Past year: ▲ 0%(0.10c – 0.10c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
27 Aug 2013resource reserve update● Neutral
Company says Malolos-1 and Malolos-4 show oil sands over a 496 m interval, but only the steep eastern limb is tested, so the field could be much larger. The 4-12-42 MMbbl resource is unchanged. It prefers farming out SC44 to fund appraisal, and will also pursue other fund raising.
18 July 2013well test result▲ Good
Lab analysis of Malolos-1 oil shows the upper sandstone at 37.2°API and the lower at 39°API, both waxy and described as saleable quality. The several-month production test is still awaiting equipment. Otherwise repeats the 5 July release.
17 July 2013regulatory community update● Neutral
St Griede seismic is now planned for late 2013, with a revised application to be submitted shortly, later than the mid-2013 earlier planned. The licence completed its first 5-year period on 28 May and a renewal over 50% of the area is lodged. Three new licence applications are being processed.
5 July 2013well test result● NeutralMajor
Malolos-1 testing is complete. Both gas zones were tight or water-bearing and will not be pursued. The 4-42 million barrel (12 million best) oil resource stands, and oil is 39°API. Months of production testing are planned from H2 2013. Cash was about $1.7m and shares on issue 647m.
28 June 2013capital raising announcement▲ GoodMajor
The Share Purchase Plan and shortfall raised $1,203,600 from 40.12 million shares at 3 cents. A shortfall of 59.88 million shares ($1.8m) is to be placed in coming weeks. Funds go mainly to the Malolos-1 workover.
What it means for a shareholder
40.1m new shares at A$0.030 to raise about A$1.2m. That's 6.4% dilution: every existing holder's slice gets 6.4% smaller. If you held A$1,000 of shares (33,333 at the issue price), your slice goes from 0.00568% to 0.00531% of the company. To keep it you'd need 2,277 more shares - about A$68 at the issue price.
Create a free account to see this worked out for your own holding.
24 June 2013investor presentation● Neutral
June 2013 presentation repeats known facts: Malolos-1 workover, the 12 million barrel resource, French seismic and licences, and the two owned rigs. It shows 606m shares and a $0.035 price ($21m market cap). French licence decisions now point to Sept-Oct or Q4 2013.
20 June 2013resource reserve update▲ GoodMajor
First Malolos oil contingent resource: 12 million barrels best estimate of oil in place, ranging from 4 million to 42 million. It covers the two lower sandstones, and no seismic exists to confirm the trap. It follows the earlier dry wells.
18 June 2013well test result▲ GoodMajor
The upper Malolos-1 sandstone gave 30 barrels of clean oil with no water in 2.5 hours of swabbing before equipment broke off in the hole. Management concludes both oil sandstones can produce. Gas zone testing is next.
17 June 2013flow test result▲ GoodMajor
The upper Malolos-1 oil sandstone was perforated, with guns coming out covered in oil. The lower sandstone flowed oil to within 22 m of surface plus unmeasured gas. Management says it is capable of oil production, but a development decision awaits further testing.
6 June 2013capital raising announcement● Neutral
The Share Purchase Plan closing date was extended from 7 June to 24 June 2013, with new shares now expected to be issued 28 June. All other terms are unchanged.
4 June 2013drilling progress report▲ Good
Work restarted at Malolos-1 after the crew break. The fluid level had risen naturally to 22.6 m below surface, and the first 4 swab recoveries were all oil. The upper oil sandstone and gas zones are still to be tested.
8 May 2013listing compliance notice● Neutral
The trading suspension was lifted after the company released its capital raising announcement, the Share Purchase Plan. Administrative notice only.
8 May 2013capital raising announcement● NeutralMajor
Share Purchase Plan offered to existing holders at 3 cents a share, up to A$3m (100m shares), with $1,200-$15,000 per holder. The price is a 14.3% discount to the five-day average. Funds go to finishing Malolos-1, St Griede seismic preparation and working capital.
7 May 2013drilling progress report▼ Bad
Corroded tubing keeps wearing out swab cups, so new tubing is being shipped from Singapore, due in about 2 weeks. The rig crew gets a 14-day break around the Philippine elections. Testing of the upper oil sandstone and gas zones is delayed until after the break.
