Past year: ▼ 69%(0.40c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
21 Dec 2009capital raising announcement● Neutral
Allotted a further 21.1m rights shares plus the underwriter's 99.2m shortfall shares, taking issued shares to 285.8m. Withdrawals of 223,823 shares will be reallocated by directors. The roughly $7.15m raising is essentially done.
17 Dec 2009asset acquisition disposition▲ GoodMajor
Aus-Tex completes a joint development deal with KOS Energy for the Sebree oil project in Kentucky's Illinois Basin, paying US$245,000 for a 50% interest (37.5% net revenue). One well makes 10-22 bopd; four more are targeted by end-March 2010. A new asset beyond Park City.
17 Dec 2009investor presentation● Neutral
Photo slideshow for the Sebree joint development: five focus wells, one producing 10-24 bopd, remaining four to be completed from January to February. Repeats the 17 December announcement with well-by-well detail; no new deal terms.
15 Dec 2009capital raising announcement▼ Bad
Underwriter Allegra has paid $4.47m for 89.5m of the 99.2m shortfall shares. Because some sub-underwriters had problems, Austin agreed to extend the deadline to 17 Dec for the remaining 9.7m shares ($487k).
3 Dec 2009capital raising announcement● Neutral
Allotted 22.5m rights issue shares with 11.2m attaching 10c options (to Nov 2011); issued shares now 165.5m. Another 21.3m shares follow on 21 Dec, and the 99.2m underwriter shortfall shares will be issued as the underwriter applies.
30 Nov 2009capital raising announcement● NeutralMajor
Shareholders took up only 43.8m shares ($2.19m, 31.98%) of the rights issue. The underwriter, Allegra, must cover the 99.2m-share shortfall ($4.96m), so the full roughly $7.15m is expected within 5 working days. Funds Park City and PEL 105.
30 Nov 2009other● Neutral
AGM address: Park City's Atmos gas plant now expected to reopen in January 2010 (earlier Nov 2009); three oil wells average 15-25 bopd; over 2,000 acres targeted. PEL 105 rig may be secured in Q2 2010. Largely repeats known facts; text truncated.
18 Nov 2009capital raising announcement▼ Bad
Supplementary prospectus for the 1-for-1, 5c rights issue (about $7.151m). The company warns it could be materially adverse to investors and lets earlier applicants withdraw until 18 Dec. Close stays 25 Nov; allotment moves to 21 Dec. Truncated, so the reason is not visible.
16 Nov 2009capital raising announcement● Neutral
The rights issue closing date moves from 18 to 25 November because a supplementary prospectus is coming. Resolution 10, covering the Newtak securities issue, is pulled from the 30 November AGM and will go to a later extraordinary meeting.
4 Nov 2009capital raising announcement● Neutral
Prospectus and acceptance forms for the 1-for-1 rights issue have been sent to eligible shareholders. Administrative notice only.
2 Nov 2009farm in farm out completion● Neutral
Adelaide Energy's own announcement of the same PEL 105 deal: it gains 50%, drills Pirie #1 in early 2010, and cites potential above 20 million barrels of oil equivalent in place (P10). Terms match Austin's release; no new information.
2 Nov 2009farm in farm out completion● NeutralMajor
Adelaide Energy takes a 50% interest in PEL 105 for $250,000 cash, with the farm-in work program deemed complete. It operates Pirie #1 and carries Austin for the first $1.75m of well costs. Austin owes $400,000 if the well is dry. Conditional on SA Government approval.
30 Oct 2009material agreement● NeutralMajor
Settles the Newtak dispute over the 2008 Park City funding for US$5m: US$2m cash plus US$3m of shares at 5c and 33.7m options. Conditional on raising at least A$7m. Newtak keeps its royalty on the existing 17 wells only. Director Pellicano is a beneficiary of Newtak.
29 Oct 2009drilling progress report▲ Good
Management says Park City phase one is complete and all four oil wells are producing. It forecasts stable output of 5-10 bopd per well after initial 15-25 bopd. It aims for two wells a month from December and says positive cash flow is expected by end of January 2010; these are company forecasts.
22 Oct 2009capital raising announcement● Neutral
Rights issue prospectus: 1-for-1 at 5 cents to raise about $7,151,000 before costs, with a 10c option per two new shares expiring 19 November 2011. Fully underwritten by Allegra Capital. Text is truncated, so the risk and project sections are not visible.
