Each one in plain English, with the numbers worked through for a shareholder.
22 May 2009capital raising announcement▲ GoodMajor
Eastern is raising A$7.5m at 24c: a A$2.5m placement of about 10.4m shares and a 1-for-4 entitlement offer for about A$5m, underwritten by Patersons. Funds mainly go to exploring ATP 799P. Becamal sub-underwrites. Follows the April price spike.
What it means for a shareholder
10.4m new shares at about A$0.7212 to raise about A$7.5m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (1,387 at the issue price), your slice goes from 0.00193% to 0.00169% of the company. To keep it you'd need 201 more shares - about A$145 at the issue price.
Investor presentation launching the A$7.5m raising at 24c. It repeats the AGL farm-in, ATP 799P exploration plan and NZ coal operations. States proceeds should fund commitments to mid 2010 and shows cash of $1m at 30 March 2009.
ASX queried Eastern after its shares rose from 21.5c to an intraday 37c. The company said it knew of no undisclosed information explaining the move and expected no abnormal profit.
Eastern's half-year report to 31 December 2008 restates known events: the AGL farm-in, the $4.48m rights issue, and the Rio Tinto Broughton withdrawal. Eastern has renewed its Patersons mandate to sell Broughton. Financial figures are not visible in the extract.
20 Jan 2009director officer appointment▲ GoodMajor
Steven Koroknay becomes non-executive Chairman of Galilee, with Rino Camarri staying as a director. Cam Rathie, a coal seam gas specialist, also joins the board. This changes Galilee's chair.
Eastern expects a December-half loss of $1.4-1.6m, against $3m a year earlier, helped by New Zealand operations making about $175k profit. It is still seeking buyers for Broughton and Whareatea West. Estimates are unaudited.
Steven Koroknay, a veteran oil and gas executive with more than 30 years' experience, joins Eastern's board. The chairman links the appointment to Eastern's strategic focus on coal seam gas with AGL.
All five Glenaras pilot wells are drilled, finishing the first phase on schedule. A water pond must be built before the wells are perforated and dewatering starts, which should run through 2009 to establish gas flow rates. No gas results yet.
Glenaras 3, the fifth pilot well, spudded 21 November and reached 1,071 m on 25 November. The rig was released and demobilising. No coal results given.
Coal seam gas conference presentation repeats Rodney Creek 8 results (more than 20 TCF gas in place) and the AGL farm-in, and compares peer valuations. It gives Eastern's market cap as $7.8m. Nothing new.
AGM presentation recaps the AGL farm-in, the rights issue and the New Zealand coal contracts. It shows four of five Glenaras wells drilled and lists Broughton sale and Whareatea West JV or sale as future funding. No new results.
20 Nov 2008capital raising announcement● NeutralMajor
Eastern took up Galilee's 31.15m-share rights issue shortfall for $2.648m, lifting its stake to 67.4%. The raising totals $4.48m for ATP 799P seismic. Eastern funded it with a 12% unsecured $2.6m loan from a related party of MD Campbell Smith.
20 Nov 2008material agreement termination▼ BadMajor
Rio Tinto subsidiary Queensland Coal will not buy Eastern's 90% Broughton interest because its board did not approve, and the deposit will be refunded. This collapses the $10m sale expected to complete in December; Eastern is considering other options.
Glenaras 5, the third pilot well, spudded 30 October and reached 1,106 m on 6 November. The rig is moving to Glenaras 6. No coal or gas results are given.
Glenaras 2, the second pilot well, spudded 18 October and reached 1,100 m, with casing cemented. AGL's rig is moving to Glenaras 5. No coal results are given.
Eastern's 2008 annual report says the AGL farm-in is a turning point for Galilee, with ATP 799P exploration to be funded by the rights issue. It reports a loss, which it attributes mostly to Galilee exploration spending and New Zealand mine start-up costs. Broughton sale offer was $10m.
Glenaras 4, the first pilot well, spudded 7 October and reached 1,103 m on 14 October, with wireline logs to follow. AGL operates and holds 50%, Galilee's subsidiaries 25% each. Coal results await log evaluation.
7 Oct 2008asset acquisition disposition▲ GoodMajor
Eastern accepted a $10m offer from Rio Tinto subsidiary Queensland Coal for its 90% Broughton interest and received a deposit. Completion is expected December 2008. This revives the sale that collapsed in March.
Eastern's annual financial report for the year to 30 June 2008. The extract available covers only the directors' profiles and corporate details, with no financial figures visible. Directors are Smith, May and McIntyre.
Galilee's rights issue raised $1.83m at 8.5c (21.56m shares), for ATP 799P exploration, leaving 812.3m shares. Eastern didn't take up its rights but plans to buy the 31.15m-share shortfall for $2.65m, lifting its stake to 67.4%.
AGL has contracted Ensign Rig 20 for the five-well Glenaras pilot at Rodney Creek, each well to about 1,100 m. First spud is expected early October, with drilling finishing by early December. Follows the July farm-in.
AGL will earn 50% of ATP 529P by spending $37m on the Rodney Creek pilot and later exploration, and will operate the joint venture. A 10-year gas marketing agreement was also signed. Subject to ministerial approval; resolves the pilot funding search.
AGL's own release confirms the farm-in: $37m for 50% of ATP 529P, split $20m for the pilot (starting by November 2008) and $17m for exploration in FY10 and FY11. Duplicates the Eastern announcement, adding the staging detail.
Galilee's own release repeats the AGL farm-in terms ($37m for 50% of ATP 529P). It adds that Galilee will now focus on raising capital to fund work on ATP 799P. No new deal terms.
Galilee has agreed exclusive farm-in negotiations with one party, ending 15 July 2008. This advances the funding search for the pilot, though no deal is yet signed.
June presentation to Galilee shareholders sets out a $20m 2008 pilot and $17m 2009 exploration programme, $37m in total. Funding options are a farm-in, cornerstone investor or rights issue. Results repeat known Rodney Creek 8 data.
Galilee has begun talks with interested parties on funding the roughly $20m five-well pilot. Outcomes could include farm-ins and/or a cornerstone investor. This continues the funding search flagged in April.
ASX queried Eastern's price rise from 19c to 35c since 29 May. The company said it knew of no unannounced information and pointed to wider interest in coal seam gas after two major companies' announcements.
May 2008 broker presentation repeats Rodney Creek 8 results and the NZ and Broughton positions. Market cap is shown as $12m on 71 million shares, with a $10m Broughton sale still being negotiated. No new facts.
