High Peak Royalties Ltd

HPR granted Massive Metals a 12-month call option to buy its Admiral Bay royalty for A$1.2m, and received a A$50,000 option fee. A paid A$200,000 extension would lift the price to A$2.0m. It is a possible sale of a non-core royalty, not yet a sale.

material agreement

The sale of Torrens Energy (SA) to Northstar completed on 24 December 2025 after South Australian ministerial consent. HPR received the second 6.25m Northstar shares, totalling 12.5m, and keeps a 1.0% geothermal royalty. The state also approved a work programme for a 2 MW pilot feasibility study.

asset acquisition disposition

HPR sold its geothermal subsidiary Torrens Energy to Northstar Energy for 12.5m Northstar shares at $0.16 (about $2m) plus a 1% gross geothermal royalty. Tranche 1 (19.9%) completed; the remaining 80.1% needs South Australian ministerial consent. HPR commits at least $150,000 to a proposed Northstar IPO.

asset acquisition disposition

HPR fully repaid its Macquarie facility in December 2024, paying US$750,000 (A$1,171,875) from cash reserves. Macquarie confirmed all obligations, guarantees and security are discharged; some local county-level removals continue. The company says cash covers near-term needs. This resolves its debt, which had a December 2024 maturity.

debt financing

Central terminated the Peak Helium farmout of EP112 and EP125 after Peak failed to meet statutory demands. Central's interests revert to 45% in Dukas and 30% in Mt Kitty, delaying drilling. HPR keeps its 1% royalty. Receipts since 1 July were $317,109.

material agreement termination

June 2023 quarter gross receipts were A$443,000 and closing cash was A$1,462,850, with US$1.0m still owed to Macquarie. Central said Peak Helium, which had farmed into EP112 and EP125 on 31 March 2023, was over $3m overdue, putting the three sub-salt wells at risk and suspending planning. HPR expected a delay.

quarterly activities report

Chairman James Knowles becomes Executive Chairman, on $95,000 a year via his own company, backdated to 1 January 2023. He is also to receive 4 million performance shares (price, deal and dividend hurdles), subject to shareholder approval. The two other directors stay non-executive.

director officer appointment

HPR compiled Central's 18 April resource estimates for the Jacko Bore (EP125) and Dukas (EP112) sub-salt prospects on a 100% basis. It holds a 1.0% royalty over all gas from both. Santos will operate, with drilling targeted for late 2023 or early 2024.

resource reserve update

The Peak Helium farmout over Central's Amadeus permits completed on 31 March 2023, with Peak funding two sub-salt wells. Mt Kitty (now Jacko Bore) drilling is planned for 2023/24 and Dukas for 2024, later than the 2023 earlier expected. HPR holds a 1% royalty.

farm in farm out completion

James Knowles, a geologist director, replaces David Croll as Chairman, ending the interim arrangement in place since November 2021. Croll stays as a non-executive director. Louisa Ho becomes Company Secretary, while Jarrod White remains CFO.

director officer appointment

HPR's subsidiary GEO Capital was approved to participate in the Verra registry via the CBL exchange, so it can buy and trade carbon credits. HPR plans to allocate up to $300k over the coming financial period, diversifying beyond oil and gas royalties.

material agreement

HPR completed an oversubscribed placement of up to 20m shares at $0.04 to raise $800,000, a 23.1% discount to the last price of $0.052. Directors take $110,000 of it, subject to AGM approval. Proceeds may pay down some of the Macquarie debt and the rest bolsters working capital.

capital raising announcement

David Croll (funds manager) and James Knowles (geologist) joined as non-executive directors. Croll takes no fees. The board intends a full strategic review of the portfolio, following the 18 August chairman change.

director officer appointment

Andy Carroll stepped down as Chairman but stays as a non-executive director. Deputy Chairman Geoffrey King becomes interim Chairman until a permanent one is found. The board plans a restructure and renewal over coming months.

director officer appointment

HPR agreed to pay $300,000 for a 1% royalty on ScimTek Hydrogen sales, capped at $30m over 10 years, plus a first right of refusal on future project funding. A move beyond oil, gas and minerals into green hydrogen.

asset acquisition disposition

March 2021 quarter: revenue $93,085 (up 18%), cash $827,570. Macquarie facility extended three years to 7 December 2024, with US$250k yearly payments and a US$750k final payment. Peat payment from Origin was not received and HPR is seeking clarification.

quarterly activities report

HPR bought 1.5% gold and 1.5% net smelter royalties over the Admiral Bay zinc leases in Western Australia from Orion Resource Partners for $100,000. First move into minerals; the operator can buy back for $40m adjusted for CPI. Completion expected within 30 days.

