10 Sept 2019listing compliance notice● Neutral
The company requested the voluntary suspension be extended to no later than 11 September, still pending a clarifying announcement and its reply to the ASX query. Procedural, with no new information.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
9 Sept 2019listing compliance notice▼ BadMajor
Shares suspended at the company's request, pending a clarifying announcement about earlier helium announcements and a response to an ASX query letter. This suggests ASX questioned the recent helium disclosures (inference from the stated reason).
3 Sept 2019drilling result▲ Good
Laboratory results: 187 of 188 soil samples showed helium above atmospheric levels, and 167 were 10-100% above. Enterprise had 8 anomalies from 11 samples, and the company may expand leasing there. These are surface readings, not a drilling or flow result.
29 Aug 2019drilling result▲ Good
Interim helium soil gas results: 188 samples collected, with anomalies about 50% above atmospheric levels over 7 prospects and leads. Reprocessed gravity and magnetics data refine the structures. Laboratory results are still due in September. These are surface indicators, not a well result.
22 Aug 2019asset acquisition disposition▲ GoodMajor
First helium lease secured at the Enterprise prospect: 1,800 gross acres, 100% working interest, 5-year term, 12.5% royalty, no minimum work commitment. The company is seeking about 5,000 acres in total and targets drilling permit readiness in 1Q2020. This is the first concrete helium acreage.
22 Aug 2019investor presentation● Neutral
Updated August 2019 corporate presentation restating the helium and conventional oil strategy and the 30 prospects and leads. The managing director's comments repeat known points. No new results are evident in the readable text.
31 July 2019capital raising announcement● Neutral
Second placement tranche completed after shareholders approved it at the 29 July EGM: 72,723,228 shares at 0.5c, raising about A$363,616 before costs. This completes the A$692,991 placement announced in June.
What it means for a shareholder
72.7m new shares at A$0.005 to raise about A$363,616. That's 15% dilution: every existing holder's slice gets 15% smaller. If you held A$1,000 of shares (200,000 at the issue price), your slice goes from 0.0504% to 0.0426% of the company. To keep it you'd need 36,648 more shares - about A$183 at the issue price.
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31 July 2019quarterly activities report● Neutral
June quarter: cash was about A$0.45m, including A$0.035m of tranche 2 money held in trust. Percy Creek is unconditional and seismic permitting is nearly done, with a well now planned for 2020. Helium prospect "Enterprise" is confirmed, with leasing over 5,000 acres under way.
1 July 2019farm in farm out completion▲ Good
The condition precedent to the Percy Creek farm-in and option agreement of 29 April has been satisfied, so the agreement is now unconditional. The text gives no further detail on the condition.
13 June 2019capital raising announcement● Neutral
First placement tranche completed: 65,875,000 shares issued at 0.5c, raising A$329,375, a 16.6% dilution on 331,000,017 shares. Broker fees are about A$12,907. Second tranche still needs shareholder approval.
What it means for a shareholder
65.9m new shares at A$0.005 to raise about A$329,375. That's 17% dilution: every existing holder's slice gets 17% smaller. If you held A$1,000 of shares (200,000 at the issue price), your slice goes from 0.0604% to 0.0504% of the company. To keep it you'd need 39,804 more shares - about A$199 at the issue price.
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11 June 2019listing compliance notice● Neutral
ASX confirms the suspension will lift immediately after the placement announcement. Administrative.
11 June 2019capital raising announcement▲ GoodMajor
Placement of 138,598,228 shares at 0.5c to raise A$692,991, in two tranches; the second needs shareholder approval at a July EGM. Funds go to Percy Creek, new US leases and working capital. Director Trent Spry takes 3m shares. Follows cash falling to A$0.29m.
What it means for a shareholder
139m new shares at A$0.005 to raise about A$692,991. That's 30% dilution: every existing holder's slice gets 30% smaller. If you held A$1,000 of shares (200,000 at the issue price), your slice goes from 0.0604% to 0.0426% of the company. To keep it you'd need 83,745 more shares - about A$419 at the issue price.
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7 June 2019listing compliance notice● Neutral
The company requested a voluntary trading suspension pending a placement announcement, to last no later than 11 June 2019. This is procedural ahead of a capital raising.
