Past year: ▲ 0%(25.0c – 36.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
26 Sept 2011farm in farm out agreement▲ GoodMajor
Agreement with Santos transfers a further 40% of PELs 1 and 12 for $15M cash, taking the split to ACM 35%, Santos 65%. A new work program runs to 30 June 2013, with ACM's share capped at $13M. This resolves the earlier dispute-ridden farm-in; Kahlua pumping began 1 Sept.
12 Sept 2011half year report● Neutral
Half-year to 30 June 2011 loss of $98,006, down from $160,567 a year earlier. Reports the Kahlua four-well pilot nearing completion with testing hoped imminent, and NSW government change raising approval pressures. Wando, Goran South and Sicamous chipholes still to be done.
9 Sept 2011debt financing● Neutral
The Palmarc loan facility, from the Chairman's company, is extended again, to 31 December 2012. Other terms are unchanged; the facility size is not stated here.
11 Aug 2011debt financing● Neutral
The loan facility with Palmarc Investments, controlled by Chairman Paul Lincoln Smith, has its availability period extended to 27 May 2012. Other terms are unchanged; the 16 April 2010 announcement is cited for terms, which are not given here.
28 Mar 2011annual report● Neutral
Confirms the 2010 Annual Report was mailed to shareholders. It contains only documents already lodged with ASX on 8 March 2011, so there is nothing new.
25 Mar 2011drilling result▲ GoodMajor
Cana #1 corehole in PEL 1 reached 961 m. Late Permian Hoskissons coal had very low gas, marking the biogenic fairway's southeastern edge. Early Permian coal had 12.24 m net with 90-99% methane, encouraging. The company says half the mapped areas at half the gas would give over 2,000 PJ.
8 Mar 2011annual report● Neutral
2010 accounts: loss of $203,948 versus $168,751 in 2009. Recaps the arbitration and Santos's start of phase 2 on 8 June 2010; the two-year pilot program ends 7 June 2012. Directors unchanged.
31 Jan 2011quarterly activities report▲ GoodMajor
December 2010 quarter: four Kahlua pilot wells were drilled, confirming thick, highly permeable Late Permian coals (Hoskissons and Melvilles). The report states gas in place of about 3 PJ per sq km at Kahlua. Cana corehole is delayed to February 2011, and the PALA 5 application was withdrawn at Santos's request.
23 Dec 2010other● Neutral
Attaches the company's Securities Trading Policy, lodged under ASX Listing Rule 12.9. It limits dealing by directors and staff in closed periods around quarterly reports. Administrative; no operational or financial news.
10 Sept 2010half year report▼ Bad
Half-year to 30 June 2010 loss of $160,567 versus $34,683 a year earlier. Repeats that Santos began phase 2 on 8 June, with at least $30M to be spent in two years, and that the company is looking at new exploration opportunities.
9 June 2010farm in farm out agreement▲ GoodMajor
Santos elected, effective 8 June 2010, to proceed with phase 2 pilot work, giving it the right to earn a further 40% of the Gunnedah tenements. It must spend at least $30M within 24 months on two multi-well pilots and more drilling.
8 June 2010joint venture update● Neutral
The independent geologist issued findings on 4 June 2010, five days after receiving submissions. Both ACM and Santos are bound by his recommended phase 2 pilot program, resolving the dispute reported on 14 May.
14 May 2010joint venture update▼ Bad
The agreement in principle with Santos on the phase 2 pilot program could not be formalised. Under the farm-in agreement, an independent geologist nominated by a professional body will now decide the program, reversing the positive tone of 30 April.
30 Apr 2010quarterly activities report▲ GoodMajor
March 2010 quarter: first contingent resource estimates for the 75% ACM share of PEL 1: 1C 16.4 PJ, 2C 183 PJ, 3C 4,093.9 PJ. Agreement in principle reached with Santos on the two-year phase 2 pilot program, five extra wells, all in PEL 1. No drilling.
16 Apr 2010annual report● Neutral
Confirms the 2009 Annual Report was mailed to shareholders. It contains only documents already lodged with ASX on 29 March 2010, so there is nothing new.
