Past year: ▲ 0%(0.10c – 0.10c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
24 Dec 2012drilling progress report● Neutral
Gumamela-1 was drilling at 556 m through marl, with a high methane gas show (12% by volume) at 535 m. Malolos-1 wellhead pressure of 275 PSI was bled down and oil samples taken, with milling due to start after Christmas.
17 Dec 2012drilling spud● NeutralMajor
Gumamela-1, the second of the three SC44 wildcats (15 million barrels recoverable potential), spudded on 16 December 2012 and was at 57.6 m. Drilling is planned to 1,000-1,300 m over about 25 days, following the disappointing Jacob-1.
10 Dec 2012drilling progress report● Neutral
Typhoon delayed tubing recovery at Nuevo Malolos-1; junk drill-out is now due to start late that week, with the workover still put at about 6 weeks. Rig-2 is rigging up at Gumamela-1, with spud planned by week's end. Jacob-1 remains suspended.
30 Nov 2012drilling progress report● Neutral
Jacob-1 is suspended so the fractured limestone can be swabbed later by Rig-1. Rig-2 is moving to Gumamela-1 (15 million barrels, 25 days). The company says Jacob-1's tight limestone need not apply there. The Malolos-1 workover is expected to take about 6 weeks.
26 Nov 2012drilling result▼ BadMajor
Jacob-1 was stopped at 664.5 m with no reservoir limestone and no hydrocarbon shows, and mud kept being lost in fractures from 519.1 m. Wireline logging follows. The 50 million barrel prospect looks unsuccessful, though the fluid in the fractures is unknown.
21 Nov 2012drilling progress report● Neutral
At 519.1 m Jacob-1 lost all mud circulation, with slight losses at 507.1 m. The company says this suggests permeability, possibly fractures, but fluid content (oil or water) is unknown until logging. Efforts are under way to regain circulation.
19 Nov 2012drilling progress report▼ Bad
Jacob-1 hit the top of the target limestone reef at 340 m, close to prediction. At 490 m the limestone is tight (very low porosity) with only minor oil shows. Drilling continues; an early cautious signal for the 50 million barrel prospect.
16 Nov 2012drilling progress report● Neutral
Jacob-1 intermediate casing is cemented at 322.4 m and pressure tests passed. The company reports delays from rig maintenance and equipment availability. Drilling ahead into the Miocene reef, targeting 1,000-1,300 m total depth.
9 Nov 2012drilling progress report● Neutral
Jacob-1 reached the intermediate casing depth of 325.3 m, with casing being run and cemented. Blow-out preventers are tested next, before drilling ahead to the main oil targets.
9 Nov 2012other● Neutral
AGM chairman's address. Says the company has two rigs, is funded and is drilling three wildcats, with Malolos-1 junk drill-out due this month. Notes EP 453 results were disappointing. Largely repeats known plans.
9 Nov 2012investor presentation● Neutral
AGM presentation repeats the October deck: 605m shares, 11c price, $66m market cap, $2.6m cash at 30 September. Jacob-1 drilling under way, Malolos-1 flow tests due, France drilling mid-2013. Nothing materially new.
2 Nov 2012drilling progress report● Neutral
Jacob-1 has been drilled to 108.5 m and surface casing run and cemented. Next step is installing blow-out preventers, then drilling on to the 300 m intermediate casing point. Planned total depth is 1,000-1,300 m.
31 Oct 2012investor presentation● Neutral
October presentation shows 605m shares, a 10c price, a $60m market cap and $2.7m cash at 30 September. Repeats plans: Jacob-1 drilling underway, Malolos-1 flow test in the December quarter, France drilling mid-2013. Nothing materially new.
24 Oct 2012drilling spud▲ GoodMajor
Jacob-1, the first of three back-to-back SC44 wildcats and the largest prospect at up to 50 million barrels, started drilling at 1930 hours EDST on 23 October. It was at 32 m the next day. This follows several months of delays.
22 Oct 2012drilling scheduled● Neutral
Notice that Jacob-1 will start drilling on 23 October 2012. Surface casing is planned at about 100 m and intermediate casing at 300 m, with targets between 340 m and 1,000 m.
