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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
30 Apr 2013quarterly activities report● Neutral
March quarter: Malolos-1 junk cleared and the lower oil sandstone perforated with oil recovered, but swabbing problems delayed flow testing. St Griede renewal and seismic applications are lodged, and three new French licence applications are being processed.
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.
31 Jan 2013quarterly activities report▼ Bad
December quarter: Jacob-1 stopped at 664.5 m and suspended, with tight limestone and unknown fluid in the fractures. Gumamela-1 was drilled to 1,051.6 m and abandoned. The Malolos-1 workover was delayed by rig repairs. The junk is a test packer that the current 4 inch mill cannot fully remove.
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.
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.