6 May 2013listing compliance notice● Neutral
At the company's request, shares were suspended pending a capital raising announcement, following a trading halt requested on 2 May. The company expected the suspension to last no more than 2 trading days.
1 May 2013drilling progress report● Neutral
Swabbing resumed at Malolos-1 with replacement equipment, and oil was recovered with seawater. The fluid level was swabbed down from 187 m to 560 m. Results are called encouraging, but no commercial rate has been established.
22 Apr 2013drilling progress report● Neutral
The lower Malolos-1 sandstone (7,280-7,308 ft) was perforated and oil recovered, with 0.36 bbl of oil, gas and water brought to surface. Swabbing equipment failed on corroded tubing, so a commercial rate is not yet established.
17 Apr 2013drilling progress report● Neutral
Malolos-1 perforating guns are being loaded to perforate the lower oil sandstone at 7,300 feet first, then the interval at 7,200 feet. Oil flow test results are expected within days and gas interval results in 7-10 days.
3 Apr 2013investor presentation● Neutral
April 2013 presentation repeats known plans: Malolos-1 flow test, French seismic mid-2013 and three French licence applications due in June. Shows 606m shares, $1.2m cash at 31 December 2012, and a $0.03 share price ($18m market cap). Nothing materially new.
2 Apr 2013drilling progress report▲ Good
Malolos-1 junk, a test packer, has been cleared and the hole is open to 2,250.4 m, giving access to the two target oil sandstones. Cement left by the 1960 operator was also drilled out. Perforating and flow tests follow, with results expected in 7-10 days.
26 Mar 2013drilling progress report● Neutral
Cement squeezing at Malolos-1 is finished and the mill is about to start on the junk. The company expects oil flow test results within 7-10 days.
11 Mar 2013drilling progress report● Neutral
Malolos-1 has had its fourth cement squeeze on the shallow perforations. Milling the deep junk and flow testing still follow, with at least another month of work expected.
26 Feb 2013drilling progress report● Neutral
Rig-2 replaced Rig-1 at Malolos-1 and resumed work on 22 February, running 24 hours a day. The 5 inch liner is out and shallow perforations are being cement squeezed before the junk is milled. The company says operations will last at least a month.
22 Feb 2013half year report▼ BadMajor
Half-year accounts report a working capital deficit of $467,084 and a material uncertainty about going concern. Drilling costs on Jacob-1, Gumamela-1 and Ilang-1 were written off. A $1.25m facility from a company controlled by MD Morton was drawn by $1.2m in January 2013. No Jacob-1 discovery is expected.
25 Jan 2013drilling progress report● Neutral
Rig-1 milled 1.37 m of junk at Malolos-1 to 2,203.3 m, with the junk containing rubber and metal. Milling continues for an unknown time, and the company is considering swapping in Rig-2 and moving Rig-1 to swab Jacob-1.
24 Jan 2013drilling scheduled▼ BadMajor
Ilang-1 (5 million barrels) is deferred because Jacob-1 and Gumamela-1 raise a high risk that the target sandstones are absent. Rig-1 repairs are done, and swapping in Rig-2 at Malolos-1 is being considered. The company is also reviewing offers to hire out its rigs.
14 Jan 2013drilling progress report▼ Bad
No progress at Malolos-1 since 8 January because of rig mechanical repairs. Work should restart this week, with the company still estimating 4-6 weeks to finish the workover and testing.
8 Jan 2013drilling result▼ BadMajor
Gumamela-1 was plugged and abandoned at 1,051.6 m, with no significant porosity in the limestone or the sediments below it. It is the second dry result in a row. The Ilang-1 drill decision is now under review, and Rig-2 is on standby.
7 Jan 2013drilling progress report▼ Bad
Gumamela-1 was stopped at 1,051.6 m after the limestone ended at 876.3 m with no significant gas. Electric logging follows. Malolos-1 milling is still not underway after a draw-works brake repair.
2 Jan 2013drilling progress report▼ Bad
Gumamela-1 reached 880 m in the Cebu Limestone, which is mainly tight with no hydrocarbon shows and only thin porous intervals. At Malolos-1 the mill is above the junk at 2,187.2 m and milling is about to begin.
