Past year: ▲ 79900%(0.35c – 4.00 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
22 May 2007farm in farm out agreement▲ GoodMajor
Blue Energy farmed out part of the Spinel Block to Odin Energy, which will reimburse 100% of the $4.6m seismic cost. Odin paid a $2m deposit, with about $2.6m due after its ASX listing. Odin earns 25% via the four-well program; first well expected late July.
14 May 2007other● Neutral
Energy Investments Limited changed its name to Blue Energy Limited, approved by shareholders at the 30 March 2007 general meeting. It will trade on the ASX under the code BUL from 15 May 2007.
2 Apr 2007investor presentation● Neutral
Updated shareholder presentation repeating the March deck, now listing the $4.6m financing facility. Says the two Burrum wells intercepted 17 metres of coal. Otherwise no new results.
29 Mar 2007debt financing▲ GoodMajor
EIV arranged a loan facility of up to A$4.6m from Chimaera Capital, on terms it calls commercial, to fund its Cooper Basin and CBM programs. Spinel seismic is said to be 70% complete. Two four-well ATP 814 projects are programmed for June 2007.
22 Mar 2007drilling result▼ BadMajor
Burrum-2 reached 545 metres and was plugged and abandoned as planned. About 16 metres of net coal was cored, but three tests indicate low primary permeability. Gas potential is still under evaluation. A mixed first read on the Burrum program EIV is funding.
20 Mar 2007joint venture update▲ Good
Operator GOG says the roughly 500 sq km Spinel 3D survey is 60% complete, on schedule and on budget at about $7.6m. EIV will fully fund 1-4 wells to earn 50% of the Spinel Block. GOG expects 3-6 wells after 5-6 months of processing.
16 Mar 2007half year report● Neutral
Half-year report to 31 December 2006. It largely repeats the December quarterly: Rossco-1 testing, Spinel seismic, the CSM agreement, the PNG withdrawal and the board changes. Notes a 30 March general meeting. No new operational news.
15 Mar 2007drilling progress report● Neutral
Magellan reports Burrum-2, the second Stage 1 well, spudded and was at 390 metres, cutting several coal seams. Other items concern Magellan's own Muthero-6 well. No new result for EIV yet.
8 Mar 2007investor presentation● Neutral
Notice of an audio presentation by Managing Director Sharif Oussa titled 'Diversified Energy Company', available online. No new information.
8 Mar 2007drilling result● Neutral
Magellan reports Burrum-1, the first Stage 1 CBM well, reached 438 metres and intersected several coal seams sampled for gas analysis. It will be plugged as planned. EIV holds 90% via Eureka. Gas content results are still awaited.
1 Mar 2007drilling spud▲ GoodMajor
EIV starts its 2007 CBM drilling program, spudding Burrum No. 1 in ATP 613P (earning 90% from Magellan). Drilling is planned in 100%-owned ATP 817P and 818P this year. CSM's deal grows to up to two four-well pilots, about $6m, for 50% of part of ATP 814P.
1 Mar 2007investor presentation● Neutral
March 2007 investor presentation: 292m shares, $3.65m convertible notes, about $2m cash and a $37.9m market capitalisation. It restates the CBM and Cooper Basin portfolio; first Cooper gas sales are targeted for Q3 2007. Largely repeats known facts.
28 Feb 2007capital raising announcement▼ Bad
EIV engaged BBY to manage a placement to institutional and sophisticated investors, but said the placement has been postponed pending clarity in market conditions. No size or price was given.
19 Feb 2007director officer appointment● Neutral
Directors Shane Doherty, Peter Meagher and Howard Dewhirst retired. Doherty had flagged his exit in October and reduced his holding; Dewhirst stays as adviser. The board shrinks to Zillman, Oussa and McGillivray.
19 Dec 2006joint venture update▲ Good
Operator GOG began the ~500 sq km Spinel 3D seismic survey on 15 December 2006, costing about $8m over four months. EIV funds 300 sq km for its Spinel farm-in; it then commits to 1-4 wells, with drilling in the latter half of 2007.
