Past year: ▲ 0%(0.10c – 0.10c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
1 Feb 2012investor presentation● Neutral
Investor fact sheet: farmout talks are under way for the three SC44 wells and rig options are being assessed. Flow testing of Malolos-1 might be combined with the drilling program. Shows 401.4m shares and a $0.05 price (about $20m market cap).
31 Jan 2012quarterly activities report● Neutral
December quarter: Malolos-1 recovered over 20 barrels of oil, logging found six gas-bearing intervals worth testing, and the main oil zone remains blocked by junk. Three SC44 wells are still scheduled for H1 2012; Munns and Reeder were re-elected.
9 Jan 2012well test result▲ Good
Cased-hole logging at Malolos-1 interprets several thick gas-bearing sandstones worth flow testing, and the stuck mill bit was fished out. Testing is at least 4-6 weeks away; the deeper oil zone stays blocked until the 2012 rig arrives.
30 Nov 2011agm notice● Neutral
Chairman's AGM address repeats known points: over 20 barrels of oil recovered from Malolos-1, junk blocking the main target, three SC44 wells in H1 2012 before the 28 July 2012 deadline, and one St Griede well by H1 2013. Nothing materially new.
30 Nov 2011investor presentation● Neutral
AGM presentation restates the strategy and plans: three SC44 wells in H1 2012 (about $4-6m), St Griede seismic in 2012 and farmouts sought. Shows about 391m shares, a 4.9 cent price and a $19.2m market capitalisation. Nothing materially new.
30 Nov 2011agm notice● Neutral
All 11 AGM resolutions were carried, including re-election of Reeder and Munns and share issues to directors in lieu of fees. Administrative outcome.
15 Nov 2011well test result▼ BadMajor
Over 20 barrels of oil plus gas flowed to surface from Malolos-1, but junk left in the well in 1960 blocks the 2,173 m main oil target, and a milling attempt failed. Testing that oil zone is delayed to 2012, using the drilling rig.
31 Oct 2011drilling progress report● Neutral
Malolos-1 workover began, daylight hours only, drilling out a cement plug at about 981 m. The plan is to clean out to about 2,250 m toward the 28 m oil sandstone at 2,173 m. Expected to take 3+ weeks.
28 Oct 2011quarterly activities report● Neutral
September quarter: option exercises raised $1.45m, the 66.9 km SC44 seismic survey finished and three wells are planned for H1 2012. The St Griede buyout for $900k is noted. Malolos-1 workover equipment arrived on site on 26 October.
26 Oct 2011drilling scheduled● Neutral
All Malolos-1 equipment is on site and workover starts within days, taking at least 3 weeks. Main target is a 28 m oil sandstone at 2,173 m. The 2011 seismic is complete, with three drilling prospects for H1 2012.
18 Oct 2011capital raising announcement● Neutral
Directors propose taking 2.89m shares at $0.05 in lieu of owed fees, to preserve cash, subject to shareholder approval at the AGM. Small, non-cash issue; continues the practice of paying directors in shares.
14 Oct 2011drilling scheduled● Neutral
Malolos-1 deeper workover (1,000-2,100 m) should start soon; all equipment has cleared customs in Manila and moves to Cebu next week. Expected to take 2-3 weeks. Continues the repeated delays since August.
30 Sept 2011security holder rights change▲ GoodMajor
29.2m of the 33.2m options were exercised at $0.0496, raising about $1.45m; 4m lapsed. Another 1.39m shares were issued to settle seismic invoices and exercise other options. Shares on issue rise to 375.7m.
29 Sept 2011director officer appointment● Neutral
Company Secretary Steven Danielson resigned and director Patrick Sam Yue takes over, holding both roles. Administrative change.
13 Sept 2011annual report● Neutral
2011 annual report. The chairman says EP 453 results 'have not turned out as well as we would have liked', so work is shifting to shale potential. It also confirms the St Griede buyout, three new French licence applications, and the DOE deadline of 28 July 2012.
