Past year: ▲ 79900%(0.35c – 4.00 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
27 Sept 2007annual report● Neutral
Statutory accounts for the year to 30 June 2007. The extract provided shows only the directors' profiles, including CVC's Highland and Beard appointed on 18 July 2007. Financial figures are not visible in the text supplied.
26 Sept 2007capital raising announcement▲ GoodMajor
Blue closes the second tranche of the CVC-led raising, $26.6m after shareholder approval on 14 September, completing the $34.6m total. Funds go over 24 months to seismic and core and pilot drilling in ATPs 817, 818 and 854. A Brisbane office opens with new technical managers.
14 Sept 2007investor presentation● Neutral
Shareholder presentation shows 440m shares, $33m cash and a $114.4m market capitalisation. It describes about 26,000 sq km of 100%-held CBM acreage and the Cooper Basin Spinel targets. The Burrum wells are still described as 17m of net coal. It largely repeats known facts.
1 Aug 2007quarterly activities report● Neutral
June quarter report: Spinel seismic data is being processed, with drilling targets due by quarter-end and an Ensign 30 rig secured for September or October. Odin has paid $2m of the $4.6m reimbursement. Blue agreed to acquire two more CBM licences, ATP 854 and 859 (2,864 sq km). CSM terms are still unsettled.
18 July 2007capital raising announcement▲ GoodMajor
Blue Energy agrees a package of up to $34.6m with CVC Limited: a $30m placement of 120m shares at 25c, plus conversion of Chimaera's $4.6m loan at 18c. CVC takes 19.9% and two board seats. The second tranche needs shareholder approval. This resolves the postponed raising and the debt.
18 July 2007capital raising announcement▲ Good
CVC's own release confirms it will invest $21.5m directly for 19.9% as largest shareholder, leading the $30m placement at 25c. It adds 5m options at 25c, a three-month exclusivity period and a $700,000 break fee. It repeats ref 3 with these extra terms.
31 May 2007joint venture update● Neutral
Operator GOG says Red Sky Energy deposited $1m to fund up to three Cooper Basin wells in GOG areas, drilling in the second half of 2007. It also notes Blue's Spinel farm-out to Odin, repaying $4.6m of seismic costs once Odin lists on the ASX.
23 May 2007director officer appointment▲ Good
Blue Energy appoints Ray Johnson as Chief Operating Officer, a coal seam gas engineer with 27 years' experience, formerly at Santos and QGC. Managing Director Oussa links it to early development of the company's Surat and Bowen Basin gas resources.
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.
30 Apr 2007quarterly activities report● Neutral
March quarter: Spinel seismic finished, with processing taking 3-6 months before a four-well program to earn 50%. Burrum wells found about 11 and 17 metres of net coal with methane desorbed. The BBY raising was postponed; Chimaera lent up to $4.6m.
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.
31 Jan 2007quarterly activities report● Neutral
December quarter: Spinel 3D seismic recording began late January 2007; a Burrum rig was secured with drilling due February. The company told the PPL 248 holder it will not proceed with the PNG farm-in, so that option lapses. Raised $5.457m net from the 37.7m-share placement.
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.
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1 Nov 2006admin correction● Neutral
Company Secretary lodges a tenement map inadvertently omitted from the September quarterly report. No new substance.
1 Nov 2006quarterly activities report● Neutral
September quarter: Rossco-1 27-9 test initially flowed ~4.2 MMcf/d before shut-in on 5 July; 25-2 sand testing awaits a workover rig. Magellan Burrum wells are in rig planning. Operating cash outflow was $243k. Largely repeats known results.
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.
