Past year: ▲ 47%(7.40c – 13.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
21 Jan 2020asset acquisition disposition▲ GoodMajor
Sale of Cyrano R3 completed for $325,000 to BR Cyrano Pty Ltd, resolving the September agreement. EMP keeps a $0.50 per barrel royalty, which the buyer can buy out for $1.5m within 48 months. Removes the non-core asset.
31 Dec 2019asset acquisition disposition● Neutral
Cyrano R3 sale completion is extended to 25 January 2020 because WA approval is unlikely by 31 December. Price stays $325,000 with the royalty terms unchanged. The purchaser is now named Emco Capital Pty Ltd, not BR Cyrano as announced in September.
23 Dec 2019joint venture update▲ Good
EMP and APA Group agree the scope of a pre-FEED study for Judith: subsea pipeline, a new processing train beside APA's Orbost plant, and an export pipeline. A binding contract is intended in Q1 2020, with the study starting Q2 2020. Builds on the October MOU.
31 Oct 2019quarterly activities report● Neutral
September 2019 quarter report restating the APA MOU, ongoing farm-in partner search, Judith resources, the $325,000 Cyrano R3 sale and the 1-for-15 consolidation. No new developments in the text shown.
23 Oct 2019security holder rights change● Neutral
Unmarketable parcel facility completed: 314,343 shares will be sold, cutting holder numbers by 136. Issued capital remains 75,630,927 shares and 42,310,165 options (exercise $0.075, expiring 31 March 2020).
16 Oct 2019material agreement▲ GoodMajor
EMP signs a non-binding MOU with APA Group on pipelines and a gas processing plant for Judith, after more than 12 months of talks. It is not a binding deal. The farm-in partner search continues with no partner yet.
30 Sept 2019annual report● Neutral
Annual report for year to 30 June 2019 reviewing the Judith resource upgrade, dynamic modelling, Cyrano R3 sale, Backreef environmental work, Ocean Reach appointment and new board. Financial figures are not shown in the text provided.
30 Sept 2019other● Neutral
Appendix 4G corporate governance checklist lodged with the annual report, pointing to the governance statement on the company website. Administrative filing with no new substance.
26 Sept 2019joint venture update▲ Good
Ocean Reach's partner search for Judith reports strong interest from many upstream companies, with the data room open and presentations under confidentiality. EMP is confident of finding a farm-in partner but no deal is guaranteed. No partner named yet.
18 Sept 2019asset acquisition disposition▲ GoodMajor
EMP agrees to sell Cyrano R3 to BR Cyrano Pty Ltd for $325,000, subject to approval by 31 December 2019, keeping a $0.50 per barrel royalty the buyer can buy out for $1.5m within 48 months. Progresses the earlier plan to sell this non-core asset.
11 Sept 2019investor presentation● Neutral
RIU Good Oil conference deck repeating known facts: Judith 150 Bcf 2C and 1.226 Tcf P50, Ocean Reach search with data room open, and talks with potential infrastructure or offtake partners. States 76m shares and $3m market cap.
9 Sept 2019security holder rights change● Neutral
EMP starts a sale facility for holders of parcels under $500 (12,195 shares at $0.041). About 311 of 594 holders are eligible, representing about 0.81% of shares. Unresponsive holders' shares will be sold, to cut administration costs.
19 Aug 2019security holder rights change● Neutral
Share consolidation completed on a 1-for-15 basis, as approved on 7 August. Shares on issue are now 75,630,927 and listed options 42,310,165. Normal trading in the new shares starts 20 August.
7 Aug 2019agm notice● Neutral
Results of the 7 August 2019 general meeting: all six resolutions carried, including the 1-for-15 share consolidation (about 52m votes against) and ratification of McNamara, Harvey and King as directors, plus two prior share issues.
7 Aug 2019security holder rights change● Neutral
Notice of the approved 1-for-15 consolidation of shares and EMPOC options. Shares fall from about 1.134bn to 75.6m; options from 634.7m to 42.3m, with exercise price rising from $0.005 to $0.075. Effective 12 August.
