Past year: ▼ 69%(0.40c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
Create a free account to see this worked out for your own holding.
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.
31 Jan 2017quarterly activities report● Neutral
December quarter report recaps Magellan #1 first commercial oil (98 bbl/d), gas still flaring at Marco Polo #1 and Columbus #1, the US$2m Florence purchase (closing expected March) and the Gustavson reserves work. No new results; debt free.
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.
