Each one in plain English, with the numbers worked through for a shareholder.
23 Mar 2012capital raising announcement● NeutralMajor
Adds a $700,000 placement of 17.5m shares at $0.04, on top of the $3.1m (77.5m shares at $0.04) committed on 14 March from directors and investors. Funds go to SC44 drilling; shares on issue rise to about 473.6m.
What it means for a shareholder
17.5m new shares at A$0.040 to raise about A$700,000. That's 3.7% dilution: every existing holder's slice gets 3.7% smaller. If you held A$1,000 of shares (25,000 at the issue price), your slice goes from 0.00548% to 0.00528% of the company. To keep it you'd need 959 more shares - about A$38 at the issue price.
Company says Jacob-1, the first SC44 well, will be drilled before June 2012 without needing a farm-in partner, followed by Gumamela-1 and Ilang-1. Exercise of 71.85m $0.05 options is planned to fund it. Malolos-1 deeper testing will be combined with the drilling.
Half-year to 31 Dec 2011 restates known events: $1.45m raised from option exercises, Malolos-1 oil recovery with the main oil zone still blocked by junk, three SC44 wells planned for H1 2012, and St Griede now 100%. No new operating results in the text shown.
Investor fact sheet: farmout talks are under way for the three SC44 wells and rig options are being assessed. Flow testing of Malolos-1 might be combined with the drilling program. Shows 401.4m shares and a $0.05 price (about $20m market cap).
Cased-hole logging at Malolos-1 interprets several thick gas-bearing sandstones worth flow testing, and the stuck mill bit was fished out. Testing is at least 4-6 weeks away; the deeper oil zone stays blocked until the 2012 rig arrives.
AGM presentation restates the strategy and plans: three SC44 wells in H1 2012 (about $4-6m), St Griede seismic in 2012 and farmouts sought. Shows about 391m shares, a 4.9 cent price and a $19.2m market capitalisation. Nothing materially new.
Over 20 barrels of oil plus gas flowed to surface from Malolos-1, but junk left in the well in 1960 blocks the 2,173 m main oil target, and a milling attempt failed. Testing that oil zone is delayed to 2012, using the drilling rig.
Malolos-1 workover began, daylight hours only, drilling out a cement plug at about 981 m. The plan is to clean out to about 2,250 m toward the 28 m oil sandstone at 2,173 m. Expected to take 3+ weeks.
All Malolos-1 equipment is on site and workover starts within days, taking at least 3 weeks. Main target is a 28 m oil sandstone at 2,173 m. The 2011 seismic is complete, with three drilling prospects for H1 2012.
Directors propose taking 2.89m shares at $0.05 in lieu of owed fees, to preserve cash, subject to shareholder approval at the AGM. Small, non-cash issue; continues the practice of paying directors in shares.
Malolos-1 deeper workover (1,000-2,100 m) should start soon; all equipment has cleared customs in Manila and moves to Cebu next week. Expected to take 2-3 weeks. Continues the repeated delays since August.
30 Sept 2011security holder rights change▲ GoodMajor
29.2m of the 33.2m options were exercised at $0.0496, raising about $1.45m; 4m lapsed. Another 1.39m shares were issued to settle seismic invoices and exercise other options. Shares on issue rise to 375.7m.
2011 annual report. The chairman says EP 453 results 'have not turned out as well as we would have liked', so work is shifting to shale potential. It also confirms the St Griede buyout, three new French licence applications, and the DOE deadline of 28 July 2012.
Notice to holders of 33.2m unlisted options, exercisable at $0.0496 until 30 September 2011. Full exercise would raise $1,646,720. The last price cited was $0.055, above the exercise price.
31 Aug 2011asset acquisition disposition▲ GoodMajor
Gas2Grid agreed to buy Flow Energy's 50% of the St Griede licence in France for $900,000 cash, taking it to 100%. A new seismic survey is planned for first half 2012 and one well by Q1 2013.
A contractor agreement is signed for the Malolos-1 Phase 2 workover, with equipment shipping from Singapore. Start is now mid-September 2011, slipping again from August. Three wells are still targeted for Q1 2012.
The company announces a new Sydney office address and phone numbers effective 1 August 2011. Administrative only, with no operational or financial news.
The 2011 SC44 seismic survey began, with about 40 km planned over four weeks to firm up three drilling prospects. Drilling is now planned for the first half of 2012, later than the second half of 2011 previously stated.
June company update repeating known plans: a deeper Malolos-1 test in June-July, new seismic from July, drilling from Q4 2011 with farmout sought. Shows 348.3m shares and a 6.0 cent price. Nothing materially new.
Nitrogen stimulation of Malolos-1's shallow zones (367-777 m) produced significant gas to surface, though not yet continuously. Pressure also built to 140 psi in Nuevo Malolos-1. Deeper workover still waits on scarce equipment; alternatives are being sourced.
Malolos-1 Phase 2 workover to start within the week, now adding nitrogen stimulation of shallow gas zones. The Philippines DOE granted an 18-month extension to drill the three outstanding SC44 wells, now planned for second half 2011, easing the licence deadline.
Half-year accounts to 31 December 2010 restate known events: the $1.9m rights issue, Reeder's appointment, completed SC44 seismic and a Malolos-1 workover now planned for Q1 2011. Financial figures are not visible in the text provided.
General meeting presentation repeating known plans: Phase 2 workover Jan-Feb 2011, three 2011 wells (~$4m) with farmout 'discussions underway', and results by end Q1 2011. Shows 314.5m shares; the stated 9.4c price and $29.6m market cap are as printed.
Publication of the company's securities trading policy, setting out insider trading rules and blackout periods. Administrative only, with no news on operations or finances.
Phase 2 seismic in SC44 finished 16 December with 61.3 km recorded (115.3 km across both phases), quality generally excellent. Processing and interpretation are due in Q1 2011. The Malolos-1 Phase 2 workover now starts January 2011, with drilling planned for first half 2011.
7 Dec 2010director officer appointment● NeutralMajor
Substantial shareholder Darren Reeder joins the board as a non-executive director. He holds 14.96%, is Singapore-based and runs an oil field services business in south Asia, with Philippines workover experience.
The 27.4m shortfall shares and matching $0.05 options were issued to the underwriter and its nominees, completing the rights issue. Shares on issue are now 311,986,736. Budside is the top holder with 14.83%.
All 38,584,422 listed $0.08 options expired unexercised on 30 November 2010, as expected given the share price was below the exercise price. No funds were raised from them.
