Past year: ▲ 88%(15.5c – 32.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
18 Apr 2008security holder rights change● Neutral
7,000,000 unlisted options issued for nil cash: 3,000,000 to employees and 4,000,000 to consultants for advisory work. Half are exercisable at A$1.50 (expiring April 2010) and half at A$2.50 (expiring April 2012). This adds to potential dilution.
7 Apr 2008investor presentation● Neutral
April 2008 analyst presentation at Gazonor shows a share price of A$0.75, down from A$0.82 in November. It restates the Gazonor, notes and project details. It notes the Divion site is shut in over a pricing dispute, and that Total Gas & Power takes Avion gas until Feb 2010.
3 Apr 2008security holder rights change● Neutral
FIRB raises no objection to the €36.375m convertible notes issued to Transcor, which could take it above 15% on conversion. This clears the second tranche for conversion, resolving a condition left open after shareholder approval on 15 February 2008.
2 Apr 2008joint venture update▲ GoodMajor
European Gas agrees a Benelux joint venture with Transcor Astra Group, 50/50 and operated by European Gas, to explore for coal bed methane, coal mine methane and conventional oil and gas in Belgium, Netherlands and Luxembourg. Transcor is already the convertible note holder.
13 Mar 2008half year report● Neutral
Half-year to 31 December 2007 loss was $1,454,416 (prior year $1,095,880). The report restates the Gazonor purchase for €26.2m and its 865 Mm3 1P reserves. No asset write-downs were considered necessary.
18 Feb 2008director officer appointment▲ Good
Thierry Suvaal, formerly of the BP group, is appointed Chief Financial Officer in Paris. Fabrice Toussaint, formerly of Woodside and Schlumberger, is appointed Operations Manager. Both are senior hires, not board changes.
18 Jan 2008director officer appointment● Neutral
Mark Pitts replaces Craig Ferrier, who retired after six years, as Company Secretary. Mr Pitts is a chartered accountant and partner at Endeavour Corporate. Administrative change.
2 Jan 2008asset acquisition disposition▲ GoodMajor
Gazonor purchase completed on 28 December 2007 for €26.2m (A$43.7m), taking the company into production of about 40 Mm3 of methane a year. The €36.375m convertible notes (5%, convertible at €0.75) were funded by Transcor Astra. 1P reserves are 865 Mm3.
30 Nov 2007investor presentation● Neutral
AGM presentation shows 199,155,662 shares, a price of A$0.82 and a market value of A$163m. It restates the company's history, Lorraine resource of 28.1 Bm3 and permit portfolio. Gazonor completion is still pending. Largely repeats known facts.
31 Oct 2007resource reserve update▲ GoodMajor
First Gas in Place estimate for the 100%-owned Gardanne project is 2,803 Mm3 (99.1 Bcf), calculated by DMT over about 40 km2. No permeability has been measured. Appraisal drilling is being planned for 2008, resolving the pending reservoir study.
23 Oct 2007annual report● Neutral
Printed version of the 2007 Annual Report, repeating the earlier release: a loss of $1,950,156 for the year to 30 June 2007. Re-release with no new information.
3 Oct 2007other● Neutral
Greenpower Energy extends its offer closing date to 22 October 2007 because of postal delays. European Gas and Planet Gas are named as holders eligible for priority allocations. It is not a European Gas announcement and carries no substance for its own business.
1 Oct 2007annual report● Neutral
Year to 30 June 2007 consolidated loss was $1,950,156 (2006: $689,299). The chairman's report calls it a highly successful year, citing Lorraine results and the Lorraine Sud and Lons le Saunier permits. No dividend.
14 Aug 2007asset acquisition disposition▲ GoodMajor
European Gas wins the tender to buy 100% of Gazonor S.A., a French coal mine methane producer, from a Charbonnages de France subsidiary for €26.2m (about A$42m). Completion is expected November 2007, subject to approvals. This is the asset the €36.375m convertible note funding was waiting on.
