Past year: ▲ 88%(15.5c – 32.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
1 May 2012security holder rights change● Neutral
6m unlisted director incentive options, exercisable at 50c and expiring 31 Dec 2012, were issued on 1 May 2012 after shareholders approved them at the November 2011 AGM. Shares on issue stay at 297,272,505.
30 Apr 2012quarterly activities report● Neutral
March quarter Appendix 5B: cash fell to €6.967m from €7.989m after €994k of operating outflow. Planned spend next quarter is €1.5m. Shares on issue remain 297.27m; unlisted options fall to 41m.
30 Apr 2012quarterly activities report● Neutral
March quarter: Folschviller-2 testing was delayed by a broken pump rod but is producing gas and water with gas rates rising. 3D modelling is complete and drilling sites are being permitted; the French Petroleum Institute is auditing resources. Financing for a larger drilling program is still being sought.
16 Mar 2012half year report▼ Bad
Half-year to 31 December 2011 shows a loss of €4.061m, including write-offs of €2.419m of exploration costs and €1.078m of equipment. Folschviller-2 is in a second test phase. Nord-Pas de Calais earn-in terms are restated. Text truncated.
31 Jan 2012quarterly activities report● Neutral
December quarter Appendix 5B: cash fell to €7.989m from €8.518m after €1.258m operating outflow. Planned spend next quarter is €1.5m. Shares on issue remain 297.27m; the 1.5m director options at $0.35 expired.
31 Jan 2012quarterly activities report● Neutral
December quarter: the Folschviller-2 test is ongoing, with coals dewatered and a first stable gas flow the company calls encouraging, though the test setup needed modifying and final results are delayed. NSAI engaged to certify resources. A larger work program needs extra funding, being evaluated. Text truncated.
29 Nov 2011agm notice● Neutral
All three resolutions passed at the 28 November 2011 AGM: the remuneration report, re-election of Rod Bresnehan, and approval to issue incentive options. The options resolution drew about 28m votes against. Administrative.
1 Nov 2011quarterly activities report● Neutral
September quarter Appendix 5B: cash fell to €8.518m from €9.993m, with €1.847m of operating outflow and €372k of financing inflow. Planned spend next quarter is €1.8m. Shares on issue remain 297.27m.
1 Nov 2011quarterly activities report● Neutral
September quarter: Folschviller-2 pump was swapped and testing restarted, with a re-entry to drill a third coal seam under assessment. Permits were confirmed valid. Tight gas and oil opportunities in Turkey, plus German and Belgian coal bed methane ventures, are being pursued. Text truncated.
27 Oct 2011annual report● Neutral
The 2011 annual report says the company is debt free and funded, with Folschviller-2 being tested and a re-entry to drill a new coal seam under evaluation. It says it is pursuing projects in Germany and Turkey to move beyond a single-country, single-play company. Text truncated.
17 Oct 2011regulatory community update▲ Good
France published a list of permits cancelled under the fracking ban; they belonged to Total, Devon and Schuepbach, and none were European Gas's. The company says the ministries confirmed all its French permits remain valid. This resolves the fracking-law uncertainty flagged in May.
10 Oct 2011drilling progress report● Neutral
Production testing has restarted on Folschviller-2, France's first horizontal coal bed methane well, after a workover to isolate the bottom drain and change the pump. Dewatering then gas flow testing will run over the next few weeks. Results are still to come; the company says its plans are unaffected by the fracking ban.
5 Oct 2011director officer appointment▲ Good
Johannes Niemetz joins as Chief Operating Officer and Chief Financial Officer, and Dr Chris Cornelius, a co-founder of Cuadrilla, as unconventional oil and gas adviser. The company says it is moving from French CBM toward a wider European unconventional portfolio.
3 Oct 2011annual report● Neutral
Annual financial report for the year to 30 June 2011 recaps the Transcor restructuring, the loan conversion and the placement; 30,217,146 placement shares had been issued by year end, raising A$13.5m. Lorraine, Jura and Gardanne are 100% held. Text truncated.
25 Aug 2011director officer appointment▲ GoodMajor
Frederic Briens is appointed CEO from 1 September 2011, filling the role vacant since Cockcroft resigned in April. He is a former BPZ Resources operating and strategy chief. This resolves the replacement CEO search.
