Past year: ▼ 35%(0.30c – 0.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
28 Apr 2021regulatory community update▲ GoodMajor
Initial application to drill Enterprise 16#1 lodged with Colorado's regulator, resolving the lodgement delay flagged in March. Final permit is now expected in Q3 2021. Applications for two more wells are planned in Q2 under a rolling permitting strategy.
15 Apr 2021agm notice● Neutral
The 2021 AGM is set for 28 May 2021, with director nominations closing 19 April 2021. Notice of meeting to follow late April. Administrative notice only.
15 Apr 2021director officer appointment● NeutralMajor
Executive Director Trent Spry becomes Managing Director and CEO from 14 April 2021, following Joanne Kendrick's departure. Neil Rinaldi, a finance professional, joins as Non-Executive Director. The Enterprise permit application is expected within days.
31 Mar 2021annual report● Neutral
Annual report for the year ended 31 December 2020. The visible text covers only the directors' report and board details; financial figures are not visible in the extract. Board is unchanged: Warner, Kendrick and Spry.
31 Mar 2021admin correction● Neutral
Appendix 4G corporate governance checklist lodged with the annual report for 2020. Administrative filing with no new information on operations or finances.
25 Mar 2021regulatory community update● Neutral
Management says talks with Colorado's drilling regulator have been constructive and it is confident of the Enterprise permit. The application is expected within a few weeks, which is later than the earlier plan of Q4 2020 drilling. Galactica and Pegasus applications are being prepared.
8 Feb 2021resource reserve update▲ GoodMajor
Sproule assessed a new 6.1 BCF P50 net unrisked prospective helium resource across Galactica, Pegasus and Argo. Total P50 across five prospects rises 175% to 9.6 BCF. Historic wells at Galactica and Pegasus show interpreted gas shows; the December BLM acreage is excluded.
29 Jan 2021quarterly activities report● Neutral
December quarter: cash was A$4.91m after the A$6m raising, and acreage reached 215,000 gross (160,000 net). Resources for Galactica, Pegasus and Argo are due imminently. The Enterprise permit must be re-lodged under new Colorado rules, and about 4,000 net acres were added after quarter-end.
29 Jan 2021regulatory community update▼ BadMajor
The company says President Biden's orders pausing new federal oil and gas leasing do not affect its drilling plans, which target private and State land. New Colorado permit rules from 15 January 2021 mean the Enterprise application must be resubmitted, with possible delay. It is investigating whether delivery of the December BLM leases may be delayed.
22 Dec 2020asset acquisition disposition▲ GoodMajor
Won 32,858 acres at the 17 December BLM auction for US$470,253, lifting the position to about 215,000 gross (160,000 net) acres, including over Galactica and Pegasus. Issue of the leases is subject to payment and BLM approval. Drilling permits are expected early in the new year.
20 Nov 2020asset acquisition disposition▲ Good
Won 6,720 gross/net acres at the November Colorado State land auction for US$70,431. Total position is now 182,000 gross (127,000 net) acres. The State leases carry a 20% royalty, higher than the company's other leases, and have no work commitments.
20 Nov 2020capital raising announcement▲ GoodMajor
Firm commitments to raise up to A$6m via up to 171.4m shares at 3.5c, to fund a multi-well drilling program, more lease acquisitions and working capital. Pamplona Capital led, with Foster Stockbroking as co-manager. Settlement is due 26 November 2020.
What it means for a shareholder
171m new shares at A$0.035 to raise about A$6.0m. That's 14% dilution: every existing holder's slice gets 14% smaller. If you held A$1,000 of shares (28,571 at the issue price), your slice goes from 0.00269% to 0.00232% of the company. To keep it you'd need 4,613 more shares - about A$161 at the issue price.
Create a free account to see this worked out for your own holding.
18 Nov 2020investor presentation● Neutral
November 2020 corporate presentation restating the 3.5 BCF Enterprise/Galileo P50 resource, about 177,000 gross (120,000 net) acres and the 3-5 well drilling plan. No new information; Texas disposal intention repeated.
16 Nov 2020resource reserve update▲ GoodMajor
Enterprise and Galileo P50 unrisked prospective helium resource rose 16% to 3.5 BCF (from the May 2020 estimate) after new leasing. The maiden drilling campaign expands from the single Enterprise well to a minimum of 3 and up to 5 wells; approvals for new locations are expected early 2021.
