Past year: ▼ 69%(0.40c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 Nov 2011drilling progress report● Neutral
Krueger #1 found hydrocarbon shows in the Austin Chalk (8,403-8,829 feet) and is now entering the Eagle Ford. Drilling through the soft, fractured chalk was slower than expected because of circulation problems, which were remedied. Completion of drilling now expected the following week.
21 Nov 2011drilling progress report▲ Good
Krueger #1 has reported gas shows in the shallow Taylor Sand (6,594-6,615 feet), described as consistent with nearby productive Taylor gas wells. This is not the main oil target; logs and core analysis are still to come. Target depth now expected by the following weekend.
15 Nov 2011drilling progress report● Neutral
Krueger #1 is progressing well: surface casing cemented at 4,323 feet and drilling resumed toward the 9,200-foot target, expected to be reached the following week. No hydrocarbon results yet.
14 Nov 2011other● Neutral
Notice that broker Hartleys has released a research update on the company, available on its website. The report content is not in the announcement, so its conclusions cannot be confirmed.
11 Nov 2011other● Neutral
Company appoints Casimir Capital to help list its shares on the OTCQX market in New York within two weeks, and hires a US PR firm. A corporate name change to Arapahoe Energy is flagged, with details at the 29 November AGM.
10 Nov 2011drilling spud▲ GoodMajor
Krueger #1, the first Eagle Ford well on the ~5,000-acre project (93.5% interest), spudded 8 November, ending the delays since the original 19 September date. Planned depth is 9,200 feet, with drilling expected to take 12-15 days. Weekly updates promised.
8 Nov 2011production update▲ Good
Kentucky JV oil production has stabilised above 30 bopd, up from about 1 bopd average in 2010 and from about 20 bopd in the September quarter. Company expects 40 bopd by December, as previously targeted.
7 Nov 2011drilling scheduled▲ Good
Rig on site and Krueger #1, the first Eagle Ford well, set to spud this week after a weeks-long wait for a rig. Coastal Rig #7 will drill it; Eagle Ford expected at about 8,700 feet. Three verticals first, then a horizontal.
31 Oct 2011quarterly activities report● Neutral
September quarter report: US operations still cash flow positive. Kentucky stable at about 20 bopd, targeting 40 by December. Eagle Ford verticals due October with horizontals early 2012; Niobrara first horizontal Q1 2012. Armstrong wells and North Carrizo continue producing.
31 Oct 2011annual report● Neutral
Re-release of the FY2011 annual report already summarised on 30 September. Chairman repeats about A$10m raised, 93.5% Texas and 85% Colorado interests, a 50/50 Kentucky JV with A$1.75m investment, and Kentucky at about 20 bopd. No new information in the visible text.
21 Oct 2011security holder rights change● Neutral
Notice that the 146.5m listed 10c options expire 19 November 2011. The share price was 2.8c, below the 10c exercise price, so the options would lapse unless exercised. ASX waived individual notices.
20 Oct 2011drilling scheduled▲ GoodMajor
Cooper Basin PEL 105 has dried out after flooding and rig selection is starting. Pirie-1 is now expected in Q1 2012, with Adelaide funding the first A$1.75m. This ends the flood suspension; the company cites a chance of over one million barrels.
19 Oct 2011drilling scheduled● Neutral
The first Eagle Ford well, Krueger #1, is now expected to spud before end of October after a minor rig delay; the original 19 September date slipped. It will be a vertical well to about 8,700 feet, one of three initial verticals.
30 Sept 2011annual report▲ Good
FY2011 annual report. The chairman says about A$10m was raised and the Newtak dispute is resolved via a 50/50 Kentucky JV, with Austin investing A$1.75m and clearing a A$4.5m liability. Kentucky produces about 20 bopd; US operations cash flow positive.
23 Sept 2011other● Neutral
Hartleys broker research report on the company. Text is mostly unreadable, so its valuation and conclusions cannot be confirmed.
22 Sept 2011drilling scheduled● Neutral
Says Eagle Ford drilling is imminent. Text is largely unreadable, so rig, timing and depth details cannot be confirmed; the 19 September spud date was set earlier.
20 Sept 2011resource reserve update▲ GoodMajor
Independent expert report on the Niobrara (Pathfinder) acreage, said to confirm prospectivity. Text is mostly unreadable; the later quarterly cites 200,000–500,000 barrels per horizontal well and spacing for about 70 wells.
14 Sept 2011director officer appointment● Neutral
Final director's interest notice for James Edwards on ceasing as director: 1,000,000 shares, 1,000,000 listed options and 5,000,000 further options. Confirms his departure; administrative.
13 Sept 2011investor presentation● Neutral
Institutional roadshow presentation on the US shale assets, including Pathfinder Niobrara and Eagle Ford. Text is largely garbled; it appears to repeat previously announced projects with no new figures that can be confirmed.
8 Sept 2011director officer appointment● Neutral
Notice of a director's resignation. Text is mostly unreadable. A Form 3Z filed 14 September for James Edwards suggests he is the director who left (inference).
8 Sept 2011director officer appointment● Neutral
Initial director's interest notice: Christopher Hodge, appointed 6 September 2011, holds 900,000 ordinary shares through his superannuation fund. Administrative.
6 Sept 2011director officer appointment● Neutral
Announces appointment of Chris Hodge as a director. The text is largely unreadable, so his background and terms cannot be confirmed.
24 Aug 2011asset acquisition disposition▲ GoodMajor
Settlement completed on the Niobrara (about 11,000 acres, 65% NRI) and Eagle Ford (about 5,000 acres, 70% NRI) shale acreage, described as fully funded. The first Eagle Ford well is set to spud 19 September 2011. Guy Goudy is named as the new CEO.
3 Aug 2011director officer appointment● NeutralMajor
Announces a new director and a change of Chairman and CEO. Text is mostly unreadable; a later release shows Guy Goudy as CEO and Mark Hart as Chairman. Details of the new director cannot be confirmed.
26 July 2011asset acquisition disposition▲ GoodMajor
Sells its option to farm into up to 4% of Seychelles licences to WHL Energy for A$420,000, versus A$340,000 paid in 2010. Closes the Seychelles thread and refocuses funds on the new Eagle Ford and Niobrara shale projects.
7 July 2011resource reserve update● Neutral
Full NI 51-101 resource evaluation of the Birch Prospect, Burleson County, dated 6 July 2011, by independent evaluators for Aus-Tex. Excerpt shows only contents pages, so no volumes appear here. Duplicate of the same-day report.
7 July 2011resource reserve update▲ GoodMajor
Independent expert report on the Birch Eagle Ford acreage; text is mostly garbled. Later releases cite 179,000–810,000 barrels per well and potential for 32 development wells. This is the reserves report due in early July.
27 June 2011asset acquisition disposition▲ GoodMajor
Agrees terms with Newmont, Cimarex and Prize Energy to buy 10,486 acres of Niobrara mineral rights (Pathfinder, Fremont County, Colorado) for about A$2m, with at least 85% WI and 65% NRI. Title checks and final contract still pending; Birch reserves report due early July.
27 June 2011capital raising announcement● Neutral
Update on the placement. Text not readable, so no figures can be given.
22 June 2011investor presentation● Neutral
Eagle Ford presentation repeating known facts. Birch is described as 1,566 acres secured with an option on all 5,000 by July 2011; three horizontal wells, each with potential 200,000 bbl EUR, planned from Q4 2011. Lists Pellicano as chairman, although he resigned in November 2010.
