20 Feb 2023capital raising announcement● Neutral
Timetable for the entitlement offer pushed back one business day because the Appendix 3B missed pre-market release. Offer now closes 10 March 2023 with results due 17 March. Administrative.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
20 Feb 2023capital raising announcement● Neutral
Information booklet for the 2-for-3 renounceable entitlement offer at $0.025 per share, raising up to $4.25m, closing 9 March 2023 unless extended. Mostly legal notices and offer terms already announced; no new information in the excerpt.
20 Feb 2023investor presentation● Neutral
Q1 2023 investor presentation supporting the entitlement offer, pitching the Canning Basin and Permian Basin assets. The excerpt shows only disclaimers and no new information.
17 Feb 2023regulatory community update▼ BadMajor
Valhalla faces more delay: EPA feedback on the draft Environmental Review Document calls for extra baseline studies, likely extending approval time. January floods at Fitzroy Crossing limit access, so seismic may slip and BME will apply to suspend and extend permit obligations. Half Moon production is confirmed.
25 Jan 2023asset acquisition disposition▲ GoodMajor
BME is buying Earthstone Energy's 100% interest in the Half Moon Prospect, eight producing vertical wells in New Mexico's Permian Basin, for US$2m cash. Net production is about 77 boepd. It is BME's first producing asset, alongside the undeveloped Valhalla project in WA.
19 Jan 2023director officer appointment● Neutral
Craig Gouws, formerly CFO of Armour Energy, was appointed CFO immediately. Alan Cooper will help with handover and retire on 7 February 2023. Gouws joins fellow ex-Armour executive Michael Laurent, the new COO.
5 Jan 2023listing compliance notice▼ BadMajor
BME paid a $39,960 ASIC penalty, without admitting fault, over alleged misleading carbon and emissions statements in three announcements (Dec 2021, May 2022, Sept 2022 presentations). Payment means no proceedings will be brought over that conduct.
5 Dec 2022listing compliance notice▼ BadMajor
Replying to an ASX query, BME confirmed the WA gas export exemption is material but is conditional on agreeing a Domestic Gas Commitment Agreement with the State, a condition it had not disclosed. It says the condition is not material and that it complies with Listing Rule 3.1.
11 Nov 2022director officer appointment● Neutral
Craig Costello, an oil and gas professional with 25 years of operator experience and a small-field consultancy director, joined as non-executive director immediately. He fills the board seat left by Sara Kelly's resignation (inference).
9 Nov 2022director officer appointment● Neutral
Non-executive director Sara Kelly, on the board since the IPO, resigned effective 11 November 2022. Alan Cooper stops being joint company secretary immediately, leaving Ben Donovan as sole secretary. No reasons are given. Third board departure in two months.
18 Oct 2022drilling progress report▼ BadMajor
BME could not secure a replacement seismic crew before the Canning Basin wet season, so the Odin 2D seismic at Valhalla is now likely early Q2 2023. Expenses on the program are $1.3m this year. It is analysing a work program change to drill an appraisal well in 2023.
14 Oct 2022director officer appointment● Neutral
Samantha Richardson resigned as non-executive director, only days after the 1 October date on which she was to move from COO to that role. Rhett Bennett thanked her; no reason is given.
19 Sept 2022director officer appointment● Neutral
Ashley Zumwalt-Forbes resigned as alternate director for Rhett Bennett, effective 16 September 2022, about seven months after her February appointment. Administrative change.
15 Sept 2022drilling progress report▼ BadMajor
The Valhalla seismic acquisition is delayed pending final regulatory approval of the geophysical survey; the contractor has demobilised. Completion in Q3 2022 is uncertain. The company is considering a vertical appraisal well in 2023, a change from the earlier 2024 timing.
8 Sept 2022investor presentation● Neutral
Good Oil Conference presentation, September 2022, with disclaimers and resource reporting notes. The excerpt shows no new information beyond the known resource estimates.
5 Sept 2022director officer appointment● NeutralMajor
Michael Laurent, currently COO of Armour Energy, will replace Samantha Richardson as COO by 28 November 2022 at the latest. Richardson was to move to non-executive director from 1 October. Laurent will lead the Valhalla strategy and new business opportunities.
1 Sept 2022half year report● Neutral
First half-year report since listing, to 30 June 2022: loss of about $2.79m. The chairman cites the seismic approval, the gas blending study and the Highwire letter of intent, and says seismic acquisition is due by 30 September 2022.
26 July 2022director officer appointment▲ Good
Lee Marshall, formerly Group Executive at Beach Energy and 20 years at Woodside, was appointed Commercial Advisor to drive Valhalla commercialisation. An adviser role, not a board appointment.
19 July 2022drilling progress report▲ Good
Line clearing for the 130km Odin 2D seismic program at Valhalla is complete, with seismic crews to mobilise imminently. The data targets the southwest of the permit ahead of a 2024 appraisal well program. Contract was awarded to Terrex.
22 June 2022material agreement● NeutralMajor
BME received a non-binding letter of intent from US firm Highwire to buy up to 5TJ/day of Valhalla well-test gas, otherwise flared, to power cryptocurrency mining servers. No binding deal; terms, due diligence and approvals still needed. A new, non-core revenue idea for a pre-production explorer.
20 June 2022other● Neutral
ASX temporarily paused trading in Black Mountain Energy shares on 20 June 2022, pending a further announcement. The notice gave no reason for the pause.
27 May 2022investor presentation● Neutral
Investor update presentation dated 27 May 2022, with disclaimers and resource reporting notes (100% interest in EP 371, prospective resources as at the October 2021 prospectus). The excerpt shows no new information.
28 Apr 2022material agreement▲ GoodMajor
A gas blending study by Australian Gas Infrastructure Group found Valhalla gas suitable for blending into existing WA pipelines (Dampier Bunbury Pipeline) and for LNG conversion. The study is qualitative; no offtake deal or pipeline agreement is announced.
1 Apr 2022regulatory community update▲ GoodMajor
The WA mines regulator (DMIRS) approved the environmental plan for the 130km 2D seismic survey at Valhalla (EP 371), resolving the open approval thread. Surveys found no threatened flora or ecological communities and no Greater Bilby sightings; heritage survey found no impact.
29 Mar 2022other● Neutral
Corporate governance statement current at 28 March 2022, setting out board roles and policies against ASX recommendations. Administrative; no new commercial information.
29 Mar 2022other● Neutral
Appendix 4G governance checklist dated 28 March 2022, pointing to where the company's governance disclosures are found. Administrative; no commercial information.
29 Mar 2022annual report● Neutral
First annual report since listing, for the period to 31 December 2021. The chairman's letter recaps the $11m IPO, export exemption, heritage surveys and the lodged seismic plan, and plans 2D seismic work ahead. Financial figures not readable in the excerpt.
3 Mar 2022investor presentation● Neutral
Notice that Rhett Bennett will present at a ShareCafe small-cap webinar on 4 March 2022. It repeats the known 1.5 TCF contingent and 11.8 TCF prospective gas resources; no new information.
7 Feb 2022director officer appointment● Neutral
Ashley Zumwalt-Forbes, already a senior adviser, was appointed alternate director for Rhett Bennett from 7 February 2022 for up to one year. She is also CEO of Black Mountain Carbon Lock, a private company.
23 Dec 2021other▲ GoodMajor
BME began ASX trading on 23 December 2021 after its $11m IPO (55m shares at $0.20), with an indicative market value of $51m. EP371 is estimated to hold 11.8 TCF prospective and 1.5 TCF contingent gas; a September 2021 gas export exemption was granted.