Past year: ▲ 75%(4.40c – 10.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
15 Oct 2018asset acquisition disposition▲ GoodMajor
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.
28 Sept 2018annual report● Neutral
Appendix 4G corporate governance checklist lodged with the annual report, pointing to pages 46-49. Administrative only.
28 Sept 2018annual report● Neutral
FY2018 annual report. Chairman Carroll says HPR avoided a dilutive raise through cost control and projects positive cash flow. The board is now considering debt funding for income-producing royalties and still evaluating new royalty acquisitions.
25 June 2018other● Neutral
Lowell Resources Fund (ASX:LRT) bought 4,675,765 HPR shares, sold down by director Anthony Wooles at about $201,058 on-market. Wooles remains the second largest holder with 20 million shares. Chairman calls it an endorsement of the royalties model.
29 May 2018regulatory community update▲ Good
HPR received $18,462 from the Peat royalty for the March quarter (nil a year earlier); financial-year-to-date Peat receipts are $59,194. Origin spudded the deep Burunga South 2 well on 21 April 2018 on the permit, which could lift royalties if successful.
10 May 2018investor presentation● Neutral
Investor roadshow presentation promoting HPR's exposure to the east coast gas shortage and oil rebound. It states 163.96m shares, $1.2m cash at 31 March 2018 and a $6.7m market cap. Repeats known facts.
16 Mar 2018half year report● Neutral
Half-year to 31 December 2017: net loss $233,900 versus $192,709 a year earlier. Royalty income rose to $105,829 from $14,100 on US royalties and Peat resuming. Cash $1,255,650; 1,200,674 shares bought back for $47,947.
29 Nov 2017director officer appointment● Neutral
CFO Jarrod White joined the board as a director, making the CFO role redundant. Philip Leighfield was appointed joint company secretary. HPR says director pay was adjusted so administration costs do not change significantly.
28 Nov 2017other● Neutral
Key asset review update: Core Energy's report says a domestic gas scenario could raise the risked value of the Queensland royalties. Royalco will pay no dividend, which HPR calls unsatisfactory. The buy-back began 20 November.
27 Nov 2017director officer appointment● NeutralMajor
Andrew Carroll became Chairman, effective immediately, replacing Anthony Wooles in the role. Wooles and Geoffrey King stay on as non-executive directors.
6 Nov 2017other● NeutralMajor
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.
29 Sept 2017annual report● Neutral
Appendix 4G governance checklist for the 2017 annual report, pointing to pages 47-50. Administrative only; no new commercial information.
29 Sept 2017annual report● Neutral
Annual report to 30 June 2017. Chair cites the February sale of half the Royalco stake for $1,140,232, the PEL 512 sale for $100,000, and the $314,637 West Texas royalty that has produced $47,331 so far. Board cut from five to three.
10 Mar 2017half year report● Neutral
Half-year to 31 December 2016: net loss $192,709, against $1.257m a year earlier (which included impairment). Royalty income $14,100, down on lower oil prices. Cash $491,682. Royalco spill held 22 February; the half-year report says board changes followed. Auditor now RSM.
8 Mar 2017asset acquisition disposition▲ GoodMajor
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%.
31 Jan 2017joint venture update● Neutral
HPR says it will not accept Fitzroy River's 20 cent offer for Royalco, in which it holds 21.36%. It says it does not intend to take control or delist Royalco, only to cut overheads so more income is paid as dividends. Fitzroy holds 43.265%.
30 Nov 2016joint venture update▲ GoodMajor
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.
30 Nov 2016director officer appointment● Neutral
Hartley and McLaughlin left the board at the 30 November AGM, described as a move to cut running costs. The company keeps access to both, and to McLaughlin for US royalty deals. Confirms the 2 November notice.
18 Nov 2016asset acquisition disposition▲ GoodMajor
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.
2 Nov 2016director officer appointment● Neutral
Directors Nigel Hartley and Howard McLaughlin will not seek re-election and leave the board at the 30 November 2016 AGM. Carroll and King stand again. McLaughlin stays available to the company on US deals. Continues the board shrinkage begun in May.
30 Sept 2016annual report● Neutral
Annual report for year to 30 June 2016. Chair says the oil price slump may create royalty buying chances, but deals are hard to close. Highlights the 2.5% Surat Basin royalty, the US asset supporting revenue, and the 20.94% Royalco stake. Fyfe resigned 30 June 2016. Financials not in the text provided.
30 Sept 2016annual report● Neutral
Appendix 4G corporate governance checklist for the 2016 annual report, pointing to pages 47-50. Administrative only; no new commercial information.
23 May 2016director officer appointment● NeutralMajor
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.
6 May 2016security holder rights change● Neutral
Formal application to quote 6,725,000 shares and 2,582,012 options released from escrow on 5 May 2016. Escrow dated from the April 2014 Phoenix takeover. No restricted securities remain; all 166,800,792 shares are quoted. Repeats the 22 April notice.
22 Apr 2016security holder rights change● Neutral
6,725,000 shares and 2,582,012 options leave ASX escrow on 5 May 2016. This clears the ~6.7m shares escrowed to April 2016, leaving no restricted securities; all 166,800,792 shares become quoted.
11 Mar 2016half year report▼ Bad
Half-year to 31 December 2015: net loss of $1,256,501 (2014: $774,108), including a $366,642 write-off of the Seychelles and EP-118 royalties. Royalty income was $36,057 and cash was $1,696,965. Royalties cover 23 projects, two producing.
2 Feb 2016material agreement termination▼ BadMajor
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.
30 Nov 2015investor presentation● Neutral
AGM presentation restates the royalty model, board experience and the STEP deal. Shows 166.8m shares, a $11.6m market cap at 7c and $2.25m cash with no debt. Repeats known facts; no new announcement.
9 Oct 2015asset acquisition disposition▲ GoodMajor
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.
1 Oct 2015annual report● Neutral
Appendix 4G corporate governance checklist lodged with the 2015 annual report, pointing to pages 50-55 of the report. Administrative only; no new commercial information.
