Past year: ▲ 0%(0.10c – 0.10c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
19 Sept 2008investor presentation● Neutral
September 2008 update: 115 million shares, share price $0.05, market cap $5.75m, cash $0.4m (down from about $2.0m in May). Plans a $1m Cebu workover with two fracture stimulations in December 2008, then seismic and an appraisal well in 2009.
25 Aug 2008director officer appointment● Neutral
Foundation director Dr David King retires from the board, replaced by Russell Langusch, ex-Elixir Petroleum managing director, as non-executive director and consultant helping Managing Director Morton with management. King had run the company since 2006.
25 June 2008regulatory community update▲ GoodMajor
The St Griede exploration permit in France's Aquitaine Basin is awarded, covering 1,238 sq km, split 50/50 with Gippsland Offshore Petroleum. Five-year term, total work commitment $3.7m. This resolves the long-pending French application.
25 June 2008regulatory community update▲ Good
Partner Gippsland Offshore Petroleum announces the same St Griede permit award: 1,238 sq km, 50% each, five-year term and $3.7m work commitment. Duplicates the company's own release.
19 May 2008drilling result▼ BadMajor
Kate-1 was drilled to 1,112 m with no significant hydrocarbon indications and was plugged and abandoned. It found about 70 m of high-porosity sandstone and shale showing fluorescence. The company says wider permit prospectivity is not eliminated.
14 May 2008drilling progress report▼ Bad
Kate-1 reached interpreted basement at 1,050 m, close to prediction, and is at 1,112 m total depth, preparing to run logs. No hydrocarbon shows have been reported so far, a discouraging early sign for the main target.
12 May 2008drilling spud● NeutralMajor
Kate-1 began drilling on 8 May 2008 in New Zealand's onshore Canterbury Basin, with surface casing set at 133.5 m and the well at 140 m. The main target is expected within about five days. This is the long-awaited earning well, targeting up to 25 million barrels.
5 May 2008investor presentation● Neutral
May 2008 company summary: 115 million shares, market cap about $12m, cash about $2.0m. Lists four assets: SC44 (100%), PEP 38260 (55%), St Griede (50%) and EP 453 (100%). Mostly restates known facts; Kate-1 drilling in May.
2 May 2008drilling scheduled● Neutral
Kate-1 will start drilling the following week, to about 1,000 m total depth in roughly 12 days, targeting up to 25 million barrels of oil in place. The company says it has paid $1.2m plus $600,000, for a 55% interest in the onshore licence.
28 Mar 2008asset acquisition disposition▲ GoodMajor
Agrees to acquire 100% of EP 453 in the onshore Canning Basin for 6 million new shares plus 3% royalties, subject to Ministerial approval. Vendor Dennis Morton, ex-Eastern Star Gas MD, becomes Managing Director from 31 March 2008; Dr King reverts to non-executive. Adds a fourth asset and a new leader.
13 Mar 2008half year report● Neutral
Half-year report to 31 December 2007. Operations review repeats known points: Nuevo Malolos-1 formation damage in the Philippines, microbial survey anomalies, Kate-1 spud expected April 2008, France award pending. Financial statements were truncated, so no figures are given.
31 Jan 2008quarterly activities report▲ GoodMajor
December quarter: cash $2.71m. Agrees to buy a further 15% of onshore PEP 38260 for $600,000, lifting its interest to 55% after Kate-1. Land access and rig secured, with spud expected early April 2008. Cebu microbial survey found seepage anomalies; France award still pending.
29 Nov 2007investor presentation● Neutral
AGM presentation repeating known facts: 110 million shares on issue, cash about $2.75m, projects in the Philippines (100%), New Zealand (earning 40%) and France (50%). Kate-1 is slated for Feb-March 2008. No new information.
28 Sept 2007annual report● Neutral
Annual report to 30 June 2007. The chairman says the $3m recapitalisation and Kate-1 farm-in leave the company in a stronger position, with Kate-1 likely early 2008. Executives worked unpaid for much of the year. Toledo retest at Nuevo Malolos remains planned; France is still unawarded.
