7 Nov 2016security holder rights change● Neutral
Options exercisable at $1.08 (quantity printed as 32,5000) and 24,375 performance rights expired unexercised on 4 November 2016. Administrative notice.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
3 Nov 2016regulatory community update▲ GoodMajor
Nkembe exploration phase extended 12 months to January 2018 with no extra work commitments. Resolves the permit-extension thread ahead of the January 2017 expiry, and gives time to find partners for a 2017 drilling campaign including a Loba production test.
31 Oct 2016quarterly activities report● Neutral
September quarter: cash $7.2m, including the US$1.5m PXP deposit. PXP settlement still awaiting regulator agreement; Nkembe farmout talks continue, with a permit extension to January 2018 agreed and awaiting signature. Ambilobe 3D interpretation continues.
31 Oct 2016security holder rights change● Neutral
135,954 performance rights expired unexercised on 30 October 2016. Administrative notice.
21 Oct 2016director officer appointment▲ GoodMajor
Simon Eley and David Sanders join as non-executive directors. Eley is to become chair after the late-November AGM, replacing interim chair Ric Malcolm, who stays as a director. Resolves the open search for a permanent chairman.
3 Oct 2016security holder rights change● Neutral
775,000 unlisted options exercisable at $1.03 expired unexercised on 2 October 2016. Administrative notice.
21 Sept 2016annual report● Neutral
2016 annual report: about $6m cash at 30 June, a difficult year after the Morocco dry hole, and overheads of $1.2-1.5m a year. Chairman points to the PXP settlement and Loba fast-track plan as next steps. Repeats known facts.
21 Sept 2016annual report● Neutral
Appendix 4G and corporate governance statement lodged with the annual report. Administrative compliance filing with no new information.
13 Sept 2016investor presentation▲ GoodMajor
Presentation on fast-tracking the Loba oil discovery in the 100%-owned Nkembe block, with a costed study allowing first production within 12 months of a successful production test. Claims an 81% chance of commercial success and unrisked NPV10 of US$37-330m. Funding depends on finding a farmin partner.
12 Sept 2016material agreement▲ GoodMajor
Conditional settlement with Mazagan operator PXP over the second-well obligation: PXP pays an unconditional, non-refundable US$1.5m now. Any further benefit depends on agreement with Moroccan regulator ONHYM, and the company says there is a substantial risk the conditions fail.
7 Sept 2016security holder rights change● Neutral
3,750,000 unlisted options exercisable at $0.40 expired unexercised on 6 September 2016. Administrative notice.
4 Aug 2016other● Neutral
The shareholder requisition to remove and appoint directors was withdrawn, so no general meeting will be held on it. Ends the board challenge raised on 1 August.
1 Aug 2016other▼ BadMajor
Shareholders holding over 5% requested a meeting to remove director Ric Malcolm and appoint Gary Castledine and David Rod. The company's lawyers say two of the resolutions are defective. A possible board-control challenge.
28 July 2016quarterly activities report● Neutral
June quarter: cash about $6m; FY2016 cost savings of $1.5m achieved, with overheads now expected at $1.2-1.5m a year. Nkembe farmout focus shifts to appraising and fast-tracking the Loba oil discovery. Mazagan: elections due by 18 October on exiting or entering the third period; PXP talks uncertain.
27 July 2016price query● Neutral
ASX queried a rise from $0.03 to an intraday $0.045. The company said it knows of no unannounced information, pointing only to the ongoing PXP second-well talks and Nkembe farmout and extension discussions, whose outcomes remain uncertain.
21 June 2016security holder rights change● Neutral
2,000,193 unlisted options exercisable at $0.60 expired unexercised on 20 June 2016. Administrative notice.
7 June 2016director officer appointment● Neutral
Nicholas Ong appointed interim Joint Company Secretary while Dennae Lont is on parental leave. Administrative.
3 June 2016security holder rights change● Neutral
300,000 unlisted options exercisable at $0.70 expired unexercised on 3 June 2016. Administrative notice.
18 May 2016investor presentation● Neutral
Strategy overview restating the plan to extract value from each asset, with $6.35m cash at 29 April. Seeks Nkembe permit extension and farmout, Ambilobe farmout after interpretation, and resolution of the Mazagan second well. No new results.
17 May 2016director officer appointment● NeutralMajor
Chairman Jeff Dowling resigned; Ric Malcolm becomes interim chair and Nathan Lude joins as director. Non-executive fees cut from $100k to $25k and MD salary from $385k to $300k, with incentives tied to farmout cash. Staff down to 6 full-time and 1 part-time.
10 May 2016asset acquisition disposition▲ GoodMajor
Pura Vida lifts its Ambilobe interest from 50% to 100% and becomes operator at no cost after Sterling's exit. The renegotiated licence terms leave up to five years of tenure, with a drilling well in Phase 3 to be funded by a future farminee. Early 3D shows structures of 20-65 km2.
29 Apr 2016quarterly activities report● Neutral
March quarter: cash $6.35m at 29 April after the $2.7m raising. MZ-1 evaluation complete; Mazagan second-well rights dispute with PXP still in discussion. Ambilobe final 3D data received; Sterling has given withdrawal notice. Nkembe still seeking a partner.
29 Apr 2016joint venture update▼ BadMajor
Ambilobe partner Sterling Energy is withdrawing, expected by end July 2016, citing the challenging commercial landscape. Pura Vida has 30 days to decide whether to take 100% and operatorship at no cost; early 3D seismic shows attractive leads.
6 Apr 2016capital raising announcement▲ GoodMajor
Rights issue closed with shareholders taking up only 19.1m of ~63.3m shares (about $516k). Professional investors committed to 100% of the 44.1m-share shortfall, completing the ~$2.7m total raising at $0.027 (with the February placement).
31 Mar 2016capital raising announcement● Neutral
BPAY problems resolved; the rights issue still closes 1 April 2016. Administrative notice.
30 Mar 2016capital raising announcement● Neutral
BPAY payment facility for the rights issue had technical problems over the Easter weekend; expected fixed by 3pm that day. Shareholders can contact the company secretary for other payment options. Administrative.
24 Mar 2016investor presentation● Neutral
Video investor update from the MD encouraging participation in the rights issue (now closing 1 April) and covering current activities. The announcement itself contains no figures or new information.
21 Mar 2016capital raising announcement● Neutral
Rights issue closing date extended from 24 March to 1 April 2016, with no further extensions. Issue date moves to 8 April. Timing change only; terms unchanged at $0.027.
4 Mar 2016half year report● Neutral
Half-year to December 2015: net loss $4.0m (vs $15.2m a year earlier); cash $4.99m; net assets $4.67m. Headcount cut 50% after the MZ-1 dry hole. Mazagan second-well dispute with PXP still under discussion. Largely restates known facts.
2 Mar 2016capital raising announcement● Neutral
Offer document and acceptance forms for the one-for-three rights issue at $0.027 sent to eligible shareholders. Timetable unchanged: closes 24 March, shares issued 4 April. Repeats known terms.