Past year: ▲ 0%(0.10c – 0.10c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 Apr 2019capital raising announcement● NeutralMajor
Launches a 1-for-2 non-renounceable entitlement offer at $0.003 per share to raise about $1.717m, a 25% discount to the last sale price. Not underwritten. Funds go to deepening Nuevo Malolos-1, meeting the SC 44 commitment; this is the equity raising flagged earlier.
29 Apr 2019capital raising announcement● Neutral
Cleansing notice for the entitlement offer of about 572.2m shares at $0.003 to raise about $1.717m. Shows voting-power scenarios for the four substantial holders, including Morton at 15.75% currently. Compliance paperwork with no new substance.
What it means for a shareholder
572m new shares at A$0.003 to raise about A$1.7m. That's 26% dilution: every existing holder's slice gets 26% smaller. If you held A$1,000 of shares (333,333 at the issue price), your slice goes from 0.0204% to 0.0151% of the company. To keep it you'd need 116,509 more shares - about A$350 at the issue price.
Create a free account to see this worked out for your own holding.
29 Apr 2019capital raising announcement● Neutral
Offer document for the 1-for-2 entitlement offer at $0.003, raising up to about $1.717m, opening 7 May and closing 27 May 2019. It describes the shares as speculative. Details repeat the earlier announcement.
24 Apr 2019quarterly activities report▼ BadMajor
March quarter: the company told French Ministers on 23 April 2019 it renounces its St Griede renewal rights, citing sovereign risk, ending that long fight. Nuevo Malolos-1 deepening is now planned for May and new capital is needed.
15 Mar 2019half year report● Neutral
Interim report to 31 December 2018 repeats known matters: SC 44 extended to September 2020 with a US$1.175m minimum spend. New element: the company now plans to raise new equity for the Nuevo Malolos-1 deepening, with spud planned for May 2019. Financials not visible in the text.
6 Mar 2019regulatory community update● NeutralMajor
Bordeaux Court of Appeal annulled the Pau order granting a 5-year St Griede extension, but told the Ministers to reconsider a second 5-year term within 2 months, with €1,000/day penalty for delay. This partly resolves the appeal, with the permit outcome still open.
15 Feb 2019director officer appointment● Neutral
Director Patrick Sam Yue was issued 12 million shares under the employee incentive plan approved at the November 2018 AGM, valued at $96,000. His direct holding rises to 57 million, with 72.6 million held indirectly.
14 Jan 2019regulatory community update● Neutral
The Bordeaux Court of Appeal will hear the French Government's appeal against the November 2016 St Griede judgement on 5 February 2019. Penalty payments are already received; the permit outcome now awaits the hearing and decision.
9 Jan 2019admin correction● Neutral
The company's contact telephone number changed to +612 9251 0316. Administrative only.
5 Dec 2018investor presentation● Neutral
December investor presentation largely repeats the November AGM deck, with the Nuevo Malolos-1 deepening planned for first quarter 2019. Directors' ownership is quoted at about 33%, versus about 36% in November.
29 Nov 2018investor presentation● Neutral
AGM presentation repeats known points: SC 44 extended to 2020, Malolos 2C 20.4 million barrels oil in place, deepening planned for first quarter 2019. Directors' loans are to be repaid from operations or French recoveries, with no equity issues planned at the current low price.
23 Oct 2018regulatory community update▲ GoodMajor
The Philippine DOE approved extending SC 44 to September 2020, ending the long wait for a decision and giving security of tenure. The company plans to deepen Nuevo Malolos-1 using its own rig, funded from existing funds and new funding initiatives.
28 Sept 2018admin correction● Neutral
Appendix 4G corporate governance statement lodged with the annual report. Administrative only, no new information.
28 Sept 2018annual report● Neutral
Annual report to 30 June 2018 repeats known events: no exploration spending while tenure was uncertain, penalty received in August, French applications rejected, $500,000 raised in early 2018. It notes Australian onshore licences are hard to acquire. Financial statements are not visible in the text provided.
30 Aug 2018regulatory community update▲ GoodMajor
The French Government has paid €414,400 (about A$662,000): the €383,500 St Griede penalty plus €1,200 costs, and €29,700 for Mirande. This resolves the penalty thread and adds cash; the Bordeaux appeal on the permit remains pending.
11 July 2018regulatory community update▲ GoodMajor
The Pau Tribunal directed the French Government to pay Gas2Grid €383,500 plus €1,200 costs for the St Griede delay penalty, with no appeal available. This resolves the penalty claim; the Bordeaux appeal on the permit itself is still pending, with submissions closing 14 September 2018.
