Past year: ▲ 75%(4.40c – 10.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
31 July 2015quarterly activities report● Neutral
June 2015 quarter report: Levitt-1 spudded on 4 July 2015 targeting 220mmbls, and was at 2,099 metres with total depth expected in early August. High Peak has a 0.2% royalty over the permit. Now 9 non-binding bids, still only 2 closed deals.
31 July 2015quarterly activities report● Neutral
June 2015 cash flow report: cash fell to $2.477m from $2.665m; royalty receipts were $45k. Texas royalties accrued since January will be received next quarter. Director fees were cut 25% and consultants moved to success fees. Planned outflow next quarter is $230k.
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 2015quarterly activities report● Neutral
March 2015 cash flow report: cash fell to $2.665m from $5.532m, mainly from $2.14m on equity investments (Royalco) and $426k on royalty interests (Texas). Royalty receipts were $76k. Planned outflow next quarter is only $255k, with no royalty purchases committed.
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.
20 Apr 2015quarterly activities report● Neutral
March 2015 quarter report: the Royalco stake (19.99%) and Texas royalties both settled. Levitt-1 (0.2% royalty, WA-482-P) targets a 220mmbls best estimate with drilling due May 2015. Reports 8 non-binding bids from 50+ deals reviewed; no new acquisitions beyond the two.
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.
30 Jan 2015quarterly activities report● Neutral
December 2014 cash flow report: cash fell to $5.53m from $6.07m, including $192k of stamp duty on the Phoenix deal. A US$17,500 deposit was paid on the Texas royalties, with US$332,500 due later. Next-quarter planned outflow is $660k including $405k for committed royalty purchases.
30 Jan 2015quarterly activities report● Neutral
December 2014 quarter report mostly repeats earlier news: the Texas royalty deal (due to close by 31 January), Peat restart, Tintaburra deepenings and Seven Group's acquisition of Longtom. Adds that the first LNG cargo has loaded from the QCLNG plant, over which High Peak holds a 2.5% royalty.
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.
27 Nov 2014agm notice● Neutral
All AGM resolutions passed on a show of hands, including the remuneration report and the re-election of Howard McLaughlin as a director. Administrative result only.
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 2014quarterly activities report● Neutral
September 2014 quarter: High Peak reports deal flow in oil and gas and mining, in Australia and the US, and expects the oil price drop to create royalty opportunities. The Peat plant shutdown continues, with repair work planned to start 13 December and take about 6 weeks.
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.
31 Oct 2014quarterly activities report● Neutral
September 2014 cash flow report: cash fell to $6.07m from $6.72m. The remaining $420,000 of the RMB debt facility was repaid, leaving no debt or facility. The Oilco sale to Mosman was taken for about $840,000 of replacement assets, mainly the 2% royalties.
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.
31 July 2014quarterly activities report▲ Good
June 2014 quarter report largely repeats the mid-quarter update. Added item: Tintaburra oil field, where High Peak holds a 3.6%/4% profit interest, lifted production to 1,326 bopd. First Surprise West royalty payment is expected in the September quarter.
31 July 2014quarterly activities report● Neutral
June 2014 cash flow report, the first since the Phoenix merger, is presented as a reverse acquisition with Phoenix as accounting acquirer. Cash at quarter end was $6.7m, helped by $8.0m of cash acquired on acquisition. Planned spend next quarter is $275k.
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.
