Past year: ▲ 0%(0.10c – 0.10c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
28 Oct 2008quarterly activities report● Neutral
September quarter: King's exit and Langusch's appointment restated. Plans a Nuevo Malolos-1 fracture workover in Cebu, now at least by end of Q1 2009, before any new well. EP 453 seismic reprocessing under way, with drilling in 2009 to be funded by farm-in partners.
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.
31 July 2008quarterly activities report● Neutral
June quarter: Kate-1 dry but found about 70 m of 30%-porosity sandstone; 55% interest earned, with part-licence relinquishment coming and seismic possibly 2009. A consultant review of Cebu formation damage is encouraging. St Griede was awarded, dated 21 April 2008 in this report.
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.
29 Apr 2008quarterly activities report● Neutral
March quarter: Morton appointed Managing Director and EP 453 acquisition restated. Kate-1 now spuds early May, after the rig finishes another job. The Cebu survey found three clusters of seepage; experts are reviewing formation damage. Japex's nearby well was dry. France still awaits formal offer.
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.
29 Nov 2007agm notice● Neutral
AGM chairman's address largely repeats the annual report. Kate-1 is expected to cost a little over A$1.5m and drill in late Q1 2008. A geomicrobial survey of SC44 is imminent, and the French area is cut to 1,238 sq km. Routine.
30 Oct 2007quarterly activities report▲ Good
September quarter: cash $3,003,074 after the $3m raising completed, with shareholders approving the $1.768m placements on 25 July. French contestability ended with no rival bids; the company accepted a reduced 1,238 sq km area. Kate-1 rig contract awaited, drilling now Q1 2008.
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.
24 July 2007quarterly activities report● Neutral
June quarter: cash $740,323 after $535,681 of placement money; exploration spend $6,853. Remaining $1.232m placement awaits shareholder approval. Kate-1 drilling is now targeted for late 2007 or early 2008. French contestability period ends 15 August; Philippine joint venture talks continue.
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.
