Past year: ▼ 74%(0.60c – 2.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
15 Mar 2024registration revoked▼ BadMajor
BME was removed from the ASX Official List at close of trading on 15 March 2024, at its own request after shareholders voted for it. Completes the delisting begun in December; shares can now be traded only off-market.
12 Mar 2024other▼ Bad
BME's shares were suspended from quotation at the company's request ahead of its ASX removal. The request says shareholders approved removal at a general meeting on 12 February 2024; the suspension is expected to last two business days.
11 Mar 2024other▼ BadMajor
BME confirmed it will leave the ASX on 15 March 2024 and began the year with about A$7.7m cash. It stays committed to Valhalla approvals; 130 km of new 2D seismic is planned beyond 2024. After delisting, shares can only be sold off-market.
23 Feb 2024director officer appointment▼ Bad
Non-executive director Peter Cramer, a director since July 2021, steps down on 29 February 2024. CFO Craig Gouws (spelt 'Couws' in the text) leaves on 31 March 2024, and the role will not be replaced. The company says it is continuing cost cuts tied to delisting.
28 Dec 2023other▼ BadMajor
BME applied to remove itself from the ASX, with ASX approval conditional on a shareholder special resolution and at least one month to sell. The board cites a ~$8.81m market cap against ~$7.5m cash, weak fundraising support beyond Rhett Bennett's entities, and low liquidity.
14 Dec 2023security holder rights change● Neutral
200,000,000 ordinary shares will be released from escrow when the restriction period ends on 23 December 2023. This matches the escrow expiry flagged in the company's open items; the text does not say who holds the shares.
20 Oct 2023other● Neutral
BME moved its registered office to Level 4, 225 St Georges Terrace, Perth, from Level 14 in the same building. Administrative notice only.
16 Oct 2023asset acquisition disposition▲ GoodMajor
The Half Moon sale settled on 13 October 2023, with BME receiving US$6.58m (about A$10.4m) before tax after adjustments, below the US$6.87m headline price. Completes the sale announced in August; proceeds are earmarked for Valhalla.
4 Oct 2023asset acquisition disposition● Neutral
BME and the buyer agreed to extend the Half Moon sale's due diligence period by two weeks. No change to price or terms was stated.
12 Sept 2023half year report● Neutral
Half-year report to 30 June 2023. The chairman calls the Half Moon sale (not yet settled) a return above 100% in 8 months, says the company will be well funded without dilution, and expects no rapid Valhalla progress given regulation. Financial figures are not in the excerpt.
7 Sept 2023admin correction● Neutral
BME corrected its July investor update: 93.92% of EP 371 is covered by an ILUA and heritage or native title agreements, not just ILUAs. The 'ILUAs in place' wording on Valhalla stakeholder support was replaced. A clarification, not new operations.
24 Aug 2023asset acquisition disposition▲ GoodMajor
BME agreed to sell its Half Moon acreage and its MIA 64 FEE 2H well interest to Tap Rock Resources for US$6.87m (about A$10.7m), against the US$2m purchase price in January. It keeps the eight producing wells. Subject to 30-day due diligence; funds go to Valhalla.
27 July 2023drilling progress report● Neutral
Fracture stimulation has begun on the MIA 64 FEE 2H well, with about 50 stages over 10 to 14 days, then flowback and testing. First production is still expected in the September quarter. No flow results yet.
12 July 2023investor presentation● Neutral
July investor presentation restating first-half highlights, Half Moon resources and Valhalla plans, with leadership profiles. It repeats known facts; the text shown contains no new figures.
4 July 2023drilling result▲ GoodMajor
The MIA 64 FEE 2H well reached 16,845 feet ahead of schedule, with 10,139 feet of lateral in the 3rd Bone Spring. The company expects the whole lateral to be oil productive, with strong gas shows. Fracture stimulation is due at the end of July; no flow results yet.
