Past year: ▼ 69%(0.40c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
21 Apr 2021quarterly activities report▲ Good
March quarter revenue jumped to A$1.73m (prior quarter A$258k) with about one month of Magnum Hunter included. Cash rose to A$4.5m. Oil sold was 12,894 bbl, but unsold oil stock hit 25,646 bbl, and Trey workovers gave disappointing results in some wells.
15 Apr 2021material agreement▲ Good
Trey sellers agree to split the US$900,000 final payment: US$450,000 was paid 2 April and the other US$450,000 is now due 2 October 2021. This eases near-term cash needs. Total production is said to be above the 2,040 BOE reported on 1 April.
15 Apr 2021half year report● Neutral
Half-year report to 31 December 2020 now includes the auditor's review section, following the unaudited version of 17 March. Revenue was A$309,304 on 12,417 barrels produced. MHP net assets acquired were A$1.26m. The truncated text shows no new headline figures.
6 Apr 2021director officer appointment▲ GoodMajor
Simon Johnson, a Perth-based former executive at offshore drilling contractors, becomes Non-Executive Chairman immediately. Peter Crown, chairman since before the Magnum Hunter deal, stays on as a Non-Executive Director.
1 Apr 2021production update▲ Good
Magnum Hunter production rose about 20% to 2,044 BOEPD at 31 March from ~1,700 on 9 March, with gas at 9.0 MMcf/day. Gains came from initial well work and pipeline repairs. Delivers early on the 20% target set at acquisition.
31 Mar 2021asset acquisition disposition▲ GoodMajor
Completes the 100% acquisition of Magnum Hunter Production, effective 26 February 2021, so its revenue counts from then rather than 9 March. Says production is tracking above the 9 March level. Resolves the pending acquisition announced earlier in the month.
23 Mar 2021director officer appointment▲ Good
Appoints two finance executives: Bradley Mervis as General Manager – Finance (Sydney, from early April) and Stephen Lampner as VP Finance (Lexington, Kentucky). Supports the larger post-Magnum Hunter portfolio. Says the acquisition is on track to close by month end.
17 Mar 2021half year report● Neutral
Unaudited half-year to 31 December 2020: loss A$2.196m, revenue A$309k (down 28.7%), net assets A$11.8m. Relies on ASIC relief to delay the audited report. Notes a 15% stake in Magnum Hunter bought for US$75k in November 2020, with the remaining 85% costing US$425k.
11 Mar 2021investor presentation● Neutral
Presentation accompanying the 11 March webinar on the Magnum Hunter acquisition and growth strategy. It repeats the known points: ~1,300 wells, ~8 MMcf/day, a 20% production lift within 90 days, and a US$425,000 price deducted from accounts payable.
9 Mar 2021asset acquisition disposition▲ GoodMajor
Fremont will buy 100% of Magnum Hunter Production for US$425,000: ~1,300 gas wells in Kentucky, Virginia and Tennessee, producing ~1,700 BOEPD and ~A$1.01m monthly gross revenue. This is a large step up from the ~130 BOPD oil base, with close expected by end March.
9 Mar 2021regulatory community update● Neutral
Lists the oil and gas leases acquired with Magnum Hunter Production, filed separately because of its size under ASX listing rules. A list only, with no new information beyond the 9 March acquisition.
12 Feb 2021drilling result▲ Good
The first nine of 20 planned Trey workovers (chemical treatments) added about 15 barrels a day, lifting Trey from ~75 to over 90 BOPD, roughly 20%. Five more workovers are under way and three refracture jobs are added, the first starting by end February.
2 Feb 2021admin correction● Neutral
Replaces the 29 January quarterly report and Appendix 5B, because the earlier 5B was a draft released in error. The quarterly activities text shown appears unchanged; no new information in the text provided.
29 Jan 2021quarterly activities report● Neutral
December quarter: 9,932 barrels produced and 7,367 sold (September quarter: 2,673 sold), with 4,540 barrels unsold. US$116k of Trey revenue is held in suspense by the purchaser pending assignments. New Colorado gas-containment rules are cutting oil output. US$0.9m Trey payment still due by May 2021.
13 Jan 2021drilling progress report▲ Good
A 21-well workover programme has started on the Trey leases bought in October 2020, which produce about 71 barrels a day from ~115 wells. First results are due end of January. Management says WTI above US$50 makes the leases more valuable.
23 Dec 2020capital raising announcement● Neutral
Cleansing prospectus offering 10,000 shares at A$0.003 (A$30) purely to lift resale restrictions on shares from the recent placement. No new money or business information.