4 Oct 2012drilling progress report▼ Bad
Jacob-1 spud is delayed again, now by customs clearance of essential equipment and well insurance. Rig-1 is being rigged up over Nuevo Malolos-1 to recover tubing for the Malolos-1 workover. No new date is given.
18 Sept 2012drilling progress report● Neutral
Rig-2 is rigged up at Jacob-1 but waiting on imported parts to clear customs. Spud is now expected by the end of September, and the Malolos-1 workover by month end. Jacob-1 is the largest prospect, at 50 million barrels potential.
18 Sept 2012annual report● Neutral
2012 annual report. It records funds raised this year: option exercises of $1.45m and $1.93m, a $4.93m placement of 123.25m shares, and the $2.03m September placement. Repeats plans for three SC44 wells and the Malolos-1 workover, plus the DOE extension to 28 January 2014.
7 Sept 2012admin correction● Neutral
Administrative section 708 notice covering the 31.26m shares issued in the $2.03m placement. No new information.
31 Aug 2012capital raising announcement● NeutralMajor
Raised $2.03m by placing 31.26m shares at $0.065, a 5.8% discount to the 10-day average price. It covers the shortfall after about 34.2m $0.05 options lapsed unexercised on 15 June, which would have raised about $1.71m. Funds go to SC44, St Griede and working capital.
What it means for a shareholder
31.3m new shares at A$0.065 to raise about A$2.0m. That's 5.4% dilution: every existing holder's slice gets 5.4% smaller. If you held A$1,000 of shares (15,385 at the issue price), your slice goes from 0.00283% to 0.00268% of the company. To keep it you'd need 884 more shares - about A$57 at the issue price.
Create a free account to see this worked out for your own holding.
29 Aug 2012drilling scheduled● Neutral
Rig-2 maintenance is finished, with an open day on 1 September. Jacob-1 is expected to spud by the end of the second week of September, and the Malolos-1 workover now starts in September. Both slip again from earlier timings.
20 June 2012drilling scheduled▲ Good
The company's drilling rig has arrived in Cebu and is at the San Fernando yard for maintenance. First of the three exploration wells is still expected to spud in August. Brewster workover rig is still being upgraded.
8 June 2012admin correction● Neutral
Administrative section 708 notice for 9.5m shares issued. Presumably option exercises (inference); the text gives no detail.
7 June 2012investor presentation● Neutral
Fact sheet repeats the August start for three SC44 wells using the Gardner-Denver rig and says farmout talks are progressing. Malolos-1 testing of six gas intervals is planned from July. Shows 528.3m shares and a $26m market cap. Nothing materially new.
7 June 2012investor presentation● Neutral
June presentation shows 528.3m shares, a 5.0 cent price and $26m market capitalisation. Drilling is shown as August–October 2012 and Malolos-1 flow testing as July–August; France drilling in 2013. Mostly repeats known plans.
4 June 2012drilling scheduled▼ Bad
First SC44 exploration well now expected in August, slipping from July, due to what the company calls unavoidable shipping delays from Taiwan. Malolos-1 flow testing is expected to start in July once the workover rig upgrade is complete. Farmout talks continue.
18 May 2012capital raising announcement● Neutral
The 35m shares to directors (cash subscription, about $1.4m at $0.04) were issued after shareholders approved them on 3 May. Completes the March raising; the notice covers 53.75m shares in total.
10 May 2012security holder rights change● Neutral
Notice to holders of 71.85m options at $0.05 expiring 15 June 2012. Full exercise would raise about $3.59m; directors and related parties say they intend to exercise theirs. Last price cited was $0.052.
30 Apr 2012asset acquisition disposition● NeutralMajor
Company bought an 800 HP drilling rig (in Taiwan) and a Philippines workover rig after citing extensive delays and cost overruns with contractors. Jacob-1 has DOE approval and drilling is targeted for July. Farmout talks continue but are said not to affect timing.
29 Mar 2012admin correction● Neutral
Administrative section 708 notice covering the 17.5m shares issued in the $700,000 placement. No new information.
