Past year: ▼ 69%(0.40c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 Sept 2023resource reserve update▼ BadMajor
Reserves at 1 July 2023: 2P down 10% to 6.54 MMboe (from 7.27), with 1P at 5.08 MMboe. Low prices pushed all proved undeveloped reserves into contingent resources. 2C contingent resources are about unchanged at 212.07 MMboe. This reverses last year's 14% gain.
29 Sept 2023other● Neutral
Appendix 4G corporate governance checklist lodged with the annual report. Administrative filing with no new business information.
29 Sept 2023asset acquisition disposition● NeutralMajor
AXP signs a binding letter to sell all its Tennessee, eastern Kentucky, Virginia and Illinois Basin assets to Mountain V Oil & Gas for US$4m, subject to adjustments. This is a sale of the main undertaking needing a shareholder vote, targeted for 30 November 2023. It leaves Colorado as the remaining project, and ASX has given six months to show sufficient operations or face suspension.
29 Sept 2023annual report● Neutral
The FY23 annual report (year to 30 June 2023) has a chairman's letter citing cost streamlining, KayJay consolidation, and 16,391 bbl of oil inventory. The extracted text does not include the full-year financial figures.
31 July 2023quarterly activities report▼ Bad
June quarter revenue fell 24% to US$2.98m as realised gas prices dropped 31%; operating cash outflow was US$511K and cash fell to US$522K, with debt of US$293K. Gas production has been curtailed awaiting a seasonal price rise; the company is focusing on oil, with 16,391 bbl of unsold oil.
28 Apr 2023quarterly activities report▼ Bad
March quarter revenue fell 18% to US$3.94m on lower gas prices and less NGL resale; operating cashflow was -US$586K and cash fell to US$1.18m from US$1.95m. Oil revenue rose 23%. Gas is consolidated in KayJay, and transport and gathering costs fell US$1.3m (49%).
28 Apr 2023director officer appointment● Neutral
Director Christian Paech resigns effective 28 April 2023. The company will not appoint a replacement, citing cost reduction, leaving a board of three.
10 Mar 2023half year report▼ BadMajor
Half-year to 31 December 2022 shows a loss of US$4.52m (prior year US$718K loss), driven by NGL blending costs and a US$3.68m impairment of the Colorado Cimarex Lease. Sales revenue rose 57% to US$13.03m; net assets fell 27% to US$12.15m; cash US$1.95m. Elite crypto site expected back in March.
10 Mar 2023regulatory community update● Neutral
Company says the NGL blending drag has been largely eliminated and it is cutting costs by shutting in marginal wells and reducing field staff. KayJay gas rose to over 1,100 Mcf/d from 450. Three new contracts total ~1,500 MMBtu/d at ~US$4 for 12 months. Mainly an update on known themes.
3 Feb 2023investor presentation● Neutral
Webinar slides repeat the December quarter: net revenue US$4.79m (down 42%), operating cashflow +US$241K, cash US$1.95m. New detail: NGL blending cost about US$3.32m across calendar 2022; no blending needed since December 2022. Slides also cover a focus on 8 higher-margin Appalachian fields.
1 Feb 2023investor presentation● Neutral
Notice of an investor webinar on 3 February 2023 with COO Greg Grotke and CEO Tim Hart on December quarter performance and 2023 objectives. No new information.
31 Jan 2023quarterly activities report▼ Bad
December quarter net revenue fell 42% to US$4.79m as realised price dropped 37% and NGL blending resales shrank; production fell 6% to 190,384 BOE. Cash held steady at US$1.95m. Company says blending is now no longer needed and it is cutting costs and reviewing its midstream partner.
5 Dec 2022other● Neutral
A copy of the new constitution approved by members at the AGM is lodged under ASX Listing Rule 15.4.2. Administrative filing with no new business information.
30 Nov 2022investor presentation● Neutral
AGM presentation repeats audited FY22 results (revenue US$20.75m, NPAT US$607K) and the 1 July 2022 reserves increase. No new information shown in the extracted text.
