Past year: ▼ 69%(0.40c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
31 Oct 2016quarterly activities report● Neutral
September quarter report: three Pierre wells drilled for about US$1.5m, the 491-acre purchase and the A$1.65m placement are recapped. Flow testing is due to start in early November. No flow results or financial figures in the provided text.
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.
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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.
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.
29 July 2016quarterly activities report▲ Good
June quarter report: all debt (US$1.5m bank loan, US$1.35m convertible facility) has been eliminated, and the A$1.7m rights issue and A$1.7m placement are completed. Magellan #1 found 790ft of oil; the three-well program is under way. Text truncated; no financials shown.
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.
