Past year: ▲ 43%(4.20c – 15.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
18 Mar 2020other● Neutral
Managing Director's COVID-19 letter: the regulator signed off the 2020 plan and drilling and seismic tenders are advanced. Discretionary spending and board pay have been cut or deferred, and cash covers fixed costs well into 2021. Farm-out talks are delayed but live.
12 Mar 2020half year report● Neutral
Half-year to 31 December 2019: net loss $1.21m, cash $2.12m down from $4.35m in June. The French authorities denied the Moselle permit extension after period end, resolving that open thread. Petra subsidiary de-registered.
26 Feb 2020drilling result▲ GoodMajor
Nomgon-1 is declared a coal seam gas discovery, the first in Mongolia, with average raw gas content above 5 m3/t in a 49 m gross seam. Permeability tests met discovery requirements. The well is plugged and abandoned; delineation planning and partner talks follow.
5 Feb 2020drilling result▲ GoodMajor
Nomgon-1 reached 491 m total depth with 82 m net coal by geologists' estimate, including a 51 m seam, and visibly better coal quality than Ugtaal-1. Gas bubbled from cores. Gas content and permeability test results are still to come.
3 Feb 2020other● Neutral
ASX paused trading in Elixir pending a further announcement. No reason given in the notice.
31 Jan 2020quarterly activities report● Neutral
December quarter: Ugtaal-1 found 43 m net coal but gas content and permeability were at the low end, due to poorer coal quality. Nomgon-1 spudded in January. Early-stage joint venture approaches have come from several parties, with no binding deal certain.
20 Jan 2020other● Neutral
Share registry changed from Security Transfer to Automic Group from 20 January 2020. Administrative notice only.
16 Jan 2020well test result▼ BadMajor
Permeability and preliminary gas content at Ugtaal-1 came in at the lower end of expectations, which the company attributes to poorer coal quality. This contrasts with earlier upbeat coal reports. Second core-hole Nomgon-1 spuds today, about 37 km away in a different sub-basin.
20 Dec 2019drilling result● Neutral
Ugtaal-1 logging confirmed 43 m net coal, with a 20 m thickest seam. BO-CH-2 logged only 6 m net coal. All three Ugtaal-area wells are finished. Permeability results due next week, and the next well is expected to spud in about two weeks.
17 Dec 2019other● Neutral
Notice that 3,034,964 fully paid shares were released from voluntary escrow. Administrative notice with no business information.
9 Dec 2019drilling result▲ GoodMajor
Ugtaal-1 core-hole reached total depth of 752 m with an estimated 43 m of net coal and 99% core recovery, gas mainly methane. Gas content and permeability results are still to come. BO-CH-2 has reached the Permian and first coals.
25 Nov 2019drilling progress report● Neutral
Duplicate of the 25 November update: Ugtaal-1 at 324 m with 20.6 m of net coal, gas testing under way, target depth 600 m. BO-CH-2 at 574 m. No new information.
25 Nov 2019drilling progress report▲ Good
Ugtaal-1 at 324 m, with 20.6 m of net coal noted so far and gas visible in cores. Desorption testing has begun, with final numbers about 60 days away. Target depth is 600 m. BO-CH-2 is at 574 m.
22 Nov 2019agm notice● Neutral
Chairman's AGM address repeats known themes: encouraging early BO-CH-1 results, Ugtaal-1 drilling, and a comparison with QGC in 2002. All six resolutions had large proxy majorities in favour. No new operational information.
18 Nov 2019drilling progress report▲ GoodMajor
Ugtaal-1 core-hole spudded on the night of 11 November, after repeated delays, and was at 122 m with thin coal stringers. BO-CH-2 reached 408 m. Both rigs are winterised and the gas-testing lab is set up.
11 Nov 2019drilling result▲ Good
BO-CH-1 chip-hole finished at 738 m, finding a 490 m coal-prospective Permian section, 7 m of net coal and gas bubbling from samples. Ugtaal-1 core-hole, the main well, spuds later today. BO-CH-2 is at 279 m.
4 Nov 2019drilling progress report▼ Bad
Ugtaal-1 core-hole spud slips again, to the next few days, because of mechanical issues and the rigs being winterised. BO-CH-1 was at 729 m and BO-CH-2 at 198 m. Both chip-holes are drilling slower than planned.
31 Oct 2019quarterly activities report● Neutral
September quarter report: 131 km of 2D seismic completed, Byambasaikhan appointed, chip-holes started. The two chip-holes have drilled slower than expected; core-holes follow, with a contingent resource booking targeted early in the new year. Program stated as fully funded.
28 Oct 2019drilling progress report● Neutral
BO-CH-1 was at 583 m and is being drilled deeper, through the Permian to basement, because of the coal seams intersected. BO-CH-2 spudded 23 October. Ugtaal-1 spud slips again to the next few days, awaiting the rig.
21 Oct 2019drilling progress report● Neutral
BO-CH-1 is drilling slower than planned; BO-CH-2 spuds 21 October and Ugtaal-1 is due to spud this week after BO-CH-1. Seismic processing is complete, with preliminary results in 30 days. Resource certification is now targeted for early 2020.
18 Oct 2019annual report● Neutral
Re-lodgement of the 2019 annual report, apparently the same document as the 30 September release (same contents and Chairman's letter). No new information is visible in the text provided.
11 Oct 2019drilling spud▲ GoodMajor
2019 drilling starts with the BO-CH-1 chip-hole, a cheap stratigraphic well. The program expands to 2-4 chip-holes plus two firm core-holes, with two rigs and an option for a third core-hole. Ugtaal-1 was expected to spud around end September or early October.
1 Oct 2019director officer appointment▲ Good
Bayanjargal Byambasaikhan, previously the strategic adviser, joins the board as non-executive director from 1 October. He chairs the Business Council of Mongolia and formerly led Erdenes Mongol, adding Mongolian government and financing experience just as drilling begins.
30 Sept 2019annual report● Neutral
2019 annual report. Chairman Cottee's first letter says Mongolian assets should be substantially de-risked in the coming quarter and cites power-generation and Chinese pipeline market options. Financial statements are not visible in the text provided.
30 Sept 2019annual report● Neutral
Appendix 4G governance checklist lodged with the annual report, signed by Company Secretary Victoria Allinson on 27 September 2019. Administrative compliance form with no new business information.
30 Sept 2019other● Neutral
Corporate Governance Statement dated 27 September 2019, describing board roles, policies and ASX recommendation compliance. Administrative document, no new business information.
27 Sept 2019investor presentation● Neutral
Conference presentation repeats the known Mongolia story: 100% of Nomgon IX, 7.6 Tcf risked best-case prospective resource, 487.2m shares, $4.4m cash at 30 June, market value $26.8m at 5.5c. No new information.
16 Sept 2019drilling progress report▲ Good
Seismic survey finished, with 131 km of 2D data acquired; processing takes about six weeks. Drilling equipment is arriving and Ugtaal-1 is still expected to spud around end September or early October. A second well site is due by month end.
4 Sept 2019investor presentation● Neutral
September presentation repeats the Mongolia story. Shows 487.2m shares, cash of $4.4m at 30 June and a market value of $26.8m at 5.5c. No new results.
30 Aug 2019director officer appointment● Neutral
Dougal Ferguson resigns as non-executive director from 31 August, as the move of the office from Perth to Adelaide is complete. Board is now Cottee, Young and Kelemen. Final interest notice shows he holds about 16.6m shares directly and indirectly.
