Past year: ▼ 69%(0.40c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
30 Sept 2020annual report▼ BadMajor
Unaudited FY2020 results, with audit deferred under ASIC relief: net loss A$9.16m including A$6.10m of impairments (mostly Powell and Vespucci write-downs). Revenue fell 44% to A$597k. Cash was A$1.29m at 30 June; the A$3.36m note converted in September.
9 Sept 2020security holder rights change● Neutral
Notice of the issue of 250,000,000 shares to a subscriber, approved at the 31 Aug 2020 general meeting (Resolution 3). This appears to be the second placement tranche from April.
8 Sept 2020asset acquisition disposition▲ Good
Fremont expects to complete the Purchase and Sale Agreement for the Trey Illinois Basin leases (about 71 barrels a day) within a week, using existing cash. This follows the June letter of intent; no new terms are given.
3 Sept 2020security holder rights change● Neutral
Notice covering shares issued after the 31 Aug 2020 general meeting: 1,243,058,600 on convertible note conversion and accrued interest, 97,560,976 to directors, and 15,638,333 to service providers. This completes the debt conversion announced in April, diluting existing holders.
18 Aug 2020production update● NeutralMajor
Two of 14 planned Colorado workovers are done and output has risen to about 30 barrels a day from about 20. Unsold inventory is about 2,434 barrels (about US$103k). Drilling of new Colorado wells has been suspended; completing the Trey acquisition is a priority.
6 Aug 2020production update▲ Good
Workovers have started on an initial 26 Colorado and Kentucky wells. Output is about 20 barrels a day, targeted to reach about 100 once complete. About 1,350 barrels (US$56,700) await collection. Tim Hart is now CEO. The company also aims to revise Colorado leases to cut drilling commitments.
4 Aug 2020admin correction● Neutral
Administrative amendment: the A$26k of related-party payments in the June quarter's Appendix 5B was directors' fees. No new substantive information.
31 July 2020quarterly activities report● Neutral
June quarter: most wells stayed shut in until prices recovered in late May/June; a workover programme began in late July. Gas offtaker talks resumed, the Trey letter of intent is repeated, and Fremont plans to reduce Colorado drilling commitments. Quarterly receipts were A$56k.
18 June 2020asset acquisition disposition▲ GoodMajor
Non-binding letter of intent to buy Illinois Basin producing leases from Trey Exploration, producing about 71 barrels of oil a day. Proposed price is US$1m by 31 Aug 2020, US$500k by 1 Jan 2021 and US$400k by 1 Apr 2021, subject to due diligence. Signals a strategy shift to buying cheap producing assets; some production has restarted.
30 Apr 2020quarterly activities report● Neutral
March quarter: no development activity; wells remain shut in due to low oil prices and costs are being cut. Operating cash outflow was A$69k. Gas offtake talks reported as progressing; the April placement and debt conversion are repeated, with the board eyeing US oil and gas acquisitions.
29 Apr 2020capital raising announcement● NeutralMajor
A$3m placement from three family offices at A$0.003 per share with a free one-for-one option at A$0.003 (12 months). Convertible noteholders agree to convert debt at A$0.003 versus the original 0.7c; the undrawn portion of the A$6m facility (A$3.025m drawn) is cancelled. Subject to shareholder approval; funds are for working capital and possible US acquisitions.
23 Mar 2020production update▼ BadMajor
Colorado and Kentucky production is temporarily shut in because of depressed WTI crude prices, and a cost reduction programme has begun. Gas offtake talks are said to have progressed, though still unsigned. The shut-in follows the earlier flaring-limited Vespucci production.
23 Mar 2020director officer appointment▼ BadMajor
Executive Director Andy Lydyard resigns after about seven weeks (joined 4 Feb 2020), staying on as a consultant for the Colorado and Kentucky assets. Reverses the February appointment meant to lift Pathfinder oil output; no reason given.
13 Mar 2020half year report● Neutral
Half-year to 31 Dec 2019: 9,340 barrels produced and A$571,919 oil revenue (A$138,080 from Kentucky). Restates the Gustavson uplift (proved plus probable NPV10 A$50.3m) and the board refresh; Andy Lydyard is to drive a field programme focused on existing producing assets.
13 Feb 2020production update● Neutral
Vespucci #1 is online but limited by a 150 mcf/day gas flaring permit, about 1/6 of its IP gas rate. Oil has reached 48 BOPD, with almost 600 barrels sold so far. This is well below the 82 bbl/day oil IP. Permits for Captain Cook, Sally Ride and Balboa are pending; John Glenn and Kit Carson are filed.
