16 Apr 2014admin correction● Neutral
Notice that the rights issue prospectus and acceptance form were mailed to eligible shareholders on 16 April. No new information.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
11 Apr 2014drilling progress report● Neutral
A crew is mobilised to Malolos-1 to prepare Rig-2. Well clean-out starts next week, then about two weeks of swabbing one sandstone, then a shut-in. Each of the two sandstones is to be tested in turn, and test oil will be sold in Cebu.
2 Apr 2014capital raising announcement● NeutralMajor
Launches a 1-for-4 non-renounceable rights issue at 3 cents to raise about $5.1m, with a free $0.04 option (expiring 15 September 2015) per share. Not underwritten. Funds go to Philippines appraisal, French exploration and working capital. Shares would reach about 927m.
2 Apr 2014capital raising announcement● Neutral
Prospectus for the 1-for-4 rights issue at 3 cents (about $5.1m), with a free option per share. The supplied text covers only the front sections and key dates; it repeats the terms announced the same day.
2 Apr 2014quarterly activities report● Neutral
March quarter report: test programme approved 20 March, testing to start April, estimated at $500,000-$600,000. With no farm-out agreed, the company opted for a capital raising to fund work. St Griede seismic is planned for mid-2014.
20 Mar 2014regulatory community update▲ GoodMajor
The Philippine energy department gave written approval to start the Malolos-1 extended oil production test, with initial production likely in April. This clears the approval awaited since January. A 25-year production period depends on proving commerciality.
19 Mar 2014production update● Neutral
Malolos-1 extended production test slips from February to April; DOE written approval expected by end of March. Company says the test is funded from existing cash. Farm-out talks continue, and it may fund some work itself if they drag.
21 Feb 2014half year report● Neutral
Half-year report to 31 December 2013 largely repeats known operational news: the DOE discovery recognition, SC44 extension to January 2015, the January resource upgrades and the roughly $1.8m placement. Financial statements are not visible in the provided text.
30 Jan 2014quarterly activities report● Neutral
December quarter report restates the DOE discovery recognition, the extension to 28 January 2015 and the January resource upgrades. Production testing is planned for February, subject to equipment, at US$0.5-1m. Three French licence applications are progressing.
29 Jan 2014resource reserve update▲ GoodMajor
Independent assessment lifts the Malolos contingent resource (2C) to 20.4 MMbbl oil in place from 12 MMbbl (1C 6.8, 3C 68.1). It also adds a new unrisked prospective resource of 104 MMbbl (14-601) in SC44 leads. Farm-out talks continue; no deal yet.
3 Jan 2014regulatory community update▲ GoodMajor
The Philippine energy department formally recognised Malolos-1 as an oil discovery and extended SC44 for 12 months from 28 January 2014 to prove commerciality. This resolves the October application. Longer testing is planned for February, costing US$0.5-1m, subject to equipment.
22 Nov 2013investor presentation● Neutral
AGM presentation repeats known facts: the 4-12-42 MMbbl Malolos resource, the planned production test, farm-out to fund appraisal, French licences and the company-owned rigs. It states management owns about 32%.
22 Nov 2013agm notice● Neutral
AGM chairman's address largely repeats the annual report. New points: farm-out talks are 'quite advanced', Ilang-1 (5 MMbbl prospect) is planned for 2014, and French licence bids face competition. Directors have lent $5.75m, of which $3.2m is drawn.
22 Nov 2013agm notice● Neutral
All 12 AGM resolutions passed, including re-election of Chairman Munns, share issues to directors in lieu of fees, approval of the 20.08m June and 73.88m September placement shares, and a 100m-share issue capacity.
12 Nov 2013regulatory community update● Neutral
Typhoon Haiyan caused no damage to SC44 sites or the company-owned rigs, which are about 150 km south of its path. The Malolos-1 extended test still awaits government approval, expected early 2014. Farm-out talks continue.
31 Oct 2013quarterly activities report● Neutral
September quarter report: $1,822,400 raised from two placements of 82.8m shares at 2.2 cents. Discovery application lodged. Extended Malolos-1 production test now expected in early 2014, later than the second half of 2013 previously planned, as the pump and storage must still be bought.
23 Oct 2013regulatory community update▲ GoodMajor
Company applied to the Philippine energy department to declare Malolos-1 an oil discovery, citing indicative test rates of 100-200 barrels a day. If approved, that gives 12 more months to test. Extended testing is estimated at US$500,000-$1m; farm-out of SC44 is still being discussed.
25 Sept 2013annual report● Neutral
2013 annual report: Malolos-1 oil discovery with 12 MMbbl best-estimate resource, dry Jacob-1 and Gumamela-1, Ilang-1 deferred. $3.9m raised in the year plus $1.625m in September 2013. Directors provide loan facilities. Company is seeking a farm-in partner to fund Malolos.
17 Sept 2013admin correction● Neutral
Administrative section 708 notice for the 73,884,546 shares issued in the September placement. No new information.
11 Sept 2013capital raising announcement● NeutralMajor
Placement raised $1,625,460 from 73.88m shares at 2.2 cents, a 20.8% discount to the 15-day average. That is below the 3 cent plan price. Funds go to Malolos-1 flow testing, St Griede and working capital. Company says it is talking to potential farm-in partners.
What it means for a shareholder
73.9m new shares at A$0.022 to raise about A$1.6m. That's 11% dilution: every existing holder's slice gets 11% smaller. If you held A$1,000 of shares (45,455 at the issue price), your slice goes from 0.00774% to 0.00687% of the company. To keep it you'd need 5,718 more shares - about A$126 at the issue price.
Create a free account to see this worked out for your own holding.
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.
31 July 2013quarterly activities report● Neutral
June quarter report: the Share Purchase Plan and shortfall raised $1,203,600 from 40.12m shares at 3 cents. Another 59.88m shares ($1.796m) remain to be placed. Malolos-1 is suspended pending longer production testing later in 2013; the 12 MMbbl resource is unchanged.
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.