Past year: ▼ 69%(0.40c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
20 Feb 2017capital raising announcement▼ Bad
Priority offer closed with 96.0m shares taken up (A$576,158), a 38.4% take-up of the 250m on offer. Short of the A$1.5m target; company says it is working to place the shortfall and has had approaches from interested parties.
14 Feb 2017director officer appointment▲ Good
Vanessa Lintz appointed Head Geologist. She worked on the Florence Field for Pine Ridge, whose 22 wells were later bought in the pending Florence deal. A staff hire rather than a board change.
13 Feb 2017drilling result▲ Good
Weatherford analysis of 100 cuttings samples says the Pierre at Pathfinder is at the onset of the oil window and more mature than the producing field to the east. Company says this supports the gas at Marco Polo and Columbus being dissolved in oil. Resolves the pending analysis; no oil rates.
10 Feb 2017admin correction● Neutral
Clarifies the 9 February report: the US$16m NPV covers only the 1,800 acres (11%) where wells exist. The 30.5m barrel and 187.4 Bcf P90 figures are resources on the other 13,973 acres, not reserves. No new data.
10 Feb 2017capital raising announcement● Neutral
Reminder that the priority offer closes at 5pm WST on 15 February 2017 and will not be extended. Repeats the 27 January notice; no new substance.
9 Feb 2017resource reserve update▲ GoodMajor
Gustavson's maiden Pathfinder report assigned 3P reserves of 1.148m barrels of oil and 451 MMcf of gas over 1,800 acres (11% of the project), with an NPV of US$16.1m. It also estimated P90 contingent resources of 30.5m barrels of oil and 187.4 Bcf of gas.
27 Jan 2017capital raising announcement● Neutral
Priority offer closing date is extended from 27 January to 15 February 2017 so shareholders can see the maiden Pathfinder reserve and resource statement first, which is due within days. The company says there will be no further extension.
23 Dec 2016capital raising announcement▼ BadMajor
Patersons terminated its underwriting of the priority offer after the share price closed at 0.5c on 16 December, below the 0.6c trigger. The offer now has no minimum, and the A$1.7m placement alone may not cover the US$2m Florence purchase. Any shortfall may need another placement.
16 Dec 2016capital raising announcement● NeutralMajor
Prospectus offers eligible shareholders up to 250m shares at 0.6c (about A$1.5m, plus A$1m oversubscriptions) with one free option per four shares, plus 70.8m placement options and 20m contractor options. Patersons underwrites; all subject to shareholder approval. Funds the Florence acquisition.
9 Dec 2016asset acquisition disposition● Neutral
Seller Incremental Oil and Gas confirms the US$2m sale of its Florence Oilfield (22 wells, 2,820 net acres) to Austin, closing 6 March 2017. It bought the field for US$12.25m in 2012 and calls it non-core. Counterparty confirmation of the Austin deal.
9 Dec 2016admin correction● Neutral
Replacement of the 9 December Florence acquisition announcement, correcting page 3. The visible text matches the original; no new substance is shown in the provided portion.
9 Dec 2016asset acquisition disposition▲ GoodMajor
Austin agrees to buy Incremental Oil and Gas (Florence) LLC for US$2m: 2,436 Florence Oilfield acres, 22 wells, ~52 bbl/d, taking Colorado holdings to 18,208 acres. Funded by an A$3.2m raising at 0.6c; closing is 6 March 2017.
6 Dec 2016material agreement▲ GoodMajor
Non-binding MOU with Lionheart Refining & Recycling to sell Pathfinder gas to Lionheart-funded turbines, restarting the shut-in 2012 C11-12 Niobrara well (up to 1 Mmscf/d) in the first half of 2017. Also plans a 1,500 bbl/d refinery, viable only above 500 bbl/d.
2 Dec 2016resource reserve update▲ Good
Gustavson Associates has been engaged to prepare a reserves and resources report on the Pierre formation at Pathfinder, with Weatherford doing cuttings analysis. This starts the independent report flagged earlier. No volumes yet; the company only expects significant oil and gas remains.
1 Dec 2016drilling progress report● Neutral
Marco Polo #1 and Columbus #1 are still flaring high-volume gas to bleed off pressure, so oil flow tests have not yet started. The company reads the pressure as a sign of potential oil. No oil rates yet, repeating the 17 November update.