12 Aug 2011drilling scheduled▲ GoodMajor
A long-term production test of the Folschviller 2 upper lateral is due to start around 5 September 2011, initially for three months. A 4-well exploration drilling program is expected from Q2 2012, with a CBM pilot project targeted for 2013. This follows the earlier planned test.
1 Aug 2011quarterly activities report● Neutral
Appendix 5B for June quarter: cash rose to €9.879m from €2.015m, helped by €9.9m of share issue proceeds. Operating and investing outflow was €1.41m. Planned spend next quarter is €1.78m. Shares on issue are 296.2m.
1 Aug 2011quarterly activities report● Neutral
June quarter: trading resumed 7 June, net cash is €9.87m (A$13.41m), company says it is debt free, and the share price was A$0.39. Work covers Sud Midi mapping and planning for seismic and a Folschviller 2 long-term test. Text truncated.
6 June 2011investor presentation▲ Good
Chairman's letter says the restructuring is finished, the debt of over €40m is gone and more than A$16m is available. Plans: convert Lorraine contingent resources to reserves, lift Nord-Pas de Calais output, rank Jura targets and seek new projects. Largely repeats known facts.
6 June 2011listing compliance notice▲ GoodMajor
ASX says the trading suspension on European Gas shares will be lifted before trading begins on 7 June 2011. This closes the suspension open since November 2010.
6 June 2011listing compliance notice▲ Good
Company asks for the suspension, in place since 24 November 2010, to be lifted, saying the note restructure and A$15m placement are complete and activities are funded. Includes a top-20 shareholder list; the largest holders are institutional nominees.
2 June 2011capital raising announcement▲ GoodMajor
EGL completed an A$15m placement of 33,372,752 shares at 45c to international institutions, a 10% discount to the 50c recent deals. Management says this funds the exploration program for 12 months and leaves capital for new projects. A request to lift the suspension will follow.
What it means for a shareholder
33.4m new shares at A$0.450 to raise about A$15.0m. That's 41% dilution: every existing holder's slice gets 41% smaller. If you held A$1,000 of shares (2,222 at the issue price), your slice goes from 0.00458% to 0.00271% of the company. To keep it you'd need 1,529 more shares - about A$688 at the issue price.
Create a free account to see this worked out for your own holding.
31 May 2011regulatory community update▲ Good
The company says France's new law restricting hydraulic fracking will not affect its exploration, as it uses vertical and lateral drilling without fracking. The law is likely to affect shale licences held by others. This is management's view only.
31 May 2011capital raising announcement● Neutral
The A$2.5m Ocean Dome loan is settled in full with 5m shares at 50c and 6m options at 50c expiring 30 April 2012. A roughly A$15m placement at 45c is being finalised. Shares on issue reach 265,944,359.
30 May 2011material agreement▲ GoodMajor
Production sharing agreement, effective 5 May 2011, gives EGL a 70% share of increased revenue from the Poissonnière and Désirée permits (766 km2) after it spends €1m over two years. Gazonor stays operator. This is the final piece of the Transcor restructuring terms.
27 May 2011farm in farm out agreement▲ GoodMajor
Farmout agreements let EGL earn 70% of the Valenciennois (432 km2) and Sud-Midi (929 km2) permits in northern France by spending €2.795m over about two years. EGL operates now. This follows the Transcor restructuring; the permits are held by Gazonor.
10 May 2011capital raising announcement● Neutral
Appendix 3B for 22m shares at A$0.50 to Transcor, issued as consideration for the Gazonor and Benelux disposals and note discharge, plus 20m options expiring 5 May 2012. Shares on issue become 260,944,359; Transcor holdings are escrowed six months.
6 May 2011business combination● NeutralMajor
Transcor notes fully retired on 5 May 2011. Transcor takes 100% of Gazonor and EGL's 50% of the Benelux JV, subscribes 22m shares at A$0.50 and gets a 20m 50c option. EGL keeps 70% farm-in and production-sharing rights. Shares stay suspended.
2 May 2011debt default or forbearance● Neutral
Maturity and end date for the Transcor notes are extended again to 14 May 2011. The parties intend to sign definitive agreements by 6 May, subject to conditions including government approvals.
2 May 2011quarterly activities report● Neutral
March quarter: Gazonor sale to Transcor is being finalised, with EGL keeping 70% of exploitation rights via production sharing and farm-ins over 2,128 km2. Lorraine's next drilling phase awaits refinancing. Canning royalties were €13,326 for nine months. Text truncated.
