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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
30 Apr 2007quarterly activities report● Neutral
March quarter: exploration spend $24,947 and cash $260,648. Toledo retest at Nuevo Malolos-1 is proposed with any new drilling. A new Australasian drill-ready venture is expected within four weeks, needing a recapitalisation that is 'in process'.
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.
30 Jan 2007quarterly activities report● Neutral
December quarter: exploration spend only $12,489 and cash $318,396. Re-testing of Nuevo Malolos-1 is deferred until equipment for the Toledo zone is sourced, and the company is talking to potential contractor or joint venture partners. The French application is proceeding to its final stages.
5 Jan 2007admin correction● Neutral
Principal place of business moves to the registered office at Level 7, 10 Barrack Street, Sydney. Administrative only.
28 Nov 2006agm notice● Neutral
AGM results: all resolutions passed, including the accounts, remuneration report, re-election of King and Espiritu, and approval of the May 2006 placement of 5,000,000 shares. Routine.
30 Oct 2006quarterly activities report● Neutral
September quarter: post-well analysis suggests formation damage affected the failed Maingit and Toledo tests, so re-testing with damage-mitigating methods is under study. Exploration spend was $381,501 and cash $401,408 at quarter end. The French application remains in process.
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.
27 Apr 2006quarterly activities report● Neutral
March quarter: exploration spend $2.36m, cash $1.14m at quarter end. Difficult drilling pushed Nuevo Malolos-1 costs above pre-drill estimates. DOE approval received for a flow-back test of the perforated interval in mid May. A French licence application, with Gippsland Offshore, has been lodged.
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.
6 Mar 2006director officer appointment● NeutralMajor
Gundi Royle steps down as Managing Director, returning to the UK to run new ventures; Dr David King takes over local management and Philippines operations. A testing unit is contracted for the 2,750-2,800 ft test from mid to late April, and a European licence application is planned.
1 Mar 2006admin correction● Neutral
Notice that 3,648,700 ordinary shares leave ASX escrow on 3 March 2006, making them freely tradable. Administrative only.
20 Feb 2006drilling result● Neutral
Post-drill review says there are good prospects the well can produce, mainly gas, at commercial rates. The untested 2,750-2,800 ft interval is perforated with tubing and a sliding sleeve; a test could be ready within 6-8 weeks. Supported by the company's own view only.
31 Jan 2006quarterly activities report● Neutral
December quarter report restates the Nuevo Malolos-1 outcome: hydrocarbons over 3,981 ft and excellent core porosity, but two tests failed to flow to surface. The 2,750-2,800 ft interval will be tested later without a rig. Adds nothing new.
31 Jan 2006drilling result● NeutralMajor
Final report: Nuevo Malolos-1 showed hydrocarbons over more than 2,900 ft and excellent core porosity, but two tests failed to flow hydrocarbons to surface. Upper Maingit (2,750-2,800 ft) will be tested later without a rig; further appraisal and lead work planned.
30 Jan 2006well test result▼ BadMajor
Test of the 6,223-6,243 ft Toledo interval produced no hydrocarbons to surface; only about 2 barrels of oil came back on reverse circulation. The company says the challenge is now finding reservoir engineering solutions to move the hydrocarbons, with other zones still to test.
27 Jan 2006drilling progress report● Neutral
Picking up tubing ahead of completion and testing; rig release anticipated late Saturday or early Sunday. Repeats earlier log and core findings with no new results.
25 Jan 2006drilling progress report● Neutral
Casing is nearly run and the well is secure, with completion and testing next. Repeats the 24 January log and core findings, adding that core shows fracture systems that probably caused the caving and may have aided hydrocarbon migration.
24 Jan 2006drilling result▲ GoodMajor
Logs confirm significant hydrocarbons across about 3,981 ft of sands with no water, and core shows high porosity and permeability. The well will be cased to total depth and a Toledo sand perforated and tested.
23 Jan 2006drilling progress report▲ Good
Nuevo Malolos-1 reached final depth of 6,381 ft on 21 January, with a strong gas show (780 units) at 6,240 ft in the Toledo sands. Logging under way; testing and completion decision to follow log analysis.