Past year: ▲ 0%(25.0c – 36.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
24 Jan 2014quarterly activities report● Neutral
December 2013 quarter: field work stays on hold apart from monitoring. A November 2013 Deed of Variation amended the 2011 Santos deal, as little progress was made on the original work program. Spend $382,967.
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.
30 Oct 2013quarterly activities report● Neutral
September 2013 quarter: no field work expected until the new rules are assessed. NSW approved reduced work programs, so PELs 1 and 12 stay in good standing. Exploration spend was $2.29M; the NSW Chief Scientist's interim CSG report was released.
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.
31 July 2013quarterly activities report● Neutral
June 2013 quarter: drilling remains on hold in PELs 1 and 12 while Santos pursues approvals and baseline studies. A federal water-protection law passed. Former adviser Mal Bunny died 13 July. Spend $1.02M.
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.
11 Jan 2013quarterly activities report● Neutral
December 2012 quarter: Kahlua work slipped to January 2013 on rig delays. Santos plans five exploration wells over the first three quarters of 2013 to support 2P reserves, plus seismic. PEL 12 renewal terms accepted, approval expected late January. Cash $15.5M.
29 Oct 2012quarterly activities report▲ Good
September 2012 quarter: NSW released its land use policy on 11 Sept and restarted stalled licence renewals; PEL 12 was offered a five-year renewal, expected to finalise soon. Santos says Kahlua work is scheduled this quarter and core drilling early 2013. Spend $39,200.
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.
31 July 2012quarterly activities report● Neutral
June 2012 quarter: no field work in PELs 1 and 12, with social opposition and administrative constraints still blocking restart. A new NSW levy and annual tenement charge add costs. Exploration spend was $41,936; PEL 12 renewal still pending.
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.
30 Apr 2012quarterly activities report● Neutral
March 2012 quarter: little change, with social opposition still restricting field work. Firms await outcomes of NSW land-use submissions closing 3 May, with no timeframe known. Exploration spend was $83,652; a new website was launched and the AGM is set for 28 May 2012.
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.
30 Jan 2012quarterly activities report▼ Bad
December 2011 quarter: Kahlua pumping ran 1 Sept to 17 Nov, then testing was suspended to investigate suspected cement ingress in the well. The Glasserton single well is on hold pending the Namoi Valley Water Study. PEL 12 renewal remains undecided; community opposition to seam gas is growing.
31 Oct 2011quarterly activities report● Neutral
Duplicate of the September 2011 quarterly report lodged the same day: Santos at 65% after the $15M payment, Kahlua pumping under way, single Glasserton test well planned, PEL 12 renewal lodged. Nothing new beyond the previous entry.
31 Oct 2011quarterly activities report▲ Good
September 2011 quarter confirms the $15M was received and Santos now holds 65%. Kahlua pumping continues after fixing early telemetry problems, and the Glasserton multi-well pilot is replaced by a single pump-test well. PEL 12 renewal is lodged. Exploration spend was $47,814.
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.
29 July 2011quarterly activities report▲ Good
June 2011 quarter: Collygra #1 chiphole reached 892 m with over 12 m of Early Permian coal, better than expected, and high methane. Wando #1 and Goran South #1 are next, Sicamous #1 needs a new site. The Kahlua pilot is described as well advanced.
