Past year: ▲ 88%(15.5c – 32.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
8 Sept 2009farm in farm out agreement▲ Good
Future Corporation Australia (ASX: FUT), the counterparty, announces a conditional Heads of Agreement to farm into European Gas's Gardanne project (70%), with options on Saint Etienne and Tuscany. This is the same deal European Gas announced; it adds Gardanne gas in place of 105 PJ and drilling from Feb/Mar 2010.
2 Sept 2009director officer appointment● Neutral
Julien Moulin (Maoming Investment Manager), Rod Bresnehan (reservoir engineer) and Sebastian Hempel (corporate lawyer) join as non-executive directors. Executive director Alan Flavelle, a director since July 2000, resigns from the board and plans to retire as an executive at the November 2009 AGM.
19 Aug 2009drilling scheduled▲ GoodMajor
European Gas plans to resume Folschviller 2 production testing at Lorraine from October 2009, then drill at Jura and Gazonor, with seismic at Lorraine. It cites the A$10m finance facility. Results so far show the coals are tight, as anticipated. Text is truncated.
17 Aug 2009capital raising announcement● NeutralMajor
The company secured an A$10m equity line of credit with Yorkville Advisors. It may issue shares over 60 months at prices tied to the market price, with a 4% commission on each advance. Drawdowns would dilute holders. Cash was €2.3m at June.
3 Aug 2009material agreement▲ GoodMajor
The company signed a preliminary Heads of Agreement with Verdesis, a subsidiary of EDF Energies Nouvelles, giving exclusivity to November 2009 to seek a deal for electricity generation at Gazonor's Avion, Divion and Désirée sites. No commercial arrangement is guaranteed. It follows the June electricity study.
6 July 2009price query● Neutral
ASX queried the rise in the share price from 11 cents on 29 June to a high of 18.5 cents on 3 July, with higher trading volume. It asked whether the company has undisclosed information. This is only the query; the reply is not included.
26 June 2009security holder rights change● Neutral
1.5m unlisted employee options lapsed under their terms, leaving 9.5m unlisted options on issue. They have exercise prices of $1.50 and $2.50 and expire between 2010 and 2012. Administrative only.
24 June 2009resource reserve update▲ GoodMajor
A pre-feasibility study on electricity generation at four Gazonor sites finds a base case of up to 20 MW with capital cost of €16.5m. It puts NPV at €67.9m to €106.9m. The project depends on securing an electricity feed-in tariff, and third-party talks are in progress.
16 Mar 2009half year report▼ Bad
Half-year to 31 December 2008 shows a loss of €3,483,245, against €895,755 a year earlier. Directors judged no asset write-down necessary. Gazonor permits now total 767 km2 including the extension. The text is truncated.
4 Mar 2009resource reserve update▲ GoodMajor
Initial contingent resources of 3,552 PJ (95 Bm3) are added for the new Poissonniere Extension permit. Total Gazonor contingent resources rise 70% to 8,642 PJ (231 Bm3), up from 5,090 PJ. This delivers the resource estimate promised when the permit was granted.
28 Jan 2009director officer appointment● Neutral
Mike Atkinson, a former chairman of British Coal Corporation, and Gauthier De Potter, an executive director of Transcor Astra, are appointed non-executive directors. Transcor Astra is the company's convertible note holder and Benelux partner. Neither holds any securities. The board returns to five members.
27 Jan 2009regulatory community update▲ GoodMajor
The French government granted the 188 km2 Poissonniere Extension production permit, valid to December 2017 and renewable. It sits next to Gazonor and lifts the company's production permit area there by 33%. This resolves the earlier application; a resource estimate is under way.
23 Dec 2008production update▲ Good
Gazonor is running to budget, with December sales prices averaging €29.00/MWh and Avion output at 1,400 MWh a day after network expansion. A cost reduction program is under way, and joint venture talks have begun on exploration projects. March quarter prices are expected to fall to about €22.50.
28 Nov 2008director officer appointment● Neutral
Nick Farr-Jones resigns as director about ten weeks after joining, so two resolutions were not considered. The chairman cites financial market movements and possible future board expansion in Europe. Flavelle's re-election passed on a poll of 42.5m to 32.4m votes.
21 Nov 2008investor presentation● Neutral
AGM presentation restates 8,990 PJ of contingent resources, Gazonor reserves and the permit portfolio of 10,551 km2. It compares the company's valuation with Australian coal seam gas peers. It lists Lorraine production testing and certification as near-term drivers; little is new.
