Each one in plain English, with the numbers worked through for a shareholder.
4 Nov 2016capital raising announcement▲ GoodMajor
The entitlement offer closed oversubscribed, raising A$1,052,515 at A$0.05. A further A$402,065 placement meets excess demand, taking the total to A$1,454,580 for 29,091,607 shares, with some excess applications scaled back. Cash rises to about A$2.96m before costs.
What it means for a shareholder
29.1m new shares at about A$0.0362 to raise about A$1.1m. That's 5.0% dilution: every existing holder's slice gets 5.0% smaller. If you held A$1,000 of shares (27,640 at the issue price), your slice goes from 0.00505% to 0.0048% of the company. To keep it you'd need 1,469 more shares - about A$53 at the issue price.
Annual report for the year to 30 June 2016. It restates Mahalo 2P of 30 PJ and 3P of 219 PJ and the Albany resource, and includes the remuneration report. The extract shows no new results; the same-day Appendix 4G is the governance filing.
Appendix 4G governance checklist filed with the annual report. It states the corporate governance statement is on the company website and current at 28 September 2016. Administrative only.
14 Oct 2016director officer appointment▲ GoodMajor
Michael Dart joins the board as an independent non-executive director, effective 14 October 2016. He has over 20 years in M&A and finance, including 7 years at EY as east coast oil, gas and resources M&A lead. This fills the open non-executive seat.
Letter to shareholders on the entitlement offer: up to 21,050,022 new shares at A$0.05, raising up to A$1,052,501, about 4.0% of issued capital. Shortfall may be placed within 3 months. Restates already announced terms.
What it means for a shareholder
21.1m new shares at A$0.050 to raise about A$1.1m. That's 3.7% dilution: every existing holder's slice gets 3.7% smaller. If you held A$1,000 of shares (20,000 at the issue price), your slice goes from 0.00365% to 0.00352% of the company. To keep it you'd need 769 more shares - about A$38 at the issue price.
Standard legal notice that the entitlement offer needs no prospectus under section 708AA. States the company has met disclosure obligations and the offer is not expected to materially affect control. Shareholders who do not take up their entitlement are diluted. No new substance.
Comet Ridge launched a raise of about A$2m at A$0.05 a share: a A$1.0m placement of 20m shares plus a 1-for-25 entitlement offer for up to about A$1.05m. The price is a 28.6% discount to the last trade of A$0.07. Funds go to working capital.
Full-year statutory accounts to 30 June 2016, including the annual reserves statement. They restate Mahalo 2P of 30 PJ and 3P of 219 PJ, the Albany 153 PJ 2C resource and the APA MOU. The extract shows no new results.
Offer booklet for the 1-for-25 non-renounceable entitlement offer at A$0.05, raising about A$1.052m if fully taken up. It opens 12 October and closes 31 October 2016, and is not underwritten. Repeats terms of the same-day raising announcement.
MD's PESA Symposium presentation argues the Galilee Basin is worth revisiting amid an east coast gas shortage. It restates Albany's 153 PJ 2C contingent resource and history of gas shows in old wells. Mostly known facts; no new results.
Non-binding MOU with APA Group to work towards APA building and owning pipelines to carry gas from Comet Ridge's Galilee Basin permits to east coast markets. No commercial terms are agreed yet. It supports the Albany and Gunn development case.
March quarter: Mahalo 5 and Mahalo 4 verticals restarted, lifting total pilot gas rate to a record 464,000 scf/d. Comet Ridge agreed to acquire QER's interest in ATP 1015, taking it to 100%, with about A$250,000 cash paid to Comet Ridge. This reverses its earlier 20% stake with no Phase II funding.
Half-year to 31 December 2015: loss of A$1.759m, versus A$1.3m a year earlier. Report restates the Mahalo reserve upgrade and the rising Mahalo 6/7 gas rate. Board unchanged, with Pieters still Executive Director.
Mahalo 6/7 gas rate passed 426,000 scf/d, up from 361,000 in January. Water output is low at about 20 bbl/d, which the MD says suggests low water-handling costs in development. First vertical well due back online within a week.
Mahalo 6/7 single-well gas rate passed 361,000 scf/d, up from 299,000 in December and still rising. Vertical wells Mahalo 3, 4 and 5 remain offline; restart expected around end of January after separator pressure is gradually lowered.
Comet Ridge granted 2,520,000 unlisted performance rights to employees and consultants. Half vest on 2P reserves up to 125 PJ; half on Mahalo pilot sustaining 500 mcfd by 31 Dec 2017. Nil issue price. Ties staff incentives to the Mahalo goals.
Mahalo 6/7 single-well gas rate passed 299,000 scf/d and was still rising after a series of small pump speed increases since October. Mahalo 3, 4 and 5 stayed shut in, with a sequential restart likely over the coming weeks.
MHA certified a Mahalo reserve upgrade for Comet Ridge's 40% share: 2P up 36% to 30 PJ and 3P up 77% to 219 PJ, from 22 and 124 PJ in 2014. Contingent resources fell (2C 232 PJ) as volumes moved to reserves. Delivers the upgrade the chairman flagged.
Chairman's AGM address says Mahalo 6 gas rates keep rising and expects a material upgrade to Mahalo 3P reserves in December. It repeats the view that an east coast gas shortfall is coming. Forward-looking statement; no new results.
MD's AGM presentation recaps Mahalo and Galilee. It gives the gas rate reached that week as 235 mcfd and lists planned 1H 2016 work: Mira productivity improvement, one northern corehole, and pipeline and field studies. Mostly known facts.
Mahalo 6/7 single-well gas rate passed 200,000 scf/d after October pump speed increases, the first gas rate disclosed since the pump restart. Management says the short 360 m well shows scope for more; the vertical wells will be brought back on line in turn.
2015 corporate governance statement, dated 17 September 2015, says practices substantially follow the ASX recommendations. It notes there are no formal written agreements with non-executive directors. Administrative; no operational or financial news.
Annual report for the year to 30 June 2015. The chairman calls it a frustrating year, citing the Mahalo 6 pump not being replaced until late July; the MD reports increasing gas rates since restart and the most significant Mahalo flows to date. Financials not shown in the excerpt.
Appendix 4G lodged with the annual report, pointing to the corporate governance statement on the company website, dated 17 September 2015. Administrative compliance form; no operational or financial information.
Annual report for the year to 30 June 2015. The chairman calls it a frustrating year, citing the Mahalo 6 pump not being replaced until late July, but is excited by Mahalo's performance since restart. Carmichael is now called Albany. Excerpt truncated; no financials shown.
Since the 5 August restart, Mahalo 6/7 has shown steady water output and gradually building gas, meeting expectations. Pressure responses in the shut-in Mahalo 3, 4 and 5 wells indicate connected fractures. No gas rates are given.
The Mahalo 6 pump workover finished 31 July with no technical issues, and the pump restarted on 5 August at slow speed. This puts the Mahalo 6/7 well pair back online after months of delay.
SRK certified a first conventional gas contingent resource for the Carmichael structure in ATP 744 (100% COI): 56 PJ 1C, 153 PJ 2C, 417 PJ 3C. This adds a new resource type in the Galilee Basin, beyond the Gunn coal seam gas. Further drilling is needed to prove flow rates.
