6 Apr 2011director officer appointment▼ BadMajor
Peter Cockcroft resigned immediately as CEO and Managing Director for personal reasons, about nine months after joining. He will advise the board, and a search for a replacement CEO begins.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
31 Mar 2011debt default or forbearance● Neutral
Under the restructuring framework, the notes' maturity and end date are automatically extended 30 days to 30 April 2011 to finish definitive agreements. Directors report reasonable progress; suspension continues pending completion and a funding plan.
31 Mar 2011debt financing● Neutral
Lender of the A$2.5m interest-free loan extends repayment to 31 May 2011 and agrees to convert it to equity: 5m shares at 50c plus 5m options, or 6m options if later. Extra shares and options are due if a raising prices below 45c.
28 Mar 2011agm notice▲ Good
At the 28 March 2011 general meeting, all resolutions passed on a show of hands, including the Gazonor disposal, up to 100m share issue, option plan renewal and the new auditor. This clears the Transcor restructuring for shareholders.
17 Mar 2011half year report▼ Bad
Half-year to 31 December 2010 loss was €4.294m, against €3.941m a year earlier. Directors judged no asset write-downs necessary. Gazonor sales were 151,782 MWh over the half; the MHA Lorraine study was completed in early 2011. Text truncated.
16 Mar 2011admin correction● Neutral
Registered office in Perth moves to Mt Pleasant, WA, and a French corporate office is listed at Freyming-Merlebach. Administrative only.
7 Feb 2011debt financing● NeutralMajor
Agreement with Transcor to repay the €36.375m notes by transferring Gazonor to Transcor, issuing 22m shares (15m against the notes, 7m at A$0.50), granting a 20m-share option at 50c and a Benelux JV option. EGL gets 70% farm-ins in Gazonor permits. Subject to shareholder approval.
7 Feb 2011quarterly activities report● Neutral
December quarter: Gazonor sold 83,272 MWh at €15.92, revenue €1.325m, up on the summer quarter. MHA Lorraine results are repeated, and Folschviller 2 upper-lateral permeability was put at 1.7 mD. Shares remain suspended during Transcor talks.
2 Feb 2011resource reserve update▲ GoodMajor
Independent MHA study of the Alsting Anticline in Lorraine assessed contingent resources of 40 Bcf (C1), 2.35 Tcf (C2) and 7.91 Tcf (C3). It follows the October engagement of MHA; Folschviller 2 is planned for production testing in the first half of 2011.
31 Jan 2011debt default or forbearance● Neutral
Transcor agreed a further one-week extension of the convertible notes' maturity to 7 February 2011 so the company can consider a Transcor proposal. Shares stay suspended since 24 November 2010 until the outcome is announced.
10 Jan 2011joint venture update● Neutral
Company says talks with Transcor on refinancing or restructuring the convertible notes continue, with adviser Alvarez & Marsal, but remain confidential and incomplete. No new terms are disclosed.
31 Dec 2010security holder rights change● Neutral
Appendix 3B records issue of 14.5m unlisted director incentive options, in three tranches: 1.5m at A$0.35, 3m at A$0.50 and 10m at A$0.70. This completes the options shareholders approved at the AGM for Cockcroft. Notes maturity is shown as deferred to 31 January 2011.
31 Dec 2010other● Neutral
Securities trading policy document setting insider-trading rules and closed periods for directors and staff. It contains no new company information or financial change.
17 Dec 2010debt default or forbearance● NeutralMajor
Transcor agreed to extend the convertible notes' maturity to 31 January 2011, with interest at 7% for that month and 90,000 shares to Transcor if a restructuring is signed. The shares have been suspended since 24 November 2010 and stay suspended during talks.
26 Nov 2010agm notice● Neutral
All five AGM resolutions passed on a show of hands, including approval to issue up to 100m shares and incentive options for the Managing Director. The options resolution drew substantial opposing and abstaining votes.
24 Nov 2010material agreement● NeutralMajor
Alvarez & Marsal's Paris office is hired to help evaluate options to restructure the balance sheet. This follows the ongoing talks over repaying or refinancing the Transcor Astra convertible notes, which mature at end of December 2010.
