23 Feb 2016capital raising announcement● Neutral
Shareholder letter restating the entitlement offer terms and timetable. Shares on issue 189.2m, rising to about 252.5m if fully taken up. Nothing new.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
23 Feb 2016security holder rights change● Neutral
Letter telling shareholders with addresses outside Australia, New Zealand and the UK that they cannot join the one-for-three entitlement offer at $0.027. Administrative notice.
22 Feb 2016capital raising announcement● Neutral
Launches the one-for-three non-renounceable rights issue at $0.027, up to about 63.3m shares to raise about $1.7m. Record date 29 February, closing 24 March. Funds go to exploration (including new ventures), offer costs and working capital.
What it means for a shareholder
63.3m new shares at about A$0.0269 to raise about A$1.7m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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22 Feb 2016security holder rights change● Neutral
Letter to optionholders: options carry no right to join the entitlement offer unless exercised by 25 February 2016, before the record date. Administrative notice.
22 Feb 2016security holder rights change● Neutral
Letter to partly paid shareholders: they join the offer pro-rata to the $0.01 paid, with extra entitlement if they pay up the $0.19 balance by 25 February 2016. Administrative notice.
22 Feb 2016capital raising announcement● Neutral
Offer document for the one-for-three entitlement offer at $0.027 to raise up to about $1.7m, with an excess-share facility. Opens 2 March, closes 24 March. Repeats terms already announced.
19 Feb 2016capital raising announcement▼ Bad
Placement completed: 36.5m shares at $0.027 raised $986,640, diluting existing holders by 19%. Priced at a 10.5% discount to the 15-day VWAP; funds go to working capital. Hartleys and Advantage get 6% fees.
What it means for a shareholder
36.5m new shares at A$0.027 to raise about A$986,640. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
16 Feb 2016capital raising announcement▼ BadMajor
Raising up to about $2.7m at $0.027 per share: a $987k placement plus a one-for-three entitlement offer for up to $1.7m. This is far below the $0.36 paid in the 2015 placement. Management says it follows value lost after the MZ-1 dry hole and low oil prices.
12 Feb 2016joint venture update▼ BadMajor
Pura Vida has written to operator PXP reserving its rights over the second Mazagan well obligation; the partners are discussing how to progress or resolve it. This follows earlier plans to drill by September 2016, and now puts the second well in question.
29 Jan 2016quarterly activities report▼ Bad
December quarter: cash about $5m, no debt. MZ-1 evaluation continues toward a second-well choice. Nkembe still has no partner; the current permit phase expires January 2017, an extension is under consideration, and its work commitments depend on finding one. Ambilobe final data due Q2 2016.
11 Nov 2015agm notice● Neutral
All six AGM resolutions passed on a poll, including re-election of chairman Jeff Dowling, the remuneration report, performance and retention rights for the MD, a 10% placement capacity and proportional takeover provisions. Administrative outcome.
30 Oct 2015quarterly activities report● Neutral
September quarter: cash $6.2m, down from $7.3m at June (excluding joint venture deposits). MZ-1 plugged and abandoned 20 August, on budget; analysis due Q1 2016 before choosing the second well. Nkembe farmout still has no partner; Ambilobe seismic data due Q4 2015.
15 Sept 2015other● Neutral
Appendix 4G and corporate governance statement lodged alongside the annual report. Administrative only; no new business information.
15 Sept 2015annual report▼ Bad
2015 annual report: MZ-1 drilled to 6,150m and found no oil. Cash was $7.3m at 30 June 2015, excluding joint venture deposits. Cost cuts (staff reductions, Melbourne office closed) target $1.2-1.5m savings in FY2016. Chairman says Mazagan second-well location selection continues.
28 Aug 2015investor presentation● Neutral
Video update from the MD on strategy after the MZ-1 well. The text carries no detail, so nothing new can be reported from it.
11 Aug 2015drilling result▼ BadMajor
MZ-1 reached 6,150m through all three Jurassic fans with no oil shows, and will be plugged and abandoned; a dry hole, the company calls a set-back. Separately, the operator cancelled the second Atwood Achiever slot to seek a cheaper rig; second well must start by September 2016.
28 July 2015drilling result▼ BadMajor
MZ-1 found no effective reservoir and no oil shows in the Cenomanian and Aptian Cretaceous targets, which were the secondary objectives. Drilling continues to the primary Jurassic fans (Fan-1, Fan-2). A disappointing first result for the 328 mmbo net target.
16 July 2015investor presentation● Neutral
July 2015 deck repeats known facts: MZ-1 drilling at 3,400m, Cretaceous results to come, 328 mmbo net. States a rig is contracted for the second Morocco well; Nkembe farmout still underway. Nothing new.
15 July 2015quarterly activities report● Neutral
June quarter: cash $15m (including $7.7m held for the Madagascar seismic). MZ-1 is at 3,400m, setting casing before the Cretaceous targets. Nkembe farmout is ongoing; the company says the late-2014 oil price fall has slowed farmouts industry-wide.
16 June 2015price query● Neutral
Company answers an ASX query after the price fell from $0.38 to an intra-day low of $0.305. It knows of no unannounced information and points only to the ongoing MZ-1 drilling. Confirms Listing Rule compliance.
12 June 2015other● Neutral
Duplicate of the Computershare Perth office move notice (new address from 15 June 2015). Administrative only.
12 June 2015other● Neutral
Computershare notifies that its Perth office moves to 172 St Georges Terrace from 15 June 2015. Administrative only; phone and postal details unchanged.
3 June 2015joint venture update▲ Good
Ambilobe 3D seismic survey is complete, on time and on budget, covering about 1,100 km2 (vs 1,250 km2 planned). Intermediate data are due in 2H 2015, final processed data in Q1 2016.
1 June 2015drilling spud▲ GoodMajor
MZ-1 has spud, ending the slippage from Q1 to April to May. Drilling to 5,600m (possibly 6,150m) should take 2-3 months. Preliminary results are promised after the Cretaceous and then the Jurassic targets.
25 May 2015other● Neutral
Company issues a revised securities trading policy to reflect updated ASX Guidance Note 27. Administrative only.
30 Apr 2015quarterly activities report● Neutral
March quarter: cash $20.3m (includes money held for the Madagascar seismic). MZ-1 now expected to spud in May, awaiting rig handover. Nkembe farmout talks continue with several parties, no deal yet.
28 Apr 2015joint venture update▲ Good
3D seismic acquisition has started on Madagascar's Ambilobe block (Pura Vida 50%, funding the survey): about 1,250 km2 over 45-50 days. It aims to mature leads for drilling and start a farmout later in 2015.
23 Apr 2015drilling scheduled▼ Bad
Operator now expects MZ-1 drilling to begin in May 2015, a further slip from April (and the original Q1 target). No reason is given in the text.
23 Mar 2015investor presentation● Neutral
March 2015 deck repeats known facts: MZ-1 spud in April, 328 mmbo net, US$215m carry, Nkembe farmout underway, Madagascar 3D seismic to start March 2015. Says no debt and funded through the next 12 months. Nothing new.
10 Mar 2015drilling scheduled▼ BadMajor
MZ-1 spud now expected in April, slipping from the Q1 2015 target, because the Atwood Achiever is first completing a well offshore Mauritania for another operator. Pura Vida remains carried up to US$215m on its 23%.