Past year: ▲ 75%(4.40c – 10.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
30 Sept 2015annual report● Neutral
Annual report for year to 30 June 2015. The chair says the stake in Royalco rose to 20.94% after balance date, and cites Texas royalties and the Levitt prospect. Confirms Larkins resigned and Fyfe was appointed CEO. Financial figures not in the text provided.
22 Sept 2015joint venture update● NeutralMajor
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.
3 Sept 2015director officer appointment● NeutralMajor
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.
2 Sept 2015director officer appointment▼ BadMajor
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.
16 June 2015investor presentation● Neutral
Mid-quarter update: Santos was granted an option over 50% of EP(A)111 and 124 (High Peak 1.0% royalty) in Central's Mereenie deal. Levitt-1 now expected to start in June 2015, slipping from May. Deal tally: 50+ reviewed, 8 non-binding bids, still only 2 closed.
12 June 2015admin correction● Neutral
Computershare notice that its Perth office moves to 172 St Georges Terrace from 15 June 2015. Administrative only, no company-specific substance.
22 May 2015other● Neutral
Argonaut Securities has started research coverage, titled 'Surat Basin Royalties Underpin Value'. Edison also published an update. The announcement only points to the reports and repeats the royalty list; no new commercial information.
23 Apr 2015director officer appointment● Neutral
Board cut non-executive director fees from $40,000 to $30,000 and chair/deputy fees from $50,000 to $40,000, with a salary freeze, citing the oil price. Company Secretary Robert Hodby resigned; Jarrod White is sole secretary.
20 Apr 2015security holder rights change● Neutral
21,215,772 shares were released from ASX escrow on 17 April 2015, a year after the Phoenix takeover completed. A further 6,693,000 securities stay escrowed for another 12 months. Total shares on issue remain 166,800,792.
13 Mar 2015half year report● Neutral
Half-year to 31 December 2014: net loss $774,108 (prior year $896,237) on royalty revenue of $105,841, up from $73,847. Cash was $5.53m. Four royalty areas were producing at balance date, with the Texas royalties adding a fifth after settlement.
5 Feb 2015asset acquisition disposition▲ Good
The Texas royalty purchase from The Dillon Fund settled on 5 February at US$350,000, completing the deal announced on 24 December. Cash flow counts from 1 January 2015.
2 Feb 2015asset acquisition disposition▲ GoodMajor
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.
24 Dec 2014asset acquisition disposition▲ GoodMajor
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.
19 Dec 2014investor presentation▲ GoodMajor
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.
18 Nov 2014other● Neutral
Edison Investment Research has started coverage of High Peak, titled 'Exposure to oil and gas royalties at a discount'. The announcement only points to the report and repeats the royalty list. No new commercial information.
31 Oct 2014annual report● Neutral
Re-lodged 2014 annual report (the report itself was already released on 30 Sep). It restates the royalty portfolio of 20 oil and gas projects and the strategy of buying royalties with near-term cash flow. No new figures in the text provided.
30 Sept 2014annual report● Neutral
Annual report for the year to 30 June 2014, the first after the Phoenix merger. The chairman describes the merger and raise as transformational and says the company is looking for royalties with near-term cash flow. Directors and officers are as previously announced.
24 Sept 2014investor presentation▼ BadMajor
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.
27 Aug 2014asset acquisition disposition● NeutralMajor
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.
1 July 2014investor presentation● Neutral
Mid-quarter update on the royalty portfolio: Surprise West oil now producing, a helium-rich gas discovery at Mt Kitty, Karoon's sale of 40% of WA-315-P to Origin, and Nexus administration not expected to disrupt Longtom royalties. Also notes a non-binding term sheet to sell Oilco.
27 June 2014investor presentation● Neutral
June 2014 investor presentation promotes the royalty model. It shows 166.8m shares at $0.20 (market cap $33.4m), $6.0m cash and no debt, and says four royalties should earn income in 2014. It repeats known facts.
19 May 2014joint venture update● Neutral
Karoon farmed out 50% of WA-482-P to Apache, which will fund 90% of one well in the June half 2015 (capped at US$63m); High Peak holds a 0.2% royalty. The Poseidon North-1 well in WA-315-P (0.103% royalty) found gas sands but is to be plugged and abandoned.
16 May 2014director officer appointment● NeutralMajor
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.
2 May 2014director officer appointment● Neutral
Following completion of the Phoenix acquisition and the $6m raise, Geoff King, Andrew Carroll, Nigel Hartley and John Theobold join the board, and David Eiszele and Winton Willesee resign. Jarrod White becomes joint company secretary.
1 May 2014annual report● Neutral
Second part of Phoenix's 2012 annual report: the Deloitte audit report and independence declaration, with a clean opinion. Historical filing with no new information.
1 May 2014other● Neutral
ASX pre-reinstatement notice listing the documents High Peak is releasing: holder distribution, capital structure, financial position, Phoenix audited accounts and governance statements. No new substance of its own.
1 May 2014annual report● Neutral
Phoenix's 2011 annual report, released as pre-reinstatement disclosure. It shows a royalty strategy, three producing royalties, and a shelved IPO because of weak markets. Historical background only.
1 May 2014other● Neutral
Updated use of the $8.2m funds: $3.25m earmarked for prospective royalty acquisitions, $820,000 to repay the RMB facility, and $2.1m working capital. Pro forma net assets reach $40.5m, mostly capitalised exploration costs of $30.7m.
1 May 2014annual report● Neutral
Phoenix's 2012 annual report, released as pre-reinstatement disclosure. It notes the Surprise-1 oil discovery, a 10% placement to Anglo Pacific, and Steven Larkins as CEO. Historical background only.
1 May 2014listing compliance notice● Neutral
ASX repeats that High Peak shares (HPR) and options (HPRO) resume trading on 5 May 2014, after compliance with the re-admission rules. Administrative duplicate of the ASX notice.