29 Oct 2010quarterly activities report● Neutral
September quarter: Gazonor sold 68,510 MWh at €17.52, revenue €1.200m, lower in summer. Folschviller 2 lower lateral will be plugged; upper-seam data suggest laterals over about 1,000m may produce commercially, up from the earlier 600m. Text is truncated.
29 Oct 2010quarterly activities report● Neutral
Appendix 5B for September quarter: cash rose to €2.584m, with €2.1m of financing (including exercise of 25m options) against operating outflow of €1.097m. Shares on issue now 238,944,359. Estimated next-quarter outflows €1.95m. Sud Midi added at 100%.
27 Oct 2010annual report● Neutral
2010 Annual Report: Cockcroft calls it a year of transition and aims to raise reserves and add three new exploration areas, including outside France. Sud Midi and Bleue Lorraine are shown as granted. Italy and Belgium applications remain pending. Text is truncated.
7 Oct 2010contract award● Neutral
MHA Petroleum Consultants of Denver is hired to study the French coalbed methane and shale gas assets, giving an independent resource estimate and updated reserves status. This follows the Gazonor reserves dating from July 2008 and Lorraine contingent resources from March 2009.
30 Sept 2010annual report▼ Bad
Year to 30 June 2010 loss was €7,215,770, against €5,545,254 the prior year. Swept up in the subsequent events: Cockcroft appointed MD, and 25m options exercised at 12c in September 2010. Text is truncated.
25 Aug 2010auditor change● Neutral
Auditor changes from PKF to Deloitte following a PKF practice merger. The board approved it, and shareholders will consider it at the November AGM.
30 July 2010quarterly activities report● Neutral
June quarter: Gazonor sold 91,554 MWh at €16.25, revenue €1.488m, down on the winter quarter. Folschviller 2 testing is complete, showing upper-seam flow, but the lower fracture system cannot be produced without affecting mine water levels. Talks with regional investors on expanding Gazonor. Text truncated.
26 July 2010regulatory community update▲ GoodMajor
France granted the 929 km2 Sud Midi exploration permit in Nord-Pas de Calais, 100% owned, for five years to July 2015 with a €1.9m spending commitment. It resolves a long-pending application and, with Valenciennois, forms a contiguous 1,352 km2 area beside Gazonor.
9 July 2010remuneration report● Neutral
Cockcroft's two-year contract from 15 July 2010 pays US$200,000 a year to December 2010, then at least US$300,000. He is also proposed 14.5m options at A$0.35, A$0.50 and A$0.70, subject to shareholder approval.
7 July 2010director officer appointment▲ GoodMajor
Peter Cockcroft, chairman of Blue Energy, is appointed CEO and Managing Director, ending the search that began with acting MD Julien Moulin. Moulin becomes Chairman and keeps overseeing the balance sheet restructuring and relations with the French government.
21 May 2010regulatory community update▲ GoodMajor
France renewed the Gardanne (365 km2, to Nov 2012) and Bleue Lorraine (262 km2, to Nov 2013) permits. This resolves the pending Gardanne renewal, which had been open since the Future Corp deal lapsed. Company says it controls or has applied for about 7,440 km2 in France.
30 Apr 2010quarterly activities report● Neutral
Appendix 5B for March quarter: cash rose to €1.410m from €1.183m, helped by €681k of financing inflows against operating outflow of €432k. Saint Etienne permit interest fell from 100% to 0%. Next-quarter outflows estimated at €250k. Text is truncated.
30 Apr 2010quarterly activities report● Neutral
March quarter: Gazonor sold 102,860 MWh at €17.08, revenue about €1.757m. A new fixed Total contract at €15.40/MWh runs 13 months from March. Folschviller 2 long-term pump test is under way, bottom hole pressures still above desorption pressure. Lorraine target blocks are smaller than expected. Text is truncated.
13 Apr 2010security holder rights change● Neutral
The 25m unlisted options issued to the lender of the A$2.5m loan, as announced on 31 March. They expire 31 March 2011, with an exercise price of 18c, or 12c if exercised before 30 September 2010. Administrative follow-up with an Appendix 3B.