Past year: ▲ 47%(7.40c – 13.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
21 Nov 2018resource reserve update▲ Good
3D-Geo modelling suggests five vertical wells at 20-30 MMcf/d each could deliver 29 Bcf a year for 20 years, 880 Bcf in total over 35 years. Judith closure is stated as 966 Bcf total sales gas (122 + 844). These are simulations, not reserves.
12 Nov 2018resource reserve update▲ GoodMajor
RISC certifies Judith resources in Vic/P47 (100% EMP): 2C contingent 122 Bcf sales gas, and P50 unrisked prospective 844 Bcf. This replaces the 1.8 Tcf in-place estimate with certified recoverable figures, and the 2013 GCA contingent figure of 101 Bcf is superseded by 122 Bcf.
31 Oct 2018quarterly activities report▼ Bad
September 2018 quarterly report: RISC's changes to the resource model have delayed the Judith resource statement, which was due mid-September and is now expected in early November 2018. Text says it took considerably longer than expected. 3D-Geo's modelling is complete.
31 Oct 2018quarterly activities report▼ Bad
September 2018 quarter cash flow: operating outflow $262,547, with cash down to $216,607 from $479,154. No funding came in and no facilities are drawn. Next-quarter outflows are estimated at $202k, so cash is thin relative to spending (inference: funding is needed).
28 Sept 2018other● Neutral
Share registry Automic is moving its Sydney office to 126 Phillip Street from 2 October 2018. Administrative notice only, with no impact on the company.
27 Sept 2018annual report● Neutral
Annual report to 30 June 2018: loss $1,171,544 (prior year $1,549,207); net assets $3,667,596. Operating cash outflow was $972,867. The directors' report says future operations depend on exploration success and the ability to fund operations.
27 Sept 2018other● Neutral
Appendix 4G and corporate governance statement, a standard compliance checklist against the ASX governance recommendations, with the full statement published on the company website. No new operational or financial information.
3 Sept 2018resource reserve update● Neutral
3D-Geo's reservoir engineering for Judith is complete and handed to RISC. Gas-in-place has been revised to include deeper Longtom sands, though no new figure is given. RISC's statement slips from end August to mid-September 2018.
31 July 2018quarterly activities report● Neutral
June 2018 quarter cash flow: operating outflow $300,026, cash down to $479,154. A $126,000 placement came in and the $121,000 borrowed earlier was repaid. Next-quarter outflows estimated at $240k, which is inference-worthy as a funding need, though not stated.
31 July 2018quarterly activities report● Neutral
June 2018 quarterly report: 3D-Geo has finished the Judith static model and is on the dynamic model; data handover to RISC has begun, with its resource statement due end August 2018. Longtom-type gas sands are mapped below Judith-1's depth. No new volume figure yet.
20 June 2018investor presentation● Neutral
Energy Mines and Money presentation restating the gas shortfall case, Vic/P47 1.8 Tcf estimate, and the August 2018 RISC resource statement and Q4 partnership talks. No new results.
7 June 2018contract award▲ GoodMajor
EMP engages independent certifier RISC to produce a Judith resource statement by end of August 2018, after 3D-Geo finishes modelling. Seismic suggests gas in deeper Longtom-type sands across Judith, not yet counted. Initial talks held with prospective partners.
30 Apr 2018capital raising announcement● NeutralMajor
Placement of 43.1m shares at $0.003 raised $126,006 gross, the same price as the November rights issue. Funds go to reservoir engineering ahead of a Q3 2018 resource statement for Vic/P47; partnership talks are planned for Q4 2018.
What it means for a shareholder
43.1m new shares at A$0.003 to raise about A$126,006. That's 4.7% dilution: every existing holder's slice gets 4.7% smaller. If you held A$1,000 of shares (333,333 at the issue price), your slice goes from 0.0385% to 0.0367% of the company. To keep it you'd need 16,592 more shares - about A$50 at the issue price.
Create a free account to see this worked out for your own holding.
23 Apr 2018quarterly activities report● Neutral
March 2018 quarter cash flow: operating outflow $378,075, cash down to $774,180 from $1.01m. Borrowings of $121,000 were drawn in the quarter. Next-quarter outflows estimated at $210k.
