Each one in plain English, with the numbers worked through for a shareholder.
9 Sept 2024regulatory community update▲ Good
A signing ceremony in Dili on 6 September marked the start of the new PSC 19-11 term under Finder as operator, attended by ministers and regulator and TIMOR GAP officials. Finder has begun seismic reprocessing and engineering studies toward development of Kuda Tasi and Jahal.
9 Sept 2024capital raising announcement● NeutralMajor
The entitlement offer closed with applications for 82.7m shares, raising $4.0m, about 65% take-up. A shortfall of 44.1m shares (about $2.1m at $0.048) may be placed with institutions by 6 December 2024, short of the full $6.09m so far.
3 Sept 2024capital raising announcement● Neutral
Reminder that the 1-for-1.26 entitlement offer at $0.048 closes 5pm Perth time on 6 September 2024 and will not be extended. No new terms or figures.
30 Aug 2024other● Neutral
Finder lodged an updated Securities Trading Policy under Listing Rule 12.10, a governance document on insider trading rules. No operational or financial news; it repeats the 1 August administrative lodgement.
30 Aug 2024security holder rights change● Neutral
5,500,000 IPO-era performance rights held by management and staff vested after the Board found the value targets met, triggered by booking 34 MMbbl net 2C oil in Timor-Leste. Vesting means new shares for staff, a dilution for shareholders (inference).
29 Aug 2024asset acquisition disposition▲ GoodMajor
Finder completed the Timor-Leste deal announced 8 August and now owns 76% of PSC 19-11, with TIMOR GAP holding the rest. Management says this gives 34 MMbbl net discovered oil and makes Finder a developer, aiming for FID and first oil.
28 Aug 2024director officer appointment▲ Good
Mark Robertson, a consultant on the Timor-Leste due diligence with over 35 years' experience, was appointed Chief Operating Officer and Project Director for the Kuda Tasi and Jahal development, which Finder aims to take to final investment decision and first oil.
16 Aug 2024capital raising announcement● Neutral
Offer booklet for the 1-for-1.26 entitlement offer at $0.048 to raise about $6m, closing 6 September 2024. It contains the legal terms for the raising already announced; the extract shows no new figures.
16 Aug 2024capital raising announcement● Neutral
The entitlement offer opened: about 126.9m new shares at $0.048 to raise about $6.09m, closing 6 September 2024. Longreach's voting power could rise to 66.57% if no one else participates. Opens the previously announced raising.
What it means for a shareholder
127m new shares at A$0.048 to raise about A$6.1m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
16 Aug 2024capital raising announcement● Neutral
Cover letter to shareholders from the Chair saying the entitlement offer is open at $0.048, closing 6 September 2024. It repeats known terms and says completion of the Timor-Leste acquisition is expected in August 2024.
8 Aug 2024asset acquisition disposition▲ GoodMajor
Finder agreed to buy a 76% interest and operatorship of PSC 19-11 offshore Timor-Leste from Eni and Inpex: US$2m upfront, up to US$6.5m more on final investment decision, plus a 5% royalty. It holds 45 MMbbl gross 2C contingent oil. A shift from pure explorer toward developer.
8 Aug 2024capital raising announcement● NeutralMajor
Finder launched a non-underwritten 1-for-1.26 entitlement offer at $0.048 per share to raise up to about $6m, mainly to fund the Timor-Leste acquisition and work program. Longreach committed to take up its full entitlement of about $3.2m.
8 Aug 2024other● Neutral
Finder announced a shareholder webinar on 12 August 2024 where CEO Damon Neaves will discuss the Timor-Leste acquisition and the entitlement offer. Administrative notice with no new information.
8 Aug 2024investor presentation● Neutral
Investor presentation on the Timor-Leste PSC 19-11 acquisition and the $6m entitlement offer. The extract shows only the disclaimer; the substance repeats the acquisition and raising announced the same day.
1 Aug 2024other● Neutral
Finder lodged a revised Securities Trading Policy under Listing Rule 12.10. It is a governance document on insider trading rules for directors and staff, with no operational or financial news.
