21 June 2018drilling scheduled● Neutral
The Quinn Creek 141 frack is set for 26 June 2018 at 4,744-4,880 ft, using 200,000 pounds of proppant and 10,000 barrels of fluid.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
16 May 2018well test result▲ GoodMajor
Oil and gas flowed to surface from all 6 further Austin Chalk equivalent intervals tested in Quinn Creek 141 (4,744-4,944 ft). Helios will do a one-stage frack of about 200 feet within 30 days.
2 May 2018well test result● Neutral
Quinn Creek 141's first Austin Chalk equivalent test (4,968-4,978 ft) recovered oil and gas, with a 20-30% oil cut and a small gas flow of 25 mcfpd. Earlier open-hole Buda and Eagle Ford tests found no hydrocarbons, only fresh water. Third well drilling is planned for mid-June.
1 May 2018quarterly activities report● Neutral
March quarter report repeats the failed Quinn Mesa 113 San Carlos test, now suspended until Quinn Creek 141 testing and the third well are done. Quinn Creek 141 testing began after quarter end. Third well deadline is 30 June 2018.
12 Apr 2018drilling progress report● Neutral
Testing of Quinn Creek 141 has started and will take at least 3 weeks. The deadline to drill the third Presidio well, needed to earn 70%, is extended from 30 April to 30 June 2018.
5 Apr 2018capital raising announcement▲ GoodMajor
Helios completed the issue of 79,263,712 shares at 6.4 cents to Notable Pioneer, raising $5,072,877, after shareholder approval on 29 March 2018. This was slightly below the $5,194,805 first flagged. The 10 million broker options at 10 cents were also issued, as unlisted options.
What it means for a shareholder
79.3m new shares at A$0.064 to raise about A$5.1m. That's 11% dilution: every existing holder's slice gets 11% smaller. If you held A$1,000 of shares (15,625 at the issue price), your slice goes from 0.00239% to 0.00213% of the company. To keep it you'd need 1,891 more shares - about A$121 at the issue price.
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28 Mar 2018drilling scheduled● Neutral
Testing of Quinn Creek 141 is delayed; it should now start within 7-10 days because the contracted rig was busy longer than planned. The additional 13 miles of 2D seismic is shot, processing due mid-April, and will decide the third well location.
16 Mar 2018half year report● Neutral
Interim accounts to 31 December 2017. The text provided repeats earlier news: Quinn Mesa 113 water problem, testing suspended, third well extended to 30 April 2018. Financial figures not visible in the supplied extract.
8 Mar 2018drilling scheduled▲ Good
Testing of Quinn Creek 141 is set to start 15 March 2018, taking at least 3 weeks. It targets the Buda and Eagle Ford, then a 250-foot Austin Chalk equivalent zone, following the oil flow at Quinn Mesa 113. Oil seen is 33 degrees API.
27 Feb 2018capital raising announcement● Neutral
Tranche 2 completed: Zhiqiang Shan's 15,625,000 shares at 6.4 cents ($1M), making him the second largest shareholder. Notable Pioneer's $5,194,805 share still awaits shareholder approval, now at a meeting slipped from February to March 2018.
What it means for a shareholder
15.6m new shares at A$0.064 to raise about A$1.0m. That's 2.3% dilution: every existing holder's slice gets 2.3% smaller. If you held A$1,000 of shares (15,625 at the issue price), your slice goes from 0.00239% to 0.00233% of the company. To keep it you'd need 373 more shares - about A$24 at the issue price.
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14 Feb 2018director officer appointment▲ Good
Robert Bearden appointed non-executive director. He is a petroleum engineer and former CEO of ASX-listed Sino Gas & Energy, with 27 years at Chevron earlier in his career. He holds 1,000,000 shares.
1 Feb 2018quarterly activities report● Neutral
December quarter report repeats the failed Quinn Mesa 113 San Carlos test. New detail: a 10-foot Austin Chalk equivalent zone at 3,900-3,910 feet flowed oil and gas to surface, which Helios calls a promising new shale play indicator. Third well extended to 30 April 2018.
29 Jan 2018well test result▼ BadMajor
The squeeze job on Quinn Mesa 113 failed to stop water inflow, so the main San Carlos zone could not be validly tested. Testing is suspended pending review and seismic interpretation due by 28 February; the board still sees potential.
15 Jan 2018drilling progress report▼ Bad
Testing of Quinn Mesa 113's main San Carlos Sandstone zone recovered only low-salinity water, which Helios thinks is leaking from a shallower formation behind the casing. A one-week cement 'squeeze job' is planned to fix it; testing was delayed by weather.
