Past year: ▼ 41%(7.70c – 16.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
23 Oct 2015annual report● Neutral
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.
23 Sept 2015annual report● Neutral
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.
23 Sept 2015annual report● Neutral
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.
22 Sept 2015production update▲ Good
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.
6 Aug 2015production update▲ Good
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.
5 Aug 2015resource reserve update▲ GoodMajor
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.
31 July 2015quarterly activities report● Neutral
June quarter: the Mahalo 6 pump workover began after long rig delays, with Mahalo 7 due back online in early August. Reinterpreted seismic shows a larger Carmichael structure; a first sandstone gas resource booking is nearly complete. R&D tax refund A$0.572m.
22 July 2015production update▼ Bad
The Mahalo 6 pump workover slipped from 18 July to 27 July because the original rig was delayed; Santos allocated another rig. This is a further delay to getting the Mahalo 7 well pair producing again.
10 July 2015remuneration report● Neutral
MD Tor McCaul's base salary is unchanged; he gets 1,000,000 performance rights and a A$200,000 cash bonus tied to Mahalo pilot sustained 500 mcfd flow or 2P reserve targets by end-2016. Pieters gets 500,000 rights. His earlier 500,000 rights lapsed unvested.
17 June 2015director officer appointment● Neutral
Chris Pieters, a director since April 2009, becomes Executive Director with no set term, working ad hoc as a consultant at $1,500 per day. He previously helped with the 5% Stanwell interest acquisition in 2013/14.
15 June 2015director officer appointment● Neutral
Non-executive director Tony Gilby retired from the board immediately, citing travel demands of his CEO role at Tlou Energy. He joined in late 2009 and remains a significant shareholder. The board is considering whether to appoint a replacement.
12 June 2015production update▼ Bad
The Mahalo 6 pump replacement workover is scheduled for 18 July, after April's pump efficiency decline. Comet Ridge says it is disappointed at the time taken to schedule it. The well is expected back online in July.
6 May 2015other● Neutral
Company lodged its updated share trading policy, effective 30 April 2015, following revised ASX guidance. Administrative; no operational or financial information.
30 Apr 2015quarterly activities report▼ Bad
March quarter: Mahalo 6/7 well pair gave small, sustained gas flows in February-March, but falling pump efficiency (gas running through the pump) forced a pump change, approved 31 March; timing awaited from Santos. Harrington 1 lab testing finished.
16 Mar 2015half year report● Neutral
Half-year to 31 December 2014 shows a loss of A$1.3m, versus A$4.14m a year earlier. Net placement and SPP proceeds were A$8.6m. Mahalo reserves are restated as 22 PJ 2P and 124 PJ 3P. The excerpt is truncated.
6 Mar 2015production update▲ Good
Water lifting from Mahalo 7 via Mahalo 6 continues with pump speed rising, and continuous gas flow in Mahalo 6 began over the past week. A flow-and-flare skid at the Mahalo 7 wellhead is being investigated. No gas rates are given.
29 Jan 2015quarterly activities report▲ Good
December quarter: Mahalo 7 was completed and its pump went online on 28 December. Pilot gas keeps rising. The raising totalled about A$9.1m and the Stanwell 5% assignment was completed. Harrington 1 core lab testing continued.
9 Dec 2014production update▲ Good
Gas and water rates at neighbouring Mahalo 3 and 4 changed soon after Mahalo 7 entered the coal, which the company reads as positive connectivity. The Mahalo 6 pump is due to be installed on 14 December, so the horizontal well is not yet producing.
27 Nov 2014agm notice● Neutral
All resolutions at the 27 November AGM passed on a show of hands, including the director re-election and the share issue to Tor McCaul. This closes the open item on the chairman's and MD's placement participation, which was approved. Administrative.
27 Nov 2014director officer appointment● Neutral
Non-executive director Jeffrey Schneider's retirement from the board took effect at the close of the 27 November 2014 AGM, as announced on 27 October. He had been a director since 2004.
27 Nov 2014agm notice● Neutral
Chairman's AGM address recaps the year: Mahalo reserves of 22 PJ 2P and 124 PJ 3P, Stanwell buy-back, Harrington result, and over A$9m raised in October. He calls Mahalo 7 potentially transformational. No new results.
27 Nov 2014investor presentation● Neutral
AGM presentation recaps Mahalo's 40% interest, Stanwell terms (20-40 PJ gas or A$20m cash), August reserves, and the Mahalo 7 well. It says Mahalo 7 is expected online in early December, and plans further Mira drilling and step-out coreholes. Largely repeats known facts.
27 Nov 2014agm notice● Neutral
Managing Director's AGM speech narrates the Mahalo year: 5% Stanwell equity returned, maiden reserves, and Mahalo 7 drilled in a little over a week with no surprises. Over 86% of the horizontal section was in coal. No new announcements shown.
20 Nov 2014capital raising announcement● Neutral
The Share Purchase Plan closed with A$1.106m from 163 shareholders for 8,192,551 shares at A$0.135, with no scale-back. That is well under the A$2m cap, so total raised is about A$9.1m with the A$8m placement, funding Mahalo appraisal.
What it means for a shareholder
8.2m new shares at A$0.135 to raise about A$1.1m. That's 1.6% dilution: every existing holder's slice gets 1.6% smaller. If you held A$1,000 of shares (7,407 at the issue price), your slice goes from 0.00144% to 0.00141% of the company. To keep it you'd need 118 more shares - about A$16 at the issue price.
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14 Nov 2014drilling result▲ GoodMajor
Mahalo 7 reached 775 m total measured depth and intercepted the Mahalo 6 vertical well, after drilling about 360 m of coal. Gas was seen while drilling and conditions were good. Production only follows once Mahalo 6's pump is reinstalled, so gas rates are not yet known.
7 Nov 2014drilling spud▲ GoodMajor
Mahalo 7, the first horizontal well at Mahalo, spudded on 6 November 2014 after the A$8m placement. It will drill about 500 m through coal at roughly 230 m depth to meet the Mahalo 6 well, taking about two weeks. Comet Ridge holds 40%; Santos operates.
30 Oct 2014quarterly activities report▲ Good
September quarter: maiden Mahalo reserves, the A$8m placement, and the Stanwell 5% assignment signed after quarter-end, making Comet Ridge's legal Mahalo interest 40%. Mahalo 7 horizontal well is due to spud early November. Harrington 1 desorption tests are encouraging; lab work continues.
27 Oct 2014capital raising announcement● Neutral
Share Purchase Plan documents issued: eligible shareholders can buy up to A$15,000 of shares at A$0.135, with the offer capped at A$2m. It closes 17 November 2014, and applications may be scaled back.
27 Oct 2014director officer appointment● Neutral
Founding director Jeffrey Schneider, on the board since August 2003, retires at the 27 November 2014 AGM. The board will not replace him, citing its focus on costs.
24 Oct 2014annual report● Neutral
Printed-style 2014 annual report, with the same content as the version lodged on 29 September. It records 458,748,746 shares and 1,894 shareholders at 16 October 2014. Mahalo is listed at 40% pending assignment paperwork.