6 Dec 2006farm in farm out agreement▲ GoodMajor
EIV signed a Heads of Agreement for CSM Energy to earn 50% of the Eastern Block of ATP 814P (Bowen Basin) by funding four CBM pilot wells. It is EIV's first farmout of its CBM acreage; work is due to start February 2007.
13 Nov 2006capital raising announcement▲ GoodMajor
EIV closed its oversubscribed placement, raising $5.658 million through 37.7 million shares at 15 cents. It resolves the October raising, which had a $5.25m top end. Funds go to Cooper Basin expansion and CBM development.
What it means for a shareholder
37.7m new shares at A$0.150 to raise about A$5.7m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
1 Nov 2006admin correction● Neutral
Company Secretary lodges a tenement map inadvertently omitted from the September quarterly report. No new substance.
10 Oct 2006capital raising announcement▲ GoodMajor
EIV is placing 20-35 million shares at 15 cents to raise $3m-$5.25m, to fund Cooper Basin development and CBM work. Chairman Martino retires and Norm Zillman replaces him. Sharif Oussa becomes Managing Director, replacing Doherty, who stays as non-executive director.
What it means for a shareholder
35.0m new shares at A$0.150 to raise about A$5.3m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
29 Sept 2006annual report● Neutral
Full financial report for the year to 30 June 2006, repeating the preliminary figures (loss $1.36m). Lists directors Martino (chair), Doherty (MD) and Meagher. Doherty's associates hold about 70.3 million shares. No new substance beyond the 13 September preliminary report.
13 Sept 2006annual report▼ Bad
Preliminary results for the year to 30 June 2006: loss of $1.36m against a $363k profit the prior year, revenue down 89% to $88k. Cash was $173k at year end; convertible notes of $3.65m outstanding. Reflects the shift from investment company to explorer.
6 Sept 2006investor presentation● Neutral
EIV restates its 'Three Pillar' strategy with an investor presentation: Cooper Basin gas, Queensland CBM, and conventional exploration including PNG. It repeats known facts such as Rossco-1's 4.2 MMcf/d flow and the Magellan farm-in; no new results.
28 Aug 2006material agreement▲ GoodMajor
EIV won an option to earn up to 70% of PNG licence PPL 248 by funding two exploration wells; the Banam Anticline has a potential 10 Tcf of gas at POS 50. EIV issues 4 million shares to SEGA if exercised, by 26 November 2006.
4 July 2006farm in farm out agreement● Neutral
Magellan confirms the Burrum Syncline farmout to EIV's Eureka: Eureka funds 100% of a two-stage program for a 90% interest, subject to government consents. Magellan operates and can back in for up to 50% on development. Repeats EIV's 3 July announcement.
3 July 2006farm in farm out agreement▲ GoodMajor
EIV subsidiary Eureka agreed to fund a two-stage coal bed methane program at Magellan's Burrum Syncline (Maryborough Basin) to earn 90%. Stage 1 is two core wells, due by 31 December 2006; Magellan may back in for up to 50% if developed.
28 June 2006well test result▲ GoodMajor
Rossco-1 flowed gas at about 4.2 million cubic feet a day with 100-150 barrels a day of condensate from the 27-9 sandstone. Two deeper zones tested flowed nothing. It partly resolves the January cased-hole testing; EIV holds 37.5% if commercial.
27 June 2006drilling result▲ GoodMajor
Paprika-1 will be cased and suspended as a potential gas/condensate producer, based on log interpretation of several net pay zones and hydrocarbon indications in a test. One test was a mis-run; no flow rate reported. Cased-hole testing follows in coming months.
23 June 2006drilling progress report● Neutral
Paprika-1 wireline logging continues and has recognised possible hydrocarbon zones in the Patchawarra. A drill-stem test is expected over the weekend. No result yet.
22 June 2006drilling progress report● Neutral
Paprika-1 reached total depth of 2919 m, with hydrocarbon shows continuing through the Tirrawarra and Merrimelia. Wireline logging will evaluate them over several days; result pending.
21 June 2006drilling progress report● Neutral
Paprika-1 at 2858 m: possible hydrocarbon-bearing zones penetrated in the Patchawarra, to be evaluated after logging. Early sign only, not a result.
