15 May 2009director officer appointment● Neutral
Non-executive director Laurie Brown resigns to pursue other interests, saying he still backs the strategy and will remain a shareholder. The board shrinks by one.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
30 Apr 2009asset acquisition disposition▲ GoodMajor
Rialto now holds 100% of WA-291-P, having received Tap Oil's 70% at no cost on top of its 30%. The drilling obligation is deferred to Year 5 (March 2010-11). Rialto will seek farm-in partners.
16 Mar 2009half year report● NeutralMajor
Half-year to 31 Dec 2008: loss of $2,214,200. After period end Tap Oil withdrew from WA-291-P, so Rialto is taking over the full interest and operatorship. If the work-programme variation is refused, Rialto intends to leave the permit.
30 Sept 2008annual report● Neutral
Annual report to 30 June 2008. Chairman says the $7.3m placement leaves Rialto in a sound position, over 50 new ventures have been evaluated, and some are under negotiation. WA-291-P prospects are being matured and WA-399-P interpretation continues. No new results.
29 July 2008security holder rights change● Neutral
Independent directors propose options at $0.40 expiring June 2012: 1.5m for MD Brett Woods, 1.4m for Rob Hall and 780,000 for management, vesting in thirds. Needs shareholder approval at the next AGM; framed as non-cash incentive and retention.
15 July 2008admin correction● Neutral
Notice that 1,466,668 shares and 2,283,334 options (at $0.60) held in escrow for 24 months since the 2006 listing will be freed for trading from 28 July 2008. Administrative only; no new information on operations.
9 July 2008director officer appointment▲ Good
Simon Potter joins the board as a non-executive director. He was CEO of Hardman Resources, which Tullow Oil acquired for $1.47 billion, and he supports Rialto's Africa-focused growth ambitions.
8 July 2008capital raising announcement▲ GoodMajor
Rialto will place 22,121,212 shares at 33 cents to raise $7.3 million, led by Patersons. The first 3,346,500 shares come now and the rest, including 2 million to directors and management, needs shareholder approval. Funds target Challenger joint venture opportunities and the Carnarvon permits.
What it means for a shareholder
22.1m new shares at A$0.330 to raise about A$7.3m. That's 51% dilution: every existing holder's slice gets 51% smaller. If you held A$1,000 of shares (3,030 at the issue price), your slice goes from 0.0145% to 0.00705% of the company. To keep it you'd need 3,216 more shares - about A$1,061 at the issue price.
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2 July 2008investor presentation● Neutral
July 2008 investor presentation repeating the strategy: Carnarvon Basin exploration plus international growth via the Challenger venture. It cites a market cap of about US$10 million and 22.3 million shares, 36.5 million fully diluted. No new results.
1 May 2008director officer appointment● NeutralMajor
Brett Woods is promoted from CEO to Managing Director on a $285,000 salary, and Rob Hall joins the board. Founding director Glenn Whiddon resigns.
14 Mar 2008half year report▼ Bad
Half-year to 31 Dec 2007: loss of $1,516,241, up from $267,790. It includes $490,210 of option-based pay and $446,357 paid to lift the Challenger stake to 25%. A WA-291-P prospects summary is now expected by mid-2008.
19 Feb 2008director officer appointment▲ Good
Robert Hall joins Rialto as General Manager, coming from Tap Oil where he was Exploration Manager. He has 27 years' experience, including Africa, which fits the company's international growth push.
4 Oct 2007admin correction● Neutral
Administrative notice that the 2,910,000 placement shares at $0.40 were issued on 4 October 2007. It confirms the earlier placement completed; no new information.
28 Sept 2007annual report● Neutral
Annual report for the year to 30 June 2007. The chairman notes WA-291-P seismic data is due by end of October 2007, the Black Tom prospect in WA-399-P, and the Challenger stake rise to 25%. Mostly restates known developments.
26 Sept 2007capital raising announcement● NeutralMajor
Rialto will place 2,910,000 shares at 40 cents to raise $1.164 million before expenses, assisted by Tolhurst. The money funds the increase to 25% in the Challenger joint venture and working capital.
What it means for a shareholder
2.9m new shares at A$0.400 to raise about A$1.2m. That's 14% dilution: every existing holder's slice gets 14% smaller. If you held A$1,000 of shares (2,500 at the issue price), your slice goes from 0.0139% to 0.012% of the company. To keep it you'd need 406 more shares - about A$162 at the issue price.
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20 Sept 2007material agreement▲ GoodMajor
Rialto raised its participation in the Challenger Minerals joint venture from 10% to 25%, extending the April 2007 deal. This gives a larger guaranteed share of offshore projects the venture sources; no specific project is named yet.
3 May 2007regulatory community update▲ Good
Carnarvon Petroleum's announcement of the same permit award: block W06-17 in the Carnarvon Basin goes to a 50/50 joint venture of Carnarvon (operator) and Rialto. Duplicate of Rialto's own announcement.
3 May 2007farm in farm out completion▲ GoodMajor
Completion of 750km of 2D seismic in WA-291-P means Rialto has earned its 30% interest; Tap Oil holds 70% and operates. Processing is due by June 2007, with a ranked prospect list expected in the second half of 2007.
3 May 2007regulatory community update▲ GoodMajor
Rialto and Carnarvon Petroleum won exploration permit W06-17, 50km² in the Carnarvon Basin, 50% each with Carnarvon as operator. Commitments over three years are studies and 315km of 2D seismic; the permit adds a second asset alongside WA-291-P.
27 Apr 2007other● Neutral
Administrative notice: 2,516,666 shares and 3,783,333 options held by seed investors will be released from ASX escrow on 25 May 2007. No new business information.
16 Apr 2007material agreement▲ GoodMajor
Rialto signed a three-year international joint venture with Challenger Minerals, the oil and gas arm of GlobalSantaFe. It gives a right to join offshore projects with at least 10% equity, plus drilling services access, excluding the US Gulf of Mexico and North Sea.
4 Apr 2007drilling progress report● Neutral
Announcement of the start of the 2D seismic survey in WA-291-P. Only a survey map is readable, so no further detail is available.
16 Mar 2007half year report● Neutral
Half-year to 31 Dec 2006: loss of $267,789. Tap Oil is arranging a 750km 2D seismic survey in WA-291-P for early 2007, and Rialto is still reviewing growth opportunities in Australia, Africa and elsewhere.
31 Oct 2006annual report● Neutral
First annual report (21 Nov 2005 to 30 Jun 2006). It confirms the April 2006 farm-in to WA-291-P (30% interest, earned by funding seismic up to $900,000) and the oversubscribed $2.9 million IPO, with the ASX listing in July 2006.
26 July 2006other● Neutral
Rialto Energy's constitution, adopted by special resolution, sets out share rights, calls, liens and minimum shareholding rules. Standard corporate governance document with no new commercial information.
7 June 2006capital raising announcement● NeutralMajor
Rialto Energy (later Calima Energy) issued its IPO prospectus: 8,083,333 shares at 30 cents to raise $2.425 million, plus up to $500,000 oversubscriptions, with one free $0.60 option per two shares. Hartleys is lead broker.
What it means for a shareholder
8.1m new shares at A$0.300 to raise about A$2.4m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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