Past year: ▼ 50%(0.10c – 0.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
23 Oct 2008quarterly activities report● Neutral
September quarter net production 40.6 mmcfe, up from 35.1. Operating cash outflow A$1.714m; US$1.2m drawn from Macquarie in October. Dugas & LeBlanc #1 now expected late November or early December, with Pierre Landry #1 next.
15 Oct 2008drilling scheduled● NeutralMajor
AFE signed for the first Napoleonville well, Dugas & LeBlanc #1 (26.4%, paying 29.3%), targeting 5-25 Bcf; spud slipped to late November 2008. Caldwell #1-12 produces over 1 MMcf/d. Reed #4-9 reached 9,108 ft. Patman wells pump a gross 20 BOPD.
26 Sept 2008annual report● Neutral
Annual financial report for year to 30 June 2008, formerly Alto Energy International. Directors are unchanged and BDO Kendalls remains auditor. Provided text is only the front sections, with no financial figures readable here.
19 Sept 2008other● Neutral
Notice of an audio broadcast with Chairman Charles Morgan about the Macquarie credit facility. No new information in the notice itself.
18 Sept 2008debt financing▲ GoodMajor
Macquarie working capital facility finalised: US$50m limit, initial US$2.5m borrowing base, refinancing an existing US$500k loan. Macquarie got 45m options at 4c to Sept 2012; a shareholder meeting will approve the further options. Resolves the April term sheet.
10 Sept 2008production update● Neutral
First Napoleonville well (#14-144, 26.4%) is being permitted and surveyed, with spud now expected October, targeting 5-25 Bcf. Caldwell and Reed #1-15 await fracs; Reed #4-9 has good gas shows; Ashby #12-29 fracced and on sales.
26 Aug 2008resource reserve update▲ GoodMajor
Reserves at 30 June 2008 include Napoleonville for the first time: 3P net 10.5 Bcf gas and 178,500 bbl oil; proved 4.3 Bcf and 35.3 kbbl. Management says proved plus probable NPV10 exceeds US$16m, and US$28m with possible, at $110 oil and $8 gas.
8 Aug 2008production update▲ Good
Donald Caldwell #1-12 interest raised from 7% to 10% by force pooling; it hit target depth with about 20 ft of pay. Jeanne Reed #1-15 spudded and Ashby #16-29 is on sales. Ashby #12-29 is drilling; Patman pumps are being tested.
31 July 2008quarterly activities report● Neutral
June quarter net production was 35.1 mmcf, down from 42.5 mmcfe in March. Fee Minerals sale completed for net US$2.3m. Patman wells now due on line in early August after Hurricane Dolly delay; Napoleonville plan is 3 wells by end-2008.
22 July 2008production update● Neutral
Water injection well completed, so Carrin Patman production is due to start that week. Wadsworth #1 tested about 200 Mcf/d and will be completed. Donald Caldwell #1-12 spudded in LeFlore; Napoleonville prospects continue to be added and permitted.
19 June 2008production update● Neutral
May report: Carrin Patman wells are being connected after the water disposal well was drilled; Wadsworth #1 is testing. Napoleonville team picked 11 of 90+ leads for first drilling, with first spud now expected late third to early fourth quarter 2008.
28 May 2008drilling result● NeutralMajor
Fee Minerals sale completed for net US$2.3m, as flagged in April. Bourque #1 (10%) is to be plugged and abandoned after unsuccessful tests on all sands, ending that thread. Ashby #14-29 flows 77 BOPD and 1,325 Mcf/d; Wadsworth #1's lowest sand was water wet.
16 May 2008production update● Neutral
April report: Napoleonville drilling schedule listed, first of four 2008 wells planned for September (26.3% interest). April production fell to about 13 MMcf, from a week's ConocoPhillips #4 shut-in and the Fee Minerals sale. Bourque #1 still testing.
12 May 2008drilling result▲ Good
Carrin Patman B#1 tested 600 Mcf/d and 12 BOPD from the Rodgers Sand. Ashby #13-29 is on production at 1,500 Mcf/d. Wadsworth #1 is at about 9,500 ft awaiting testing. Both Patman wells await a water reinjection well.
30 Apr 2008quarterly activities report● Neutral
March quarter: net production rose to 42.5 mmcfe from 39.7. Cash fell to A$1.119m. Fee Minerals sale, Macquarie term sheet and Napoleonville interest rising to 26.3% are restated. Napoleonville drilling is now expected late 2008, later than earlier guidance.