29 Mar 2010annual report● Neutral
2009 accounts: loss of $168,751 versus a $7,128 profit in 2008. Santos earned 25% of PELs 1 and 12 by finishing phase 1, with its spending stated to exceed $25 million. Santos also bought into Eastern Star Gas, next door in PEL 238.
29 Jan 2010farm in farm out completion▲ GoodMajor
Phase 1 of the Santos farm-in ended 14 December 2009, and Santos has now acquired a 25% interest in PELs 1 and 12. Kerawah #1 (947.7 m) found tight coal and high carbon dioxide. Longlea #1 pump test gave permeability of 10-200 millidarcies.
11 Sept 2009half year report● Neutral
Text provided is only a cover page, so the half-year accounts' content cannot be seen.
29 May 2009drilling result● NeutralMajor
Slacksmith #1 reached 1,410 m, the deepest well in the Gunnedah Basin, with over 90 m of coal. Late Permian coals are under-saturated. Lake Goran #1 stopped at 945.7 m after heavy igneous intrusions, though gas quality was excellent.
27 Mar 2009annual report● Neutral
Confirms the 2008 Annual Report was mailed to shareholders. It contains only documents already lodged with ASX on 11 March 2009, so there is nothing new.
16 Mar 2009drilling result● Neutral
Barneys Spring 1A, the second seam gas well in the Maules Creek Sub-Basin, reached 594.6 m with 26 m of coal in 21 seams. Gas is somewhat under-saturated, with no final data yet. Rig moves to Glasserton #1, with Slacksmith #1 to follow.
11 Mar 2009annual report● Neutral
2008 accounts: profit of $7,128 versus a $120,466 loss in 2007. Repeats the farm-in extension to 14 December 2009, under which phase 1 earns Santos 25% and phase 2 takes it to 65%. Directors unchanged.
7 Jan 2009farm in farm out agreement● NeutralMajor
Santos missed the 14 December 2008 end of phase 1 (minimum $10M), so a Deed of Amendment of 8 December gives 12 more months, to 14 December 2009, for six PEL 1 and five PEL 12 coreholes plus seismic. Stoney Creek #1 finished at 678.65 m, gas somewhat under-saturated.
1 Dec 2008drilling progress report● Neutral
Stoney Creek #1 reached total depth of 654.65 m on 30 November in Early Permian volcanics, with stratigraphy as expected. Testing and logging come next, with 21 coal intervals on desorption test. No gas results yet. Rig then moves to Barneys Spring #1.
24 Oct 2008drilling spud▲ GoodMajor
Santos spudded Stoney Creek #1 on 23 October 2008 in the Maules Creek Sub-Basin, NE PEL 1. It is the first dedicated seam gas well in that Early Permian sub-basin, to be cored to basement at about 740 m.
12 Sept 2008drilling result▲ GoodMajor
Kahlua #1, spudded 26 July, reached basement at 660.65 m on 1 September. It found over 30 m of coal, with the Hoskissons Seam at 8.53 m. Gas content of 3-5 m3/t and permeability above 100 milliDarcies point to biogenic gas like Georges Island. Half-year profit was $97,406.
15 Aug 2008other● Neutral
A new company constitution was adopted on 15 August 2008, the date of the capital reorganisation meeting. The text provided is only the contents list and does not show what changed.
8 Aug 2008security holder rights change● NeutralMajor
ASX circular: if shareholders approve on 15 August 2008, the uncalled share capital is cancelled and the partly paid shares (CRMCB) become fully paid ordinary shares (CRM). Normal trading is due 1 September 2008.
25 July 2008security holder rights change● Neutral
Timetable for the proposed share capital reorganisation: shareholder meeting 15 August 2008, normal trading from 1 September 2008. Announced 11 July 2008; this notice adds only dates.
28 Mar 2008annual report● Neutral
2007 accounts: loss of $120,466 versus $68,624 in 2006. Santos farm-in progress is delayed by contractor shortages, with drilling said to be imminent. Santos also farmed into neighbouring tenements (PELs 450/452, PSPA 15). Directors unchanged.
