29 Sept 2023annual report● Neutral
Appendix 4G corporate governance checklist for the year to 30 June 2023, approved 18 September 2023, 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.
29 Sept 2023annual report● Neutral
2023 annual report. The chair says management has focused on preserving cash, keeping a tight capital structure and securing permit extensions, and calls the coming year potentially defining. The extract shows no new farmout, and the financial figures are not in the text provided.
12 Sept 2023agm notice● Neutral
The 2023 AGM is set for 29 November 2023, with director nominations closing 11 October 2023. Administrative notice only.
7 Sept 2023investor presentation● Neutral
September 2023 corporate presentation. The extract shows only the disclaimer and no asset or financial detail, so nothing new can be drawn from it.
28 July 2023quarterly activities report● Neutral
June 2023 quarter: cash at bank $9.5m. The P2530 resource upgrade and the AC/P 61 move to 100% are recapped, and farmout processes continue. P2524 Phase A expires toward year end, so the joint venture must decide whether to proceed, surrender or extend.
27 June 2023resource reserve update▲ GoodMajor
Big Bird 3D reprocessing of P2530 (Finder 60%, Dana 40%) identified the Wagtail oil discovery (19 MMbbl gross 2C contingent, 57% chance of success) and the Bancroft (32 MMbbl) and Marsh (23 MMbbl) prospects. Resolves the pending resource update; a farmout to fund drilling is planned.
28 Apr 2023quarterly activities report● Neutral
March 2023 quarter: cash at bank $10.2m. Finder reports the AC/P 61 increase to 100%, near-complete P2530 prospect mapping with a resource announcement expected in Q2, and several farmout processes running at once. No new results.
16 Mar 2023asset acquisition disposition▲ GoodMajor
Finder agreed to buy Fugro's 50% of AC/P 61, lifting its interest in the Gem prospect permit to 100%. Payment is a 1.5% royalty on future production, with Longreach's existing royalty bringing the total to 3%. Drilling still needs a farm-in partner. Subject to regulatory approvals.
15 Mar 2023half year report● Neutral
Half-year to 31 Dec 2022: loss of $1.11m (prior period $2.70m loss), closing cash and term deposits $10.5m. Finder repeats that the Dana farmouts extended its cash runway by more than 12 months. No new commercial news.
30 Jan 2023quarterly activities report● Neutral
December 2022 quarter: cash at bank $10.5m, with the $2.3m Dana farmout completed. Finder says the quarter was cash flow positive. Interpretation of the Big Buzz and Big Bird data continues ahead of secondary UK farmouts; farmout work continues across the portfolio.
3 Jan 2023security holder rights change● Neutral
2,750,000 IPO-era performance rights (about 1.7% of capital) vested after the board and an independent expert found value targets met, citing farmouts since listing. Another 3,625,000 rights were issued, vesting at share prices of $0.27, $0.30 and $0.35.
24 Nov 2022investor presentation● Neutral
Managing Director's AGM presentation, 24 November 2022. The extract shows only the cover letter and disclaimer and no asset or financial detail, so nothing new can be drawn from it.
24 Nov 2022other● Neutral
Chair's address at the first AGM. It calls Kanga a dry hole with limited financial exposure, and cites the three Dana farmouts and $2.3m banked. Says the rest of the portfolio is being marketed for drilling funding. Nothing new.
23 Nov 2022investor presentation● Neutral
JP equity presentation, November 2022. The extract shows only the disclaimer and no asset or financial detail, so nothing new can be drawn from it.
22 Nov 2022farm in farm out completion▲ Good
The Dana farmouts of P2527, P2528 and P2530 have completed. £1.3m (A$2.3m) is now payable to Finder, which keeps 60% and operatorship of all three licences. This resolves the deals announced on 8 November.
21 Nov 2022resource reserve update▲ GoodMajor
Maiden prospective resource for P2524 in the UK North Sea, where Finder holds 40% (Harbour Energy 60%). Barracuda prospect has 67 MMboe gross mean at 31% chance of success; Amberjack and Trevally are lower-risk tie-back targets. Figures are Finder's own; Harbour's evaluation is ongoing.
16 Nov 2022investor presentation● Neutral
November 2022 roadshow presentation. The extract shows only the disclaimer and no asset or financial detail, so nothing new can be drawn from it.
14 Nov 2022listing compliance notice● Neutral
Responding to an ASX aware query, Finder said the Dana farmout talks were non-binding and confidential until the counterparty's approvals arrived on 7 Nov, so it had not disclosed them at the 2 Nov price query. It confirms the deals were material once signed.
8 Nov 2022farm in farm out agreement▲ GoodMajor
Finder signed farmouts giving Dana Petroleum 40% of UK North Sea licences P2527, P2528 and P2530, keeping 60% and operatorship. Finder gets £1.3m (A$2.3m) on completion plus Dana's share of work costs, extending its cash runway by over 12 months. Subject to regulatory approvals.
2 Nov 2022price query● Neutral
After the share price rose from $0.094 to an intra-day $0.15 on heavy volume, Finder told ASX it knew of no unannounced information explaining the trading. Six days later it announced three Dana farmouts (see later ASX aware query response).
28 Oct 2022quarterly activities report● Neutral
September 2022 quarter: cash at bank $10 million, down from the $15m IPO. Farmouts of Gem (AC/P 61, 50%) and other prospects remain the focus; two UK seismic reprocessing projects were completed. WA-520-P surrender documents were submitted.
17 Oct 2022investor presentation● Neutral
October 2022 corporate presentation. The extract shows only the disclaimer and no asset or financial detail, so nothing new can be drawn from it.
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.
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.
29 July 2022quarterly activities report● Neutral
June 2022 quarterly recaps the IPO, the dry Kanga-1 well and the P2527 acquisition. Finder says it is funded for planned activities and commitments over the next 18 months and is focused on farming out Gem (AC/P 61, 50%) and WA-547-P (100%) prospects.
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.