30 Sept 2022annual report● Neutral
Corporate governance checklist for the year to 30 June 2022, approved 27 September 2022, pointing to the full statement on the company website. Administrative filing with no commercial news.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
30 Sept 2022annual report● Neutral
First annual report since listing. The Chair says Kanga-1 was technically unsuccessful but cost was limited by the farm-out carry, results match budget, and cash covers commitments for the coming year. Strategy remains farming out Gem (137 mmbbl gross Best Case) and North Sea prospects.
2 Sept 2022investor presentation▲ Good
Finder says new studies upgrade the Gem prospect in AC/P 61 (50% interest), citing a success rate above 60% on valid traps among 50+ nearby wells. It is presenting Gem in London to attract a farm-in partner. Claims are the company's own; no farm-out yet.
27 May 2022drilling result▼ BadMajor
Kanga-1 reached 3,400 m and found no commercial hydrocarbons, so it will be plugged and abandoned. This ends the 170 mmbbl prospect Finder promoted at listing. Finder's loss was capped at US$0.94m, and it says it remains fully funded and will now pursue farm-outs.
23 May 2022drilling progress report● Neutral
Kanga-1 is on schedule at 3,180 m, just above the main Legendre sandstone target, and is installing casing before the final section. Finder will not update again until preliminary results are known.
16 May 2022drilling progress report● Neutral
Kanga-1 drilled the intermediate section to 2,075 m and the casing has been run. The 12¼-inch section is next, then the final section through the reservoir target to about 3,300 m. No result yet.
10 May 2022drilling spud● Neutral
Kanga-1 has been spudded; the surface hole was drilled to 228.6 m and the conductor cemented. Drilling was at 350 m. Routine progress on the well first announced in April, with the main reservoir target around 3,200 m.
5 May 2022drilling progress report● Neutral
The Ocean Apex rig reached the Kanga-1 site and drilling was due to begin within days. Target is 170 mmbbl gross Best Case at 36% chance of success; Finder's cost stays capped at US$0.94m. Results expected late May or early June.
26 Apr 2022asset acquisition disposition▲ GoodMajor
Finder agreed to acquire 100% of UK North Sea licence P2527 (White Bear prospect) from Talon Energy, next to its P2528 licence. No upfront payment; Talon gets 12.5% of gross income, converting to a 3% production royalty. Conditional on regulatory approvals.
14 Apr 2022drilling scheduled▲ GoodMajor
Kanga-1 in WA-412-P is set to spud early May 2022, with approvals in place and a result due in June. Finder's capped cost fell 25% to US$0.94m, keeping its 15% interest. Best Case prospective resource is 170 mmbbl gross, over 25 mmbbl net.
8 Apr 2022investor presentation● Neutral
Corporate presentation dated 6 April 2022, released as Finder lists. The extract contains only the disclaimer and no asset or financial detail, so nothing new can be drawn from it.
6 Apr 2022capital raising announcement▲ GoodMajor
Finder Energy Holdings was admitted to the ASX on 6 April 2022, with trading starting 8 April. Its IPO raised $15 million by issuing 75 million shares at $0.20 each, giving a 157.5 million share base.
What it means for a shareholder
75.0m new shares at A$0.200 to raise about A$15.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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6 Apr 2022annual report● Neutral
Audited accounts for Finder Energy Pty Ltd for the year to 30 June 2021, with a KPMG opinion that they present fairly. Historical pre-listing financials filed as a listing document; no figures in the extract.
6 Apr 2022annual report● Neutral
Audited accounts for Finder Energy Pty Ltd for the year to 30 June 2020, with a KPMG opinion that they present fairly. Historical pre-listing financials filed as a listing document; no figures in the extract.
6 Apr 2022half year report● Neutral
KPMG review report on the half-year accounts to 31 December 2021 for Finder Operations Pty Ltd, prepared for the IPO. The review found nothing to suggest the accounts were wrong. No figures in the extract.
6 Apr 2022other● Neutral
Company constitution released as a listing document. It sets out standard rules on shares, meetings, directors and dividends, including a proportional takeover approval rule. No new commercial information.
6 Apr 2022other● Neutral
Shareholder distribution schedule as at 4 April 2022 shows 467 holders of 157.5 million shares. Holders with more than 100,000 shares own 89.67% of the company. Administrative listing requirement.
6 Apr 2022other● Neutral
Securities trading policy adopted 16 February 2022, limiting when directors and senior staff may trade, including blackout periods around results and the AGM. Standard governance document with no commercial news.
6 Apr 2022other● Neutral
IPO prospectus released for the offer of up to 75 million shares at $0.20 to raise $15 million, plus performance rights and options for directors and staff. Restates the already-announced raise; the extract gives no further asset detail.
6 Apr 2022security holder rights change● Neutral
Finder confirmed the pre-IPO restructure is complete, including 82.5 million shares issued to Longreach. It also confirmed the 75 million IPO shares and 16.5 million performance rights, 5.5 million lead manager options and 1.15 million director options, with 24-month escrow on key securities.
6 Apr 2022remuneration report● Neutral
Terms of the Employee Equity Incentive Plan, dated 16 February 2022, under which shares, options and performance rights can be offered to eligible staff. Governance document; no new issue is described in the extract.
6 Apr 2022other● Neutral
Listing application form lodged with ASX (dated 25 February 2022) for quotation of up to 157.5 million shares. It names the board, with Bronwyn Barnes as chair and Damon Neaves as CEO, and KPMG as auditor. Administrative; no new substance.
6 Apr 2022other● Neutral
Top 20 holders as at 4 April 2022: Longreach Capital Investment holds 82.5 million shares (52.38%), and the top 20 together hold 74.78%. Longreach is the controlling shareholder. Administrative listing disclosure.