3 Dec 2009drilling progress report▲ Good
Dunrossie-01 reached 1320m and met the Betts Creek coals, and Vera Park-1 is past 1068m, also meeting the coals as expected. These are early positive signs, but no test results yet.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
27 Nov 2009investor presentation● Neutral
The AGM presentation repeats known facts: the AGL farm-in, ATP 799P drilling, NZ coal and the Broughton option. It gives the $7.5m raising uses and top holders, with Glenaras testing now due December 2009.
26 Nov 2009drilling progress report● Neutral
Vera Park-1 is drilling at 939m and Dunrossie-01 at 1060m. AGL's 540km seismic survey is now complete.
24 Nov 2009investor presentation● Neutral
A conference presentation restates the AGL $37m farm-in, more than 20 Tcf gas in place and the Broughton offer. New details are cash of $7.1m at 30 September and a share price of 38c on 23 November, down from 59.5c in early October.
17 Nov 2009drilling progress report● Neutral
Muttaburra-2 was plugged and abandoned as planned, and Vera Park-1 spudded 12 November, now at 153m. Dunrossie-01 is at 629m, and AGL's seismic is about 449 of 540km.
10 Nov 2009drilling spud● Neutral
Muttaburra-2 reached a total depth of 1088.9m on 2 November, shy of the 1136m plan, and testing is complete. Dunrossie-01, the first ATP 799P core hole, spudded 6 November and is at 128m. AGL's seismic is about 380 of 540km.
3 Nov 2009drilling progress report● Neutral
Muttaburra 2 is coring at 1058m against a 1136m plan, and AGL's seismic is about 305 of 540km. Rig P69 is on site for Dunrossie-01 in ATP 799P, with early seismic lines showing strong reflectors as expected.
3 Nov 2009director officer appointment● Neutral
Galilee chairman Steven Koroknay's letter to shareholders confirms he is the recently appointed chairman, succeeding Rino Camarri. Director Ken McMahon will not stand for re-election. Weekly drilling reports are promised.
28 Oct 2009investor presentation● Neutral
A conference brochure restates known facts: the AGL $37m farm-in, more than 20 Tcf gas in place, NZ mines at about 200ktpa and the Broughton option at $8.5-12m. Nothing new is disclosed.
28 Oct 2009drilling progress report▲ Good
Muttaburra 2 in ATP 529P reached 998.4m, meeting the Betts Creek coal seams as expected, with 1136m planned. The 150km seismic in ATP 799P finished 21 October under budget, and a rig is mobilising for Dunrossie-1.
26 Oct 2009annual report▲ Good
Eastern's 2009 annual report cites two raisings totalling $7.5m at 24c, which fund its Galilee Basin share through to next year. It notes the Broughton sale offer and says reserve certification for ATP 529P is expected in the third quarter.
20 Oct 2009drilling spud● Neutral
AGL started the 2009 drilling in ATP 529P with Muttaburra 2, the first of 7 core holes, planned to 1135m. Seismic in ATP 799P is 122 of 150km done, and its two core holes are due to start before month end.
7 Oct 2009investor presentation● Neutral
October broker presentation repeats known facts: AGL farm-in, ATP 799P programme, NZ coal and the Broughton offer. New details are a stated $61m market cap at 59.5c, Glenaras testing from November 2009, and reserves certification in Q3 2010.
6 Oct 2009admin correction● Neutral
Eastern re-lodged its FY2009 annual accounts because the 29 September version wrongly included a subsidiary's audit report instead of Eastern's own. It says there are no other changes.
30 Sept 2009drilling progress report● Neutral
Galilee's chairman said Terrex was contracted for 150km of seismic and Major Drilling for two, possibly three, core holes in ATP 799P, starting 10 and 12 October. AGL's 540km seismic had begun, its seven core holes were planned to start, and the Glenaras test was due to begin later in November.
29 Sept 2009annual report● Neutral
Eastern lodged its FY2009 annual financial report for the year to 30 June 2009. The extract covers the directors' report and shows coal production in New Zealand and coal seam gas exploration in the Galilee Basin; the financial figures are not in the visible text.
