Past year: ▼ 69%(0.40c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
29 Apr 2016quarterly activities report● Neutral
March quarter report: bank debt extinguished, Texas and Mississippi sold for a combined A$2.78m, and the A$1.73m underwritten rights issue announced. C18#2 drilling has resumed with results expected by end of May. Text truncated.
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.
3 Feb 2016capital raising announcement● Neutral
Cleansing prospectus for up to 6,250 shares at 1.6c to raise up to $100. It exists to lift trading restrictions on shares already issued, not to raise funds. Text truncated.
What it means for a shareholder
6,250 new shares at A$0.016 to raise about A$100. That's 0.00167% dilution: every existing holder's slice gets 0.00167% smaller. If you held A$1,000 of shares (62,500 at the issue price), your slice goes from 0.0167% to 0.0167% of the company. To keep it you'd need 1 more shares - about A$0 at the issue price.
Create a free account to see this worked out for your own holding.
1 Feb 2016asset acquisition disposition● NeutralMajor
Austin agrees to sell its Birch Eagle Ford interest in Texas for A$1.5m (US$1.05m) cash, with proceeds to pay down its reserves-based loan, and starts selling its Mississippi property and five oil wells. This resolves the long-running Birch sale thread, ending the earlier rejected offers.
1 Feb 2016debt financing● NeutralMajor
Austin signs a term sheet for an A$1.9m (US$1.35m) unsecured, interest-free convertible note facility from Magna, convertible at a 20% discount to the 5-day VWAP, with US$275k available at once. It replaces the shortfall placement, which the company says failed on weak market demand; conversion would dilute shareholders.
1 Feb 2016drilling spud● NeutralMajor
Austin spudded the C18#2 Pierre well at Pathfinder (100% WI), drilling the first 100ft conductor section. Work has been halted for elk-breeding wildlife rules and resumes in April. Target depth is about 4,000ft, so no result for months.
1 Feb 2016listing compliance notice● Neutral
ASX lifts the trading suspension immediately after receiving an announcement about a convertible note facility. This ends the suspension that began on 9 December 2015 pending the shortfall raising.
29 Jan 2016quarterly activities report● Neutral
December quarter report recaps the A$1.9m Magna financing, the C18#2 Pierre spud, the Birch sale agreed for A$1.5m, and a Mississippi sale process. Oil fell to US$26 in January. A Pierre well costs about US$500k. Text truncated; no financials shown.
28 Jan 2016director officer appointment● Neutral
Non-executive director Phillip McCarthy resigned, citing other work commitments. The board is left with Chairman Mark Hart, MD Guy Goudy, and non-executives Dominic Pellicano and Stuart Middleton. Not a leadership change at chair or CEO level.
14 Dec 2015listing compliance notice● Neutral
Austin's shares stay suspended while it finalises its capital raising; the suspension will lift when the raising is announced. This continues the shortfall placement thread, which has now run past the two days expected on 9 December.
14 Dec 2015other● Neutral
Austin's share registry moved from Computershare to Boardroom Pty Limited, effective 14 December 2015. Administrative notice only, with no operating or financial information.
9 Dec 2015listing compliance notice● Neutral
Austin's shares are suspended at the company's request pending an announcement on completing the rights issue shortfall raising. A trading halt had expired on 7 December; the company expects suspension of no more than two days.
30 Nov 2015investor presentation● Neutral
November investor presentation restates known points: C18#2 Pierre well in December, 57 producing wells, net resources over 45m BOE. It shows cash of $750k at 1 November 2015 and 374m shares on issue, with headcount cut to 6. Text truncated.
24 Nov 2015drilling progress report● Neutral
About 90% of drilling equipment is on site at Pathfinder, with the C18#2 Pierre well expected to start soon after 26 November. Austin says the drill pad and access road cost US$5,000. No drilling result yet.
20 Nov 2015production update▲ GoodMajor
The Board Of Education #1 well in Mississippi is producing at an initial 53 barrels of oil per day, a fifth oil strike from five wells. Austin holds 50% working interest (37% net revenue). Payback is expected in about 12 months. This resolves the pending flow rate.
9 Nov 2015material agreement▲ GoodMajor
Austin rents a drill rig and related equipment from Math Energy Drilling for a flat monthly fee, initial term 12 months, giving it its own rig for Pathfinder. Chairman Dr Mark Hart has an interest in Math Energy; the company says terms are arm's length. Pierre Energy JV covers only C18#3 and C18#4.
30 Oct 2015quarterly activities report● Neutral
September quarter report recaps the rights issue's 19.6% take-up ($635,573), the planned December C18#2 Pierre well, the Kentucky RLC #4 well (under US$75k) and the Mississippi Board Of Education well due on production in November. Text truncated; no financials shown.
21 Oct 2015capital raising announcement▼ BadMajor
The rights issue closed with applications for 42.4m shares, raising only $635,573 (a 19.6% take-up) against up to $3.326m sought. Directors may place the remaining 173.5m shortfall shares (up to $2.6m) within three months. This resolves the offer but leaves most funding unsecured.
19 Oct 2015drilling scheduled▲ Good
Austin identifies Pierre Shale oil targets at Pathfinder and plans to drill C18#2 in December, with rights issue funds going to it. The well would satisfy lease commitments to retain all acreage. Permits are still expected. It follows the C18#4 gas show of 30 July.
