Past year: ▲ 1131%(11.5c – 2.07 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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'.
28 Jan 2015quarterly activities report● Neutral
December 2014 quarter: Bundu began stakeholder consultation and the A$1.2m raising completed. Farm-out talks continue pending grant of the exploration right. The South African mining law amendment bill was referred back to the National Assembly after the quarter. No new substantive result.
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.
28 Oct 2014quarterly activities report● Neutral
September 2014 quarter: repeats the regulator's decision to process the Cranemere application, with the 27 Feb 2015 deadline, and says farm-out talks continue pending grant. Issued capital is 329.5m shares, 65.9m listed options and 41.5m unlisted options and rights. No new result.
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.
29 July 2014quarterly activities report▼ Bad
June quarter: still no Cranemere award. New Minister Ramatlhodi has asked the President not to sign the MPRDA Bill pending review, which may add delay. Farm-out talks continue; the $988,447 loyalty options raise is complete, with 65.9m listed options.
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.
30 Apr 2014quarterly activities report● Neutral
March quarter: the Cranemere right is still not awarded; Parliament passed the MPRDA amendment Bill in March and technical regulations are awaited. Farm-out talks continue pending the award. Shares unchanged at 329.5m; the loyalty options were announced after quarter end.
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.
24 Jan 2014quarterly activities report● Neutral
December quarter: the Cranemere exploration right is still not awarded and farm-in talks continue. Industry now hopes for an award before the general election. Government comments remain supportive, but nothing concrete has changed.
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.
31 Oct 2013quarterly activities report● Neutral
September quarter: still no Cranemere award and farm-out talks continue. Industry expects rights to be awarded in the first quarter of 2014. The A$1m placement completed and Challenger bought a 5% minority stake in Bundu, the subsidiary holding the Karoo application. Mercury Stetson next steps are still being assessed.
14 Oct 2013regulatory community update▲ Good
South Africa's Mineral Resources Minister announced Cabinet approval of technical petroleum regulations, including fracking rules, with a 30-day comment period. Challenger calls it a milestone toward awarding its Karoo exploration right, which is still pending. It is a step toward a decision, not an award.
27 Sept 2013annual report● Neutral
Annual report for the year to 30 June 2013. The visible text covers only the directors' report and corporate directory: Michael Fry chairs, Robert Willes is Managing Director, and the auditor is HLB Mann Judd. Financial figures are truncated and not visible.