30 July 2007asset acquisition disposition▲ GoodMajor
The French Government grants the Lons le Saunier permit, covering 3,740 km2 of the Jura Basin, for five years. Targets are coal bed methane, conventional gas and oil. This resolves the pending application and adds a new permit area.
26 July 2007auditor change● Neutral
PKF is appointed auditor, replacing Bentleys MRI Perth, with ASIC approval and immediate effect. The company says this reflects its growing European business. Shareholders will be asked to ratify it at the November 2007 AGM.
2 July 2007debt financing▲ GoodMajor
European Gas agrees funding of €36.375m (about A$58m) via 3-year convertible notes at 5%, convertible at €0.75 (about A$1.20) into 48.5m shares. Notes are issued only if it buys European gas production assets, which are unnamed and not yet bid for.
8 May 2007business combination▲ GoodMajor
Through compulsory acquisition, European Gas issues 1,820,214 shares for the remaining Heritage shares, so Heritage is now a wholly owned subsidiary. A total of 31,509,298 new shares were issued for the offer. European Gas now holds 100% of Heritage's 25% Lorraine interest.
1 May 2007capital raising announcement● Neutral
A further 27,500 shares are issued to Heritage holders, taking the total to 29,686,059 shares (94.21% of Heritage). Compulsory acquisition is still expected in May. Routine takeover settlement.
24 Apr 2007capital raising announcement● Neutral
A further 41,112 shares are issued to Heritage holders, taking the total to 29,658,559 shares (94.13% of Heritage). Compulsory acquisition is still expected in May. Routine takeover settlement.
18 Apr 2007drilling result▲ GoodMajor
Diebling St1 is completed at 1,423m with 41.1m of net coal. Average gas content of 12.7 m3/t is 27% above the figure used in the resource estimate. A two-well production test is planned for mid-2007, plus seismic surveys.
18 Apr 2007capital raising announcement● Neutral
A further 2,750 shares are issued to Heritage holders, taking the total to 29,617,447 shares (94% of Heritage). Compulsory acquisition is still expected in May. Routine settlement of takeover consideration.
5 Apr 2007capital raising announcement● Neutral
A further 1,548,871 shares are issued to Heritage holders, taking consideration shares to 29,614,697, covering 94% of Heritage. Statutory compulsory acquisition notices have been sent to holders yet to accept, with completion expected in May.
16 Mar 2007half year report● Neutral
Half-year loss to 31 December 2006 was $1,287,851 (prior year $285,041), including $2,191,043 of non-cash charges. The report repeats Folschviller St1 results and the Heritage offer. Directors saw no need to write down asset values.
21 Feb 2007drilling progress report▲ Good
Diebling St1 is at 1,320m with at least 31.5m of net coal, including 13.8m in Veine H. Average gas content of 13.3 m3/t is about 33% above the 10.0 m3/t used in the resource estimate, which the company says is likely conservative.
20 Feb 2007capital raising announcement● Neutral
European Gas issues a further 1,675,040 shares and 1,546,769 unlisted options to Heritage holders who accepted the offer. This is takeover consideration, not a cash raising.
14 Feb 2007business combination▲ GoodMajor
Heritage acceptances pass 90%, reaching 91.6% by 13 February. European Gas intends to compulsorily acquire the remaining Heritage shares on the same terms. Heritage had already withdrawn from PLUS Markets on 9 February.
2 Feb 2007business combination▲ Good
The Heritage offer becomes unconditional in all respects after 26,390,786 new European Gas shares were admitted to ASX on 2 February. Acceptances stand at 85.9% (86.9% with irrevocables); the offer stays open to at least 13 February.
1 Feb 2007capital raising announcement● Neutral
European Gas issues 26,390,786 new shares to Heritage holders who accepted by 30 January. Further issues will be announced as more acceptances come in. This is the share consideration for the takeover, not a cash raising.
1 Feb 2007business combination▲ GoodMajor
The Heritage offer is declared unconditional with 84.1% accepted, or 86.9% including irrevocables. European Gas waived its 90% minimum. Heritage holders can still accept until 13 February, and Heritage will be delisted from PLUS Markets. Resolves the takeover conditions, with the ASX admission of new shares as the last step.
