21 June 2011other● Neutral
Text not readable.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
9 June 2011production update▲ GoodMajor
May 2011 total well output topped 5,000 barrels, revenue over $200,000, the best month since the 2006 listing. Commencement well is stable at 130 bopd. Niobrara acquisition is said to be imminent, pending shareholder approval at the 17 June meeting.
2 June 2011production update▲ Good
Kentucky wells made over 300 bbl in May, now about 12-15 bbl/day versus under 0.7 in 2010, using new nitrogen foam and sand frac techniques. Target is 40-50 bbl/day by year end. Sebree water disposal well works; Jamie Garcia manages the unit; the Newtak JV still needs shareholder approval.
24 May 2011capital raising announcement● Neutral
Share purchase plan prospectus offering a priority offer to eligible shareholders (record date 11 May), closing 13 June, alongside the placement. Visible text gives no price or size.
24 May 2011capital raising announcement● NeutralMajor
Placement prospectus lodged 23 May for the capital raising, offers closing 13 June with a general meeting on 17 June. The visible text carries no raise size or price; it flags Birch and Niobrara as early-stage and high risk.
20 May 2011investor presentation● Neutral
Notice of an audio broadcast on Boardroom Radio with director Guy Goudy about cash flow and production. No new information in the notice.
19 May 2011production update▲ GoodMajor
Says US operations were cash flow positive for a full quarter, a first since the 2006 listing. Armstrong #1 peaked at 195 bbl on 11 May, sold at $115 per barrel. An independent reserves report is commissioned on the first 900 Birch acres; Birch drilling is expected late July.
12 May 2011flow test result▲ GoodMajor
Armstrong #1 at Commencement began producing 6 May and was flowing 135.4 barrels of oil per day by 10 May, rising daily. Company says its investment would be recouped in under 6 months. Confirms the April discovery as commercial; talks begin on a third Mississippi project.
12 May 2011capital raising announcement● NeutralMajor
Announces a Niobrara Shale acquisition and a capital raising. Text is largely unreadable, so the size, price and acreage terms cannot be confirmed here; later releases describe Niobrara acreage with at least 85% WI and 65% NRI.
12 May 2011other● Neutral
Trading suspension lifted after the company lodged its announcement on the shale option MOU and capital raising. Administrative.
5 May 2011other● Neutral
Trading suspended at the company's request pending an announcement on an acquisition and placement. Administrative; the substance follows in later releases.
29 Apr 2011quarterly activities report● Neutral
March 2011 quarter. PEL 105 drilling remains suspended by flooding (mid-to-late 2011). North Carrizo erratic, 16,032 bbl to 27 April. Kentucky wells being tested and completed. Birch option board-approved, about US$2m for 5,000 acres. Cash figures not visible in the truncated text.
29 Apr 2011production update▲ Good
Commencement (Armstrong #1) site construction is nearly complete, with the zones to be perforated and the oil described as light crude. First pumped flow tests are expected in the first week of May, with stabilised production in June. Follows the 4 April discovery announcement.
19 Apr 2011asset acquisition disposition▲ GoodMajor
Signs an option to acquire 5,000 acres of Eagle Ford Shale (Birch Prospect, Burleson County, Texas) at US$400 per acre, for a 93.5% working interest and 70.125% NRI. Option runs to 31 July 2011; due diligence is expected within 30 days. New US shale push.
4 Apr 2011other● Neutral
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29 Mar 2011other● Neutral
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25 Mar 2011other● Neutral
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16 Mar 2011half year report● Neutral
Half-year to 31 Dec 2010. Reports a new management team, Denver move, Newtak JV awaiting shareholder approval and a US$364,000 plan to test 10 Kentucky wells. North Carrizo now makes 42 bbl/day; Pirie-1 now second half 2011. Company secretary changed to David Nairn; Pellicano resigned 17 Nov 2010.
4 Mar 2011drilling result● NeutralMajor
Bombing Range reached target depth with 11 feet of potential sand pay seen on logs; a 60-day review follows and the next step may be a horizontal well, not before US summer 2011. Cost to date US$203,625. Commencement spud set for 17 March.
28 Feb 2011other● Neutral
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28 Jan 2011quarterly activities report● Neutral
December 2010 quarterly. Commencement and Bombing Range wells both expected to start February 2011; North Carrizo still on natural flow (12,173 bbl to 10 Jan); Armstrong 62 bopd; Pirie-1 now 'projected 2011'. Cash figures not visible in the text.
25 Jan 2011capital raising announcement● NeutralMajor
The placement closed, with 39.9 million shares placed at 3 cents to raise $1,197,000 before costs. Confirms the 17 January announcement.
What it means for a shareholder
39.9m new shares at A$0.030 to raise about A$1.2m. That's 12% dilution: every existing holder's slice gets 12% smaller. If you held A$1,000 of shares (33,333 at the issue price), your slice goes from 0.0113% to 0.00992% of the company. To keep it you'd need 4,492 more shares - about A$135 at the issue price.
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17 Jan 2011capital raising announcement● NeutralMajor
Announces a placement of up to 40 million shares at 3 cents to raise $1.2m before costs, for US exploration. No shareholder approval needed, using the 15% capacity. Priced well below the earlier 5c rights issue.
What it means for a shareholder
40.0m new shares at A$0.030 to raise about A$1.2m. That's 12% dilution: every existing holder's slice gets 12% smaller. If you held A$1,000 of shares (33,333 at the issue price), your slice goes from 0.0113% to 0.00992% of the company. To keep it you'd need 4,504 more shares - about A$135 at the issue price.
Create a free account to see this worked out for your own holding.
14 Jan 2011joint venture update▲ GoodMajor
Settles the Newtak dispute via a 50/50 Kentucky Exploration LLC joint venture holding Park City and Sebree. Newtak converts its US$2.25m loan to equity; Aus-Tex adds US$1.75m. Replaces the old participation agreement; needs shareholder and regulatory approval.
11 Jan 2011production update▲ Good
North Carrizo's Yolanda Villarreal #1 is still flowing naturally in month five at about 100 psi, with over 12,000 barrels sold. Operator believes a larger reservoir than forecast was tapped; pumping, expected to raise rates, must wait until natural flow stops.
11 Jan 2011asset acquisition disposition▲ GoodMajor
Acquires a 50% working interest (37.5% NRI) in the Commencement Prospect, Adams County, Mississippi, with the Armstrong operator; about US$500,000 to drill and complete, reserves 55,000-78,000 barrels. Bombing Range spud slips after a rig problem, now to follow Commencement.
24 Dec 2010other● Neutral
Releases a revised share trading policy for directors and senior executives, covering closed periods and insider trading rules. Administrative; no operational or financial information.
13 Dec 2010director officer appointment● NeutralMajor
Aus-Tex moves its US headquarters from Texas to Denver and hires new engineers; employment of Kenny Hill and Stan Lindsey ends. Former MD David Schuette's wrongful dismissal claim settled for no consideration. Bombing Range operations due within 10 days.
24 Nov 2010asset acquisition disposition▲ GoodMajor
Acquires a 34% working interest (25.5% net revenue) in the Bombing Range Prospect, Vernon Parish, Louisiana, with the same operator as Armstrong. Aus-Tex's well cost is about US$320,000; spud expected second week of December 2010; recoverable estimate 505,000 barrels.
19 Nov 2010other● Neutral
AGM chairman's address. North Carrizo has fallen from its 243 bopd initial flow to 50-60 bopd under natural pressure. Armstrong makes about 60 bopd. Pirie-1 drilling is hoped for in Q2 2011 after the wet season. $7.5m was raised in FY2010. Mostly repeats known facts.