Past year: ▲ 0%(0.10c – 0.10c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
7 Dec 2010director officer appointment● NeutralMajor
Substantial shareholder Darren Reeder joins the board as a non-executive director. He holds 14.96%, is Singapore-based and runs an oil field services business in south Asia, with Philippines workover experience.
2 Dec 2010capital raising announcement● Neutral
The 27.4m shortfall shares and matching $0.05 options were issued to the underwriter and its nominees, completing the rights issue. Shares on issue are now 311,986,736. Budside is the top holder with 14.83%.
1 Dec 2010security holder rights change● Neutral
All 38,584,422 listed $0.08 options expired unexercised on 30 November 2010, as expected given the share price was below the exercise price. No funds were raised from them.
26 Nov 2010other● Neutral
AGM address: the rights issue raised about $1.9m with roughly 64% acceptance, said to be enough for the Phase 2 seismic, Malolos-1 workover and St Griede work. Workover now starts January 2011; 2011 drilling is likely farmout-funded. Chairman is considering a new director.
26 Nov 2010investor presentation● Neutral
AGM presentation repeating known plans: Phase 2 workover, seismic, three 2011 wells (~$4m) funded by farmout, with discussions said to be underway. Shows 313.4m shares and a $11.0m market cap at 3.5 cents. Nothing materially new.
18 Nov 2010capital raising announcement● NeutralMajor
The rights issue closed under-subscribed: acceptances for 49.5m of 76.9m shares. The remaining 27.4m shortfall shares go to the underwriter Budside, controlled by MD Morton, so the raising is still completed in full.
12 Nov 2010drilling progress report● Neutral
Phase 2 seismic in SC44 began 9 November, with at least 50 km planned over three leads, including the new limestone reefs. The Malolos-1 Phase 2 workover is now set for December 2010 to January 2011.
29 Oct 2010security holder rights change● Neutral
Notice that the listed $0.08 options expire 30 November 2010. The last share price was $0.022, well below the exercise price, so holders have no reason to exercise and the options will lapse.
29 Oct 2010admin correction● Neutral
Letter correcting the share registry's street number on the proxy and rights issue acceptance forms (259, not 295 George Street). Shareholders who posted cheques to the wrong number are told to contact the registry. Administrative only.
28 Oct 2010quarterly activities report● Neutral
September quarter: the Malolos-1 Phase 2 workover slips to December and the second seismic survey to November. The Philippines Department of Energy set a 28 January 2011 deadline for the remaining seismic, workover and a one-well filing. Three wells still planned for 2011. St Griede reprocessing and interpretation done, with prospects mapped.
6 Oct 2010capital raising announcement● Neutral
Shareholder letter repeating the rights issue terms: 1-for-3 at $0.025, about $1.959m, underwritten by Morton's Budside. Shows 235.06m shares now, rising to about 313.4m if fully taken up. Nothing new.
5 Oct 2010admin correction● Neutral
Corrects a typesetting error on page 4 of the rights issue prospectus, in the table of existing options. Administrative only; no change to the offer.
5 Oct 2010security holder rights change● Neutral
Letter to option holders: they cannot join the rights issue unless they exercise options and are registered shareholders by the 14 October record date. Nothing new beyond the rights issue terms.
5 Oct 2010capital raising announcement● NeutralMajor
Gas2Grid offers a 1-for-3 non-renounceable rights issue of about 78.35m shares at $0.025 to raise about $1.959m, each with a free $0.05 option expiring 15 June 2012. Fully underwritten by Budside, controlled by MD Dennis Morton. Funds go to exploration and working capital.
What it means for a shareholder
78.3m new shares at A$0.025 to raise about A$2.0m. That's 25% dilution: every existing holder's slice gets 25% smaller. If you held A$1,000 of shares (40,000 at the issue price), your slice goes from 0.017% to 0.0128% of the company. To keep it you'd need 13,333 more shares - about A$333 at the issue price.
Create a free account to see this worked out for your own holding.
30 Sept 2010investor presentation● Neutral
Managing director presentation repeating the August update: Phase 2 workover scheduled October 2010 ($0.75m), 50 km more seismic targeted Nov/Dec 2010, three wells in 2011 (~$4m) dependent on farmout, with discussions said to be underway. Nothing materially new.