11 Nov 2008other● Neutral
Oil Basins Limited reports settling its disputes with ARC Energy and updates its Backreef Area interests. European Gas appears only as holder of a 3% royalty over the Backreef Area. Not a European Gas announcement; little substance for it.
24 Oct 2008annual report● Neutral
The 2008 annual report restates the year's highlights: the €26.2m Gazonor purchase, €36.4m convertible notes, and contingent resources of 8,990 PJ. Farr-Jones is listed as director. Text is truncated, and little is new beyond earlier announcements.
14 Oct 2008resource reserve update▲ GoodMajor
Lorraine Sud adds 1,890 PJ (50 Bm3) of contingent resources, lifting the Lorraine Project total to 3,900 PJ (104 Bm3), almost double the 8 October figure. Lorraine Nord is excluded; MBA certification is still pending.
8 Oct 2008resource reserve update▲ GoodMajor
Lorraine coal bed methane contingent resources are set at 2,010 PJ (54 Bm3), a 92% rise over the earlier 28.1 Bm3 gas-in-place estimate. It covers 260 km2 of the permit. This completes the Lorraine re-assessment; MBA certification is due in the December quarter.
7 Oct 2008resource reserve update▲ GoodMajor
Initial coal bed methane contingent resources at Gazonor of 5,090 PJ (136 Bm3) are added, alongside the existing 140 PJ 2P reserves. This resolves the open CBM resource calculation; MBA Petroleum Consultants are to certify in the December quarter.
6 Oct 2008well test result● Neutral
Folschviller 2 testing continues: the upper lateral is on pump test, showing good connection to the coal but, as expected, low permeability. Gas flow rates are not yet measured; lower lateral testing, including a fractured zone, is planned for October.
30 Sept 2008annual report▼ Bad
Full-year accounts to 30 June 2008 show a consolidated loss of €3,756,513, versus €1,171,601 the year before. This was the first year of Gazonor coal mine methane production. The directors' report notes no material subsequent events. (Text truncated.)
18 Sept 2008director officer appointment● Neutral
Nicholas Farr-Jones, a lawyer with Société Générale commodities and mining finance background, is appointed non-executive director from 17 September 2008. He holds no securities in the company at appointment.
20 Aug 2008director officer appointment● Neutral
Four senior hires announced: a Lorraine project manager, a senior technical consultant (Rod Bresnehan), a Gazonor operations engineer and an investor relations manager. This adds to the French team, which the company has been expanding. No director-level change.
14 Aug 2008drilling result● Neutral
Drilling of Folschviller 2 at Lorraine finished with two laterals and two sidetracks, 433m of coal and 367m of gassy sediments. A third lateral hit mechanical difficulties, so extra laterals or stimulation are deferred; production testing is being set up. No flow rates yet.
25 July 2008investor presentation● Neutral
July 2008 presentation shows a share price of A$0.60 (A$150m market value) and restates the Gazonor reserves. It lists a Lorraine resource re-assessment for Sept-Oct 2008 and an expanded 10-well program from late 2008. Drilling is subject to finance and rig availability.
24 July 2008resource reserve update▲ GoodMajor
Gazonor 1P reserves rise 50% to 49 PJ, with inaugural 2P of 140 PJ and 3P of 380 PJ, estimated by DMT on existing facilities only. This upgrades the 865 Mm3 1P figure held since the acquisition; coal bed methane resource work continues.
21 July 2008drilling progress report▲ Good
First Folschviller 2 lateral completed, drilling 215m of coal and gassy sediments in the Marie-Maurice-Noirel seam, with high gas readings. The company says drilling risk is reduced. Up to four more laterals follow, then production testing; no flow rates are yet reported.
3 July 2008other● Neutral
Oil Basins Limited announces drilling protocols agreed with Arc Energy for its Backreef-1 well in the Canning Basin. European Gas appears only as holder of a 3% royalty on the permit. Not a European Gas announcement and little substance for it.
17 June 2008drilling spud▲ GoodMajor
Folschviller 2 appraisal well at Lorraine is spudded, planned to 1,400m measured depth with up to five 250m laterals to test three coal packets. It is expected to take about 60 days. It tests gas flow from coal, the next step after the 2006-07 coring and the 28.1 Bm3 gas-in-place estimate.
