement. Largely repeats known facts; financial figures are not in the text provided.
13 Mar 2018capital raising announcement● Neutral
Offers shareholders a share purchase plan of up to A$500,000 (up to 71.4m shares) at $0.007, up to $15,000 each, with one free 2c option per two shares. Options need shareholder approval; applications close 27 March. Follows the February placement.
What it means for a shareholder
71.4m new shares at A$0.007 to raise about A$500,000. That's 11% dilution: every existing holder's slice gets 11% smaller. If you held A$1,000 of shares (142,857 at the issue price), your slice goes from 0.024% to 0.0214% of the company. To keep it you'd need 17,139 more shares - about A$120 at the issue price.
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28 Feb 2018director officer appointment● Neutral
Sam Jarvis, an oil and gas drilling executive with 15 years' experience, joins as non-executive director. He invested A$500,500 in the placement and will be paid A$2,000 a month in shares.
26 Feb 2018capital raising announcement● NeutralMajor
Fremont completes a A$2m placement of 286m shares at $0.007, with one free 2c option per two shares (to March 2020). A further share purchase plan of up to A$500,000 is planned. It is left with only a US$250,000 facility at 6%. Delivers the equity raise flagged on 12 December.
What it means for a shareholder
286m new shares at A$0.007 to raise about A$2.0m. That's 34% dilution: every existing holder's slice gets 34% smaller. If you held A$1,000 of shares (142,857 at the issue price), your slice goes from 0.0263% to 0.0172% of the company. To keep it you'd need 75,164 more shares - about A$526 at the issue price.
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31 Jan 2018quarterly activities report● Neutral
December quarter report: production about 90 Bopd, targeting 100. Gas sales deal still being negotiated for the March quarter, with first sales mid-2018. Bird #13-18 stays shut in until April. Company targets cash-flow positive in February at US$60 oil. Largely repeats prior updates.
12 Dec 2017capital raising announcement▼ BadMajor
After the Bird setback, Fremont cut staff pay 55% (monthly employee costs from US$77,000 to US$35,000). Directors take fees in shares, and it has begun selling its 50% Kentucky wells. The board resolved on 9 December to raise equity; size and price not given. Production is 70-80 Bopd.
6 Dec 2017material agreement▲ Good
Fremont is negotiating gas sales to Fremont County industrial buyers and expects binding agreements within 90 days. Pathfinder gas resource is cited at 220 Bcf (P90), and the C11-12 well can produce about 500,000 cubic feet a day. No agreement signed yet.
1 Dec 2017drilling result▼ BadMajor
Remediation of Bird #13-18 failed: an under-pressured fracture zone creates a vacuum that blocks flow testing. The well will be shut in over winter, with attempts to resume in April 2018. Resolves the 9 November remediation plan unsuccessfully.
21 Nov 2017listing compliance notice▼ Bad
ASX queried the company's cash after the September quarter showed cash of A$595,000 and an outflow of A$1,142,000. Fremont replied it expects continued negative cash flow, earns about A$45-60k a month from oil, expects to raise more capital, and will drill no extra wells this quarter.
9 Nov 2017farm in farm out agreement▼ BadMajor
Bird #13-18 cannot yet produce because of an under-pressured fracture zone that appears to be draining oil. Capillary Energy will fund remediation in exchange for a 5% net revenue interest. Work is to start within 7 days, a setback after the 30 October results.
31 Oct 2017quarterly activities report● Neutral
September quarter report restates Bird #13-18's 729 ft of oil zones and the Capillary-funded Greenhorn farm-out (5% interest). It cites a Digital Formation estimate of 9.53m barrels per square mile for the Greenhorn. Mostly repeats known facts; text is truncated.
30 Oct 2017drilling result▲ GoodMajor
Bird #13-18 mud logs confirm three oil zones totalling 729 ft, with a maximum oil column of 1,963 ft. Completion continues as pressures have not stabilised; no flow rate yet. Follows the October reports of oil shows and the reinstatement after suspension.
30 Oct 2017other● Neutral
ASX reinstates FPL shares to quotation on 30 October after the Bird #13-18 announcement was lodged, ending the suspension from 25 October. Administrative notice only.
25 Oct 2017other● Neutral
ASX suspends trading at the company's request because the Bird #13-18 flow rate announcement could not be released before the trading halt expired. Company expects suspension to last no more than 3 days.
13 Oct 2017drilling result▲ GoodMajor
Bird #13-18 reached target depth in the Sharon Springs formation, with oil shows throughout the bottom 1,000 ft of the Pierre. A slotted liner is being prepared, and first flow rates are expected within two weeks. Drilling remains on budget at US$400,000.
12 Oct 2017admin correction● Neutral
Addendum adding information required under ASX Listing Rule 5.3 to the 9 and 11 October Bird well announcements. It notes the well has not yet been flow tested and is 100% owned. Administrative only.
