2 Jan 2019admin correction● Neutral
ASIC form recording cancellation of 136,263 bought-back shares at $0.18, leaving 87,743,197 shares on issue. Administrative only.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
29 Nov 2018admin correction● Neutral
ASIC form recording cancellation of 20,846 bought-back shares at $0.18, leaving 87,879,460 shares on issue. Administrative only.
6 Nov 2018admin correction● Neutral
ASIC form recording cancellation of 550,553 bought-back shares, leaving 87,900,306 shares on issue. Administrative only.
24 Oct 2018quarterly activities report● Neutral
September quarter: cash $2.27M. A second buy-back of up to 8.845M shares began, running to 28 August 2019. Buru completed its Roc Oil deals with no change to Fitzroy's royalties. Fitzroy received $65,948 and expects payment for two more liftings in late October.
16 Oct 2018other● Neutral
Appendix 4G governance disclosure form for the year to 30 June 2018, pointing to the corporate governance statement. Administrative; no substance for shareholders.
16 Oct 2018other● Neutral
Annual corporate governance statement approved 9 October 2018. It again notes three directors and no executives or management. Compliance document with no new information.
16 Oct 2018annual report▲ Good
FY18 profit of $479k (FY17 loss $794k); net assets up 37% to $13.3M (15.1c a share), driven by the Byron gain. Buru royalty earned $186k. The chairman says Fitzroy withdrew its Weeks bid in September and does not intend to rejoin the process.
24 Sept 2018annual report● Neutral
Audited full-year accounts to 30 June 2018 with a clean Deloitte opinion. The key audit matter was a $390,000 impairment of the Royalco investment, carried at $4.277M, in light of the Weeks Royalty offers.
6 Sept 2018asset acquisition disposition● NeutralMajor
Fitzroy withdrew its proposals, which valued the Weeks Royalty at $6.6M, ending its bid to take over Royalco's royalty or the whole company. Royalco's independent directors will keep talking to other buyers. This resolves the thread opened in July.
25 July 2018quarterly activities report▲ Good
June quarter: Ungani royalties of $107,678 received. Buru's 21 May deals with Roc Oil leave Fitzroy's royalties unchanged. Fitzroy was the highest bidder at $6.6M for Royalco's Weeks Royalty. The buy-back closed 21 June after 2.337M shares for about $515k.
9 July 2018asset acquisition disposition● NeutralMajor
Royalco disclosed a non-binding Fitzroy proposal to buy all of Royalco. Other shareholders would get about $4.7M cash, valuing Royalco at about $9.0M, with the Weeks Royalty valued at $6.6M, above other offers. It needs Royalco shareholder approval and an independent expert's opinion; Fitzroy holds about 47.76%.
26 Apr 2018quarterly activities report● Neutral
March quarter: Ungani royalties of $41,665 and $41,729 received. Production restart is planned for early May once the access road reopens, with Ungani 4 and 5 to be commissioned. 830,344 shares bought back; Byron production began in March as expected.
16 Apr 2018admin correction● Neutral
ASIC form recording cancellation of 126,012 bought-back shares, leaving 88,450,859 shares on issue. Administrative only.
16 Mar 2018half year report▲ Good
Half-year to 31 Dec 2017: profit of $480,000 against a $297,000 loss a year earlier. The filing shows revenue of $111k and a $1.0M Byron purchase; the profit comes from an $803k item, likely a tax benefit (inference). 1.46M shares bought back for $294k.
12 Mar 2018admin correction● Neutral
ASIC form recording cancellation of 191,385 bought-back shares, leaving 88,576,871 shares on issue. Administrative only.
7 Feb 2018admin correction● Neutral
ASIC form recording cancellation of 526,400 bought-back shares, leaving 88,768,256 shares on issue. Administrative only.
31 Jan 2018quarterly activities report▲ Good
December quarter: 1.115M shares bought back (1.8M in total, about $375k). A second Ungani royalty of $41,665 arrived after quarter end. Ungani 4 and 5 found oil columns of about 74m and 53m, with flow tests due in February; production is shut in by heavy rain.
10 Jan 2018admin correction● Neutral
ASIC form recording cancellation of 111,749 bought-back shares, leaving 89,294,656 shares on issue. Administrative only.
4 Dec 2017admin correction● Neutral
ASIC form recording cancellation of 900,600 bought-back shares, leaving 89,406,405 shares on issue. Administrative; reflects the faster buy-back pace in November.
24 Nov 2017other▲ Good
Board resolves to cut fees for the Board and Company Secretary from 1 January 2018, saving $90,000 a year (excluding GST), a 33% reduction.
6 Nov 2017admin correction● Neutral
ASIC form recording cancellation of 108,167 bought-back shares, leaving 90,307,005 shares on issue. Administrative only.
31 Oct 2017quarterly activities report▲ Good
September quarter: 348,122 shares bought back, and the $1M Byron follow-on completed (18.131M shares, about 2.65%). Ungani is producing at 1,250 bopd. First royalty of $36,880 arrived after quarter end; another payment is expected in January 2018.
18 Oct 2017other● Neutral
Appendix 4G governance disclosure form for the year to 30 June 2017, pointing to the corporate governance statement. Administrative; no substance for shareholders.
18 Oct 2017other● Neutral
Annual corporate governance statement approved 12 October 2017. It notes the company has three directors and no executives or management. Compliance document with no new information.
18 Oct 2017annual report● Neutral
2017 annual report. The chairman's letter notes the Royalco stake rose from 6.3% to 46.7%, the Byron investment and buy-back, and $4.2M cash at 30 June. Royalco costs were cut, but further cuts are needed for profitability.
16 Oct 2017production update▲ GoodMajor
Fitzroy received its first Ungani royalty since the restart: $36,880 as a 2% net royalty on a 60,275-barrel cargo sold at about US$46.90 a barrel. This ends the run of quarters with no royalty income since the January 2016 shutdown.
3 Oct 2017admin correction● Neutral
ASIC form recording cancellation of 111,000 bought-back shares, leaving 90,415,172 shares on issue. Administrative only.
26 Sept 2017annual report▼ Bad
Full-year accounts to 30 June 2017: loss of $0.79M (prior $0.69M). Operating income fell to $0.18M, which the report attributes to the Ungani shutdown. Royalco stake rose from 6.3% to 46.79% over the year.
7 Sept 2017admin correction● Neutral
ASIC form recording cancellation of 212,394 bought-back shares, leaving 90,526,172 shares on issue. Administrative follow-up to the buy-back.
17 Aug 2017asset acquisition disposition● NeutralMajor
Fitzroy invests a further $1M in Byron Energy's $26.5M placement at $0.07 a share, following its $0.5M stake from August 2016. It will hold 18.131M shares (about 2.76%), subject to Byron shareholder approval in mid-September.