Past year: ▼ 90%(0.80c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
10 Mar 2016annual report▼ Bad
Year to 31 December 2015: net loss A$27.2m, driven by the A$31.1m Vioco impairment, versus a A$19.6m loss in 2014. Ghana subsidiary liquidation was completed in February 2016; the company still seeks a new venture. Whiddon is now listed as Executive Chairman.
14 Jan 2016other● Neutral
Company update on tidying up West African legacy matters: Ghana and UK subsidiary liquidations, UK tax deregistration and the 2015 audit are under way. Cash is about A$7.9m; residual Abidjan equipment is unsold and a new direction is still being sought.
2 Dec 2015other● Neutral
London office lease assignment (effective 1 November 2015) and sale of office equipment are complete, removing a lease obligation. Residual Abidjan equipment is still being sold, cash is about A$8m, and the company says it is ready to pursue new ventures.
12 Nov 2015price query● Neutral
Responding to an ASX query on the share price rising from 0.6c to 1c, Azonto says it knows of no undisclosed news. The Chairman visited Israel researching investment opportunities, but no specific opportunity or transaction has been identified.
16 Oct 2015asset acquisition disposition▲ Good
Sale of the Côte d'Ivoire wellhead equipment to Vitol completed, with the full US$1.1m paid without deduction. This closes the equipment leg of the Vioco sale; a further US$2.0m remains payable only if a hydrocarbon discovery occurs by 30 June 2018.
18 Sept 2015director officer appointment● NeutralMajor
Stoupnitzky and Sinclair resign from the board on 17 September 2015, as foreshadowed after the Côte d'Ivoire sale. Rob Downey, a resources solicitor, joins as non-executive director, and Glenn Whiddon becomes Non-Executive Chairman.
10 Sept 2015half year report▼ Bad
Half-year to 30 June 2015: net loss of A$35.3m, mainly a A$31.1m impairment of the Vioco stake after the sale to Vitol. Restates the cost cuts and planned September board departures.
31 Aug 2015director officer appointment● NeutralMajor
With CI-202 sold, Stoupnitzky and Sinclair resign from the board from 17 September 2015, as does General Counsel Durkin. Rob Downey joins as non-executive director. Operations move to Perth, and the board will look for new opportunities.
21 Aug 2015asset acquisition disposition● NeutralMajor
Sale of the 35% Vioco stake to Vitol completed on 21 August 2015 for US$4.0m after shareholder approval, ending Azonto's Côte d'Ivoire interest. A further US$2.0m is payable on a hydrocarbon discovery; the US$1.1m equipment sale is still pending. Cash is about US$4.8m; AIM trading ends.
17 July 2015regulatory community update● Neutral
ASX grants a listing-rule waiver so shareholders can vote on issuing shares to directors in lieu of unpaid fees and salary (up to about A$57k Bartlett, A$58.5k Sinclair, A$45k Hackett, £24k Stoupnitzky). Notice of meeting follows. Administrative.
8 July 2015asset acquisition disposition▼ BadMajor
Azonto agrees to sell its 35% of Vioco (CI-202, Gazelle) plus wellhead equipment to Vitol for US$4.0m (less up to US$0.4m liabilities) plus US$1.1m for equipment, subject to shareholder vote. It also plans to cancel its AIM listing. Board says it lacks funds for the required Hippo North well.
12 June 2015other● Neutral
Share registry Computershare notifies that its Perth office moves to 172 St Georges Terrace from 15 June 2015. Administrative notice with no company-specific substance.
3 June 2015director officer appointment● Neutral
Glenn Whiddon rejoins the board as non-executive director from 2 June 2015. He is a former Executive Chairman who left in 2012 and now holds 7.3% of the share register.
1 June 2015director officer appointment● NeutralMajor
Chairman Andrew Bartlett retires at the 29 May 2015 AGM; Andrew Sinclair, a director since 2012, becomes Chairman. He says the company is at a critical juncture, facing key financing decisions on its Côte d'Ivoire assets.
