Past year: ▼ 90%(0.80c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
31 July 2015quarterly activities report● Neutral
June 2015 quarter: little operational news. Conditional sale of the 35% Vioco stake to Vitol is being progressed ahead of the 17 August shareholder meeting, with more staff cuts. Vioco proposes deferring Gazelle into an integrated plan involving Hippo North drilling.
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 2015agm notice● Neutral
Results of the 29 May 2015 AGM: the remuneration report, Neil Hackett's re-election and the 10% placement capacity all passed comfortably. Routine administrative outcome.
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.
30 Apr 2015quarterly activities report▼ Bad
March 2015 quarter: staff cut to 5 full-time employees under a strategic review that may mean a sale or merger. Gazelle construction is being re-tendered because the price was too high, delaying sanction. Hippo North drilling decision is due by 7 October 2015.
30 Apr 2015quarterly activities report▼ Bad
March 2015 quarterly cash report: cash fell from A$7.0m to A$5.1m after a A$2.2m net outflow. Offshore Accra interest (25.45%) shown as relinquished to 0%. Estimated next-quarter outflow is A$1.6m.
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.
30 Jan 2015quarterly activities report● Neutral
December quarter: Gazelle plan approved, 25-year exploitation area granted on 18 December, and early engineering awarded. The review cut staff and refocused on CI-202. PetroCI's 16% back-in decision is due Q2 2015, with sanction projected Q2 2015. No news on Accra.
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.
31 Oct 2014quarterly activities report▼ Bad
September quarter: Gazelle FID by end 2014 is now 'challenging' and is expected in early 2015, slipping the earlier target. Hippo North (180 bcf gross mean) is the likely next well, with drilling in H2 2015. The Accra extension decision is still awaited.
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.
31 July 2014quarterly activities report● Neutral
June quarter report: Gazelle still targets sanction by end 2014, with the government now planning new power capacity near Grand Bassam. Accra data room drew interest from major oil companies. Cash US$8.4m, and office moves cut annual costs by over A$750,000.
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.
