Past year: ▼ 74%(0.60c – 2.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
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.
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.
30 Jan 2023quarterly activities report● Neutral
December quarter: Half Moon deal progressed (US$100,000 deposit in December, US$1.9m paid in January), well integrity testing finished, and Valhalla seismic now targeted for Q2 2023. The ASIC infringement notice is also reported. CFO Craig Gouws starts in January.
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.
28 Oct 2022quarterly activities report● Neutral
September quarter: seismic restart slips to likely early Q2 2023, and EPA feedback on the Environmental Review Document is still awaited. Spend since IPO is about $5.2m of $11.3m budgeted. Related-party payments were $456,000. Michael Laurent starts as COO on 28 November.
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.
29 July 2022quarterly activities report● Neutral
June quarter: EPA approved the Section 43A variation on 9 May, the pipeline study confirmed gas suitability, and 130km of seismic lines were cleared. Spend since IPO is about $3.1m of the $11.3m budget. Related-party payments were $300,000 in the quarter.
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.