29 Sept 2010annual report● Neutral
2010 annual report: no wells drilled during the year, but 54 km of new Cebu seismic, a French aero-gravity survey and the Malolos-1 workover were completed. Orion merger terminated; March placement succeeded. Farmout efforts ongoing; Cebu drilling planned for first half 2011. Financial figures not visible in the text.
17 Aug 2010investor presentation● Neutral
Investor presentation: Phase 2 workover scheduled for October 2010 at $0.75m, another 50 km of seismic, and about three Cebu wells in 2011 costing ~$4m, to be funded by farmout. Shares on issue 235m, market cap $7.0m at $0.03. Largely repeats known plans.
29 July 2010quarterly activities report● Neutral
June quarter: Phase 2 workover at Malolos-1 is being planned for the September quarter, subject to equipment, funding and approvals. The 50 km Cebu seismic survey is done and interpreted; a second 50 km is planned for December quarter. France survey interpretation continues and EP 453 farmout partners are still sought.
12 May 2010admin correction● Neutral
Routine notice under the Corporations Act covering issue of the remaining 26m placement shares and the 52m options ($0.05, expiring 30 Sept 2011). Completes the placement; nothing new.
30 Apr 2010quarterly activities report● Neutral
March quarter: the Orion merger was abandoned, the $1.3m placement was agreed, the Phase 1 workover finished and seismic began. The remaining 26m placement shares and the options depended on the 30 April shareholder meeting. St Griede data processing continues.
30 Apr 2010well test result● NeutralMajor
Malolos-1 Phase 1 workover is complete: natural gas is confirmed and several gas-bearing sandstones are identified, including a 23 m gas column, but there was no sustained flow. The well is suspended. Phase 2 slips to Q3 2010, dependent on equipment, funding and approvals. 37 km of seismic acquired so far.
26 Mar 2010admin correction● Neutral
Routine notice under the Corporations Act covering the 26 million placement shares issued without a disclosure document. Nothing new.
25 Mar 2010capital raising announcement● NeutralMajor
Gas2Grid places 52m shares at $0.025 to raise $1.3m, with a free 52m options (exercise $0.05, expiring 30 Sept 2011) subject to shareholder approval. Half the shares need approval. Funds cover working capital, costs of the cancelled Orion schemes, and Cebu and France exploration.
What it means for a shareholder
52.0m new shares at A$0.025 to raise about A$1.3m. That's 22% dilution: every existing holder's slice gets 22% smaller. If you held A$1,000 of shares (40,000 at the issue price), your slice goes from 0.0219% to 0.017% of the company. To keep it you'd need 11,362 more shares - about A$284 at the issue price.
Create a free account to see this worked out for your own holding.
16 Mar 2010drilling progress report● Neutral
Phase 1 workover at Malolos-1 (Cebu) is in its final stages; gas again flowed briefly from the annulus. Seismic acquisition is due to start by 21 March, taking 1-2 months. Phase 2 is now slated for Q2 2010. No sustained flow yet.
11 Mar 2010material agreement termination▼ BadMajor
The Orion merger agreement is terminated and the merger will not proceed. Orion's expert said it would revise its opinion after updated asset valuations, and the 31 March 2010 end date could not be met. No break fees are payable. The companies say they may work together later.
11 Mar 2010material agreement termination▼ Bad
Joint announcement repeats that the Orion merger agreement is terminated, with no break fees, and attaches BDO's letter saying it would have to revise its earlier 'fair and reasonable' view after lower asset valuations. Gas2Grid assets valued $9.9-14.3m versus $10.3-15.3m before.
3 Mar 2010business combination▼ Bad
The court hearing on the merger schemes was stood over to 11 March 2010 for directions, pushing back approval. No reason is given in the text.
25 Feb 2010admin correction● Neutral
Corrects a clerical error in the proxy vote totals for the shareholder scheme meeting, described as not materially different. Corrected in-favour proxies were 105,952,378 (88.25%).
24 Feb 2010business combination▲ GoodMajor
Gas2Grid shareholders approved the Orion share scheme with 92.62% of votes cast, and optionholders approved the option scheme unanimously. Completion still needs the Orion shareholder meeting on 26 February and Federal Court approval.
23 Feb 2010half year report● Neutral
Half-year report to 31 December 2009. It restates the July 2009 placement of 21.3m shares raising $1.07m, the Cebu workover and the Orion merger, now adjourned to 24 February. Financial figures are not visible in the text provided.