30 Nov 2016production update▲ GoodMajor
Magellan #1 oil is now being trucked to Suncor's Commerce City refinery under completed sales agreements, with first revenues expected shortly. Company says the crude is light sweet (API 35-37, sulfur <0.1%) with no water. Weatherford cuttings analysis is underway; field ramp-up is planned from 2017.
21 Nov 2016other● Neutral
AGM address thanks retired directors Mark Hart and Dominic Pellicano and welcomes Andrew Blow. It recaps debt elimination, Texas and Mississippi sales, the 12-month rig rental and salary and director fee cuts (50%). No new results.
17 Nov 2016drilling progress report● Neutral
Strong gas flows at Marco Polo #1 and Columbus #1 are being flared to bleed off pressure before oil flow tests. The company reads this as a possible sign of untouched oil and a Pierre section about 1,000ft thicker than the Florence field. No oil rates yet.
7 Nov 2016production update▲ GoodMajor
Magellan #1 is on production at an initial 98 barrels of oil a day plus gas and no water, the first Pathfinder oil flow after the May 790ft oil column. Company cites a 127% IRR and US$1.77m NPV at US$45 oil; these are its own estimates.
7 Nov 2016production update▲ Good
Magellan #1 was placed on production at an initial 98 barrels of oil a day, with encouraging gas flows and no water. The company said this implied a 127% IRR and US$1.77m NPV at about US$45 oil, excluding royalties, and that testing of Marco Polo #1 and then Columbus #1 would follow.
1 Nov 2016well test result▲ Good
Magellan #1 holds a 1,400ft oil column in its casing that refilled within 60 minutes after being emptied. Pump facilities are on site and initial production rates are expected within days. This is a pre-production sign, not a flow rate.
27 Oct 2016drilling result▲ Good
Drilling on Columbus #1 is complete with hydrocarbons in cuttings, finishing the three-well program for about US$1.5m total. Casing is run; Magellan #1 flow testing starts next week. No flow rates yet, so commercial success is unproven.
13 Oct 2016drilling progress report● Neutral
Columbus #1 deviated drilling is going to plan, with hydrocarbons in cuttings. Drilling is expected to finish this month, then flow testing starts with Magellan #1. No flow rates yet.
4 Oct 2016drilling progress report● Neutral
Deviated drilling has started on Columbus #1, the third and last Pierre well at Pathfinder (100%, 15,773 acres). Magellan #1 and Marco Polo #1 are cased. Flow testing of all three follows; no results yet.
30 Sept 2016capital raising announcement● Neutral
Prospectus offers up to 92m free options (1 per 3 placement shares) and 53.12m broker options to Patersons, plus a 10,000-share cleansing offer at 0.6c. It documents the 26 Sept A$1.65m placement; broker options need November AGM approval.
30 Sept 2016director officer appointment● Neutral
Dr Mark Hart retires as Non-Executive Vice-Chairman effective 1 October 2016, as flagged in June. Executive Chairman Guy Goudy thanks him; Hart says the company has no debt and the right team in place.
29 Sept 2016annual report● Neutral
Annual report for the year to 30 June 2016 repeats the debt elimination, asset sales in Texas and Mississippi, and leadership succession. Provided text is truncated, so no financial figures are shown.
29 Sept 2016admin correction● Neutral
Appendix 4G corporate governance checklist lodged with the annual report, signed by the company secretary. Administrative filing with no substantive news.
26 Sept 2016capital raising announcement● NeutralMajor
Austin raises A$1.65m by placing 276m shares at 0.6c, with one free option per three shares (exercisable at 0.6c to June 2019). Patersons leads; the raise is not underwritten. Shares on issue rise from about 1.119bn to 1.395bn (19.8% dilution), funding drilling and more 3D seismic.
What it means for a shareholder
276m new shares at A$0.006 to raise about A$1.6m. That's 20% dilution: every existing holder's slice gets 20% smaller. If you held A$1,000 of shares (166,667 at the issue price), your slice goes from 0.0149% to 0.0119% of the company. To keep it you'd need 41,105 more shares - about A$247 at the issue price.
Create a free account to see this worked out for your own holding.
19 Sept 2016investor presentation● Neutral
Company argues Pathfinder Pierre wells are economic at $40+ oil, with wells costing about US$500k and payback under 9 months in a low case. Says the acreage fits 390+ wells. These are company projections; no new drilling results.