29 Apr 2008investor presentation● Neutral
Company presentation repeats known facts: over 50 Napoleonville leads and prospects, up to 4 wells in 2008, Macquarie facility. Market cap is about $8.2m at 2.7c a share. It also concedes the share price performed badly and that timing targets were missed.
29 Apr 2008debt financing▲ GoodMajor
Signed a term sheet for a US$50m Macquarie credit facility with an initial US$2.5m borrowing base, tied to warrants; closing is subject to documentation. Napoleonville leads and prospects rose from 29 to over 50, and up to four wells are planned for 2008. Interest now 26.3%.
29 Apr 2008other● Neutral
Notice of an audio broadcast of Chairman Charles Morgan discussing the Macquarie facility and Napoleonville update. No new information in the notice itself.
11 Apr 2008drilling progress report▼ Bad
Carrin Patman B#1 reached 8,987 ft and Wadsworth #1 (15%) spudded in Matagorda County targeting 2 Bcf. Ashby #13-29 fracced. Claiborne #2-17 is suspended after the frac apparently split the casing. Four new LeFlore prospects added, including a first horizontal well.
19 Mar 2008drilling progress report● Neutral
Ashby #13-29 reached 11,450 ft with 50 ft of log-derived pay. Carrin Patman B#1 is at 5,810 ft. Claiborne #2-17's re-frac also had problems, and Bourque #1's 9,800 ft test is waiting on a rig.
19 Mar 2008asset acquisition disposition● NeutralMajor
Grand Gulf agreed to sell its 4,000 net fee mineral acres for net US$2.31m, a small profit on the US$2.23m cost bought in July 2007. Closing is 15 April 2008; proceeds go to Napoleonville drilling. It keeps working interests in 8 acquired wells.
14 Mar 2008half year report▼ Bad
Half-year to 31 Dec 2007: loss of $999,946 versus a $449,374 profit a year earlier. Cash fell to $1.73m from $5.71m at June, mainly from buying fee minerals acreage. Deferred exploration assets rose to $10.3m. Review by BDO Kendalls.
10 Mar 2008production update● Neutral
February monthly report: Ashby #13-29 and Patman B#1 are drilling, Claiborne #2-17 is recompleting and Bourque #1 is testing. Prospect lists are largely unchanged. No new results beyond known updates.
7 Mar 2008drilling spud● Neutral
Carrin Patman B#1 (12.5%) spudded 3 March in Texas, and Ashby #13-29 (3.825%) spudded in Oklahoma and is drilling at 5,300 ft. Claiborne #2-17 re-frac set for 8 March; Bourque #1 to test a 9,800 ft sand on 10 March.
20 Feb 2008resource reserve update▲ GoodMajor
Napoleonville leads rose from 22 to 29, with potential of over 200 Bcfg and 10 million barrels of oil for Grand Gulf if all matured and successful. The operator plans 5-8 prospects by end March, first well in Q2 2008. Still only leads, not prospects.
13 Feb 2008drilling progress report● Neutral
Carrin Patman #2 is due to spud in February to test the Rodgers Sands; Claiborne #2-17 needs a re-frac after mechanical problems; Bourque #1 is testing one up-hole zone. January production fell from December, due to freeze-offs and downtime at ConocoPhillips #4, FHM #1-5 and Pate #5-18.
4 Feb 2008security holder rights change● Neutral
14,866,754 shares and three classes of options (expiring Oct, Nov, Dec 2008) were released from escrow on 2 February 2008, with an Appendix 3B attached. Administrative notice; follows the earlier escrow-end notice. Total shares quoted are 302,856,627.
1 Feb 2008resource reserve update▲ GoodMajor
First reserve booking at 31 December 2007, excluding Napoleonville and Fee Minerals: proved 2.76 Bcf and 32,600 bbl; proved plus probable 3.14 Bcf and 123,300 bbl. Net present value (10%) is A$15.6m, which the CEO says exceeds market capitalisation.
1 Feb 2008security holder rights change● Neutral
17,455,643 unlisted options exercisable at 20c expired unexercised on 31 January 2008. They were well above recent issue prices of 6c, so no money was raised and no new shares result.
30 Jan 2008security holder rights change● Neutral
Escrow ends on 2 February 2008 for 14,866,754 shares and several option classes. After this no securities remain under restriction. Administrative; may add shares tradeable on the market.