5 Jan 2018capital raising announcement● Neutral
Tranche 1 of the December placement completed: 36,018,672 shares at 6.4 cents raised $2,305,195. Zhiqiang Shan's $1M is expected next week; Notable Pioneer's $5.19M still needs shareholder approval at a February 2018 meeting.
What it means for a shareholder
36.0m new shares at A$0.064 to raise about A$2.3m. That's 5.2% dilution: every existing holder's slice gets 5.2% smaller. If you held A$1,000 of shares (15,625 at the issue price), your slice goes from 0.00239% to 0.00226% of the company. To keep it you'd need 859 more shares - about A$55 at the issue price.
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27 Dec 2017capital raising announcement▲ GoodMajor
Helios raises $8.5M via 132,812,500 shares at 6.4 cents. Notable Pioneer's $5.19M share is conditional on shareholder approval; Zhiqiang Shan adds $1M. Funds go to more Presidio leasing and working capital; brokers get 10M options at 10c.
What it means for a shareholder
133m new shares at A$0.064 to raise about A$8.5m. That's 17% dilution: every existing holder's slice gets 17% smaller. If you held A$1,000 of shares (15,625 at the issue price), your slice goes from 0.00239% to 0.00198% of the company. To keep it you'd need 3,168 more shares - about A$203 at the issue price.
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19 Dec 2017drilling progress report▲ GoodMajor
Testing of Quinn Mesa 113 has begun and will take 3 weeks. The deadline for the third Presidio well, due 31 December 2017 to earn 70%, is extended to 30 April 2018, with drilling planned for March. Helios now holds 70% in a further 26,096 acres.
4 Dec 2017drilling scheduled● Neutral
Helios starts a 3D and 2D seismic programme over its two Presidio wells, to be shot in late December, with interpretation due by 28 February 2018. Perforating and testing of Quinn Mesa 113 follows in late December, then Quinn Creek 141.
1 Dec 2017director officer appointment● NeutralMajor
Hui Ye appointed director and elected Chairman, filling the vacancy left by Tony Brennan's 31 October resignation. Through Notable Pioneer, the largest shareholder (about 31%), he holds a 50% interest in 394,734,485 shares and 131,578,162 options.
30 Nov 2017other● Neutral
All AGM resolutions passed, including the remuneration report and the 10% placement capacity. Chairman Anthony Brennan's re-election was withdrawn because he resigned on 31 October 2017, a change not mentioned earlier.
31 Oct 2017quarterly activities report● Neutral
September 2017 quarter: no new drilling; Quinn Mesa 113 testing still has no date and the third Presidio well is still due by 31 December 2017. Presidio leasing expanded, with a 70% interest in a further 7,409 acres. Richard He is now Managing Director.
26 Oct 2017annual report● Neutral
Annual report to 30 June 2017, adding the corporate governance statement to the earlier accounts. It repeats that two Presidio wells were drilled and a third is due by 31 December 2017 to earn 70%. No new operational news.
26 Oct 2017other● Neutral
Appendix 4G governance checklist lodged with the annual report; the corporate governance statement is on pages 45 to 51 and was approved on 25 October 2017. Administrative.
20 Oct 2017director officer appointment▲ GoodMajor
Richard He appointed Managing Director, based in Houston, on US$20,000 a month for two years. He was part of the joint venture that sold the Halliday field to Halcon for US$520m. He is linked to PAA Energy, a 5.85% shareholder, and holds Presidio interests.
20 Oct 2017director officer appointment● Neutral
Director Carl Coward resigned on 20 October 2017, having served since 2011. His final director's interest notice showed 8,077,889 ordinary shares.
2 Oct 2017annual report● Neutral
Full-year accounts to 30 June 2017 (Dated 2 October). Confirm the shift to Texas oil and gas, $13M raised in the year plus $5.01M after year end, and two Presidio wells drilled. Nicholas Ong joined the board on 4 August 2017.
11 Aug 2017capital raising announcement▲ GoodMajor
The capital raising closed at a total of $18,011,858, just under the $18.88M maximum, and all ASX reinstatement conditions are met. Trading resumes 11 August 2017, ending the suspension since October 2015.
9 Aug 2017other● Neutral
Updated capital structure: 1,283,592,963 shares, 955,197,878 options and 240M performance rights in total. Of these, 1,018,592,963 shares and 300,197,878 options are quoted; the rest are restricted.
9 Aug 2017other● Neutral
Securities trading policy filed as a reinstatement requirement. It bars directors and executives from trading on inside information and in set blackout periods. Administrative.
9 Aug 2017other● Neutral
Top 20 shareholder list at 4 August 2017: Notable Pioneer Limited holds 30.75%, PAA Energy LLC 5.85%, and the top 20 together hold 77.49%. Ownership is highly concentrated.