Past year: ▲ 1131%(11.5c – 2.07 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 July 2017quarterly activities report● Neutral
June 2017 quarter: further hearings ended 28 June, but the Select Committee plan does not expect the bill passed before late October; the Finance Minister targets December. A proposed rights moratorium is not expected to affect Bundu's application. No right granted.
24 July 2017regulatory community update▼ Bad
The government's two-year shale gas environmental assessment has finished its final phase. Its maps appear to propose extensive exclusion areas across Bundu's application area, likely including land Bundu already removed; the report is advisory, and Challenger is assessing the impact.
28 Apr 2017quarterly activities report● Neutral
March 2017 quarter: public hearings on the mining law amendment bill finished 20 April, so it could be finalised in the May–June session. Opposition groups plan to challenge any rights granted. Cost control and other-project search continue; no exploration right granted.
3 Apr 2017regulatory community update▲ Good
Media report that Minister Zwane said government decided to proceed with Karoo shale gas development. He said finalising the mining law amendments will help, and earlier said they should be finalised by June. A positive signal, but no right is granted.
14 Mar 2017half year report● Neutral
Half-year report to 31 December 2016. Visible text repeats the quarterly highlights: proposed bill changes, public consultations by March/April 2017, and continued cost control. Financial figures are truncated and not visible.
30 Jan 2017quarterly activities report● Neutral
December 2016 quarter: repeats the proposed bill changes and says public consultations are expected to finish by end March/April. Company continues cost control and evaluating other projects. Shares on issue 389.5m. No new result.
19 Dec 2016other● Neutral
Chairman's year-end letter acknowledges shareholder frustration at the wait, and recaps the proposed bill changes and the shale gas environmental assessment (final phase expected around March 2017). Public consultations expected to finish by March/April. Mostly repeats known facts; no rights granted.
10 Nov 2016regulatory community update● Neutral
Mineral Resources department proposed changes to the amendment bill: the state's 20% free carried interest becomes a 20% carried interest with cost recovery, and BEE share reserved at 10%. Production terms would be fixed at exploration stage. No right is granted yet.
24 Oct 2016quarterly activities report● Neutral
September 2016 quarter: the mining law amendment bill has cleared the lower house and awaits further public hearings in the upper house. Citing past delays and uncertain award timing, the company is focusing on cost control and evaluating other projects. Shares on issue 389.5m.
21 Sept 2016annual report● Neutral
Annual report for the year to 30 June 2016. Visible text covers only directors and corporate details, with the same board (Fry, Willes, Bloking) and auditor HLB Mann Judd. Financial figures are truncated and not visible.
21 Sept 2016admin correction● Neutral
Appendix 4G corporate governance checklist lodged with the 2016 annual report. It carries no operational or financial substance.
28 July 2016quarterly activities report● Neutral
June 2016 quarter: the mining law amendment bill is being debated in Parliament, with the Deputy Minister saying it will be finalised by November. Gas policy and power-project news noted. No exploration right granted; the early-May regulator recommendation is not mentioned in the visible text.
16 May 2016security holder rights change● Neutral
The 65.9m quoted CELO options (exercise price 20c) expire unexercised-by-default on 30 June 2016. ASX waived individual expiry notices because the options are far out of the money; shares last traded at 3.5c.
16 May 2016admin correction● Neutral
Amended re-release of the option expiry notice. The only change is the date quotation of the options ceases: 24 June 2016 rather than 23 June. Other terms (65.9m options at 20c, expiring 30 June) are unchanged.
29 Apr 2016quarterly activities report● Neutral
March 2016 quarter: mostly South African policy and energy commentary. Repeats media reports that the regulator expects to send Bundu's application to the Minister by early May. Notes the A$900,000 raise is complete; shares on issue 384.8m. No rights granted.
31 Mar 2016capital raising announcement● Neutral
Cleansing notice: 32,767,918 shares were issued on 24 March 2016, including the 30m placement shares at 3c, a 14.61% discount to the 15-day average price. Total shares on issue are now 384,793,851, with no fees paid. Completes the March raising.
21 Mar 2016capital raising announcement▼ BadMajor
Challenger has commitments for a A$900,000 placement of 30 million shares at 3c, each with an attaching option at 5c expiring 30 June 2020. It will fund the licence application process and working capital. The price is half the 6c of the Nov 2014 raise.
10 Mar 2016half year report● Neutral
Half-year report to 31 Dec 2015. The visible text is operational: policy commentary and the report that the regulator may send Bundu's application to the Minister by early May. Financial figures are truncated and not visible.
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.
29 Jan 2016quarterly activities report● Neutral
December 2015 quarter: mostly South African policy and energy-crisis commentary. Company expects the mining law amendment to progress or its controversial clauses to be suspended. Farm-out talks continue pending grant. Shares on issue unchanged at 352.0m. No new result.
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.
30 Oct 2015quarterly activities report● Neutral
September 2015 quarter: Bundu's application area was cut to about 870,449 acres to exclude protected areas. The Mineral Resources Minister was replaced in a cabinet reshuffle. Company now expects rights decisions in late 2015 or early 2016, later than the earlier second-half 2015 hope. Farm-out talks continue.
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.
24 July 2015quarterly activities report● Neutral
June 2015 quarter: Bundu's updated environmental programme and work programme remain in process with the regulator, and a further referral to a regional committee sits alongside the Minister's 120-day review. Company thinks the application could be resolved in the second half of 2015. Farm-out talks continue. Shares on issue 351.7m.
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.
30 Apr 2015quarterly activities report● Neutral
March 2015 quarter: Bundu's updated environmental programme was filed on 27 Feb, starting the Minister's 120-day review. Shell has put its South African shale gas programme on hold. Farm-out talks continue pending grant. Shares on issue were 350.6m.
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.