3 May 2019investor presentation● Neutral
May 2019 corporate presentation outlining strategy in conventional oil and helium-rich gas, the board, and Percy Creek. Prospective resources are stated as already announced on 29 April. The text is truncated; nothing new is evident.
30 Apr 2019quarterly activities report● Neutral
March quarter: cash fell to about A$0.29m. The company is pursuing helium prospects, with five targets high-graded and land agents engaged. Percy Creek was signed after quarter end. Production acreage fell from 240 to 160 acres, and Spry joined the board.
29 Apr 2019director officer appointment▲ GoodMajor
Trent Spry, a geoscientist and former Entek Energy CEO, joins as Executive Director and will face re-election at the 31 May 2019 AGM. He is granted 16,875,000 options at 1 cent expiring 30 June 2020. Helium is now named in the strategy.
29 Apr 2019farm in farm out agreement▲ GoodMajor
First acquisition since the restructure: a farm-in and drilling option over 5,228 gross acres at Percy Creek, Wyoming. A US$275k seismic programme earns 20%, with an option to reach 100%. Unrisked best-case prospective oil resource is 75mmbbl gross; drilling is targeted for 4Q2019.
29 Mar 2019admin correction● Neutral
Appendix 4G corporate governance checklist lodged with the annual report, pointing to the company's governance statement. Administrative, with no new business information.
29 Mar 2019annual report● Neutral
Annual report for the year to 31 December 2018, the first after the March 2018 recapitalisation. The text is truncated, so no financial figures are stated here. It lists directors Warner, Kendrick and Pollak, with Stantons as auditor.
31 Jan 2019quarterly activities report● Neutral
The small-parcel sale facility closed, selling 4,148,775 shares from 3,230 holders. Cash fell to about A$0.51m. Only Simmons produces; Esmond and Stuart are shut in and exploration acreage is now nil. The company is reviewing US and Australian areas for new ventures.
31 Oct 2018quarterly activities report▼ BadMajor
The Esmond #20-1 workover ended early after corroded tubing parted at about 4,500 feet, blocking access to the Upper Spraberry; the well is suspended at about US$65,000. Unrenewed exploration acreage fell to 160 net acres. Cash is about A$0.8m; acquisition due diligence is under way.
29 Oct 2018security holder rights change● Neutral
Company set up a sale facility for small holdings under A$500. 3,481 of about 3,812 holders qualify, together about 1.52% of shares. Holders can sell without brokerage or keep their shares by returning a form by 10 December 2018. Aims to cut administration costs.
3 Oct 2018drilling scheduled▲ GoodMajor
A study found bypassed oil in the Upper Spraberry on all four Big Star wells. A US$140,000 workover of Esmond #20-1 (100% working interest) is planned for October, targeting an estimated 20-40 bopd. It is the first operational step after the recapitalisation.
28 Sept 2018other● Neutral
Share registry Automic is moving its Sydney office from 2 October 2018. Administrative notice with no company-specific information.
13 Sept 2018half year report● Neutral
Half-year report to 30 June 2018, the first under the new board. Directors decided not to renew expiring exploration leases after interim findings on the acreage's prospectivity. Text is truncated, so no financial figures are stated here.
6 Aug 2018other● Neutral
Share registry changed from Security Transfer Australia to Automic Registry Services from 6 August 2018. Administrative.
31 July 2018quarterly activities report● Neutral
June quarter, the first after reinstatement: Stuart and Simmons wells repaired, and a review found possible unproduced oil zones in the Upper Spraberry. Cash about A$1.2m. Exploration acreage fell from 1,747 to 1,013 net acres. Paul Jordan was appointed to run the US subsidiary.
3 July 2018other● Neutral
Full text of the company's new constitution, adopted by special resolution at the 31 May 2018 meeting. Administrative; no new business information.
7 June 2018listing compliance notice▲ Good
ASX confirms the trading suspension is lifted from the start of trading on Friday 8 June 2018, following the DOCA ending and the recapitalisation. Confirms the earlier notice.
6 June 2018other● Neutral
Distribution schedule shows 331,000,017 shares held by 4,115 holders. Holders with over 100,000 shares own 96.70% of the register. Statistical register data only; no new business information.