1 Sept 2011security holder rights change● Neutral
Notice to holders of 33.2m unlisted options, exercisable at $0.0496 until 30 September 2011. Full exercise would raise $1,646,720. The last price cited was $0.055, above the exercise price.
31 Aug 2011asset acquisition disposition▲ GoodMajor
Gas2Grid agreed to buy Flow Energy's 50% of the St Griede licence in France for $900,000 cash, taking it to 100%. A new seismic survey is planned for first half 2012 and one well by Q1 2013.
25 Aug 2011drilling scheduled● Neutral
A contractor agreement is signed for the Malolos-1 Phase 2 workover, with equipment shipping from Singapore. Start is now mid-September 2011, slipping again from August. Three wells are still targeted for Q1 2012.
29 July 2011quarterly activities report▼ Bad
June quarter: shallow Malolos-1 zones produced gas and some oil, but not continuous flow. The deeper workover is now due in August and drilling of three wells slips to early 2012. Seismic stopped at 28 km because of wet weather. The DOE deadline is 28 July 2012.
27 July 2011other● Neutral
The company announces a new Sydney office address and phone numbers effective 1 August 2011. Administrative only, with no operational or financial news.
8 July 2011drilling progress report▼ Bad
The 2011 SC44 seismic survey began, with about 40 km planned over four weeks to firm up three drilling prospects. Drilling is now planned for the first half of 2012, later than the second half of 2011 previously stated.
14 June 2011investor presentation● Neutral
June company update repeating known plans: a deeper Malolos-1 test in June-July, new seismic from July, drilling from Q4 2011 with farmout sought. Shows 348.3m shares and a 6.0 cent price. Nothing materially new.
9 May 2011well test result▲ Good
Nitrogen stimulation of Malolos-1's shallow zones (367-777 m) produced significant gas to surface, though not yet continuously. Pressure also built to 140 psi in Nuevo Malolos-1. Deeper workover still waits on scarce equipment; alternatives are being sourced.
27 Apr 2011quarterly activities report● Neutral
March quarter report: the Malolos-1 Phase 2 workover began in April. Equipment delays led to nitrogen stimulation of shallow zones, which gave non-continuous gas flow to surface. Three wells remain planned for second half 2011 under the 18-month DOE extension.
6 Apr 2011drilling scheduled▲ GoodMajor
Malolos-1 Phase 2 workover to start within the week, now adding nitrogen stimulation of shallow gas zones. The Philippines DOE granted an 18-month extension to drill the three outstanding SC44 wells, now planned for second half 2011, easing the licence deadline.
7 Mar 2011half year report● Neutral
Half-year accounts to 31 December 2010 restate known events: the $1.9m rights issue, Reeder's appointment, completed SC44 seismic and a Malolos-1 workover now planned for Q1 2011. Financial figures are not visible in the text provided.
25 Jan 2011quarterly activities report● Neutral
December quarter report restating known items: rights issue completed, Reeder joined the board, SC44 Phase 2 seismic finished (61.3 km), Malolos-1 Phase 2 workover due Jan-Feb 2011, three 2011 wells planned. Nothing materially new.
20 Jan 2011investor presentation● Neutral
General meeting presentation repeating known plans: Phase 2 workover Jan-Feb 2011, three 2011 wells (~$4m) with farmout 'discussions underway', and results by end Q1 2011. Shows 314.5m shares; the stated 9.4c price and $29.6m market cap are as printed.
22 Dec 2010other● Neutral
Publication of the company's securities trading policy, setting out insider trading rules and blackout periods. Administrative only, with no news on operations or finances.
20 Dec 2010drilling progress report▲ Good
Phase 2 seismic in SC44 finished 16 December with 61.3 km recorded (115.3 km across both phases), quality generally excellent. Processing and interpretation are due in Q1 2011. The Malolos-1 Phase 2 workover now starts January 2011, with drilling planned for first half 2011.