16 Sept 2009price query● Neutral
Replying to ASX, Eastern said the Broughton deal was signed on 10 September after talks the day before, so nothing earlier needed disclosure. It confirmed the announcement's 10 June date was an error, and noted coal seam gas sector speculation without commenting further.
10 Sept 2009asset acquisition disposition▲ GoodMajor
Eastern signed a put and call option with Resource Portfolio Partners to sell its 90% of the Broughton coal project (EPC 818) for A$8.5-12m over six months, subject to conditions. It followed Rio Tinto's subsidiary withdrawing from its earlier purchase in November 2008.
7 Sept 2009price query● Neutral
A second ASX price query after shares rose from 59c to an 83c high. Eastern again said it knows of no unannounced information, has no explanation, and the $2.2-2.6m FY2009 loss guidance is unchanged.
31 Aug 2009price query● Neutral
ASX queried Eastern's share rise from 46.5c to a 59c high. Eastern said it knows of no unannounced information and has no explanation, and repeated its 25 August guidance of a $2.2-2.6m loss, unchanged.
25 Aug 2009other▲ Good
Eastern guides to a FY2009 group loss of $2.2-2.6m, against $4.3m the year before. NZ coal is expected to earn $0.9-1m profit versus a $1.42m loss. Figures are unaudited; audit due by end September.
28 July 2009investor presentation● Neutral
July update repeats known facts: AGL farm-in, ATP 799P programme and NZ coal. New details: cash $4.3m at 30 June, 102.8m shares, Glenaras production testing to start Q4 2009 and reserves certification Q3 2010. Stated market cap $49.3m.
22 July 2009capital raising announcement▲ GoodMajor
Galilee's rights issue raised about $5.48m at 6.5c; Eastern took 62.19m shares for $4.04m, funded from its own raise, lifting its stake from 67.4% to 68%. Money goes to Galilee Basin gas work including ATP 799P field work.
20 July 2009capital raising announcement● Neutral
Confirms 2,622,549 shortfall shares allotted, leaving Eastern with 102,752,659 shares and 2,042 holders. Becamal, linked to MD Campbell Smith, remains largest holder at 18%. Administrative close of the offer.
16 July 2009capital raising announcement● Neutral
Confirms 17,928,042 shares were allotted under the entitlement offer, trading from 17 July. Shortfall shares follow on 17 July. Administrative confirmation.
13 July 2009capital raising announcement▲ GoodMajor
Eastern's entitlement offer raised about $5m at 24c, with 87% take-up (17.9m shares). Patersons takes the 2.6m-share shortfall, with Becamal taking about half. Money funds Galilee Basin exploration.
What it means for a shareholder
17.9m new shares at about A$0.2793 to raise about A$5.0m. That's 15% dilution: every existing holder's slice gets 15% smaller. If you held A$1,000 of shares (3,580 at the issue price), your slice goes from 0.00348% to 0.00297% of the company. To keep it you'd need 624 more shares - about A$174 at the issue price.
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3 July 2009drilling scheduled▲ Good
Galilee is tendering for a rig for two core holes (with a third optional) in ATP 799P in late 2009, and a 150km seismic contract is imminent. Eastern will fund its share from the rights issue. AGL's Glenaras production test is scheduled for second half 2009.
16 June 2009capital raising announcement● Neutral
Administrative letter: shareholders outside Australia and New Zealand cannot join the rights issue; their shares go to Patersons to sell, with proceeds paid to them. Prospectus mailed to eligible holders; offer closes 8 July.
2 June 2009capital raising announcement● Neutral
Cover letter mailing the rights issue timetable to shareholders. It says the placement completed and shows 102.75m shares on issue after the offer. Nothing new beyond the 22 May announcement.
1 June 2009capital raising announcement● Neutral
Eastern lodged the prospectus for its 1-for-4 rights issue at 24c, issuing up to 20,550,517 shares to raise about $4.93m. Underwritten by Patersons. Offer closes 8 July. Detail of the already-announced raising; no new terms.
What it means for a shareholder
20.6m new shares at about A$0.2399 to raise about A$4.9m. That's 17% dilution: every existing holder's slice gets 17% smaller. If you held A$1,000 of shares (4,168 at the issue price), your slice goes from 0.00406% to 0.00338% of the company. To keep it you'd need 834 more shares - about A$200 at the issue price.
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