29 Apr 2015annual report▼ BadMajor
2014 annual report: after the oil price fall Azonto cut costs, sought strategic options including a sale, and relinquished Ghana's Accra block in March 2015. Gazelle sanction was delayed by a construction re-tender. Shepherd and Rose left in January 2015; Stoupnitzky became MD.
31 Mar 2015annual report▼ Bad
Year to 31 December 2014: net loss A$19.6m, mostly a A$12.8m Accra impairment. Cash is A$7.0m and administrative costs A$9.1m (A$6.1m net of Vioco recharges). Non-executive directors defer pay from 1 January 2015, and Gazelle sanction is delayed by the re-tender.
31 Mar 2015annual report● Neutral
Full 2014 financial report supporting the results announcement. Headcount fell from 17 to 11, and the indirect working interest in CI-202 is 30.45% (35% paying). Gazelle sanction work continues. No new information beyond the results.
31 Mar 2015joint venture update▼ BadMajor
Rosetti Marino's lump-sum price for Gazelle construction came in above expectations, so Vioco will re-tender, delaying sanction. Azonto is also reviewing strategic options, including selling assets or selling or merging the company. No deal is guaranteed.
20 Mar 2015price query● Neutral
The board notes a recent share price rise and heavy trading on 18 March 2015 on the ASX. It is making enquiries and will update the market. No explanation is given.
20 Mar 2015other● Neutral
Artemis Investment Management reports crossing the 5% voting threshold on 18 March 2015. The form shows its resulting holding as nil. A routine holdings notice.
11 Mar 2015asset acquisition disposition▼ BadMajor
Azonto and partners relinquished the Accra Block in Ghana after no farm-out could be finalised in tough markets. There are no outstanding work commitments or exit costs, and annual costs fall by up to US$500k. This ends the Accra thread.
20 Jan 2015director officer appointment▼ BadMajor
After a cost review, Managing Director Rob Shepherd and Finance Director Andrew Rose resign. Gregory Stoupnitzky becomes Managing Director. Salaries are being deferred and some staff made redundant. Shepherd links the exits to Gazelle delays and a sharp fall in the share price.
19 Dec 2014regulatory community update▲ GoodMajor
Cote d'Ivoire's president signed an Exclusive Exploitation Authorisation for Gazelle, following approval of the development plan. Vioco now expects sanction in H1 2015 and first gas 14-16 months later, in H2 2016. This is a key permit for the field.
20 Oct 2014investor presentation● Neutral
October 2014 presentation restates known facts: Gazelle 92 bcf 2C, 47 bcf 1C, Vioco 35% Azonto / 65% Vitol, and the Gazelle development plan approved. Cash is A$7.0m and market cap A$13m. The Accra extension request is still pending.
1 Oct 2014admin correction● Neutral
Change of Australian registered office to Suite 5, 531 Hay Street, Subiaco. Administrative notice only, with no substantive information.
24 Sept 2014joint venture update▼ Bad
The six-month Accra extension to 23 September 2014 was not enough to finish a farm-out. Some parties declined and others remain interested. Azonto has applied to Ghana's energy minister for a further extension, so Accra stays unresolved.
12 Sept 2014half year report● Neutral
Six months to 30 June 2014: net loss A$3.8m, cash A$8.4m. Gazelle sanction still targeted for end 2014. WA-399-P licence surrender approved from 7 July 2014, and Accra's exploration period was extended while a farm-out is sought.
17 June 2014security holder rights change● Neutral
After the 30 May 2014 AGM approved the Performance Rights Plan, offers were made of up to 16,253,000 rights to Rose and 6,215,180 to Stoupnitzky, subject to performance targets. Stoupnitzky also bought 1m shares at A$0.019.
30 May 2014investor presentation● Neutral
May 2014 corporate presentation shows a US$25m market cap, down from US$30m in March. It restates the updated Gazelle resources, FID by end 2014 and about US$40m P50 NPV net to Azonto. Largely repeats known facts.
28 May 2014investor presentation● Neutral
Notice that Rob Shepherd will present at a Proactive Investors luncheon in Sydney on 28 May 2014. The notice carries no new information.