22 Oct 2009capital raising announcement● Neutral
Timetable for the rights issue: prospectus lodged 22 October, offer opens 4 November and closes 18 November, normal trading of new securities from 27 November. Administrative detail of the already announced offer.
22 Oct 2009capital raising announcement● Neutral
Formal offer of 143,025,859 new shares at 5 cents, 1-for-1, with a free 10c option per two shares expiring 19 November 2011. Record date 30 October; offer closes 18 November. Underwritten by Allegra. Follows the 8 October notice.
What it means for a shareholder
143m new shares at A$0.050 to raise about A$7.2m. That's 33% dilution: every existing holder's slice gets 33% smaller. If you held A$1,000 of shares (20,000 at the issue price), your slice goes from 0.00699% to 0.00466% of the company. To keep it you'd need 10,000 more shares - about A$500 at the issue price.
Create a free account to see this worked out for your own holding.
8 Oct 2009capital raising announcement● NeutralMajor
Austin plans a fully underwritten 1-for-1 rights issue at 5 cents to raise about $7.2 million, underwritten by Allegra Capital. One free option (10c, two years) comes per two shares. Proceeds fund PEL 105, Kentucky expansion, acquisitions, working capital and paying down a loan facility.
1 Oct 2009annual report● Neutral
Annual report (text truncated, no financials visible). The chairman calls it a very tough year, notes the former MD's departure and a reorganised board, and cites four successful Park City oil wells, new capital raised and PEL 105 as priorities. Park City has room for about 60 more wells.
1 Sept 2009drilling result▲ GoodMajor
Fourth Park City well, Harlin Tarter #1, tests above 29 bopd, lifting cumulative flow to over 82 barrels per day. All four wells in the first completion program succeeded. A phase two drilling plan is being prepared during September, and 22 barrels were sold to the refinery on 26 August.
24 Aug 2009drilling progress report▲ Good
Park City oil flow to storage passes 53 barrels per day, with Tarter #2 testing above 32 bopd on pump. Fourth well due this week. Refinery confirms pick-up of stored oil on 26 August; August sales are paid in September. Gas plant hoped available early September.
19 Aug 2009drilling progress report▲ Good
Park City four-well completion program is ahead of schedule: three wells confirmed as oil producers, with Spillman #1 and #2 together flowing 17-22 barrels of oil per day. The fourth well is due in August. First oil pickup is set for 26 August.
13 Aug 2009drilling progress report▲ Good
Second Park City oil well, Spillman #2, completed with oil present, but no flow rate yet. Third well, Tarter, is under way. The company says wells cost under US$50,000 to complete, though these are management economics claims.
11 Aug 2009well test result▲ GoodMajor
First Park City oil well, Spillman #1, tested at 12 barrels of oil per day, and 15 of 17 drilled wells appear to have oil zones. Strategy shifts from gas to oil. Austin now holds 100% WI and 78.125% NRI (up from 56.25%). First oil sales are expected in August.
5 Aug 2009director officer appointment▼ BadMajor
Managing Director David Schuette leaves the company with immediate effect and no longer runs the US subsidiary. New director Guy Goudy becomes president of Aus-Tex, and Kenny Hill stays as VP. The focus is now Park City.
30 July 2009director officer appointment● Neutral
William Kefalianos, an accountant and tax specialist and principal of MMI Financial Partners, is appointed a director to add financial skills to the board.
14 July 2009material agreement▲ GoodMajor
Park City litigation with RET is settled on confidential terms. Austin's subsidiary takes operatorship of the 17 wells and 100% WI (87.5% NRI before Newtak and California Service interests) from 1 July 2009. It also places 16m shares at 4c to raise $640,000.
13 July 2009director officer appointment● Neutral
Guy Goudy, who has three years in financial services as an authorised representative with a stockbroking firm, joins the board as a director.
8 May 2009regulatory community update● Neutral
Park City lawsuit against RET moves to a jury trial set for mid-2010; Austin seeks at least US$4m in damages. Its March injunction bid to open RET's financial records was denied, though the records stay in discovery. This differs from the earlier hope of resolution by end of May.
16 Mar 2009half year report● Neutral
Half-year report to 31 December 2008 (text partly garbled and truncated, no financials visible). Park City: RET's dismissal motion was denied in early February 2009; the company hopes for resolution by end of May. St Gabriel work is suspended; PEL 105 first well planned for 2009.
