14 Feb 2024registration revoked▼ BadMajor
ASX removed CRM from the Official List from the start of trading on 14 February 2024 under Listing Rule 17.12, after two continuous years of suspension. Shares were suspended since 14 Feb 2022.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
12 Feb 2024listing compliance notice▼ BadMajor
ASX declined the six-month extension request on 9 Feb, so CRM will be delisted on 14 February 2024 and continue as an unlisted public company. The Santos right-of-first-refusal clause on change of control now applies; the Lincoln Smith family has no present intention to sell. A private share trading platform is being investigated.
9 Feb 2024listing compliance notice▼ BadMajor
CRM cannot confirm compliance with all ASX Listing Rules, because the shareholder spread requirement is not met. It will ask ASX to extend the suspension beyond its two-year mark (14 Feb 2024) to avoid delisting. If refused, it will be delisted.
31 Jan 2024quarterly activities report● Neutral
December 2023 quarter: routine maintenance; the Kahlua multiwell pilot is now expected to be operational by end of March 2024 quarter. Exploration spend $630,641; cash fell to $1,072,412 (from $1,950,989). Suspension talks with ASX continue.
20 Oct 2023quarterly activities report● Neutral
September 2023 quarter: routine wellhead maintenance; seismic results and workover rig start expected shortly. Exploration spend $410,338; cash fell from $2,609,727 to $1,950,989. The company is in close contact with ASX about lifting the suspension.
14 Sept 2023half year report▼ BadMajor
Half-year to 30 June 2023: loss $109,224; cash $2,609,727; loan facility undrawn. ASX warned on 25 August 2023 that entities suspended for 2 continuous years are removed from the list; CRM suspended since 14 February 2022, so the deadline is February 2024 (inference).
31 July 2023quarterly activities report● Neutral
June 2023 quarter: operator still finishing the Bando seismic survey and planning the approved Kahlua work. Spend $120,590; cash $2,609,727. No new results.
11 July 2023director officer appointment● Neutral
Bun Kiem Lee resigns as alternate director for Kenneth Fung, effective immediately. Administrative board change.
28 Apr 2023quarterly activities report▲ GoodMajor
March 2023 quarter: Bando seismic data acquisition completed, with initial data suggesting good reflectors; processing due in Q2. Regulator approved the Kahlua pilot reactivation review on 15 March 2023. Spend jumped to $519,781; cash $2,695,616.
30 Mar 2023other● Neutral
Appendix 4G governance checklist for the 2022 annual report, pointing to pages 14-20. Compliance paperwork with no new business information.
30 Mar 2023annual report● Neutral
2022 annual report: loss $223,230 (2021: $358,039); cash $2,700,817; current liabilities $732,098. Budgeted 2023 spend for the 35% share is $2.935M, up from $906,500 budgeted for 2022, with the $1.25M loan facility available. Suspension continues.
31 Jan 2023quarterly activities report▲ Good
December 2022 quarter: Bando seismic environmental review approved and seismic work planned; the Kahlua pilot review was lodged 12 January 2023. Spend $40,649; cash $2,700,818. Work program moving forward, shares still suspended.
31 Oct 2022quarterly activities report▲ Good
September 2022 quarter: the operator progressed environmental reviews for reactivating the Kahlua pilot and a Bando seismic survey, and lodged the seismic review with the regulator. Spend $91,738; cash $2,723,570. First concrete steps on the licence work program.
5 Sept 2022half year report● Neutral
Half-year to 30 June 2022: loss $136,827 (2021: $150,125); cash $2,772,041; $1.25M loan facility undrawn. Budgeted 35% share of spend for the next 12 months is $1.35M. Company expects the suspension to lift within 12 months as operations expand.
19 July 2022quarterly activities report● Neutral
June 2022 quarter: only routine maintenance on the Gunnedah wells. A 6 June technical committee meeting discussed the 2022 work program and budget. Spend $54,575; cash fell to about $2.77M (from the 5B figures). Shares remain suspended (inference: not stated in the visible text).
31 May 2022security holder rights change● Neutral
Shareholders approved an amended company constitution at the 31 May 2022 AGM; the new version is filed. The text provided does not say what changed.
16 May 2022admin correction● Neutral
Company fax number (02) 9299 8195 is no longer active. Other contact details unchanged. Administrative only.
28 Apr 2022regulatory community update▲ GoodMajor
NSW renews PEL 1 and PEL 12 for six years from 12 April 2022 to 12 April 2028, ending the long wait since the 2015 and 2016 expiries. Year 1 work includes reactivating the Kahlua pilot and geological studies.
28 Apr 2022quarterly activities report● Neutral
March 2022 quarter: NSW sent renewal documentation in late March; the renewals were later granted to 12 April 2028. Spend $74,780; cash $2,935,444. Still maintenance only, and the shares remain suspended.
12 Apr 2022director officer appointment● Neutral
Company secretary Rachel Thorn resigns; Noeleen Breen and Holly Young are appointed joint company secretaries, effective immediately.
6 Apr 2022director officer appointment● Neutral
Steven Danielson resigns as director, company secretary and CFO. Kenneth Fung, a principal of Mitchell & Partners (the company's accountants), becomes non-executive director and CFO, with Bun Kiem Lee as his alternate.
31 Mar 2022other● Neutral
Appendix 4G governance checklist for the 2021 annual report, pointing to pages 13-20. Compliance paperwork with no new business information.
31 Mar 2022annual report● Neutral
2021 annual report: loss $358,039 (2020: $640,064); cash $2,952,530. Renewal permit conditions now expected in Q2 2022. Budgeted 2022 commitment for the 35% share is $906,500, well below 2021's $3.2M. $1.25M loan facility remains.
14 Feb 2022listing compliance notice▼ Bad
ASX formally confirms CRM's suspension from quotation from close of trading 14 February 2022, for breach of Listing Rule 12.1. It continues until CRM demonstrates compliance. Repeats the company's earlier notice.
9 Feb 2022listing compliance notice▼ BadMajor
ASX will suspend trading after close on 14 February 2022, saying CRM's level of operations does not warrant continued quotation (Listing Rule 12.1). The suspension lasts until greater exploration activity is shown. The company blames Covid border closures and NSW legal challenges, and stays listed.
8 Feb 2022other● Neutral
Cover note forwarding Computershare's welcome letter to shareholders about the registry change, asking them to update details online. No business substance.
7 Feb 2022admin correction● Neutral
Share registry services move from Mitchell & Partners to Computershare, effective 7 February 2022. Administrative only.
31 Jan 2022quarterly activities report● Neutral
December 2021 quarter: Santos supplied a 2022 work program, under ACM review. NSW says renewal permit conditions should reach the JV in Q1 2022. Spend $46,499; operating outflow $292,805 for the quarter, with cash falling from $3,245,335.
27 Oct 2021quarterly activities report● Neutral
September 2021 quarter: maintenance and environmental reviews only. NSW's 21 July 'Future of Gas Statement' maps parts of PEL 1 and 12 as areas where gas development will be considered; renewals still pending. Spend $56,857; cash fell from $3,292,227 after $46,892 operating outflow.
10 Sept 2021half year report● Neutral
Half-year to 30 June 2021: loss $150,125 (2020: $201,948); cash $3,292,227. Still no NSW advice on PEL 1 and 12 renewals. Budgeted 12-month commitment for the 35% share is $3.214M; the $1.25M loan facility was undrawn.