Past year: ▲ 88%(15.5c – 32.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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 Heritage had already withdrawn from PLUS Markets on 9 February.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.
1 Feb 2007admin correction● Neutral
Re-release of the Heritage unconditional announcement, correcting the acceptance deadline dates to 13 February 2007. No change to the substance.
31 Jan 2007quarterly activities report● Neutral
December quarter report restates Folschviller St1 results (62.41m net coal, 9.42 m3/t) and notes Diebling St1 drilling at 1,073m. It also records the Lorraine Sud permit grant, the completed ARC sale and Heritage acceptances of about 81.6%. Largely repeats earlier news.
23 Jan 2007other● Neutral
Oil Basins Limited reports taking a 35% interest in the Blina Back Reef play, Canning Basin, with an option on 15% more. It names European Gas as a possible royalty recipient. Not a European Gas announcement; it follows from the earlier Terratek sale.
18 Jan 2007well test result▲ Good
Gas analyses from Folschviller St1 show ethane at 1-3% of total gas near the top, rising to 10-15% at the bottom. Company says this should lift the gas's heating value, and quality is high with no deleterious components. Adds to earlier coal thickness and permeability results.
17 Jan 2007business combination▲ Good
Heritage acceptances reached 79.4% by the first closing date, or 81.6% including outstanding irrevocables. The offer, which needs 90% unless waived, is extended to 30 January 2007. Warrant holders are offered 0.55 European Gas options at A$1.00, expiring 28 February 2009.
16 Jan 2007other▲ Good
Shareholders approved both resolutions at the 16 January general meeting: the share and option issue for the Heritage offer, and new shares for director Alan Flavelle. Proxy votes were overwhelmingly in favour. This clears the shareholder approval needed for the Heritage deal.
16 Jan 2007drilling progress report▲ Good
Diebling St1 hit its first coal packet at 964.7m: 4.0m of coal averaging 10.87 m3/t gas, rated medium to high. A fractured zone caused total mud loss in late November and is being cemented; the well is at 1,030m. Three more coal packets are expected.
3 Jan 2007asset acquisition disposition● Neutral
ARC Energy re-releases European Gas's announcement of the completed Canning Basin sale, with its own managing director's comment. No new information for European Gas shareholders.
3 Jan 2007asset acquisition disposition▲ GoodMajor
Final Western Australian approval is received for the sale of the Canning Basin permits (28,700 sq km) to ARC Energy. European Gas gets 1.5m ARC shares (about A$2.0m) and a 2% net well head royalty. This completes the pending sale and the Australian exit.
18 Dec 2006other● Neutral
A prospectus is lodged with ASIC so the Heritage offer can be made to Australian Heritage holders. It points to the offer documents for the terms and adds no new figures. Administrative step in the Heritage takeover.
15 Dec 2006agm notice● Neutral
Notice of a 16 January 2007 general meeting to approve issuing up to 31,509,311 shares and 2,307,885 options for the Heritage offer, plus 465,040 shares to director Alan Flavelle. Shareholder approval is needed for the deal to proceed.
15 Dec 2006business combination● Neutral
Offer documents for the Heritage Petroleum takeover are sent to Heritage holders. The offer is open until 16 January 2007 and the new European Gas shares will be ASX-quoted once the offer goes unconditional. This is the formal paperwork for the offer announced on 15 December.
15 Dec 2006regulatory community update● Neutral
ASX waiver lets European Gas issue the Heritage acquisition shares and options later than the usual listing-rule deadlines, provided they are issued on completion and by 30 June 2007 at the latest. An administrative approval supporting the Heritage deal.
15 Dec 2006business combination▲ GoodMajor
Firm recommended offer for Heritage Petroleum, European Gas's 25% Lorraine partner, valuing it at about £10.9 million, a 15.8% premium to the 11 October price. Holders of 68.5% have irrevocably undertaken to accept. This firms up the preliminary talks announced in October.
8 Dec 2006regulatory community update▲ GoodMajor
The French Government grants the 528 km2 Lorraine Sud permit for five years, renewable. It adjoins the Lorraine permit and lifts the Lorraine Basin holding to 988 km2. European Gas operates it at 75% with Heritage on 25%. This resolves the earlier application.
5 Dec 2006drilling progress report● Neutral
Diebling St1 is at 946m, with the top of the target coal-bearing units hit at about 880m as predicted. Casing is set and coring has begun to 1,500m, taking about four weeks. No coal or gas results yet.
28 Nov 2006investor presentation● Neutral
AGM presentation restates the Lorraine story and the 28.1 Bm3 gas in place. Shares on issue 166,646,364, price A$0.77, market cap about A$128 million. Diebling St1 is at 859m with coring to start shortly.
2 Nov 2006drilling spud● Neutral
Diebling St1, the second Lorraine core well, has spudded, as flagged since October. Target depth is 1,500m, with net coal expected over 30m below 900m. Appraisal drilling is planned for the first half of 2007.
31 Oct 2006quarterly activities report● Neutral
September quarter report restates Folschviller St1 results (62.41m net coal, 9.42 m3/t) and the Terratek and Broome sales. Heritage merger talks have begun, and Diebling is due at end October. Shares on issue 166,011,364. Largely repeats earlier news.
24 Oct 2006annual report● Neutral
Full 2006 annual report for the year to 30 June 2006, following the extract summarised on 2 October. Chairman's report repeats the Lorraine progress and the Australian divestment 'shortly'. Financial statements are not in the extract provided.
23 Oct 2006well test result▲ Good
Lab tests on Folschviller St1 cores show coal permeability up to 2.80 mD, higher than expected, suggesting sustainable gas flows from lateral wells. This adds to the earlier thick-coal and gas-content results; more detailed testing continues over two months.
16 Oct 2006other● Neutral
Oil Basins Limited (OBL) announces its farm-in to the Blina Back Reef play in the Canning Basin, run by Terratek (now owned by Golden Dynasty). This is not a European Gas announcement; it only follows from European Gas's earlier Terratek sale.
12 Oct 2006business combination▲ GoodMajor
European Gas is in early talks to acquire Heritage Petroleum, its 25% Lorraine partner, for 0.55 European Gas shares plus 1.5p cash per share (31.5m shares, £859,344 cash). Heritage directors holding 20.57% have undertaken to accept. Subject to due diligence; exclusivity runs to 31 Dec 2006.
9 Oct 2006drilling result▲ GoodMajor
Folschviller St1 completes at 1,306m with 62.41m net coal in six packets and average gas content of 9.42 m3/t. The well will be kept as an observation well; the rig moves to Diebling, starting end October. Company expects a resource upgrade from the sediments.
2 Oct 2006annual report● Neutral
Annual report for the year to 30 June 2006, the first as European Gas. The chairman describes a successful year and says Australian divestment will finish shortly. Financial figures are not in the extract provided.
29 Sept 2006drilling result▲ GoodMajor
Folschviller St1 intersects two more major coal packets (12.17m and 14.92m net), taking net coal to 51.93m at 1,186m, with strong gas readings throughout. The company says each of three major packets is thicker than expected. One more is expected before 1,300m.