23 Apr 2018quarterly activities report● Neutral
March 2018 quarterly activities report recapping the Vic/P47 renewal, Judith-1 petrophysics and the cut in holders to about 600. Reservoir engineering by 3D-Geo has begun, with a certified resource statement scheduled for Q3 2018. No new results.
3 Apr 2018investor presentation● Neutral
Hong Kong investor presentation repeating the east coast gas shortfall pitch and the 100% owned Vic/P47 with 1.8 Tcf gas-in-place. Lists 865m shares, share price $0.004 and market cap $3.5m. No new results.
26 Mar 2018resource reserve update▲ GoodMajor
Petrophysical review of the Judith-1 well finds four gas reservoirs with 162m net gas pay, porosity 13-14.9%. Comparison with Longtom field suggests commercial potential, with better reservoir expected up-dip. No new volume estimate; the 1.8 Tcf is unchanged.
15 Mar 2018half year report● Neutral
Half-year to 31 December 2017: loss $761,287 (prior year $1,299,220). Net assets rose to $3,952,513 and working capital turned positive at $747,454 after the $1,554,154 rights issue. Also notes 60m shares issued to directors in lieu of fees.
22 Feb 2018regulatory community update▲ GoodMajor
Vic/P47 five-year renewal granted; EMP keeps 100% of the permit. This resolves the pending Commonwealth approval. Work program requires an exploration well in Judith North by February 2021. Gas-in-place stays at 1.8 Tcf (1.17 Tcf recoverable).
20 Feb 2018other● Neutral
Unmarketable parcel facility completed: 18.9m shares sold on market, cutting holders by 1,238 to 569. Shares on issue now 865.9m, which differs from the 805.9m after the rights issue (the text does not explain the gap).
7 Feb 2018regulatory community update▲ Good
Vic/P47 five-year renewal has cleared the Victorian Minister (17 January 2018) and awaits final approval from the Commonwealth Minister. Company is approaching reservoir engineers and plans a resource certifier. Backreef rehabilitation in July 2018 is contracted within budget.
5 Jan 2018other● Neutral
Company starts a sale facility for shareholders holding under $500 of shares (166,666 or fewer at $0.003). About 1,732 of roughly 2,000 holders qualify, together about 3.09% of shares. Aims to cut the cost of servicing small holdings.
3 Jan 2018quarterly activities report● Neutral
December 2017 quarterly report: rights issue completed, name changed to Emperor Energy, cash $1.01m. Backreef plug and abandonment planned for July 2018. Tenements unchanged: Vic/P47, Cyrano and Backreef, all 100%. No new results.
3 Jan 2018quarterly activities report● Neutral
December 2017 quarter cash flow report: cash rose to $1,009,868 after $1,554,154 raised from shares (less $177,743 costs). Operating outflow was $553,501. Next-quarter outflows are estimated at $360k.
8 Dec 2017other● Neutral
Company released its top 20 shareholders, citing heightened interest in the energy sector. Outlook: revise the Judith resource statement, cost a Judith well and seek partners, aiming to spud in 2020. Restates earlier plans.
6 Dec 2017security holder rights change● Neutral
Following the rights issue, exercise price of the 6.7m unlisted options expiring 17 November 2018 adjusts from $0.04658 to $0.046 on 14 December 2017. Minor technical adjustment.
29 Nov 2017investor presentation● Neutral
London investor presentation pitching the east coast gas shortfall and the 100% owned Vic/P47 permit with its 1.8 Tcf gas-in-place estimate. Lists scoping studies as commenced and market cap of about $2.6m. No new results.
24 Nov 2017other● Neutral
Following shareholder approval at the 21 November AGM, the company is now Emperor Energy Limited and its ASX code changes from OBL to EMP, effective immediately.
21 Nov 2017investor presentation● Neutral
AGM presentation covering the nine resolutions, including re-electing Hovanessian and the name change, plus a Vic/P47 update restating the 1.8 Tcf unrisked gas-in-place estimate. No new information.
14 Nov 2017regulatory community update● Neutral
Environmental inspection of the Backreef well with the WA regulator raised no significant new issues. OBL will amend its plan to add plugging and abandonment, planned for July 2018, after which Backreef costs should be negligible. This replaces the earlier hope of a farmout with abandonment.
