Past year: ▼ 69%(0.40c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
14 Sept 2016drilling progress report● Neutral
The rig has been moved to Columbus #1, with deviated drilling due to start shortly. Magellan #1 and Marco Polo #1 drilling is finished. Flow testing of all three wells begins after Columbus #1 is done. No new results.
1 Sept 2016drilling result▲ Good
Deviated drilling on Marco Polo #1 is complete, on budget at about US$500k, with hydrocarbons seen in cuttings and heavy natural fracturing. Casing is run and the rig moves to Columbus #1. Flow testing still expected from end September; no flow rates yet.
30 Aug 2016asset acquisition disposition▲ GoodMajor
Austin completes a 491-acre acquisition next to its drilling, lifting Pathfinder to 15,773 acres at 100% (from 15,282). It also holds an option over a further 1,000 acres, with terms confidential. Purchase price is not stated; target is 20,000 acres.
25 Aug 2016other● Neutral
Announcement that CEO Tim Hart gave a Finance News Network interview, with a link to it. No new company information is in the announcement itself.
16 Aug 2016director officer appointment● Neutral
Andrew Blow, a Sydney-based non-executive director with a media, government and public affairs background, joins the board. Dominic Pellicano, a director since 2008, retires. This fills one of the two non-exec seats flagged earlier.
11 Aug 2016investor presentation● Neutral
August 2016 presentation restates the three-well Pierre program at the 100%-owned Pathfinder project: Magellan #1 deviated section done and casing run, Marco Polo #1 drilling, Columbus #1 to follow. Notes headcount cut from 25 to 8. No new results.
11 Aug 2016drilling progress report● Neutral
Deviated drilling has begun on Marco Polo #1, the second well of the three-well Pierre program, after the rig moved from Magellan #1, which is cased and awaiting flow testing. No new results are reported.
2 Aug 2016drilling progress report▲ Good
Magellan #1 has been drilled and perforated production casing run, ready for flow testing. Multiple oil shows were seen through the Pierre. The rig is moving to Marco Polo #1 for deviated drilling. No flow rates are reported.
1 Aug 2016remuneration report● Neutral
Employment terms for the new executives are disclosed: three-year terms from 15 July 2016. Goudy gets US$130,000 a year and Hart US$125,000, each rising from July 2017, plus US$24,000 director fees. The company describes the starting salaries as reduced under austerity measures.
28 July 2016drilling progress report● Neutral
Deviated drilling has begun on Magellan #1, with multiple oil shows reported, which the company says shows an oil-filled fracture was hit. Operations are on budget. The Math Energy rig is rented at a flat monthly fee for an initial 12 months. No flow results yet.
14 July 2016drilling progress report● Neutral
Columbus #1's vertical section is drilled and Marco Polo #1, the third well, has started. Deviated drilling of all three wells follows, described as on track and on budget. No new oil or flow results are reported.
27 June 2016drilling spud● Neutral
Drilling has started on Columbus #1, the second well of a three-well Pierre program at the 100%-owned Pathfinder project, following Magellan #1. The three wells are to be flow tested in sequence in the September quarter.
22 June 2016director officer appointment● NeutralMajor
From 15 July 2016 Guy Goudy becomes Executive Chairman, COO Tim Hart becomes CEO and Managing Director, and Aaron Goss becomes COO. Chairman Mark Hart moves to Vice-Chairman, retiring 1 October; Dominic Pellicano retires 15 July. The company says this follows a succession plan announced in 2012.
10 June 2016capital raising announcement● Neutral
Addendum to the placement: tranche 1 is 200m shares and tranche 2 is 42.857m, both at 0.7c. Shares on issue rise from 873.2m to about 1.116bn. The raise is not underwritten; costs are a $40,000 fee plus 6% commission. Existing holders cannot participate.
10 June 2016capital raising announcement▲ GoodMajor
Austin announces a A$1.7m placement of 200 million shares at 0.7c, a 75% premium to the 0.4c rights issue, led by Patersons. Funds will drill two more Pierre wells in June-July, at about US$500k each, ahead of back-to-back flow tests of all three.
What it means for a shareholder
200m new shares at A$0.007 to raise about A$1.7m. That's 19% dilution: every existing holder's slice gets 19% smaller. If you held A$1,000 of shares (142,857 at the issue price), your slice goes from 0.0164% to 0.0133% of the company. To keep it you'd need 32,719 more shares - about A$229 at the issue price.
