Past year: ▲ 1131%(11.5c – 2.07 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
9 Mar 2016regulatory community update▲ Good
Company notes media reports that regulator PASA expects to send recommendations to the Minister by early May on the first two of five shale applications, including Bundu's and Falcon's. The Minister then makes the final decision. This moves the award a step closer but nothing is granted.
21 Dec 2015other● Neutral
Chairman's year-end letter says the company is not simply waiting, citing the updated environmental programme, the Technical Regulations and the government's shale gas assessment. It says the regulator should soon send recommendations to the Minister. No rights are granted yet; mostly repeats known facts.
28 Oct 2015investor presentation● Neutral
Investec Cape Town presentation restates the Karoo case. It notes the application area was cut at the regulator's request from ~4,200 sq km to ~3,500 sq km to exclude protected areas, and that farm-in talks are 'advancing'. Bundu remains 95% Challenger.
26 Aug 2015admin correction● Neutral
Appendix 4G corporate governance checklist lodged with the 2015 annual report. It carries no operational or financial substance.
26 Aug 2015annual report● Neutral
Annual report for the year to 30 June 2015. Visible text covers only directors and corporate details, with the same board (Fry, Willes, Bloking) as before. Financial figures are truncated and not visible.
5 June 2015regulatory community update▲ GoodMajor
South Africa's Minister of Mineral Resources gazetted the Technical Regulations for petroleum exploration and production. Under the earlier moratorium, no fracking was allowed until they were published. The MD calls it progress toward exploration rights, but no right has been granted yet.
12 Mar 2015half year report● Neutral
Half-year report to 31 Dec 2014. The visible text covers operations: the environmental programme was lodged by the deadline, starting the Minister's 120-day review. It also flags proposed park land that would cover ~70,800 hectares, about 17% of Bundu's application area. Financials are truncated.
2 Mar 2015regulatory community update▲ GoodMajor
Bundu lodged its updated environmental programme with the regulator on 27 Feb 2015, meeting the deadline. The Minister now has 120 days to consider approving it. Challenger anticipates a decision on the exploration right may come in the second or third quarter of 2015.
9 Feb 2015investor presentation● Neutral
Stakeholder consultation presentation describes Bundu's planned work in the Pearston area on a ~4,200 sq km application. It covers desktop studies, a geological model and up to three conventional boreholes, with no fracking at this time. Further exploration is 'not a given'.
17 Dec 2014other▲ Good
Chairman's year-end letter reviews 2014: the regulator restarting the Karoo application, the A$1.2m placement at 6c, and an April loyalty option issue raising A$988k. It expects rights to be awarded 'in the coming months' and says funding uncertainty is removed. Largely repeats known facts.
5 Dec 2014regulatory community update● Neutral
Bundu has revised its environmental programme with consultant Golder Associates and started consulting affected parties. The revised plan covers only seismic studies and drilling. Public comment runs to 16 Feb 2015, with submission to the regulator due by 27 Feb 2015.
24 Nov 2014capital raising announcement● NeutralMajor
Challenger raised A$1.2m before costs through a placement of 20 million shares at 6c to sophisticated investors, mostly existing shareholders. The company says it will fund the South African permit application process. This follows cash of A$0.485m at 30 Sep 2014.
6 Nov 2014investor presentation● Neutral
Presentation at the Investec conference in Cape Town restates the Karoo case and the 27 Feb 2015 deadline. It describes Bundu as 95% Challenger and 5% BEE partner, cites 'advanced farm-in discussions', and shows cash of A$0.485m and a market cap of A$28.0m at 8.5c.
27 Oct 2014regulatory community update▲ GoodMajor
South Africa's Petroleum Agency told Bundu it will proceed with processing its Karoo shale gas exploration right application, on hold since 2011. Bundu must update its environmental programme and consult communities by 27 Feb 2015. This moves the long-awaited Cranemere award a step closer, but no right is granted yet.
26 Sept 2014annual report● Neutral
Annual report for the year to 30 June 2014. The visible text covers only the directors and corporate details: Bill Bloking joined the board on 27 Feb 2014 and Paul Bilston resigned the same day. Financial figures are truncated and not visible.
4 Sept 2014investor presentation● Neutral
Africa Down Under presentation by Robert Willes pitches South African shale gas as a game-changer, citing the 370 Tcf EIA estimate and the country's electricity shortfall. Largely repeats known background; no new company news.
7 July 2014investor presentation● Neutral
Interview with Robert Willes restating the Cranemere pitch: ~1 million acres awaiting an exploration right, and partner negotiations described as advanced. No award or deal yet; mostly repeats known facts.
23 May 2014security holder rights change● Neutral
44,916,960 loyalty options were allotted and are quoted on ASX from 23 May as CELO. Shortfall options of 20,979,542 follow next week. Shares remain 329,482,541, with 18.5m performance rights.
19 May 2014capital raising announcement● Neutral
Loyalty options issue raises the full $988,447. Shareholders took up 44,916,960 options; the remaining 20,979,542 shortfall options go to underwriter Novus Capital. The underwriting delivered the full amount.
15 May 2014other● Neutral
Notice that the loyalty options rights issue has closed. Results of subscriptions are to be announced later. No new information.
30 Apr 2014other● Neutral
Administrative confirmation that the loyalty options prospectus was despatched to shareholders. No new information.
11 Apr 2014other● Neutral
Template letter to shareholders on the loyalty options offer, repeating the terms, use of funds and timetable. Shareholders who do nothing are diluted and receive no value for their entitlement. No new information.
9 Apr 2014capital raising announcement● NeutralMajor
Prospectus for a fully underwritten loyalty options offer: one option per five shares at 1.5c, exercisable at 20c, up to $988,447 raised. Novus Capital underwrites. Small raise following cash of only A$0.44m at 31 December.
9 Apr 2014admin correction● Neutral
Corrected timetable for the loyalty options issue: the ex date moves from 16 April to 22 April 2014 following ASX timetable changes. All other dates, including the 14 May close, are unchanged.
9 Apr 2014other● Neutral
Letter to optionholders explaining the loyalty options offer. Existing options carry no right to participate unless exercised before the 24 April record date. Shows planned use of the ~$988k: 50% to staff, director and admin costs, 27% to the South African project.
9 Apr 2014capital raising announcement● Neutral
Challenger announces the loyalty options issue: up to 65,896,502 options at 1.5c (exercise 20c, expiry 30 June 2016) to raise about $1m, fully underwritten by Novus. Funds support the Cranemere application, business opportunities and working capital. Repeats the prospectus.
13 Mar 2014half year report● Neutral
Half-year report to 31 Dec 2013. The visible text covers operations only: no Cranemere award yet, farm-out talks continue, Bloking replaced Bilston as director, and the Bundu stake was raised to 95%. Financial statements are truncated and not visible.
3 Mar 2014investor presentation● Neutral
March 2014 presentation again pitches the ~800,000-acre Cranemere permit award as the next catalyst, expected before South Africa's May election. It shows 329.5m shares, A$0.44m cash at 31 Dec and a A$32.9m market cap at 10c. Largely repeats known facts.
28 Feb 2014director officer appointment● Neutral
Bill Bloking, a 40-year oil and gas executive and chairman of Nido Petroleum, joined the board as non-executive director on 27 Feb 2014. He replaces Paul Bilston, who steps down but stays on as a technical adviser.
12 Dec 2013other● Neutral
Chairman's year-end letter recaps 2013 and expects momentum toward a permit award and a farm-in partner in 2014. It confirms the Bundu 5% buy-in (share sale agreement 15 Oct) lifted Challenger's stake to 95%. No new results or award.