7 Nov 2022director officer appointment▲ GoodMajor
Greg Grotke, formerly of Noble Energy, is appointed Interim Chief Operating Officer from 7 November 2022, overseeing operations, sales and business development. This follows the new CFO appointment; his first task is an operations review.
31 Oct 2022admin correction● Neutral
Registry provider Boardroom notifies a change of its Sydney address to Level 8, 210 George Street from 1 November 2022. Administrative only.
31 Oct 2022quarterly activities report▼ Bad
September quarter net revenue rose 10% to US$8.25m and gross production rose 4% to 203,352 BOE, but operating cashflow was -US$1.12m and cash fell to US$1.98m. Oil production fell 8%. Delayed NGL and gas receipts (~US$1.16m) were paid in early October, after quarter end.
14 Oct 2022production update▲ GoodMajor
Gas sales to Elite Mining in Colorado have begun, with the first two Elite units running on Pathfinder #2 gas, initially about 200 Mcf/day. Pathfinder is flowing over 10 BOPD. This ends Elite's revenue-nil period, though volumes are modest and a third unit is still to come.
6 Oct 2022investor presentation● Neutral
Webinar slides repeat audited FY22 results: sales revenue US$20.75m (up 389%), NPAT US$607K (down 85% as FY21 had a US$6.19m acquisition gain), operating cash inflow US$3.23m, cash US$3.39m. Also repeat the reserves increase. Little new beyond audited figures.
4 Oct 2022investor presentation● Neutral
Notice of an investor webinar on 6 October 2022 with the CEO, a director and new CFO Brad Mervis, covering FY22 results, the reserves update and operations. No new information.
30 Sept 2022annual report▲ Good
The annual report for the year to 30 June 2022 describes FY22 as the shift from explorer to producer, with record Q4 revenue of US$7.51m and operating cashflow of US$1.61m. The extracted text does not include the full-year financial figures.
30 Sept 2022annual report● Neutral
Appendix 4G and corporate governance statement for FY22, approved by the board on 29 September 2022 and lodged with the annual report. Compliance filing with no new business information.
30 Sept 2022resource reserve update▲ GoodMajor
Reserves as at 1 July 2022: 2P up 14% in nine months to 7.27 MMboe (from 6.37), with probable reserves up 89% and 1P up 2% to 5.65 MMboe. 2C contingent resources unchanged at 211.95 MMboe; 3C includes 237 Bcf of Appalachian gas. Delivers the flagged reserves report.
19 Sept 2022admin correction● Neutral
The Australian corporate and registered office moves to Level 4, 8 Spring Street, Sydney. Mailing address, phone and email are unchanged. Administrative only.
16 Sept 2022director officer appointment● NeutralMajor
Bradley Mervis, previously Group General Manager – Finance, becomes CFO from 16 September 2022, replacing Lonny Haugen, whose outside firm had provided CFO services. This completes the move of all finance functions in-house, a thread open in earlier updates.
12 Aug 2022investor presentation● Neutral
Webinar slides repeat June quarter results (revenue US$7.51m, cash US$3.386m). They update Elite Mining: first unit expected fully online by end August (~200 Mcf/d gas), second by end September (400 Mcf/d). A reserves report is listed as a possible near-term catalyst.
10 Aug 2022investor presentation● Neutral
Notice of an investor webinar on 12 August 2022 where the CEO and a director will discuss quarterly results and near-term catalysts. No new information.
28 July 2022quarterly activities report▲ Good
June quarter net revenue rose 51.4% to US$7.51m, with operating cashflow of US$1.61m (from US$186K) and cash of US$3.39m. Gross production was only up 1.6% to 194,863 BOE as gas outages persisted early in the quarter; oil rose 19.4%. Elite Mining revenue was nil.
20 June 2022investor presentation● Neutral
Notice of a CEO interview on Investor Stream discussing the DPI-2605 re-completion and other workover opportunities. No new information in the announcement itself.
15 June 2022well test result▲ GoodMajor
The DPI-2605 Illinois Basin re-completion initially flowed 310 BOPD and peaked at 555 BOPD, but was choked back and now pumps ~50 BOPD and 300 Mcf/day of gas. This resolves the open question on rates; 9 more drilling locations are identified on the lease.