15 June 2023resource reserve update▲ GoodMajor
BME booked its first Half Moon contingent resources: net 2C of 1.564m barrels of oil equivalent (1C 561,000; 3C 3.366m). It sees up to 20 horizontal wells at an average 14.1% interest. Conversion to reserves depends on the first well's performance.
13 June 2023drilling spud▲ GoodMajor
The MIA 64 FEE 2H well, BME's first Permian well, has started drilling with the Scandrill rig. Drilling should take about 25 days, then fracture stimulation and testing. BME holds 11.7%; first production still expected in about 90 days.
1 June 2023drilling scheduled▲ GoodMajor
Manzano's proposal was accepted: BME will join the MIA 64 FEE 2H Half Moon appraisal well with an 11.7% interest, about US$1.44m of the US$12.3m cost. Drilling starts in June, first production expected in about 90 days. Resolves the pending participation decision.
25 May 2023drilling scheduled● NeutralMajor
Manzano Energy proposed a US$12.3m gross horizontal appraisal well on the 3rd Bone Spring at Half Moon, with drilling possibly from June 2023. BME's ~11.7% share would cost about US$1.44m. BME is still considering the proposal and has not yet decided.
28 Apr 2023quarterly activities report● NeutralMajor
March quarter: the regulator approved an 18-month suspend and extend of the EP 371 work program on 6 April 2023, so seismic and drilling move to the 2024 and 2025 dry seasons. The entitlement offer and shortfall raised $3.155m before costs. Further floods limit access.
21 Apr 2023director officer appointment● Neutral
Non-executive director Marie Malaxos resigned and Dr Helen Astill, an environmental scientist and former Jadestone Energy HSE manager, joined the board. Another board change after several departures since late 2022.
3 Apr 2023regulatory community update▲ Good
Half Moon operator Rubicon issued a Division Order confirming BME's working interests in the eight acquired wells, ranging from 26.36% to 50%, held via new subsidiary Seven Rivers Operating. First production cash inflow and a reserves update are expected in coming weeks.
31 Mar 2023annual report● Neutral
Appendix 4G for the year to 31 December 2022, a checklist pointing to the corporate governance statement. Administrative, no new information.
31 Mar 2023annual report● Neutral
Corporate governance statement current at 30 March 2023, setting out how BME follows ASX governance recommendations. Boilerplate policy disclosure with no new operational or financial information.
31 Mar 2023annual report● Neutral
2022 annual report, the second since listing. Chairman's letter keeps Valhalla as the key focus, cites the AGIG blending study and January floods, and presents Half Moon as producing revenue. Financial figures are not in the excerpt.
17 Mar 2023capital raising announcement● NeutralMajor
The entitlement offer closed with applications for about $2.75m of the $4.25m sought, roughly 65% take-up, at $0.025. About $1.5m of shortfall (59.97m shares) can be placed over 3 months by Foster and CPS. Funds go to Half Moon and working capital.
1 Mar 2023capital raising announcement● Neutral
Offer booklet and acceptance forms sent to eligible shareholders; the entitlement offer opened 1 March 2023 and is expected to close 10 March 2023. Administrative notice, no new information.
20 Feb 2023capital raising announcement▼ BadMajor
BME launched a 2-for-3 renounceable entitlement offer at $0.025 per share to raise up to about $4.25m, a 37.5% discount to the $0.04 close. Rhett Bennett and BM Canning LLC committed at least $2.1m. Funds go to Half Moon costs, Valhalla commercialisation and working capital.
20 Feb 2023capital raising announcement● Neutral
Letter telling shareholders outside eligible jurisdictions they cannot join the entitlement offer. Foster Stockbroking will sell their rights as nominee, with any net proceeds paid to them, though they may receive nothing. Administrative.
20 Feb 2023capital raising announcement● Neutral
Letter telling option holders they can join the entitlement offer only by exercising options and being on the register by the 23 February 2023 record date. Administrative, no new information.