asset acquisition disposition

HPR paid a US$175,000 (about A$250,000) deposit to buy overriding royalties on three leases, over 300 acres, in Jackson County, Texas from TXO Production. First deal from its refreshed acquisition strategy, using the Royalco sale cash.

asset acquisition disposition

HPR accepted Fitzroy River's offer to buy its Royalco shares at 24 cents, for $1,312,908 cash, about $240k above cost. This converts the 10.68% Royalco stake into cash that may fund royalty acquisitions.

asset acquisition disposition

HPR completed buying Planet Gas USA for $1 on 7 December 2018, gaining 3% royalties on about 2,400 US wells (over US$30k a month) and assuming the US$15m Macquarie facility, drawn US$2.375m after a US$375k paydown. Resolves the pending October deal.

asset acquisition disposition

HPR raised $1.25m at $0.05 per share (25m shares) via placement, resolving the raising flagged on 15 October. Directors take 2.9m shares ($145k) subject to AGM approval. Funds may repay part of the Planet Gas debt and strengthen the balance sheet.

capital raising announcement

HPR agreed to buy Planet Gas USA Inc for $1, taking on US$2.75m of Macquarie debt and a US$15m facility. It holds 3% royalties on 2,000+ US wells, about A$500k a year. Subject to conditions. A capital raising is planned and Jarrod White leaves the board, returning to CFO.

asset acquisition disposition

Andrew Carroll became Chairman, effective immediately, replacing Anthony Wooles in the role. Wooles and Geoffrey King stay on as non-executive directors.

director officer appointment

HPR will run a key asset review, alongside an on-market buy-back announced the same day. It covers the gas royalty portfolio valuation, the Royalco stake, individual royalties and capital structure. No results or figures yet.

other

HPR sold 5,630,776 Royalco shares for $1,140,232, above cost and at a premium to Fitzroy River's takeover offer, and sold its 1.3% PEL 512 royalty for $100,000 (bought 2013 for $80,394). Together over $1.24m in cash, reversing the Royalco buildup; stake now 10.68%.

asset acquisition disposition

Royalco shareholders gave a second strike on its remuneration report on 24 November, so a board spill meeting must be held by 22 February 2017. HPR (19.99% holder) backed it and has nominated replacement directors. Renews the push that failed in November 2015.

joint venture update

HPR bought 1% royalties on seven producing Texas wells, plus a 30-month right of first refusal on further wells, for US$230,000. Revenue averaged over A$6,400 a month for six months. First deal since STEP collapsed; takes royalties to 24.

asset acquisition disposition

Cost-cutting restructure from 1 July 2016: CEO Simon Fyfe, hired Sep 2015, and director John Theobald resign, leaving five directors. Directors to take pay fully in equity. Company expects net cash burn well below $0.5m a year and says it need not raise equity.

director officer appointment

The STEP deal is not proceeding. Mosman ended the Origin purchase agreement and HPR's participation agreement, saying it no longer fits its criteria at current oil prices; renegotiation did not change the price and NZ approvals were outstanding. HPR will redeploy funds elsewhere.

material agreement termination

HPR agreed to buy 30% of Origin's onshore NZ Taranaki producing assets (STEP) alongside Mosman (70%) for NZ$10m total. HPR pays NZ$2.1m at December 2015 completion and NZ$0.9m six months later. First production-asset buy, funded from existing cash.

asset acquisition disposition

High Peak, now Royalco's largest shareholder at 20.91%, served a notice requiring a Royalco general meeting to remove three directors and appoint two nominees, citing oversight concerns. This moves from passive holding to activism, despite the earlier statement of no plan to increase materially.

joint venture update

Simon Fyfe was appointed CEO from 3 September 2015 on total fixed pay of $260,000 plus superannuation and a cash bonus tied to business growth. He has been an Executive Director of Bight Petroleum since 2011, and the board wants faster royalty acquisitions.

director officer appointment

CEO Steven Larkins resigned effective 1 September 2015 'to pursue other opportunities'. He had been CEO since the 2014 Phoenix merger. CFO Jarrod White is the contact; no successor named in this announcement.

director officer appointment

High Peak bought 19.99% of ASX-listed Royalco Resources (10.54m shares) from Anglo Pacific at $0.20 each, about $2.1m from cash. Royalco's main asset is a 1% share of the Weeks Petroleum Royalty over Bass Strait fields, which paid it $852,792 in 2014. High Peak does not intend to increase it materially.