31 July 2024quarterly activities report● Neutral
June 2024 quarter: cash $6.4m, down from $7.5m. P2655 and P2656 awarded, with grant being finalised. Regulators approved removing the AC/P 61 well commitment (Gem prospect), cutting Finder's cost exposure. Multiple datarooms remain open; farmouts targeted this year.
6 May 2024material agreement▲ GoodMajor
Finder won two more licences in the final UK 33rd Round awards: one between P2527 and P2528 near Buzzard (Finder 60% operator, with Dana), and one on the South Halibut Shelf (100%). Acceptance and joint venture terms are still to be finalised.
30 Apr 2024quarterly activities report● Neutral
March 2024 quarter: cash fell to $7.5m from $8.4m. Finder is running datarooms to find farmin partners and hopes to close farmouts this year to fund drilling. Presented at the London BEOS conference; Boaz and Whitsun work continued.
15 Apr 2024investor presentation● Neutral
April 2024 corporate presentation. The extract shows only the disclaimer, with no asset or financial detail, so nothing new can be drawn from it.
27 Mar 2024security holder rights change● Neutral
Notice that 82.5m shares, 10m performance rights, 5,512,500 lead manager options and 1.15m director options leave escrow on 8 April 2024. This resolves the escrow expiry thread; the shares are the large holding of Longreach.
15 Mar 2024half year report● Neutral
Half-year to 31 December 2023: loss of $2.11m (prior period $1.11m), closing cash and term deposits $8.37m. Reports the 50% P2610 award and the surrender of P2502 and P2524, ending the P2524 Phase C decision. BDO is now auditor.
19 Feb 2024regulatory community update▲ GoodMajor
WA-547-P (100% Finder) received a 3-year suspension and extension of its primary term to 4 January 2027, with no additional commitments. The permit holds the Brees, Favre and Brady prospects; Finder still seeks a farmout partner.
31 Jan 2024quarterly activities report● Neutral
December 2023 quarter: cash at bank $8.4m. Recaps the Whitsun (150 MMbbl) and Boaz (748 Bcf gas, 81 MMbbl condensate) estimates and the P2610 award. A Whitsun data room is open to attract a drilling partner. Finder now lists 4 UK licences.
18 Dec 2023resource reserve update▲ GoodMajor
Finder released Boaz estimates for P2610 (Finder 50% operator, Equinor 50%): 748 Bcf gas and 81 MMbbl condensate gross mean prospective, 22% chance of success. Finder says total UK prospective resources have grown four-fold this month. Phase A studies aim to attract a farm-in partner.
7 Dec 2023auditor change● Neutral
ASIC consented to KPMG's resignation as auditor. BDO Audit Pty Ltd, approved at the 29 November 2023 AGM, is now the company's auditor.
7 Dec 2023resource reserve update▲ GoodMajor
Finder booked a Whitsun prospect estimate in P2528 (Finder 60%, Dana 40%): 150 MMbbl gross mean prospective oil, 26% chance of success. It is an analogue to the Buzzard Field. Finder has started a farmout to find a partner to fund drilling.
29 Nov 2023investor presentation● Neutral
Managing Director's AGM presentation. The extract shows only the disclaimer and the company's stated focus on farmouts across its portfolio; no new results or figures can be drawn from it.
29 Nov 2023other● Neutral
Chair's AGM address. She cites the Boaz licence award, the Dana partnership and the Equinor-partnered P2610, and expects more deal flow and portfolio additions in the new year. Says cash was preserved. No new figures.
2 Nov 2023material agreement▲ GoodMajor
Finder won a priority licence (blocks 16/8b and 16/13c) in the UK 33rd Licensing Round, bid with Equinor, with Finder as operator. It holds the Boaz gas/condensate prospect. Acceptance and joint venture terms are still to be finalised in coming weeks.
30 Oct 2023quarterly activities report● Neutral
September 2023 quarter: cash at bank $9.0m, down from $9.5m. Reprocessing lifted the Whitsun prospect in P2528, an analogue to the Buzzard Field, with resource estimates due in December quarter. P2530 moves into Phase B on 30 November 2023 with minimal commitments.