4 Nov 2020asset acquisition disposition▲ Good
New leasing of 12,557 net acres lifts the total to 177,000 gross (120,000 net) acres and gives contiguous cover over Galileo. An updated Enterprise and Galileo resource is expected shortly; about 10,000 net acres remain under review.
29 Oct 2020quarterly activities report● Neutral
September quarter: cash $2.13m, tranche 2 ($1.32m) completed after AGM approval, and acreage up to 164,000 gross (108,000 net). Enterprise well is staked with access agreements signed; drilling is subject to permit. Five development wells would be needed to fill a 2 mmcf/d processing skid.
12 Oct 2020regulatory community update● Neutral
The Federal Court delivered its decision in ASIC's 2017 continuous disclosure case against the company (then Antares) and ex-director Cruickshank. The company says it relates to 2015, not current management, and ASIC agreed to seek no monetary relief. The outcome itself isn't stated in the text.
28 Sept 2020asset acquisition disposition▲ GoodMajor
Won 22 BLM leases over 34,848 acres for US$849,492, lifting holdings to about 164,000 gross (108,000 net) acres. This gives large contiguous positions over four more prospects (Voyager, Prometheus, Galactica, Pegasus), and may expand the maiden drilling program.
14 Sept 2020investor presentation● Neutral
Presentation for the Resurgence Conference restating the helium strategy, the 3 BCF P50 resource and about 130,000 gross (73,000 net) acres. Q4 2020 drilling at US$300k per well is repeated, as is the Texas disposal intention. No new results.
14 Sept 2020asset acquisition disposition▲ Good
A further 5,356 net acres were leased from private owners, taking the position to 129,561 gross (73,486 net) acres, of which 69,378 net are verified. Q4 drilling is still the plan, and the company is working to add more prospects.
11 Sept 2020half year report● Neutral
Half-year report to 30 June 2020. The visible text covers the directors' report, restating the 3 BCF P50 resource and Q4 2020 drilling plan. Financial figures are not visible in the extract. Principal activities are listed as helium exploration and oil production.
4 Sept 2020director officer appointment● Neutral
Amanda Wilton-Heald replaces Andrew Whitten as Company Secretary, and the registered office moves from Sydney to Perth. Administrative change only.
1 Sept 2020price query● Neutral
ASX queried a share price rise from 1.5c to 2.5c intraday on higher volume. The company said it knew of no undisclosed information explaining the trading and that it is complying with disclosure rules.
30 July 2020quarterly activities report● Neutral
June quarter: cash was $1.72m at quarter end. The 3 BCF P50 prospective resource, US$300k dry hole cost and 128,787 gross (68,130 net) acres are restated. Drilling is still planned for Q4 2020 pending permit. Simmons is the only producing Texas well; Texas is held for sale.
28 July 2020drilling scheduled● Neutral
The first Enterprise well location was staked with a State of Colorado representative present. The drilling permit application will be lodged shortly; similar approvals have historically taken about four months, which bears on the Q4 2020 drilling plan (inference).
2 July 2020capital raising announcement▲ GoodMajor
96.875m options were exercised at 1c, raising $968,750; the remaining 5m options in the series expired. Total raised in the past month is $3,271,620 (before costs), including the $1.32m tranche 2 still awaiting AGM approval.
30 June 2020agm notice● Neutral
Letter to shareholders says the 2020 AGM is on 30 July 2020 in Subiaco, Perth. Notice of meeting is online only, with proxy voting encouraged and possible COVID-19 attendance limits. The AGM is where tranche 2 of the June placement needs approval.
22 June 2020joint venture update▲ Good
Leased helium acreage now 128,787 gross (68,130 net), of which 65,930 net acres are verified. Drilling is planned for Q4 2020. 2.25m options were exercised for A$22,500. Offtake and rented processing skid discussions continue.
16 June 2020capital raising announcement▲ GoodMajor
Placement raises A$2,302,620.88 at 1c per share, in two tranches: A$980,621 (98.1m shares) in about a week, and A$1.322m (132.2m shares) subject to approval at the 2020 AGM. Funds go to the drilling program and working capital. Pamplona is lead manager.
1 June 2020investor presentation● Neutral
June 2020 corporate presentation repeating the 3 BCF P50 prospective resource at Enterprise and Galileo, the 65,000 net acre position and the US$300k dry hole plan. It also says options are being considered to dispose of the Texas wells. No new figures.
