Past year: ▲ 0%(25.0c – 36.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
30 Jan 2008quarterly activities report▲ GoodMajor
December 2007 quarter: PEL 12 renewed for four years with a $5 million work commitment over years 1-2, which Santos's farm-in program is expected to meet. BHP Billiton agreed access and compensation terms for coal drilling on Glasserton. PEL 454 ground work still undated.
13 Sept 2007half year report● Neutral
Half-year to 30 June 2007: loss of $45,438 versus $31,450 a year earlier. Notes the DPI Watermark drilling added little to gas understanding, and that Apex bought Sun Resources' 14% of PEL 454, lifting Apex to 70% with ACM at 30%.
27 July 2007asset acquisition disposition▲ Good
The company bought the freehold property "Glasserton" in PEL 1 to ease access for production testing at the Georges Island gas prospect. No price is given. It follows the landowner access arbitration begun earlier in 2007.
18 June 2007farm in farm out agreement▲ GoodMajor
Santos signed a farm-in on PELs 1 and 12: it earns 25% by spending at least $10 million over 18 months, then a further 40% by spending at least $30 million over 24 months. Santos becomes operator. This follows the August 2006 call for partners.
16 Apr 2007annual report● Neutral
Re-release of the 2006 annual financial report with a shareholder information section added. The loss was $68,624. Otherwise same content as the earlier accounts filing.
8 Mar 2007annual report● Neutral
2006 annual accounts: loss of $68,624 versus $149,846 in 2005. Operations review repeats the Longlea and Georges Island results. Directors unchanged.
12 Sept 2006half year report● Neutral
Half-year to 30 June 2006: loss of $31,450 versus $56,829 a year earlier. Restates that Longlea and Georges Island drilling finished but quantitative testing was largely unsuccessful due to equipment faults.
7 Aug 2006joint venture update● NeutralMajor
The company is seeking joint venture partners for two areas, the Maules Creek Sub-Basin in PEL 1 and the Bando Trough in PEL 12, so it can concentrate on Georges Island and Longlea. It is a call for interest, not a deal.
19 July 2006security holder rights change● Neutral
Net $118,053 is payable to former holders of the forfeited shares, or $0.12 per share, after the auction sold all 983,775 shares.
17 July 2006security holder rights change▲ Good
All 983,775 forfeited shares were sold at auction on 14 July 2006 at prices from 18 to 27 cents per share. Total proceeds were $232,319.25.
10 July 2006security holder rights change● Neutral
Redemptions of forfeited shares now total 26,750 of the 1,015,978 forfeited. The auction remains set for 14 July 2006.
3 July 2006security holder rights change● Neutral
Repeat update: 25,387 forfeited shares redeemed so far, out of 1,015,978. The remainder go to auction on 14 July 2006. No new information.
27 June 2006security holder rights change● Neutral
Administrative notice that the forfeited shares will be auctioned at 11am on 14 July 2006 at the ASX Boardroom, Sydney.
26 June 2006security holder rights change● Neutral
Holders have redeemed 25,387 of the 1,015,978 shares forfeited on 16 June 2006. The rest remain set for auction on or before 14 July.
19 June 2006security holder rights change▼ Bad
Final count: 1,015,978 shares were unpaid at the end of 16 June 2006 and are now forfeited. They will be auctioned on or before 14 July unless holders redeem them by paying the call and expenses.
16 June 2006security holder rights change▼ Bad
Preliminary notice: the 10 cent call was unpaid on 1,019,978 shares at 12.30pm on 16 June 2006. Unpaid shares will be forfeited and auctioned around 14 July unless redeemed. Continues the call shortfall thread.
5 June 2006capital raising announcement● Neutral
The 10 cent call raised $1,697,239 on 16,972,390 shares, short of the $1.88 million targeted. Shares still unpaid after 16 June will be forfeited and auctioned, expected around 14 July 2006.
What it means for a shareholder
17.0m new shares at about A$0.100 to raise about A$1.7m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
15 May 2006security holder rights change● Neutral
Formal notice of the 10 cent call, due 2 June 2006, leaving 20 cents unpaid per share. Unpaid shares face forfeiture and auction. Directors say they will pay, and the last price was $0.16.
1 May 2006capital raising announcement● NeutralMajor
The company will call 10 cents on each of 18,803,493 partly paid shares to raise $1.88 million for further Gunnedah Basin methane exploration. Payment is due by 2 June 2006.
27 Apr 2006drilling result▲ GoodMajor
The Georges Island #2A redrill reached 353m with casing correctly set across both seams. The original GI#2 hole was plugged, which completes the drilling program. Drill-stem tests on all four wells await equipment.
19 Apr 2006drilling progress report● Neutral
Georges Island #3 was completed after under-reaming, with the Hoskissons Seam looking very gassy. Further attempts at Georges Island #2 snapped the drill string, so a redrill (GI#2A) starts and the original hole is to be plugged.
7 Apr 2006drilling progress report▲ Good
Georges Island #3 hit the Breeza and Hoskissons seams on target with good methane kicks. It was drilling to about 380m, with completion expected the following week.
5 Apr 2006director officer appointment● Neutral
Mr Bun Kiem Lee was appointed alternate director for Steven Danielson, effective immediately.
3 Apr 2006drilling progress report● Neutral
Tools remain stuck in Georges Island #2, so the hole was temporarily abandoned. The rig moved to the final well of the program, Georges Island #3, with drilling due to start at 200mm to about 360m.
29 Mar 2006resource reserve update▲ GoodMajor
Longlea #1 gas from the Breeza (98% methane) and Hoskissons (80% methane) seams is high quality with no detectable CO2. The company suggests the Benelabri area could hold 500-750 BCF gas-in-place, an unproven estimate based on older coal data.
28 Mar 2006annual report● Neutral
2005 annual report: consolidated loss of $149,846, against a 2004 profit of $613,638 that came from the Magnum Gold sale. The Georges Island #1 workover is called a success, but follow-up drilling was delayed by rig shortages.
27 Mar 2006drilling result▼ BadMajor
Georges Island #2 hit its targets, but the casing string parted during cementing and drill tools became stuck. The company says a complete redrill now appears necessary, a setback to the trial field.
20 Mar 2006drilling progress report▲ Good
Georges Island #2 intersected the Breeza and Hoskissons target seams on depth. It continues to a planned 361m total depth before logging and casing.
17 Mar 2006drilling spud▲ Good
Georges Island #2 was spudded on 14 March in PEL 1, about 350m from the Georges Island #1 discovery. It is the first of two follow-up wells forming a trial field, targeting the Breeza and Hoskissons seams.
14 Mar 2006drilling progress report● Neutral
Longlea #1 was completed and temporarily capped. The Breeza and Hoskissons seams were under-reamed ready for testing, and the rig moved to Georges Island.