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26 May 2016drilling result▲ GoodMajor
The C18#2 Pierre well, now named Magellan #1, intersected a 790ft column of oil, with the drill string saturated in crude. Production facilities are ordered and a roughly one-month test is planned. This resolves the open C18#2 result; flow rates are not yet known.
24 May 2016debt financing▲ GoodMajor
Austin says it has fully repaid and cancelled the Magna convertible note facility using part of the rights issue funds, and confirms the US$1.5m ANB bank facility is extinguished. It now reports being debt free, ending the Magna dilution risk.
19 May 2016drilling progress report● Neutral
C18#2 conductor and surface sections are drilled, cased and cemented. The intermediate section is being drilled to about 3,200ft, with a target depth near 4,100ft. No oil result yet.
13 May 2016capital raising announcement▲ GoodMajor
The rights issue closed with 49.8% take-up (215.9m shares, A$863,604). Underwriter Patersons takes the 217.5m-share shortfall, so the full A$1,733,433 is raised before costs. Funds go to Colorado drilling, working capital and offer costs.
29 Apr 2016drilling progress report● Neutral
Drilling has resumed at C18#2 Pierre well at Pathfinder (100% WI) after the elk-breeding halt, using the Math Energy rig. Cost is expected near US$500k, with results targeted for late May, weather permitting. This continues the February spud.
28 Apr 2016capital raising announcement▼ Bad
Supplementary prospectus warns that holders not taking up the rights issue face about 50% dilution, or about 68% if all options are exercised. It also clarifies the balance sheet and fixes a typo. The company says nothing in it is materially adverse.
19 Apr 2016capital raising announcement▲ Good
Patersons Securities has fully underwritten the A$1.73m rights issue announced 11 April, so the raise is covered whatever the take-up. No new terms are given.
15 Apr 2016asset acquisition disposition▲ GoodMajor
Austin completed the sale of its 50% interest in five Mississippi wells for A$1.21m (about US$925k), below the A$1.28m agreed in February, and repaid the remaining US$350k ANB loan. Drilling in Colorado is on track to resume in April.
15 Apr 2016capital raising announcement● Neutral
Prospectus for the fully underwritten 1-for-1 rights issue at 0.4c to raise about A$1,733,433, with a free option per two shares. Also offers placement and sub-underwriter options subject to shareholder approval. Formal document for the 11 April announcement. Text truncated.
11 Apr 2016capital raising announcement● NeutralMajor
Austin announces a renounceable 1-for-1 rights issue at 0.4c to raise A$1,733,433, plus a A$150,347 placement at 4c, with free options at 0.6c expiring June 2019. Patersons to underwrite; part proceeds repay the Magna note, with no more shares issued under it. Existing holders are heavily diluted if they don't take part.
7 Apr 2016other● Neutral
Austin notes the cleansing prospectus lodged 14 March 2016 has been closed. Administrative notice only, with no new financial or operating information.
15 Mar 2016half year report● Neutral
Half-year report to 31 Dec 2015 recaps the Magna A$1.9m facility, Birch sale (A$1.5m) and agreed Mississippi sale (A$1.28m), with US$350k debt to be cleared. Rights issue had 19.6% take-up, raising A$635,573. Text truncated; no financials shown.
14 Mar 2016capital raising announcement● Neutral
A second cleansing prospectus dated 14 March 2016 offers up to 6,250 shares at 1.6c to raise $100, to lift trading restrictions on previously issued shares. It is not a fundraising. Text truncated.
What it means for a shareholder
6,250 new shares at A$0.016 to raise about A$100. That's 0.0016% dilution: every existing holder's slice gets 0.0016% smaller. If you held A$1,000 of shares (62,500 at the issue price), your slice goes from 0.016% to 0.016% of the company. To keep it you'd need 1 more shares - about A$0 at the issue price.
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29 Feb 2016asset acquisition disposition● NeutralMajor
Austin agrees to sell its 50% interest in five Mississippi wells for A$1.28m (US$925,000) cash, closing within 45 days. The proceeds will clear the remaining US$350k debt. The company says the Pierre well is funded from existing cash. These are the Mississippi wells that struck oil in November.
15 Feb 2016asset acquisition disposition▲ GoodMajor
Austin closed the Birch sale for A$1.5m (US$1.05m) cash, keeping two Texas wells making about 10 BOPD. The reserves loan is down to US$350,000 from US$1.5m. The Mississippi sale is said to be advancing, completing the Birch thread.