20 July 2007capital raising announcement▲ Good
Share purchase plan completed, raising the maximum $1.232m. 468 of 752 eligible shareholders (62%) applied; scaled back to 53.9% of applications, with $1,052,925 of oversubscriptions refunded. Completes the retail part of the $3m raising.
12 July 2007capital raising announcement▲ Good
The share purchase plan closed oversubscribed, with applications well above the 20,534,423-share ($1.232m) maximum. Allocations will be scaled back to about 54% of applications, with refunds to follow.
15 June 2007capital raising announcement● Neutral
Share purchase plan documents issued at 6c per share, for $1,999.98 to $4,999.98 per holder. Record date moves to 22 June and the offer now closes 11 July. J A Advisory Services fully underwrites it. Follows the 12 June raising.
12 June 2007farm in farm out agreement▲ GoodMajor
Farms into New Zealand's PEP 38260 (Canterbury Basin), earning 40% of the onshore area by funding the first $1.2m of the Kate-1 well. Also raises up to $3m at 6c a share, 12% below recent VWAP, including a $1.232m share purchase plan. This is the new venture foreshadowed in April.
1 May 2007security holder rights change● Neutral
20,788,539 shares and 2,600,000 $0.30 options will be released from ASX escrow on 12 May 2007. These are the ~20.8m unquoted shares and options from the company's listing. Administrative.
16 Mar 2007half year report● Neutral
Half-year to 31 Dec 2006: loss of $155,261 on revenue of $10,396. Nuevo Malolos-1 retesting remains deferred pending equipment, with joint venture talks progressing. The French application is heading to its final stages, and a recapitalisation strategy is being developed.
5 Jan 2007admin correction● Neutral
Principal place of business moves to the registered office at Level 7, 10 Barrack Street, Sydney. Administrative only.
4 Oct 2006admin correction● Neutral
Confirms the annual report lodged on 29 September is identical to the one being mailed to shareholders. Administrative only.
29 Sept 2006annual report● Neutral
Annual report to 30 June 2006. The chairman says Nuevo Malolos-1 did not reach commercial flow rates, though post-drill analysis found severe formation damage that leaves open the chance it can yet produce. The company is seeking funding for more testing and diversifying with the French application.
18 Sept 2006regulatory community update● Neutral
Partner Gippsland Offshore's release of the same St Griede application update, repeating the Gas2Grid announcement of 15 September. No new information.
15 Sept 2006regulatory community update● Neutral
Names the French application as the vacant 'St Griede' area in the Aquitaine Basin, held 50/50 with Gippsland Offshore. A decision is not expected until early 2007. Louis Paul Heussaff joins the project team.
13 July 2006director officer appointment● Neutral
Gundi Royle and Michael Stirzaker resign from the board; geologist Eric Espiritu joins as non-executive director. Board is now David Munns (Chairman), David King and Espiritu.
22 May 2006well test result▼ BadMajor
Flow-back test of the 2,750-2,780 ft interval gave about 5.2 barrels of fluid initially, then only water from swabbing and no hydrocarbons. The company says this does not fit the core and earlier drill stem test results. A third test failing to flow undermines the main remaining hope for the well.
8 May 2006capital raising announcement● Neutral
Appendix 3B for the 5,000,000-share placement for working capital, now giving 38,731,528 quoted shares. Its price is written as '0.10 cents', which appears to be a typo for the 10 cents in the 4 May announcement. Administrative follow-up.
4 May 2006capital raising announcement● NeutralMajor
Placed 5,000,000 shares at 10 cents to raise $500,000 of working capital through Montagu Corporate clients. Flow-back test equipment is expected on site in Cebu on 16 May.
What it means for a shareholder
5.0m new shares at A$0.100 to raise about A$500,000. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (10,000 at the issue price), your slice goes from 0.0296% to 0.0258% of the company. To keep it you'd need 1,482 more shares - about A$148 at the issue price.
Create a free account to see this worked out for your own holding.
8 Mar 2006half year report● Neutral
Half-year report to 31 December 2005 shows a consolidated loss of $4,100 and repeats the Nuevo Malolos-1 results and the planned late-April test of the 2,750-2,800 ft interval. No new drilling results.