What it means for a shareholder
10,000 new shares at A$0.003 to raise about A$30. That's 0.000214% dilution: every existing holder's slice gets 0.000214% smaller. If you held A$1,000 of shares (333,333 at the issue price), your slice goes from 0.00713% to 0.00713% of the company. To keep it you'd need 1 more shares - about A$0 at the issue price.
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18 Dec 2020capital raising announcement● NeutralMajor
Raises A$1.8m placing 600,000,000 shares at A$0.003, with a one-for-two option at A$0.005 for 18 months (subject to shareholder approval). Funds go to working capital and workovers. Production is about 131 barrels a day, across roughly 170 wells.
What it means for a shareholder
600m new shares at A$0.003 to raise about A$1.8m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (333,333 at the issue price), your slice goes from 0.00818% to 0.00713% of the company. To keep it you'd need 49,078 more shares - about A$147 at the issue price.
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18 Dec 2020listing compliance notice▲ GoodMajor
Shares are reinstated to quotation from 18 December 2020 after the reissued FY2020 accounts were lodged. Trading resumes after the suspension that began on 2 November.
8 Dec 2020financial restatement● NeutralMajor
Withdraws and reissues the FY2020 accounts after giving the auditor more evidence on going concern, including deferred creditor terms and ability to raise capital. Only notes 2 and 32 change. Intended to lift the suspension that followed the disclaimer.
30 Nov 2020capital raising announcement● Neutral
Completes the second tranche of the April A$3m placement with the last 66,666,667 shares at A$0.003, raising A$200k, plus the attaching options. Closes out the April raising.
What it means for a shareholder
66.7m new shares at A$0.003 to raise about A$200,000. That's 1.6% dilution: every existing holder's slice gets 1.6% smaller. If you held A$1,000 of shares (333,333 at the issue price), your slice goes from 0.00832% to 0.00818% of the company. To keep it you'd need 5,544 more shares - about A$17 at the issue price.
Create a free account to see this worked out for your own holding.
2 Nov 2020listing compliance notice▼ Bad
ASX temporarily paused trading in Fremont shares on 2 November 2020 pending a further announcement. The notice gave no reason.
2 Nov 2020admin correction● Neutral
Appendix 4G corporate governance checklist for FY2020, a routine compliance filing with no new information.
2 Nov 2020listing compliance notice▼ BadMajor
ASX suspends Fremont shares from quotation because the auditor disclaimed an opinion on the FY2020 accounts. Shareholders cannot trade until the accounts issue is resolved.
2 Nov 2020annual report▼ BadMajor
Directors confirm Grant Thornton issued a disclaimer of opinion on the FY2020 accounts over going-concern uncertainty; current liabilities exceeded current assets by A$6.38m. They dispute the concern, citing the note conversion, deferred payables of A$1.62m and the Trey purchase, and aim for a clean opinion later.
30 Oct 2020annual report▼ Bad
Full audited FY2020 annual report lodged, repeating the earlier unaudited results (A$9.16m loss). Chairman says production growth and Illinois Basin acquisitions now take priority over drilling. The auditor's report carries a disclaimer of opinion, as later announcements show.
30 Oct 2020quarterly activities report● Neutral
September quarter: workovers began in Colorado and Kentucky, and Trey was completed after quarter-end. About 2,673 barrels sold, with 2,495 barrels unsold. Receipts were A$49k; the company says up to a 60-day sales lag means cash flow lags production, with revenue expected to rise in the December quarter.
16 Oct 2020admin correction● Neutral
Administrative notice under section 708A allowing resale of 83,333,333 newly issued shares and the 849,999,998 options. No new substantive information.
16 Oct 2020security holder rights change● Neutral
Issue of 849,999,998 unlisted options, exercisable at A$0.003 by 30 September 2021, to subscribers in both tranches of the April placement. Delivers the free one-for-one options promised then; approved at the 31 August meeting.
15 Oct 2020production update▲ Good
Total output reaches 126 barrels a day: Trey about 75 and Kentucky/Colorado over 51, with 13 of 26 workovers done. Unsold inventory is 3,511 barrels (about US$140k). Continues the ramp from about 30 barrels a day in August.
1 Oct 2020asset acquisition disposition▲ GoodMajor
Fremont completed the Trey Illinois Basin purchase and took ownership on 1 October 2020 for US$1.9m (US$1m on signing, US$900k by 2 April 2021). The leases hold about 115 oil wells, many inactive, producing about 71 barrels a day. Kentucky and Colorado workovers lifted output to about 45 barrels a day.
