Past year: ▲ 88%(15.5c – 32.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
30 Apr 2009quarterly activities report● Neutral
March quarter: Gazonor sold 117,167 MWh at €23.40/MWh for €2.8m revenue. Cash at quarter end was €3.15m. Management of the Avion site moved in-house, and costs were cut. June quarter prices are guided down to about €15.50/MWh.
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.
28 Jan 2009quarterly activities report● Neutral
December quarter: Gazonor sold 101,048 MWh at a record €29.00/MWh. The report restates 8,990 PJ of contingent resources, completion of Folschviller 2 with testing continuing, and the new Belgian permit applications. Unlisted options fell to 12.56m. Little is new beyond earlier announcements.
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 2008agm notice● Neutral
The 21 November AGM is adjourned for a week to 28 November so several material shareholders can lodge valid proxies. Previously lodged proxies remain valid and no new notice will be sent.
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.
30 Oct 2008quarterly activities report● Neutral
September quarter: Gazonor sold 34,488 MWh at €25.72/MWh, below the June quarter's 59,190 MWh. The report restates 8,990 PJ of contingent resources and the completed Folschviller 2 well, which is under test. Two new permit applications were submitted. Share structure is unchanged.
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.
31 July 2008quarterly activities report● Neutral
June quarter: Gazonor sales of 59,190 MWh at €23.00/MWh, lower than March, which the report attributes to summer seasonality. Reserve upgrade restated; Folschviller 2 spudded and first lateral done. Two new permit applications are noted, and options on issue rose to 16,563,269.
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.
30 Apr 2008quarterly activities report● Neutral
March quarter: first Gazonor gas sales of 111,238 MWh at €20.83/MWh, in line with budget, with operating costs 18% under budget. Folschviller laterals have slipped to the June quarter from March-April. Lorraine resource is expected to rise, and Benelux JV is noted.
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.
