Past year: ▼ 69%(0.40c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
1 Mar 2010material agreement termination▼ BadMajor
The 31 January 2010 deadline passed without shareholder approval of the Newtak settlement (US$2m cash plus shares and options). The parties must now negotiate an alternative settlement in good faith. This leaves the Newtak dispute unresolved.
25 Feb 2010investor presentation● Neutral
Conference presentation repeating known facts: the US oil projects (Sebree, Armstrong, Park City), PEL 105 drilling from early June, and a goal of positive cash flow by mid 2010. It also cites A$14m available if the 10c underwriter options are exercised. No new results.
18 Feb 2010asset acquisition disposition▲ GoodMajor
Aus-Tex acquires a 50% interest (37.5% net revenue) in the Armstrong prospect near Natchez, Mississippi, as a non-operator. Three Wilcox wells of about 6,500 ft are planned, at about US$500k each; the first, Ellislie Plantation #1, is due to spud early March. A new US oil asset.
4 Feb 2010resource reserve update▲ GoodMajor
Independent report on Sebree's 157 acres gives 132,000 barrels ultimate recoverable and 379,000 barrels proved undeveloped (100% basis; Aus-Tex holds 50%). Management values the recoverable oil at US$7.92m at a flat US$60. This resolves the pending Sebree reserve report.
2 Feb 2010production update▲ Good
Russell 1A, the first Sebree well under the KOS deal, is now on pump at about one barrel of oil an hour, expected to average 20-25 bopd. This follows its January completion and weather delays. Russell #5 is next, due mid to late February.
1 Feb 2010capital raising announcement● Neutral
Appendix 3B for 75m listed underwriter options at $0.10 (expiring 29 Jan 2011 per the form), issued at $0.002 each as approved at the 30 Nov AGM. Administrative follow-through on the rights issue underwriting.
1 Feb 2010capital raising announcement● Neutral
Final 223,823 rights issue shares (replacing withdrawn applications) and attaching options were allotted on 29 January, completing the rights issue. Issued shares now total 286,051,718.
29 Jan 2010asset acquisition disposition▲ Good
Aus-Tex acquires another 779.58 acres of mineral leases at Park City, lifting its holding to 1,637.4 acres, a 71% increase. A reserve report on the new acreage will be commissioned in due course. Price is not stated.
29 Jan 2010quarterly activities report● Neutral
December quarter report: Sebree has two wells making about 33 bopd combined; Park City has 1,637 acres and three oil wells. Gas wells stay shut in awaiting the Atmos plant. Austin holds five assets: Sebree, Park City, PEL 105 and PEL 73. Text truncated, so financials are not visible.
11 Jan 2010drilling result● Neutral
Russell 1A, the first Sebree well completed under the KOS deal, swabbed one barrel of oil per hour and is expected on pump shortly. Russell 2 is averaging 8.5 bopd, below the 10-22 bopd earlier cited. Three more wells are targeted by end-March.
7 Jan 2010resource reserve update▲ GoodMajor
Independent report on Park City's roughly 857 acres: oil 290 Mbbl proven and 623 Mbbl probable; gas 121 MMcf proven and 879 MMcf probable, plus 9.79 Bcf in place. Management values these at US$50.2m oil and US$34.9m gas at assumed prices. Atmos plant reopening now late January.
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.
30 Oct 2009quarterly activities report● Neutral
September quarter report restates the July RET settlement and the four successful Park City wells; it says no significant changes in US or Australian assets. PEL 105 drilling rig is being sourced for 2010, later than the earlier hope of drilling in 2009.
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.
