Past year: ▲ 88%(15.5c – 32.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
1 May 2012security holder rights change● Neutral
6m unlisted director incentive options, exercisable at 50c and expiring 31 Dec 2012, were issued on 1 May 2012 after shareholders approved them at the November 2011 AGM. Shares on issue stay at 297,272,505.
16 Mar 2012half year report▼ Bad
Half-year to 31 December 2011 shows a loss of €4.061m, including write-offs of €2.419m of exploration costs and €1.078m of equipment. Folschviller-2 is in a second test phase. Nord-Pas de Calais earn-in terms are restated. Text truncated.
27 Oct 2011annual report● Neutral
The 2011 annual report says the company is debt free and funded, with Folschviller-2 being tested and a re-entry to drill a new coal seam under evaluation. It says it is pursuing projects in Germany and Turkey to move beyond a single-country, single-play company. Text truncated.
17 Oct 2011regulatory community update▲ Good
France published a list of permits cancelled under the fracking ban; they belonged to Total, Devon and Schuepbach, and none were European Gas's. The company says the ministries confirmed all its French permits remain valid. This resolves the fracking-law uncertainty flagged in May.
10 Oct 2011drilling progress report● Neutral
Production testing has restarted on Folschviller-2, France's first horizontal coal bed methane well, after a workover to isolate the bottom drain and change the pump. Dewatering then gas flow testing will run over the next few weeks. Results are still to come; the company says its plans are unaffected by the fracking ban.
5 Oct 2011director officer appointment▲ Good
Johannes Niemetz joins as Chief Operating Officer and Chief Financial Officer, and Dr Chris Cornelius, a co-founder of Cuadrilla, as unconventional oil and gas adviser. The company says it is moving from French CBM toward a wider European unconventional portfolio.
3 Oct 2011annual report● Neutral
Annual financial report for the year to 30 June 2011 recaps the Transcor restructuring, the loan conversion and the placement; 30,217,146 placement shares had been issued by year end, raising A$13.5m. Lorraine, Jura and Gardanne are 100% held. Text truncated.
25 Aug 2011director officer appointment▲ GoodMajor
Frederic Briens is appointed CEO from 1 September 2011, filling the role vacant since Cockcroft resigned in April. He is a former BPZ Resources operating and strategy chief. This resolves the replacement CEO search.
12 Aug 2011drilling scheduled▲ GoodMajor
A long-term production test of the Folschviller 2 upper lateral is due to start around 5 September 2011, initially for three months. A 4-well exploration drilling program is expected from Q2 2012, with a CBM pilot project targeted for 2013. This follows the earlier planned test.
6 June 2011investor presentation▲ Good
Chairman's letter says the restructuring is finished, the debt of over €40m is gone and more than A$16m is available. Plans: convert Lorraine contingent resources to reserves, lift Nord-Pas de Calais output, rank Jura targets and seek new projects. Largely repeats known facts.
6 June 2011listing compliance notice▲ GoodMajor
ASX says the trading suspension on European Gas shares will be lifted before trading begins on 7 June 2011. This closes the suspension open since November 2010.
6 June 2011listing compliance notice▲ Good
Company asks for the suspension, in place since 24 November 2010, to be lifted, saying the note restructure and A$15m placement are complete and activities are funded. Includes a top-20 shareholder list; the largest holders are institutional nominees.
2 June 2011capital raising announcement▲ GoodMajor
EGL completed an A$15m placement of 33,372,752 shares at 45c to international institutions, a 10% discount to the 50c recent deals. Management says this funds the exploration program for 12 months and leaves capital for new projects. A request to lift the suspension will follow.
What it means for a shareholder
33.4m new shares at A$0.450 to raise about A$15.0m. That's 41% dilution: every existing holder's slice gets 41% smaller. If you held A$1,000 of shares (2,222 at the issue price), your slice goes from 0.00458% to 0.00271% of the company. To keep it you'd need 1,529 more shares - about A$688 at the issue price.
Create a free account to see this worked out for your own holding.
31 May 2011regulatory community update▲ Good
The company says France's new law restricting hydraulic fracking will not affect its exploration, as it uses vertical and lateral drilling without fracking. The law is likely to affect shale licences held by others. This is management's view only.
31 May 2011capital raising announcement● Neutral
The A$2.5m Ocean Dome loan is settled in full with 5m shares at 50c and 6m options at 50c expiring 30 April 2012. A roughly A$15m placement at 45c is being finalised. Shares on issue reach 265,944,359.
30 May 2011material agreement▲ GoodMajor
Production sharing agreement, effective 5 May 2011, gives EGL a 70% share of increased revenue from the Poissonnière and Désirée permits (766 km2) after it spends €1m over two years. Gazonor stays operator. This is the final piece of the Transcor restructuring terms.
27 May 2011farm in farm out agreement▲ GoodMajor
Farmout agreements let EGL earn 70% of the Valenciennois (432 km2) and Sud-Midi (929 km2) permits in northern France by spending €2.795m over about two years. EGL operates now. This follows the Transcor restructuring; the permits are held by Gazonor.
10 May 2011capital raising announcement● Neutral
Appendix 3B for 22m shares at A$0.50 to Transcor, issued as consideration for the Gazonor and Benelux disposals and note discharge, plus 20m options expiring 5 May 2012. Shares on issue become 260,944,359; Transcor holdings are escrowed six months.
6 May 2011business combination● NeutralMajor
Transcor notes fully retired on 5 May 2011. Transcor takes 100% of Gazonor and EGL's 50% of the Benelux JV, subscribes 22m shares at A$0.50 and gets a 20m 50c option. EGL keeps 70% farm-in and production-sharing rights. Shares stay suspended.
2 May 2011debt default or forbearance● Neutral
Maturity and end date for the Transcor notes are extended again to 14 May 2011. The parties intend to sign definitive agreements by 6 May, subject to conditions including government approvals.
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.
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.
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.
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.