asset acquisition disposition

High Peak signed a binding agreement to buy royalties from The Dillon Fund for US$350,000 from existing cash. The 0.2%–0.4% interests cover 43 wells in Texas, mostly producing gas, and earn from 1 January 2015. It was High Peak's first US royalty acquisition.

asset acquisition disposition

Peat gas field restarted on 17 November, a month earlier than advised, resolving the shutdown that began 25 August. Tintaburra rose to 1,595 bopd. High Peak has reviewed over 40 deals and reached non-binding bids on seven assets, with oil and mining exposures among them.

investor presentation

Mid-quarter update: the Peat gas plant (2.13% royalty) was shut in on 25 August for safety audit remediation, with no restart date yet. The Oilco sale to Mosman is complete, and the Surat royalties now sit over QGC-owned permits after an asset swap with Senex.

investor presentation

High Peak signed a binding deal to sell Oilco (Amadeus Basin permits EP156 and EP(A)155) to Mosman Oil and Gas, which takes over the work obligations. High Peak receives a 2% gross overriding royalty rather than cash. This converts the term sheet into a binding sale.

asset acquisition disposition

Anthony Wooles moves from executive to non-executive chairman, Geoff King becomes deputy chairman, and Steven Larkins is confirmed CEO on a $130,000 base salary plus fundraising and acquisition-linked bonuses. A Sydney office opens alongside Perth.

director officer appointment

ASX will reinstate High Peak to quotation on 5 May 2014 after the 24 March suspension, with code HPR (changing from TEY on 2 May). There are 137,044,687 quoted shares and 10,280,000 quoted options at $0.35. Some shares and options are escrowed.

listing compliance notice

The Phoenix acquisition is completed (over 98% of shares) and Torrens is renamed High Peak Royalties. With the $6m raise, cash is over $8m for further royalty purchases. Trading is expected to resume in early May under code HPR.

business combination

ASX grants conditional approval for reinstatement, so all defeating conditions of the Phoenix takeover are now met. Acceptances are 98.6%. Share issues are expected around 16 April, with trading reinstatement targeted for early May 2014.

business combination

Torrens closes its prospectus offer having raised $6m, including $2m of oversubscriptions, which meets the $4m minimum condition of the Phoenix bid. Acceptances stand at 97.6%; the offer is extended to 29 April 2014 while ASX re-admission approval is awaited.

capital raising announcement

Torrens' voting power in Phoenix has passed 90%, meeting the minimum acceptance level for the takeover. Other conditions, including the $4m raise and ASX re-admission, were still required according to the earlier extension notice.

business combination

Torrens shares are suspended from quotation on 24 March 2014, at its own request, pending the shareholder meeting on the change in the nature and scale of activities. They stay suspended until the company complies with ASX Chapters 1 and 2 (re-admission requirements).

listing compliance notice

Torrens issues a prospectus to raise up to $4m (minimum $2m) at $0.25 a share, with 2 free options per 5 shares, plus up to $2m oversubscriptions. It also offers AGL up to 13,916,950 shares under its top-up right. All of it depends on the Phoenix bid going unconditional, shareholder approval and ASX re-admission.

capital raising announcement

Torrens signs a binding agreement to merge with unlisted Phoenix Oil & Gas, holder of royalties over 21 oil and gas projects, via an all-scrip takeover at 1 Torrens share per Phoenix share (post-consolidation). A $4m raise is planned, $2m cornerstoned by Chairman Wooles. Ends the search for a deal and turns Torrens into a royalty company.

business combination

After due diligence Torrens elects not to proceed with the Strike WA acquisition, ending the Carnarvon deal along with the planned capital raising, consolidation and relisting. No $350,000 deposit or other payment is owed. Board will keep the geothermal assets and look at other opportunities.

material agreement termination

Torrens signs a binding letter to buy Strike Energy Western Australia, holding 19.94-61.54% interests in four Carnarvon Basin permits, for $3.5m cash. It plans a $4.5-6.0m raise and share consolidation, and must re-comply with ASX listing rules. Marks a shift from geothermal to oil and gas.

asset acquisition disposition

Board reconstituted: Winton Willesee joins, Dennis Gee and John Canaris resign, and Anthony Wooles becomes Executive Chairman. The requisitioning shareholder has withdrawn its general meeting request, resolving the 5 March board challenge.

director officer appointment

A shareholder with over 5%, Deck Chair Holdings, requisitions a meeting to remove all four directors (Gee, McLaughlin, Canaris, Eiszele) and elect Chiappini and Willesee. The company links it to Cygnet's Darien Jagger, which underwrote the recent rights issue.

