Past year: ▲ 0%(0.10c – 0.10c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
29 Nov 2017investor presentation▼ BadMajor
AGM presentation says SC44 is in limbo, with the DOE decision awaited for over 12 months, and France is shutting down petroleum exploration. The forward program is to acquire new petroleum assets, likely overseas. This signals a shift in focus.
26 Oct 2017quarterly activities report▼ Bad
September quarter: SC44 force majeure still unanswered after the company sent a proposed work program. The company has lodged its response at the Bordeaux Appeal Court against France's St Griede appeal. The government has submitted Mining Act changes to stop new petroleum permits.
21 Sept 2017annual report● Neutral
2017 annual report: little exploration spend while tenure is uncertain. The DOE is considering the force majeure claim; St Griede appeal and penalties are undecided. Directors keep lending and have deferred their fees by 15.5 months. Financial statements not visible in the text.
21 Sept 2017admin correction● Neutral
Appendix 4G corporate governance key lodged with the annual report, stating the governance statement is current at 21 September 2017. Administrative only, no new business information.
31 July 2017quarterly activities report● Neutral
June quarter: SC44 force majeure and the St Griede appeal and penalty claim remain undecided. On Mirande, a court on 21 July 2017 directed the Minister to decide within 3 months, with a €300/day penalty for delay. Press reports a proposed ban on new permits.
28 Apr 2017quarterly activities report● Neutral
March quarter: still awaiting the DOE's force majeure response on SC44, with operations on hold until title is secure. The French appeal on St Griede is undecided; the €3,000/day penalty is said to accrue from 3 December 2016. No new decisions.
31 Jan 2017quarterly activities report▼ BadMajor
The SC44 moratorium expired 27 January 2017. The DOE denied more time, so the company applied for force majeure; rejection would end SC44 tenure. France appealed the St Griede judgement on 3 January 2017, reopening the earlier court win.
29 Nov 2016other● Neutral
AGM chairman's address repeats known facts: the late Philippine approval leaves too little time before the 27 January 2017 moratorium end, and the Pau court win on St Griede (5-year renewal, €3,000/day penalty) is open to appeal. Directors' loans continue but cannot last long term.
29 Nov 2016investor presentation● Neutral
AGM presentation repeats known points: Malolos 2C contingent resource of 20.4 million barrels oil in place, Nuevo Malolos-1 deepening est. US$600,000 subject to DOE approval, and the St Griede court win. Management ownership is stated as ~38%. No new information.
7 Nov 2016regulatory community update▲ GoodMajor
The Pau tribunal annulled the Ministers' September 2015 refusal and ordered a 5-year St Griede extension from 3 November 2016 within 30 days, with a €3,000 daily penalty for delay. This resolves the challenge in the company's favour, though the parties have 2 months to appeal.
31 Oct 2016quarterly activities report● Neutral
September quarter report: the Nuevo Malolos-1 deepening was approved in mid-September, but too late to finish drilling and testing before the moratorium ends 27 January 2017, so the company has asked for more time. The Pau tribunal hearing on St Griede was held 11 October, with a decision due 2 November.
30 Sept 2016annual report▼ Bad
2016 annual report: Philippine approval to deepen Nuevo Malolos-1 came only in mid-September 2016, leaving little time before the moratorium ends 27 January 2017. Farmout remains unsecured, with equity issues the fallback. Directors' loans continue. Financial statements are not visible in the text.
31 Aug 2016admin correction● Neutral
The share registry has changed its name to NextRegistries. Address and contact details are listed in the notice. Administrative only.
22 Aug 2016regulatory community update▲ GoodMajor
The Conseil d'Etat refused to admit the Minister's appeal against the December 2015 suspension ruling, saying no argument was presented to justify admission. The suspension stands, which the company says strengthens its legal rights over St Griede; no renewal has yet been granted.
28 July 2016quarterly activities report● Neutral
June quarter report: approval to drill the Nuevo Malolos-1 deepening, lodged in March, is still awaited, with the company expecting delay until the Philippines' new energy department administration is in place. Farmout is still difficult. The Conseil d'Etat decision on the St Griede appeal is still pending.
30 May 2016admin correction● Neutral
The share registry, RB Registries, has moved to Level 16, 1 Market Street, Sydney, effective 30 May 2016. Other contact details are unchanged. Administrative only.
28 Apr 2016quarterly activities report● Neutral
March quarter report: the Nuevo Malolos-1 deepening drilling proposal went to the Philippine energy department for approval, with drilling now proposed for the second half of 2016. Farmout remains difficult at low oil prices. The Conseil d'Etat decision on the St Griede appeal is awaited.
10 Mar 2016half year report● Neutral
Interim report to 31 December 2015 repeats the operating story: year-one moratorium program completed, year two under way, and the St Griede suspension ruling and Minister's appeal awaiting Conseil d'Etat. Financial figures are not visible in the text.
29 Jan 2016quarterly activities report● Neutral
December quarter report: studies are complete and drilling proposals for Nuevo Malolos-1 deepening and a crest well are being prepared for 2016, to be funded by farmout on terms reflecting the lower oil price. St Griede: suspension won, Minister appealed; legal advice sought.
28 Jan 2016regulatory community update▼ Bad
The Minister of Energy has appealed the 29 Dec 2015 suspension ruling to the Conseil d'Etat, which must decide whether to admit the appeal. This puts the company's first court win at risk and prolongs uncertainty over St Griede.
30 Dec 2015regulatory community update▲ GoodMajor
A French tribunal judge suspended the Ministers' refusal to renew St Griede on 29 Dec 2015, finding an error in law and no public-order risk from the permit itself. Ministers have 2 months to reconsider and 2 weeks to appeal. This is a first win in the challenge.
26 Nov 2015other● Neutral
Chairman's AGM address: the crest well would cost about US$1.25m and the Nuevo Malolos deepening about US$600,000. The low oil price has shrunk the pool of farminees, with equity issues the fallback. The St Griede challenge was lodged 10 Nov 2015, and directors' loans cannot continue long term.
26 Nov 2015investor presentation● Neutral
AGM presentation repeats known points: 20.4 MMbbl Malolos resource, moratorium to January 2017, and 2016 plans to deepen Nuevo Malolos-1 (about US$600,000) or drill Malolos-5 on the crest (about US$1.25m). Farmout is the preferred funding.
12 Nov 2015regulatory community update● Neutral
Following written notice of the Minister's refusal to renew St Griede, the company has lodged requests at a French tribunal to suspend and annul that decision. This begins a legal challenge to the refusal; no outcome is yet known.
30 Oct 2015quarterly activities report▼ Bad
September quarter report: St Griede renewal refusal now confirmed in writing, and the company is seeking advice. It plans to deepen Nuevo Malolos-1 and complete it with screens in the first quarter of 2016, subject to funding. Farm-out continues.
12 Oct 2015regulatory community update▼ BadMajor
Directors were told verbally in Paris that France will not renew the St Griede licence, apparently over local political and public-order concerns. This ends hope of the renewal pending since 2013. The company is seeking advice; Tartas is recommended for grant.
21 Sept 2015admin correction● Neutral
A revised list of the 20 largest shareholders as at 7 September 2015 replaces the list in the annual report, which contained some errors. The figures are not visible in the text.
