Past year: ▼ 69%(0.40c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
11 Oct 2017drilling result▲ Good
Bird #13-18 has drilled 800 ft of the Pierre formation producing crude during drilling, with the lower 200 ft being drilled. Target depth expected within 24 hours. The company says this extends the Florence field's western flank.
9 Oct 2017drilling result▲ GoodMajor
Bird #13-18 has intersected crude oil in the upper Pierre formation, flowing to portable tanks, with about 1,000 ft still to drill. The company calls it a discovery on the western flank, about 1 km west of the 2017 Magellan well. The C11-12 Greenhorn test is paused to free crew.
3 Oct 2017drilling progress report▼ Bad
Bird #13-18 had slow drilling and higher drag, so the company ran and cemented intermediate casing; target depth now expected within 7 days, still on budget at US$400,000. At C11-12, paraffin blocked the jet nozzle and is being chemically treated, a further delay.
26 Sept 2017admin correction● Neutral
Appendix 4G corporate governance checklist lodged with the annual report, dated 26 September 2017. Administrative filing with no new business information.
26 Sept 2017annual report● Neutral
Annual report for year to 30 June 2017 describes a shift from exploration to low-cost production and development. It repeats the US$2m Florence acquisition, 100% Pathfinder control, Gustavson reserves of 1.56m barrels of oil (NPV US$15.85m) and a US$400,000 well cost target. Text is truncated, so financials are not shown.
20 Sept 2017drilling progress report● Neutral
Bird #13-18 shows fluorescence on cuttings, which the company calls encouraging, with target depth of 4,000 ft expected by end of next week. The C11-12 radial jet start has slipped again to next week, after equipment adjustments.
14 Sept 2017drilling progress report● Neutral
Bird #13-18 is drilled vertically to about 2,000 ft and will now be deviated at about 30 degrees to intersect a seismic-identified fracture network. Oil pay zone expected within two weeks. Radial jet test at C11-12 is due to start its first lateral within 7 days.
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.
31 July 2017quarterly activities report● Neutral
June quarter report recaps the rename, the US$101,359 first revenue, the A$1.7m placement and the Gustavson reserves. Drilling of Bird #13-18 is now said to start in August. Permits are filed to keep flaring Columbus and Marco Polo. Largely repeats known events.
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.
28 Apr 2017quarterly activities report● Neutral
March quarter report recaps the completed Florence acquisition (about 55 bbl/d), the ANB loan, lower haulage costs and the Gustavson reserves and resources. Says large project financing is being finalised. Largely repeats known events.