other

Placement of 11,732,568 shares at $0.05 to AEW Capital Trust (12.1%) to raise $586,628, with AEW's Anthony Wooles joining the board. The second tranche of 1,172,084 shares depends on AGL not exercising its top-up right.

capital raising announcement

Managing Director John Canaris resigns from the role but stays as a non-executive director and shareholder. Chairman Dennis Gee becomes Executive Chairman to oversee the search for non-geothermal opportunities.

director officer appointment

New independent estimate of 7,160 PJ recoverable energy at Port Augusta (GEL 285), enough for 130-500 MWe over 30 years. It restates the earlier 70,000 PJ stored-heat figure on the newer recoverable basis.

resource reserve update

New independent estimate of 88,000 PJ recoverable energy at Parachilna, under the 2010 Code, enough for 2,900 MWe over 30 years. It replaces the 2008 'heat in place' figure of 780,000 PJ, a different measure rather than a like-for-like cut.

resource reserve update

The entitlement issue closed with about 62% take-up, raising about $594,000. The 8,019,424-share shortfall was placed to raise a further $361,000, bringing the total to roughly the targeted $955,000.

capital raising announcement

Torrens and three other geothermal explorers signed deeds ending their Geothermal Drilling Program grants. For Torrens this ends the $7m Parachilna grant finalised in 2010; the joint statement cites economic conditions and funding difficulty. A new Emerging Renewables program opened.

material agreement termination

Plans a 1-for-3 non-renounceable entitlement issue at $0.045 per share to raise about $954,942, underwritten by Cygnet Capital (21,220,947 new shares). Funds are for maintaining geothermal projects, reviewing resource opportunities and working capital. Follows cash of $3.29m in March.

capital raising announcement

March quarter report: the company defers Elendil 1 deep drilling until market conditions improve, scales back fieldwork and surrenders non-core licences, citing weak investor sentiment. It is also looking at alternative exploration opportunities, a stated strategy shift. Cash $3.29m.

quarterly activities report

First resource at Port Augusta (GEL 285): a 70,000 PJ Inferred Resource, estimated by Hot Dry Rocks. This is the second resource after Parachilna's 780,000 PJ, taking the total to 850,000 PJ. It sits near the Port Augusta power stations and grid.

resource reserve update

Granted GEL 559 (Mulgaria), taking SA landholding to 13,846 km2, which the company says is the state's largest. It lies about 70 km northwest of Parachilna. Separately, 26 existing licences were merged into 10, cutting fees and reporting.

asset acquisition disposition

The $7m Commonwealth Geothermal Drilling Program grant agreement was finalised, resolving the earlier conditional award for Parachilna proof-of-concept drilling. First deep well Elendil 1 is now targeted for 2011.

regulatory community update

AGL declined its option to earn 50% of Parachilna by funding the first deep well, ending the Elendil 1 funding path awaited since February. AGL stays a 9.99% holder and funds Barossa. Torrens plans talks with another energy company.

farm in farm out completion

The March 2010 option exercise raised about $1.7m, with roughly 25% of listed $0.25 options exercised; the rest expired on 31 March. Cash is now $3.9m. The $7m grant is described as conditional; AGL retains its first right to earn 50%.

capital raising announcement

Melkor 1 (1,007m) final heat flow independently verified at 115 mW/m2, with modelled ~240°C at 4,500m. This firms up the Elendil 1 target. Reports went to AGL in February 2010, which has begun assessing its option to earn 50%.

drilling result

Torrens won the $7m matched Round 2 Geothermal Drilling Program grant for the Parachilna proof-of-concept, resolving the Round 2 bid after the Round 1 rejection. Management cites heat flows up to ~120 mW/m2 and modelled +200°C at ~4,000m.

regulatory community update

Treebeard 1A at Parachilna finished at 1,807m with a preliminary 98.4°C bottom temperature. Torrens served AGL a Confirmation Well Notice, giving AGL first right to earn 50% by solely funding the ~4,500m Elendil 1 well. AGL's decision is now the key open item.

farm in farm out agreement

The 40 km Parachilna seismic line interpreted heat-producing basement at 3,000-4,500m under thick insulating cover, so the project was upgraded and intermediary drilling began. The Port Augusta seismic line was also completed, and AGL can earn 50% by funding a ~$10-15m confirmation well.

drilling result

Torrens's application for first-round Geothermal Drilling Program funding was rejected; two other companies won $7m each. Projects were judged more advanced. A setback for deep drilling funding; the company plans to apply in Round 2 (expected mid 2009).

regulatory community update

Theoden 2 at Port Augusta recorded a heat flow of 101 mW/m2, above the 90 target, with modelled ~200°C at 4,300m. It sits 400m from the Davenport Substation, and an independent study put grid connection at as little as $10m.