16 Mar 2018admin correction● Neutral
Section 708 notice confirming the 100 million placement shares were issued without a disclosure document, with the company stating it complied with reporting obligations. Administrative only.
13 Mar 2018half year report● Neutral
Interim report to 31 December 2017 largely repeats the SC44 and St Griede history. The MD met the DOE on 1 March 2018 and is hopeful of an extension. Financial statements are not visible in the text provided.
6 Mar 2018capital raising announcement● NeutralMajor
The company placed a further 100 million shares at $0.0025 to raise $250,000 for working capital, at the same price as the SPP. It was made under shareholder approval from the 9 February 2018 meeting.
What it means for a shareholder
100m new shares at A$0.0025 to raise about A$250,000. That's 9.4% dilution: every existing holder's slice gets 9.4% smaller. If you held A$1,000 of shares (400,000 at the issue price), your slice goes from 0.0415% to 0.0376% of the company. To keep it you'd need 41,457 more shares - about A$104 at the issue price.
Create a free account to see this worked out for your own holding.
6 Mar 2018regulatory community update▼ BadMajor
France rejected the Eauze application (3,172 km2) under the new law. All three Aquitaine Basin applications, lodged 2010–2011, have now been rejected; the company has 2 months to object.
2 Mar 2018regulatory community update▼ BadMajor
France rejected the Mirande application (3,642 km2) under the new law, after the July 2017 court had ordered the Minister to decide. The company has 2 months to object and will seek legal advice.
2 Mar 2018capital raising announcement▲ GoodMajor
The SPP closed early, fully subscribed at $0.0025 per share, raising the $250,000 target without scale back. All three directors applied for their maximum $15,000 each.
1 Mar 2018regulatory community update▼ BadMajor
France rejected the Tartas permit application (2,821 km2, lodged 2010) under the new December 2017 law, despite officials having recommended grant in 2015. The company has 2 months to object in the Tribunal.
15 Feb 2018investor presentation● Neutral
Investor presentation repeats known points: SC44 awaiting DOE extension for over 12 months, France shutting petroleum exploration, and a plan to acquire new assets in SE Asia and onshore USA using the company's rigs. It says negotiations on new assets are under way.
12 Feb 2018capital raising announcement● NeutralMajor
The company announced a Share Purchase Plan of up to 100 million shares at $0.0025 to raise up to $250,000, a 16.6% discount to the five-day VWAP. Funds are for new ventures and working capital. This is the first equity raising since 2013.
What it means for a shareholder
100m new shares at A$0.0025 to raise about A$250,000. That's 10% dilution: every existing holder's slice gets 10% smaller. If you held A$1,000 of shares (400,000 at the issue price), your slice goes from 0.0463% to 0.0415% of the company. To keep it you'd need 46,250 more shares - about A$116 at the issue price.
Create a free account to see this worked out for your own holding.
12 Feb 2018capital raising announcement● Neutral
SPP offer document: $0.0025 per share, minimum $2,500, maximum $15,000, raising up to $250,000 (100 million shares), closing 5 March 2018. Repeats the announced terms; not underwritten.
What it means for a shareholder
100m new shares at about A$0.0025 to raise about A$250,000. That's 10% dilution: every existing holder's slice gets 10% smaller. If you held A$1,000 of shares (400,000 at the issue price), your slice goes from 0.0463% to 0.0415% of the company. To keep it you'd need 46,250 more shares - about A$116 at the issue price.
Create a free account to see this worked out for your own holding.
12 Feb 2018capital raising announcement● Neutral
Cover letter sending shareholders the SPP offer at $0.0025 per share, with up to $15,000 each. It repeats the terms already announced; no new information.
8 Jan 2018regulatory community update▼ BadMajor
A French decree of 8 December 2017 extended St Griede only to 31 May 2018, over a reduced 652 km2 area with a €1,176,860 minimum work commitment. The company says this does not satisfy the Pau judgement's 5-year extension; the Bordeaux appeal is still pending.
27 Dec 2017listing compliance notice▼ Bad
ASX queried a late Appendix 3Y for shares issued to director Patrick Sam Yue (change dated 5 December 2017, lodged 18 December). The company said the Managing Director was on leave and it 'may have erred', but called its compliance arrangements adequate.
29 Nov 2017other● Neutral
The MD's AGM address criticises French policy, notes the €3,000/day penalty is awaiting the appeal court, and says SC44 has had no DOE response for nearly 12 months. Australian onshore options are limited, so the company is looking overseas, with the USA a growing focus.
