Past year: ▲ 0%(0.10c – 0.10c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
19 Jan 2010drilling result▲ Good
The aero-gravity survey over the 50%-owned St Griede permit in France is complete, covering 4,951 line km across 1,238 km2, with partner Flow Energy (formerly Gippsland Offshore). Final data is expected by end of Q1 2010. It completes the survey under way in the prior context; no drilling result.
7 Jan 2010admin correction● Neutral
Cover note to the scheme booklet, which was despatched 23 December 2009. It corrects the last day of trading to 4 February 2010 (not 3 February) and says the proxy form is not personalised.
21 Dec 2009business combination● Neutral
Full scheme booklet for the Orion merger (1 Orion share per 2.25 Gas2Grid shares). Independent expert Grant Thornton found it in shareholders' best interests; non-conflicted directors recommend a yes vote absent a superior offer. Meetings 28 January 2010; implementation indicated 16 February.
21 Dec 2009business combination● Neutral
The scheme booklet for the Orion merger is registered with ASIC and being mailed. The Gas2Grid scheme meetings remain set for 28 January 2010. Administrative step; no new terms in the text.
18 Dec 2009business combination● Neutral
The Federal Court ordered Gas2Grid share and option holder meetings on the Orion schemes for 28 January 2010. Orion shareholders meet on 27 January. The scheme booklet is due to be sent next week.
15 Dec 2009drilling progress report● Neutral
The Malolos-1 workover has begun, with gas briefly flowing from the tubing and annulus (1 minute and about 14 minutes). The aim is a sustained gas flow, with swabbing over the next few weeks. Remediation and a long test are planned for Q1 2010. No sustained flow yet.
27 Nov 2009other● Neutral
Chairman's AGM address: the Cebu workover is due to start next month, the France survey is under way, and EP 453 is to be farmed out. Repeats the Orion merger terms. Orion shareholders must also approve its acquisition of Morton's Gas2Grid shares.
27 Nov 2009investor presentation● Neutral
Orion's AGM presentation on the merger. At Orion's 13.8c price the offer values Gas2Grid shares at 6.1c. About 81.4m Orion shares would be issued; the combined group would have $13.5m cash. Gas2Grid vote is targeted for late January 2010 and trading as Orion from 15 February 2010.
5 Nov 2009business combination● Neutral
Orion's release of the same joint announcement: recommended schemes at 1 Orion share per 2.25 Gas2Grid shares, with meetings likely in January 2010. Duplicate of the Gas2Grid release; nothing new.
5 Nov 2009business combination● NeutralMajor
Gas2Grid signs a Merger Implementation Agreement with Orion: schemes of arrangement give 1 Orion share per 2.25 Gas2Grid shares, and 1 Orion option per 2.25 options. Unanimously recommended by non-conflicted directors absent a superior offer. Meetings are likely January 2010, subject to due diligence and court approval.
26 Oct 2009annual report● Neutral
2009 annual report: no drilling in the past year; the Cebu workover is expected late 2009 and EP 453 drilling is to be funded by farmout. It restates the roughly $1.2m rights issue and $1.065m placement. AGM set for 27 November 2009. Text is truncated.
15 Oct 2009business combination● Neutral
Orion's copy of the joint announcement: preliminary talks on a change in control with Gas2Grid at 1 Orion share per 2.25 Gas2Grid shares. Re-release of the same information; nothing new.
15 Oct 2009business combination● NeutralMajor
Orion Petroleum and Gas2Grid jointly confirmed preliminary negotiations on a possible change in control, discussed on the basis of 1 Orion share for every 2.25 Gas2Grid shares. Structure and pricing were not settled, and Russell Langusch, formerly a Gas2Grid director, was Orion's listed contact.
9 Oct 2009director officer appointment● Neutral
Patrick Sam Yue, an accountant with past roles at Eastern Star Gas and Beach Petroleum, joins as a non-executive director. Russell Langusch retires to become Managing Director of Orion Petroleum. The board is now Munns, Morton and Sam Yue.
6 Oct 2009drilling progress report▼ Bad
The Cebu workover of Malolos-1 and Nuevo Malolos-1 slips again, now aimed to start by November, blamed on equipment delays and a typhoon. A GPS road survey for seismic is done; 100 km of seismic is now planned for early 2010. France gravity survey awarded to Bell Geospace.
2 Sept 2009investor presentation● Neutral
Good Oil Conference presentation, September 2009: 177.2m shares, $0.06 price, $10.6m market cap, $1.9m cash. Repeats the Cebu workover, 100 km seismic and 2010 appraisal well plans, with results targeted by year-end. Mostly known facts.