drilling result

Heat flow from shared 2008 holes: 96 mW/m2 at TKHD1A (Port Augusta), above the 90 target, and 75 at Raitaro 1 (Adelaide Plains). Modelled ~200°C at 4,600m, 6 km from the grid. A promising second hot-spot candidate after Parachilna.

drilling result

Four more geothermal licences (GELs 425, 481-483) granted between Port Wakefield and Port Pirie, forming the Port Pirie Project. Holding rises to 25 licences covering 11,542 km2, extending the Torrens Hinge Zone position southward. No cost is stated.

asset acquisition disposition

Non-executive director John Canaris becomes Executive Director from 26 November 2008 on $220,000 a year, three-year term. This fills the leadership change flagged in October: Chris Matthews moves to Chief Geologist the same day. No new CEO is named.

director officer appointment

CEO Chris Matthews will step down as CEO from 1 December 2008 and become Chief Geologist. A search for a replacement CEO has begun, with an announcement to come. The company gives no reason beyond freeing his time for technical work.

director officer appointment

The first well of the 2008-9 program was spudded in the Adelaide Plains Project. Up to 10 wells (5,000m) are planned over about six months at Adelaide Plains and Port Augusta, with budget up 91% and described as fully funded.

drilling spud

First Inferred Resource for Parachilna: 780,000 PJ (±70,000) of stored heat over 1,200 km2, which the company calls the world's first code-compliant hot rock estimate. Heat flows were revised up for a calibration error. It is the first step toward AGL deep-well testing.

resource reserve update

Torrens signed a four-year Geothermal Alliance Agreement with AGL Energy. AGL buys 5.6m shares at $0.40 ($2.2m, 9.99%) and can earn 50% of any project by sole-funding a ~$10m deep well. This is the first major partner for the company.

farm in farm out agreement

Four new geothermal licences (GELs 407-410) offered north of Parachilna, lifting the holding to 21 South Australian licences covering about 9,800 km2. They cover ground the heat anomaly extends into. No cost is stated.

asset acquisition disposition

Final heat flows from Balrog 1 (95 mW/m2) and Gandalf 1 (85 mW/m2) complete the first drilling round. The Parachilna anomaly grows to at least 800 km2 (up from 500+ km2), with up to 234°C modelled at 5,000m, still open to the north.

drilling result

Final heat flows were reported higher than preliminary, with 247-248°C modelled at 5,000m. The 'Parachilna Discovery' is 230m from a 132KV line, with a heat anomaly over at least 500 km2. The Gollum 1 figure was corrected the next day.

drilling result

Early results from the Torrens drilling: Nazgul 1 (102 mW/m2) and Gollum 1 (105 mW/m2) beat the 90 mW/m2 target, with 240°C modelled at 5,000m. This builds on the Torrens 1 result and contrasts with the weak Edeowie 1 reading. Four holes finished, three under way.

drilling result

Torrens was offered a 17th licence, GEL 293 at Port Adelaide, lifting its holding to about 7,800 km2. It sits among four power stations (1,960MWe, 56% of SA supply), with desalination and hybrid pre-heating ideas; modelled 200°C+ at 5,000m, not drilled.

asset acquisition disposition

First heat flow results: Torrens 1, about 15km from the power grid, measured 90 mW/m2, meeting target. Re-logging Edeowie 1 gave 77 mW/m2, 25% below the 1981 figure, contradicting the earlier 106-108 modelling basis. Seven more holes are under way.

drilling result

Drilling began north of Port Augusta: a nine-hole heat flow program over 2,000 km2, the first stage of a $6m program including the $3m REDI grant. This starts the drilling promised since listing.

drilling spud

Torrens was offered a $3 million federal REDI grant to speed drilling and 3D temperature modelling, alongside about $5.8m cash. This resolves the pending grant application and nearly doubles the money available for exploration.

regulatory community update

Board reshuffle: David Eiszele (ex-Western Power) and Marcus Gracey (lawyer) joined as non-executive directors. Dr Dennis Gee became chairman, replacing Mal James, who stays on as a strategic adviser under a service agreement.

director officer appointment

Torrens Energy listed on the ASX after closing its $6 million IPO (30 million shares at 20c) early and heavily oversubscribed. It holds 14 geothermal licences near Adelaide, with exploration drilling planned for the September 2007 quarter.

capital raising announcement

Torrens Energy issued a prospectus to raise $6 million by offering 30 million shares at 20 cents, with one free listed option per two shares. It is a hot fractured rock geothermal explorer; this is the IPO that precedes its ASX listing.

capital raising announcement