5 Feb 2020investor presentation● Neutral
Notice of an InvestorStream interview with new Executive Director Andy Lydyard. It contains no new information.
4 Feb 2020director officer appointment▲ GoodMajor
Colorado oil executive Andy Lydyard joins as Executive Director to lift Pathfinder oil output. He previously led the field's former owner, Comet Ridge Resources, completing 23 Pierre producers and reaching a peak of 1,400 BOPD. Pay: US$5,000 a month plus A$48,000 a year director fees.
31 Jan 2020admin correction● Neutral
Administrative clarification that the Gustavson report cited in the quarterly report is in the 19 November 2019 announcements. No new information.
31 Jan 2020quarterly activities report● Neutral
December quarter: freezing weather shut in most Colorado wells in December. Oil sold was 4,697 barrels with 2,300 barrels unsold. Revenue was A$243,660, and operating cash flow was -A$347,111. First Pierre well still awaits permits; the acquisition is to close this quarter.
22 Jan 2020director officer appointment● NeutralMajor
Guy Goudy, an executive and director for 11 years, resigns. Tim Hart leaves the board for an operations-focused executive role. Nigel Hartley resigns after a short tenure. Vespucci is online with rising oil flows after unforeseen delays; a geologist-led senior hire is expected.
12 Dec 2019drilling scheduled● Neutral
Permits are filed for three Pierre wells (Captain Cook, Sally Ride, Balboa), with the first spud now expected in January 2020; two more are to follow, giving five wells through May 2020. Vespucci has production approval, pending combustor installation due within a week.
5 Dec 2019director officer appointment● NeutralMajor
Board overhaul: Peter Crown, whose Resilient Investment Group provided the A$6m convertible loan and is the largest investor, becomes Non-Executive Chairman. Ex-Oil Search CFO Nigel Hartley joins. Guy Goudy becomes Executive Director – Corporate; Andrew Blow leaves the board.
19 Nov 2019investor presentation● Neutral
Presentation repeats the Gustavson results (182m boe 1C, NPV10 US$34m) with Wattenberg comparisons. It lists near-term catalysts: a gas offtake deal, three Pierre wells, and a possible farm-out of deeper formations. No new figures beyond the report itself.
19 Nov 2019resource reserve update▲ GoodMajor
The updated Gustavson report lifts Pathfinder's 1C (P90) contingent resource to 182.4 million boe: oil up 12% to 60.6m barrels, gas up 13% to 609 Bcf. NPV10 of reserves rose 98% to US$34m. This delivers the upgrade flagged since September; the new acreage is excluded.
7 Nov 2019asset acquisition disposition▲ GoodMajor
Fremont agreed to acquire an adjoining 5,990-acre field, taking Pathfinder to 25,995 acres (+21%) at 100% working interest. Terms are confidential: minimal upfront cash plus royalty payments. Closing is expected by end of 2019. A 1,660-acre non-core block will not be renewed.
31 Oct 2019quarterly activities report● Neutral
September quarter report: Vespucci #1's 273 boe/d IP is repeated, with permanent production expected in November. 5,188 barrels of oil produced, with oil revenue of $234,459, down $21,124 on the prior quarter. The updated Gustavson report is due in November; 2,396 barrels of oil are unsold.
29 Oct 2019drilling scheduled▲ GoodMajor
3D seismic interpretation identified nine targets in the shallow Pierre Formation (~4,000 ft). Permits are lodged for a three-well programme, with two wells planned to spud this quarter. Vespucci remains shut in awaiting its production permit; industry partners are being assessed for Niobrara joint development.
9 Oct 2019flow test result▲ GoodMajor
Vespucci #1 recorded a 24-hour IP of 273 boe/day (82 bbl oil and 900 Mcf gas), above Powell's 220 boe/day. Gas was choked back. Production permit pending; the company says the well roughly doubles field oil output. This resolves the long-awaited Vespucci result.
2 Oct 2019debt financing● NeutralMajor
Fremont secured a firm A$6m convertible loan facility (minimum A$4m, at the company's discretion) from major shareholder Resilient Investment Group. It is secured over all assets, converts at 0.7c and costs 1.5% a month for 4 months then 2.5% a month, funding the rest of the 2019 drilling programme.
30 Sept 2019annual report● Neutral
Annual report for the year to 30 June 2019. The chairman's letter repeats known points: oil and gas found in Powell and Vespucci, a 2019 Gustavson resources update under way, and gas offtake talks still progressing. The text provided is truncated and no financials are visible.