7 July 2009capital raising announcement▲ GoodMajor
Placement of 21.3m shares at 5 cents raised $1,065,750 from qualified investors, using up the remaining 15% placement capacity. Funds go to the Cebu workovers and seismic, the St Griede gravity survey, EP 453 and new ventures.
What it means for a shareholder
21.3m new shares at A$0.050 to raise about A$1.1m. That's 12% dilution: every existing holder's slice gets 12% smaller. If you held A$1,000 of shares (20,000 at the issue price), your slice goes from 0.0128% to 0.0113% of the company. To keep it you'd need 2,732 more shares - about A$137 at the issue price.
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1 July 2009drilling progress report▲ Good
The Cebu workover of Malolos-1 and Nuevo Malolos-1 has begun, with equipment being imported and completion now aimed at end of August 2009. Reprocessed seismic identified a new limestone reef prospect near Malolos. Seismic is planned for early 2010.
29 Apr 2009quarterly activities report▼ BadMajor
March quarter: the company will withdraw from the NZ PEP 38260 permit, following the dry Kate-1. The Cebu workover completion has slipped to end of Q3 2009. Directors did not place the rights issue shortfall, and salaries and fees are being minimised to preserve cash.
21 Apr 2009regulatory community update▲ GoodMajor
The Philippine DOE approved the SC44 variation. Workovers on both Cebu wells are due by end June 2009 and 100 km of seismic by December 2009, then one new well by June 2010 and two by December 2010. This resolves the overdue end-2008 well commitment.
11 Mar 2009investor presentation● Neutral
March 2009 update: 154.1m shares, price $0.03, market cap $4.6m, cash $1.5m. The Cebu workover slips to first half 2009 at $0.1m-$1.5m, with seismic and an appraisal well pushed to Q4 2009. Morton is now shown at 17.7%.
30 Jan 2009quarterly activities report▼ BadMajor
December quarter: the rights issue closed with only a 33.4% take-up, 38.6m shares and almost $1.3m raised, against a $3.45m maximum. The Cebu workover target is end of Q1 2009, and the company has asked the Philippine DOE to combine its overdue SC44 commitments.
16 Dec 2008capital raising announcement● Neutral
Allotment of rights issue shares, with quotation disclosure. Top 20 holders as at 16 December 2008 held 62.19% of shares, led by Budside 9.08%, Munns 8.71% and Morton 5.50%. The implied share count is about 154m.
11 Dec 2008capital raising announcement● Neutral
Results of the rights issue announcement; text is mostly unreadable, with no clear figures. The take-up result is given in the later quarterly report.
8 Dec 2008capital raising announcement● Neutral
Notice that the rights issue offer has closed. Text is largely unreadable, so no take-up figure is visible here.
24 Nov 2008capital raising announcement● Neutral
Prospectus for the 1-for-1 rights issue (one share plus one option per share held) lodged 7 November 2008, closing 8 December. Repeats the already-announced terms in the excerpt; the risk section is truncated.
24 Nov 2008capital raising announcement● Neutral
Acceptance form for the rights issue: up to 115,520,066 new shares at $0.03, one for one, with an option for each new share. Closes 8 December 2008. Administrative form with no new information.
What it means for a shareholder
116m new shares at A$0.030 to raise about A$3.5m. That's 50% dilution: every existing holder's slice gets 50% smaller. If you held A$1,000 of shares (33,333 at the issue price), your slice goes from 0.0289% to 0.0144% of the company. To keep it you'd need 33,333 more shares - about A$1,000 at the issue price.
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21 Nov 2008investor presentation● Neutral
AGM presentation restating the four assets and board. Cash is now $0.2m (from $0.4m in September) and the share price $0.04. Cebu workover is now shown for March 2009 at $1.5m, and SC44 commitments are to be renegotiated with the Philippine Government.
7 Nov 2008capital raising announcement● NeutralMajor
Prospectus for a 1-for-1 non-renounceable rights issue, with one new share and one new option per share held, closing 8 December 2008. Issue price and amount are not shown in the excerpt. Follows cash falling to $0.4m by September.
7 Nov 2008capital raising announcement● NeutralMajor
Notice of the 1-for-1 non-renounceable rights issue: about 115.5m new shares at $0.03 to raise about $3.465m, each with a free $0.08 option expiring 30 Nov 2010. Not underwritten; funds go to exploration, issue costs and working capital. Gives the price and size missing earlier.
What it means for a shareholder
116m new shares at A$0.030 to raise about A$3.5m. That's 50% dilution: every existing holder's slice gets 50% smaller. If you held A$1,000 of shares (33,333 at the issue price), your slice goes from 0.0289% to 0.0144% of the company. To keep it you'd need 33,328 more shares - about A$1,000 at the issue price.
Create a free account to see this worked out for your own holding.
