Past year: ▼ 50%(0.10c – 0.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
9 Mar 2006drilling result▲ GoodMajor
Alto finished its initial Home Run drilling with nine wells that all showed gas, the last being Gary Oliver #1 with multiple shows. Several wells are fraced and awaiting connection to the gathering system, and all nine are to go into production.
1 Mar 2006director officer appointment● Neutral
James Trimble, a former Cabot Oil & Gas senior vice president based in Houston, joins the board. He will also consult on strategy and source US acquisitions, earning a 3% commission on exclusive deals he brings that complete.
28 Feb 2006drilling result▲ Good
Two more Home Run wells (Prichard #4 and #5) flowed naturally at 84,000 and 94,000 cubic feet per day. All six wells drilled so far have shown gas; first production is expected within weeks.
23 Feb 2006drilling spud● Neutral
The first well in an approved five-well West Virginia program spudded at Cornstalk, targeting Devonian shale to 1,158 metres. Operator Ascent pays Alto's 29% share of the first three wells' costs.
16 Feb 2006drilling result▲ GoodMajor
Home Run: two fraced wells (Blair #3, Ison #3) show strong gas flows, and two other wells flowed naturally at total depth. Management says this validates the project; Alto funds the program to earn a 50% working interest.
3 Feb 2006drilling result● Neutral
The third Little Sandy well reached about 688 metres, intersecting 148 metres of Devonian Shale with gas indications. The first two wells flowed gas at modest, unstabilised rates and are shut in; Alto holds 30% and is carried.
3 Feb 2006business combination▲ Good
The takeover offers closed with relevant interests of 94.43% of Alto shares and 92.64% of options. The company will compulsorily acquire the remainder.
2 Feb 2006business combination▲ GoodMajor
The Alto merger is complete and the company resumes trading on ASX as AOI, with about 70,000 gross Appalachian acres. Tony Grist is chairman, and a fully funded 26-well drilling program is planned for the first half of 2006.
1 Feb 2006security holder rights change● Neutral
Pre-quotation disclosure: 56.6 million new shares and 8.6 million options (20 cents, expiring January 2008) were issued to accepting Alto holders. Compulsory acquisition of the rest is expected by late March, lifting shares to about 114.3 million.
1 Feb 2006other● Neutral
Release of the Employee Share Option Plan rules, an administrative document. It allows option grants to employees and officers, capped at 5% of issued shares.
20 Jan 2006director officer appointment● NeutralMajor
Following the Alto merger, Gregory Channon becomes CEO and Managing Director, with Anthony Grist and Charles Morgan as non-executive directors. Sierakowski, Monti and Donovan resign from the board; Donovan stays as Company Secretary.
20 Jan 2006business combination▲ Good
The Alto takeover offers are extended to 2 February 2006. The company now holds relevant interests in 94.12% of Alto shares and 92.24% of the options.
12 Jan 2006capital raising announcement● Neutral
Prospectus for a nominal offer of 2,000 shares at 23 cents (post-consolidation), mainly to allow re-quotation of the company's shares after the Alto merger. Company to be renamed Alto Energy International (AOI); Channon proposed as CEO, Morgan as chair.
9 Jan 2006security holder rights change● Neutral
Escrow on 7,142,853 shares and 3,571,425 options ends 29 January 2006. If the 8:1 consolidation is approved on 10 January, these become 892,857 shares and 446,428 options at $3.36.
5 Jan 2006business combination▲ GoodMajor
Lach Drummond Resources' takeover bid for Alto Energy has reached 91.65% acceptances of Alto shares. The merger would give rights to earn interests in 69,850 Appalachian Basin acres and a fully funded 26-well drilling program, subject to remaining conditions.
