Each one in plain English, with the numbers worked through for a shareholder.
16 Oct 2023capital raising announcement● NeutralMajor
Raised A$7m via a placement of 333,333,334 shares at 2.1c, a 22.2% discount to the last close of 2.7c. Funds go to the Voyager plant, wells and Galactica/Pegasus studies. A targeted A$2m share purchase plan for existing holders at the same price is proposed. Cash had been falling.
What it means for a shareholder
333m new shares at A$0.021 to raise about A$7.0m. That's 17% dilution: every existing holder's slice gets 17% smaller. If you held A$1,000 of shares (47,619 at the issue price), your slice goes from 0.003% to 0.00248% of the company. To keep it you'd need 10,007 more shares - about A$210 at the issue price.
Quarter to 30 September 2023: cash A$2.468m (A$3.8m in June), zero debt. Voyager first production still targeted Q4 CY2023, with long-lead items secured. Notes the A$7m raise and the board changes. Four further wells await final approval.
BNL's shares were suspended at the company's request, pending an announcement on a capital raising. It follows a trading halt requested on 11 October. The company asked for the suspension to end by 18 October at the latest.
Site preparation at Voyager is under way for the IACX recovery unit: pad building, base gravel from a nearby leaseholder, and road upgrades. Progress update only; no new results or dates.
Leased the Voyager power generator from Red-D-Arc, completing acquisition of the three main plant components (compressor, recovery unit, generator). IACX is to install the plant in Q4 2023. Leasing keeps capital costs low.
Regulator technical review is done for four more Voyager wells, with the approval hearing on 22 November 2023. If approved, six Voyager wells are cleared for drilling; 14 more are planned. This continues the second Voyager permit plan submitted in May.
Gregg Peters, ex-Linde helium director for North America, joins as non-executive director with 9m options at 2.8c. Neil Rinaldi becomes Non-Executive Chairman; Ross Warner leaves the board but stays as President, Commercial and Legal. Board now has an independent majority.
Voyager development wells will use a larger open-hole bore on engineering advice, so drilling now starts in October rather than August. The IACX plant delivery is still said to be on schedule for Q4 2023.
Half-year to 30 June 2023: loss A$1.81m (A$2.89m a year earlier). Highlights the IACX agreement and the compressor purchase after period end. Production still targeted Q4 2023; share price 2.5c at 30 June.
Bought the feed compressor for Voyager, a long-lead item, for a non-material sum; it is being refurbished. IACX confirmed the helium recovery unit is on schedule for Q4 2023. Small step toward the Q4 first-production target.
Quarter to 30 June 2023: cash fell to A$3.8m (A$5.398m in March), zero debt. Restates the IACX plant agreement, two permitted Voyager wells and first output in Q4. The Jackson wells are approved; four more Voyager wells await approval.
July 2023 corporate presentation repeating known figures: Voyager contingent 2C 643 MMscf, prospective P50 13,422 MMcf, and first helium from Q4 2023. No new results.
Signed the Voyager helium plant agreement with IACX: a leased 2 MMcf/d plant, paid by monthly fee with no plant build cost. About 38 MMcf net helium in the first full year is targeted, first output Q4 2023. Voyager leases are mortgaged as security.
Trading in BNL was suspended at the company's request, pending an update on the gas processing agreement. The company asked that it end by 5 July 2023 at the latest. This follows the long-delayed plant lease, which was still unsigned.
The regulator approved the plan for three Galactica/Pegasus development wells (Jackson #01-#03), offsetting the JXSN#1 and #2 discoveries. Once final permits follow, seven wells are approved there. This continues the January approvals for State 09, 16, 35 and 36; the Jackson hearing outcome was previously unseen.
AGM presentation repeating known figures: Voyager contingent 2C 643 MMscf and total prospective P50 13,422 MMcf. First Voyager helium sales are now stated as Q4 2023. No new results.
Blue Star said a three-well Voyager drilling program would start in August: BBB 33#1, 34#1 and an exploratory well. It submitted a four-well permit application, cut from five. The IACX plant agreements were in agreed form but unsigned, with first helium on track for Q4 2023.
Quarter to 31 March 2023: cash A$5.398m (A$6.827m in December), zero debt. Restates the Voyager approvals, new leases and pending plant agreement, and four approved Galactica/Pegasus wells. First helium still targeted H2 2023; 18 wells permitted or in permitting.
Letter to shareholders about the 26 May 2023 AGM in Sydney: the notice is online, and proxy voting in advance is encouraged. Administrative; no new business.
The regulator gave final approval to drill Voyager wells BBB 33#1 and 34#1, resolving the expectation set on 11 April. Drilling is expected late Q2 or Q3. A five-well permit plan goes in early May; the plant agreement is still pending.
Final approval for Voyager wells BBB 33#1 and 34#1 expected this month, with drilling in late Q2 or Q3. New crestal leases of 2,987 gross (1,382 net) acres should lift contingent resources. The plant lease is now expected within weeks, and a five-well permit plan will follow. First sales are still targeted H2 2023.
Annual report for 2022. Recaps Voyager's 2C 643 MMscf contingent resource and the leased 2 mmcf/d plant plan. First Voyager development well targeted Q2 2023; first helium output H2 2023. Final two Voyager permits, plus five more applications, are in progress.
Corporate governance statement, board-approved 30 March 2023, setting out how the company follows ASX governance recommendations. Administrative; no operational or financial news.
Technical presentation for a North American helium conference. It repeats known facts: Las Animas leasehold, Voyager's 8.8% helium discovery and Galactica/Pegasus results, with first helium sales targeted H2 2023. No new results or figures.
The regulator approved the plan for the first two Voyager development wells, BBB 33 and BBB 34, offsetting the BBB#1 discovery. Final Form 2s will be submitted shortly. They are expected to feed the planned Voyager plant, with first output targeted H2 2023.
Quarter to 31 December 2022: cash A$6.827m (A$9.051m in September), zero debt. Restates the Voyager plan (US$2.9m capex, lease agreement expected Q1 2023), the JXSN#4 discovery and four approved Galactica/Pegasus wells. No new raising is mentioned in the excerpt.
The regulator gave final approval (Forms 2) to drill the State 09, 16, 35 and 36 development wells at Galactica/Pegasus, expected to be production wells. This resolves the permits pending since the September plan approvals. Sproule is finalising a resource update; plant configuration decision expected H1 2023.