30 July 2019quarterly activities report● Neutral
June 2019 quarter: repeats the July Judith resource upgrade (150 Bcf 2C, 1.226 Tcf P50) and the Ocean Reach partner search. New detail: a 26 June placement raised $330,000 (116.6m shares at $0.003 with options). Cash was $250,375.
11 July 2019resource reserve update▲ GoodMajor
3D-GEO's July 2019 statement lifts Judith to 150 Bcf 2C contingent and 1.226 Tcf P50 unrisked prospective, up from RISC's 122 Bcf and 844 Bcf in November 2018. It supersedes the RISC figures.
12 June 2019investor presentation● Neutral
June 2019 Energy Mines and Money presentation, essentially the same content as the May conference deck: Judith resources, Ocean Reach partner search and 1.017bn shares. Nothing new.
27 May 2019investor presentation● Neutral
May 2019 APPEA conference presentation repeating known facts: new board, Judith resources of 122 Bcf contingent and 844 Bcf prospective, and the Ocean Reach partner search. States 1.017bn shares and a market capitalisation of $3 million.
22 May 2019material agreement▲ GoodMajor
Ocean Reach Advisory is appointed to run a global search for an exploration and development partner for the 100%-owned Judith gas field. The partner would help drill an exploration well by February 2021. No partner has been found.
8 May 2019listing compliance notice▼ Bad
ASX queried the March quarter report: cash $192,425 and estimated next-quarter outflow $176,000. EMP replied it expects continuing negative cash flow, intends to raise equity or debt, and is confident of a successful capital raise. No raising is announced yet.
30 Apr 2019quarterly activities report● Neutral
March 2019 quarterly confirms the new board (Dumbrell, McNamara, Harvey, King) after the shareholder-requested meeting; previous directors resigned beforehand. Also confirms the $150,000 placement of 50m shares allotted 2 April. Judith resource figures are repeated from November 2018.
2 Apr 2019director officer appointment▲ GoodMajor
Malcolm King joins as non-executive director; 30+ years upstream experience, mostly Shell, and was well-site geologist on Judith-1. $150,000 raised by placing 50m shares (about $0.003 each); issued shares now 1,017,859,728. Office moves to Level 32, 1 Market St, Sydney.
1 Apr 2019director officer appointment● NeutralMajor
Board overhaul: Carl Dumbrell becomes company secretary; Philip McNamara and Nigel Harvey are appointed directors; Vaz Hovanessian is removed as secretary, and he and Natt Arian resign. The 2 April shareholder-requisitioned meeting is cancelled. This resolves the board dispute in Dumbrell's favour.
29 Mar 2019director officer appointment● Neutral
Directors Ray Shaw and Justyn Peters resigned (27 and 28 March 2019). Part of the ongoing board dispute with Carl Dumbrell; no reason is given in the text.
15 Mar 2019half year report▼ Bad
Half-year to 31 Dec 2018: loss $274,886 (prior $761,287); net assets $3,572,710; working capital deficit $84,827. Operating outflow $175,994 and $256,752 spent on exploration. 60m shares were issued to directors in lieu of fees.
26 Feb 2019investor presentation● Neutral
February 2019 presentation: EMP holds 100% of Vic/P47 (Judith), Backreef and R1/R3. It has had interest in Vic/P47 including a written non-binding proposal the board considers inadequate, and a possible biodiesel refinery venture at Moana NSW. Text says it may struggle to fund Judith alone.
8 Feb 2019other● Neutral
Company notes a 4 February 2019 substantial holder notice and shareholders' intention to call a meeting. The notice has not yet been sent out and the board is considering its validity. Continues the board dispute; no outcome yet.
31 Jan 2019quarterly activities report▼ BadMajor
December 2018 quarter: cash is about $47,000. The board is seeking a placement of about $650-700K from brokers by 4 February 2019 and has a separate offer of 50m shares for $175,000. The Dumbrell-requisitioned meeting was cancelled, with a replacement meeting expected in February.
14 Dec 2018director officer appointment▼ BadMajor
Vaz Hovanessian becomes chairman and interim company secretary, replacing Carl Dumbrell as secretary. Dr Ray Shaw and Dr Natt Arian join as directors. Dumbrell had requisitioned a meeting to remove two directors; the board is questioning its validity. Registered office moves to Artarmon.
