Past year: ▼ 64%(5.00c – 17.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
27 Apr 2018quarterly activities report● Neutral
March 2018 quarter: the Zimbabwe acquisition was signed after quarter end, subject to shareholder approval. Both Gallatin wells are plugged and abandoned and a third well is under evaluation. Cash at quarter end was A$744k.
18 Apr 2018investor presentation● Neutral
Presentation on the Cabora Bassa project repeating the acquisition announcement: 80% of SG4571, the Mzarabani prospect described as TCF+, and about US$30m of legacy Mobil data. Farm-out targeted for 2019. Transaction remains subject to completion and approvals.
18 Apr 2018asset acquisition disposition▲ GoodMajor
Interpose agrees to buy Invictus Energy Resources, giving an 80% interest and operatorship in Zimbabwe's 250,000-acre SG4571 permit (Cabora Bassa, Mzarabani gas-condensate prospect). Includes a A$4.5m raise led by Ashanti and Scott Macmillan as Managing Director. A sharp strategy shift from small US stakes; needs shareholder approval.
14 Mar 2018half year report● Neutral
Half-year to 31 December 2017 shows a net loss of $210,782 (prior period $266,169). It records the abandoned second Gallatin well, de Mori's appointment and the Ashanti mandate; a third well is still being considered.
30 Jan 2018quarterly activities report● Neutral
December 2017 quarter: Greenberry #1 was abandoned with tight Pettit sands and a third Gallatin well is being evaluated. Cash fell to A$866k after a A$133k operating outflow. De Mori replaced Barton; Ashanti was engaged after quarter end.
30 Jan 2018material agreement● Neutral
Interpose engages Ashanti Capital as corporate adviser to help review Gallatin, find new projects and run capital raisings. Ashanti's Eric de Mori joined the board in December. No fee terms are given in the text.
11 Dec 2017drilling result▼ BadMajor
Greenberry #1 reached 9,300 feet; logging showed both upper and lower Pettit sections tight with low porosity, so it will be plugged and abandoned. This is a second dry hole at Gallatin after the first well; a third well is being considered. Interpose's cost was estimated at US$32,000.
11 Dec 2017director officer appointment● Neutral
Eric de Mori, Head of Natural Resources at broker Ashanti Capital, joins the board as a non-executive director, replacing Justin Barton, who resigned. He holds 5,000,000 shares indirectly via Glamour Division Pty Ltd.
6 Dec 2017drilling progress report● Neutral
Greenberry #1 is drilling at 8,330 feet, now entering the 8,000 to 9,000 foot Pettit target zone. No results yet.
29 Nov 2017drilling progress report● Neutral
Greenberry #1 is drilling at 5,653 feet, still above the 8,000 to 9,000 foot Pettit target. No results yet.
24 Nov 2017drilling spud● NeutralMajor
Greenberry #1, the second Gallatin well, has spudded and was drilling at 1,470 feet. It targets the Pettit formation at 8,000 to 9,000 feet, with about 28 days to drill and test. This follows the abandoned first well.
8 Nov 2017drilling scheduled● Neutral
The operator says the second Gallatin well, Greenberry #1, will spud next week. It targets 5 bcf gas and 70,000 barrels of oil. Interpose's dry-hole cost is now estimated at US$32,000, down from US$73,762 on the first well.
31 Oct 2017quarterly activities report● Neutral
September 2017 quarter report: Gallatin leasing is complete and the operator expects the rig on site in the first week of November for the second well, later than the mid-September expected earlier. Other project decisions are on hold until that well is drilled and financing needs are known.
3 Oct 2017other● Neutral
Appendix 4G corporate governance checklist for the year to 30 June 2017. Administrative filing with no new information.
2 Oct 2017annual report● Neutral
Annual report for the year to 30 June 2017. The readable text is the contents page and corporate directory only: three directors (Egerton-Warburton, Chiappini, Barton) and Chiappini as Company Secretary. No financial figures are visible.
28 July 2017quarterly activities report● Neutral
June 2017 quarter report: a further 95 acres were leased at Gallatin and the next well location is staked. A second well is expected to spud in mid-September. Interpose continues reviewing low-cost US onshore projects.
28 Apr 2017quarterly activities report● Neutral
March 2017 quarter report: the Gallatin CK#1 well was abandoned. Interpose chose to join further leasing east of that well, believing the productive Pettit bar lies there. It will decide on further Gallatin participation after more information, and continues reviewing other US onshore projects.
21 Apr 2017other● Neutral
Registry provider Link Group notice of a change to its Perth office address from 24 April 2017, listing many companies including Interpose. Administrative only, with no company news.
15 Mar 2017drilling result▼ BadMajor
Logging of Christine Keahey #1 showed a narrower than expected Pettit section with porosity below 6%, so the well will be plugged and abandoned. This is a dry hole on the first Gallatin well. Interpose and the operator will assess whether a second well is warranted.
15 Mar 2017half year report● Neutral
Half-year accounts to 31 December 2016 show a net loss of $3,084,881 (prior year $1,564,814). Sale of the African subsidiaries was completed on 28 July 2016 for total consideration valued at A$8.35m, with a gain on sale of A$3.35m after tax. Text is truncated.
13 Mar 2017drilling progress report● Neutral
Christine Keahey #1 reached target depth of 9,380 feet and is awaiting a logging unit. No result is reported yet.
3 Mar 2017drilling progress report● Neutral
After 21 days, Christine Keahey #1 is at 6,668 feet and still drilling. The target Pettit section lies at 8,000 to 9,000 feet. No results yet.
21 Feb 2017drilling spud● NeutralMajor
The Christine Keahey #1 well at Gallatin has spudded and was drilling at 650 feet. It targets 5 bcf gas and 70,000 barrels of oil, with about 28 days expected to drill and test. This is the first well on Interpose's new 7.5% interest.
21 Feb 2017director officer appointment● Neutral
Richard Barker retires as Company Secretary. Non-executive director Gabriel Chiappini takes over the role.
31 Jan 2017quarterly activities report● Neutral
December 2016 quarter report: the rights issue completed, with 19,054,402 entitlement and 23,241,662 shortfall shares issued, so the shortfall was fully placed. Repeats the Gallatin acquisition and board changes from 10 January. Operating cash outflow was A$179k for the quarter.
10 Jan 2017asset acquisition disposition▲ GoodMajor
Interpose buys a 7.5% working interest in the Gallatin gas-condensate project, Cherokee County, Texas, its first asset since selling the African projects. The first well targets 5 bcf gas and 70,000 barrels of oil, with dry-hole cost about US$73,762. Justin Barton joins the board; Gracey resigns.
31 Oct 2016quarterly activities report● Neutral
September 2016 quarter report confirms the African asset sale completed (about A$1m cash, 55m shares cancelled, ~A$4.8m debt assigned). Operating cash outflow was A$318k. The company is open to opportunities inside and outside oil and gas and faces the six-month Listing Rule 12.1 deadline.
31 Oct 2016other● Neutral
Appendix 4G corporate governance checklist for the year to 30 June 2016, dated 31 October 2016. Administrative filing with no new information.
31 Oct 2016annual report● Neutral
Annual report to shareholders for the year to 30 June 2016, a re-lodgement of the 3 October accounts under the Interpose name. The readable text is the contents and directory only, with no financial figures.
24 Oct 2016capital raising announcement● NeutralMajor
Rights issue closed with 19,054,402 shares taken up by eligible holders and applications for a further 17,025,443 shortfall shares, against 42,296,064 on offer. That is about 36.1m of 42.3m, leaving roughly 6.2m (inference). The company will try to place the balance within 3 months.
