26 Mar 2019other● Neutral
Appendix 4G governance checklist filed with the 2018 annual report, pointing to pages 13-18. Compliance paperwork with no new business information.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
26 Mar 2019annual report● Neutral
2018 annual report: field work stayed at maintenance only, with no NSW advice on the PEL 1 and PEL 12 renewals. Loss $318,636 (2017: $280,074); cash $4.38M. Budgeted 2019 commitment for the 35% share is $426,000; Santos says exploration should restart soon.
11 Sept 2018half year report● Neutral
Half-year to 30 June 2018 loss was $121,160, against $139,990 a year earlier. Field work was maintenance only and the PEL renewals are still unanswered. After balance date, directors wrote off $799,166 owed by two gold subsidiaries, with no effect on group accounts.
27 Mar 2018annual report● Neutral
2017 annual report: field work stayed at care and maintenance, with no NSW advice on the PEL 1 and PEL 12 renewals. Loss $280,074 (2016: $217,677); cash $4.54M. Santos advises exploration should restart in the near future.
27 Mar 2018other● Neutral
Appendix 4G governance checklist filed with the 2017 annual report, pointing to pages 13-18. Compliance paperwork with no new business information.
30 Jan 2018director officer appointment● Neutral
Raphael P. Lincoln-Smith appointed executive director at $4,000 a year plus super. The surname matches chairman Marcus Lincoln Smith; a family relationship is an inference, not stated in the text.
23 Mar 2017other● Neutral
Appendix 4G governance checklist filed with the 2016 annual report, pointing to pages 11-16 of the report. Compliance paperwork with no new business information.
23 Mar 2017annual report● Neutral
2016 annual report: field work stayed at care and maintenance, and neither PEL 1 nor PEL 12 renewal has been granted. Loss was $217,677; cash $4.78M. The 2017 budgeted share of spend is $327,250.
12 Sept 2016half year report● Neutral
Half-year to 30 June 2016 loss was $103,879, against $43,491 a year earlier. Field work was maintenance only, and PEL 1 renewal is still awaited; no NSW petroleum titles have been granted or renewed since August 2014. Cash $4.82M.
24 Mar 2016other● Neutral
Appendix 4G corporate governance checklist filed with the 2015 annual report, pointing to the governance statement in the report. Compliance paperwork with no new business information.
24 Mar 2016annual report▼ BadMajor
2015 annual report: field work stayed on hold apart from maintenance, and PEL 1 renewal is pending. Loss was $7.24M, mainly a $7.142M write-down of asset book value (versus $31,311 loss in 2014). Cash $4.99M; 2016 budgeted share of spend $341,250.
11 Mar 2016admin correction● Neutral
From 14 March 2016 the registered office and share register move to Mitchell & Partners, 66 Clarence Street, Sydney. Administrative only; no change to the business.
11 Sept 2015half year report● Neutral
Half-year to 30 June 2015 loss was $43,491, versus $12,302 a year earlier. Field work remained on hold apart from maintenance, and PEL 1 renewal is pending. Cash was $5.14M.
23 Mar 2015annual report● Neutral
2014 annual report: exploration drilling and seismic stayed suspended over PELs 1 and 12 all year; work was maintenance and environmental baseline surveys. The company still believes Gunnedah will prove commercial. Cash was $5.48M at year end.
9 Sept 2014half year report● Neutral
Half-year to 30 June 2014 loss was $12,302, against a $767,584 loss a year earlier. Field operations remained on hold apart from maintenance. Cash was $5.997M.
28 Mar 2014annual report● Neutral
2013 annual report: field work in PELs 1 and 12 stayed on hold all year because of changing NSW and Commonwealth rules. NSW approved reduced work programs, and the November 2013 Deed of Variation with Santos (65% holder, operator) is confirmed. The company still sees a strong future for Gunnedah.
20 Jan 2014joint venture update● NeutralMajor
ACM and Santos restructured their PEL 1 and 12 arrangements: Santos will do the paused field work when reasonable, minimum government commitments will be met by the parties, and ACM's $13M cost cap continues. This pushes the earlier timetable out with no restart date.
13 Sept 2013half year report▼ Bad
Half-year to 30 June 2013 loss of $767,584, reversing the $779,251 profit a year earlier. Cash fell to $8.1M from $15.5M. Field operations stayed on hold; the company still sees a strong future for Gunnedah.
30 Apr 2013quarterly activities report▼ BadMajor
March 2013 quarter: PEL 12 renewal approved to 26 Sept 2016. New NSW controls, including a 2 km exclusion zone and licence requirement, delayed Kahlua remediation and core drilling, which did not happen. Marcus Lincoln Smith is Chairman and CEO; technical adviser Mal Bunny retired. Spend $4.2M.
5 Apr 2013admin correction● Neutral
Confirms the 2012 annual report was sent to eligible shareholders; it contains only documents already lodged on 25 March 2013. No new information.
25 Mar 2013annual report▼ Bad
2012 result was a loss of $1,367,248 versus the $10.4M profit in 2011. Field work in PELs 1 and 12 was halted all year by opposition and changing NSW rules. Santos holds 65% and is operator.
15 Mar 2013director officer appointment● NeutralMajor
Marcus Lincoln Smith, already an executive director, was elected Executive Chairman after his father's death on 3 March 2013. This resolves the leadership gap.
5 Mar 2013director officer appointment▼ BadMajor
Executive Chairman Paul Lincoln Smith, chairman since the company formed in 1980, died suddenly on 3 March 2013. A leadership change is now needed for the company.
30 Aug 2012half year report▲ Good
Half-year to 30 June 2012 profit of $779,251 versus a $98,006 loss a year earlier, with revenue of $550,661 and a $422,570 tax benefit. Cash was $15.2M. No field work occurred; the text does not itemise the revenue source.
16 May 2012admin correction● Neutral
Administrative notice: annual reports will now default to online access rather than print, with Computershare collecting shareholder preferences. Mitchell & Partners remains the share registry for everything else. No operational or financial news.
20 Apr 2012annual report● Neutral
Release of the 2011 Annual Report, including the Chairman's address and accounts already lodged with ASX in March. Nothing new is evident in the extract.
18 Apr 2012regulatory community update● Neutral
All field activity in PELs 1 and 12 stopped in late 2011 amid NSW policy review. The company cites Santos and Wood Mackenzie research on NSW gas supply risk and hopes for resumption, aiming for reserves booking by June 2013. Submissions on land-use plans close 3 May 2012.
29 Mar 2012other● Neutral
Chairman's address recounts the company's 30-year history from Vickery coal to Gunnedah seam gas and the $15M Santos deal. It notes the Lincoln Smith family owns about 80% of shares and that Marcus Lincoln Smith moved to an executive role. Mostly review; no new operational results.
19 Mar 2012annual report▲ Good
2011 accounts show a profit of $10,404,502 versus a $203,948 loss in 2010. The text points to the Santos agreement (Santos at 65%, ACM 35%) as the year's key event; the profit's cause is not itemised in the extract. Directors unchanged.
9 Mar 2012regulatory community update● Neutral
NSW released Draft Strategic Land Use Plans on 6 March 2012. These add approval steps, including a 'gateway' assessment near strategic farmland, but the company hopes field work in PELs 1 and 12 can now resume after being curtailed.