12 Dec 2022security holder rights change● Neutral
Jupiter lodges the new constitution adopted at the 9 December 2022 AGM, as the listing rules require. The text provided is the document itself; no specific changes are summarised in the cover note.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
9 Dec 2022investor presentation● Neutral
AGM slides show proxy results on the ten resolutions, all with over 99% support. They include share issues for the debt conversion: 733.6m to Waterford (up to 62.56% voting power) and 264.6m to Blackbird (up to 21.78%). They also cover a A$5m placement approval and a new constitution.
9 Dec 2022other▲ GoodMajor
All ten AGM resolutions were carried on a poll, with over 99% of votes cast in favour. They included the share issues to MidOcean, Ayman Asfari, Waterford and Weighbridge (as trustee of the Blackbird Trust), which were needed for the debt restructure.
8 Nov 2022agm notice● Neutral
Sample proxy form for the 9 December 2022 AGM, with proxies due by 10am AEDT on 7 December. Resolutions include the remuneration report, a director re-election and share issues to noteholders. Administrative form; no new information.
8 Nov 2022agm notice● Neutral
Letter notifying shareholders that the AGM is on 9 December 2022 as a hybrid meeting. The notice is online only, with no printed copies. Proxies are due 7 December. Administrative.
28 Oct 2022quarterly activities report● Neutral
Cash flow report for September 2022 quarter: receipts A$1.614m, operating cash flow +A$539k, quarter-end cash A$1.628m (up from A$1.281m). A$14.489m drawn on facilities, A$10.256m unused. Repeats the note that geopolitics may affect availability of the undrawn amount.
28 Oct 2022quarterly activities report● Neutral
September 2022 quarter: ~20,000 barrels sold for ~US$573,000 (~US$29/bbl), under Preparatory Period limits. J-58 remains shut in, with West Zhetybai approval expected 4Q 2022. Ushkuyu joint plan is still under ministry review. Optimal production of ~750 barrels a day is still targeted for 1Q 2023.
26 Oct 2022regulatory community update▲ GoodMajor
Kazakh regulators approve the 100% Gas Utilisation Plan, so construction can start. Five generators are ordered, with three due mid-December 2022 and two mid-January 2023, and site works run mid-November to mid-January. Output is to rise from ~225 to ~750 barrels a day in 1Q 2023.
24 Oct 2022agm notice● Neutral
ASIC extends the deadline for the 2022 AGM to 16 December 2022. Jupiter expects to hold it on 9 December, so the debt restructure resolutions and an independent expert report can go to one meeting. Notice of meeting is expected in early November.
4 Oct 2022debt financing▲ GoodMajor
Jupiter signs amended Deeds of Settlement with all four noteholders on 3 Oct 2022, replacing the collapsed March plan: ~30% of debt converts to shares, ~50% is written off, ~20% is repaid by end-2024, interest-free from 1 Dec. Debt falls from ~A$114.4m to ~A$25.5m. It needs shareholder and regulatory approval.
30 Sept 2022annual report▼ Bad
FY2022 annual report: loss A$11.51m (versus a A$61,655 profit), ~91,000 barrels produced, revenue ~US$3.0m, cash A$1.33m. Accounts rest on a going-concern basis predicated on raising cash. Gas utilisation and optimal production are expected in 1Q 2023; amended debt plan under negotiation.
30 Sept 2022other● Neutral
FY2022 corporate governance statement (Appendix 4G): the board says it complied with ASX governance recommendations during the year. It has five directors, one executive and four non-executive, with an Executive Chairman who is also CEO. Administrative; no new business information.
12 Sept 2022material agreement termination▼ BadMajor
Jupiter says the minimum A$35m raising behind the March debt restructure is unlikely in the foreseeable future, so the settlement conditions were not met. Talks continue with the four noteholders on an amended plan. The ~US$70m debt remains.
29 July 2022quarterly activities report● Neutral
June 2022 quarter: ~19,800 barrels sold for ~US$838,400 (~US$42/bbl). Generators are on order for early 1Q 2023. Kazakh approval to issue new shares, valid to 30 June 2023, was received. Strategic review progress is not expected until after installation.
29 July 2022quarterly activities report● Neutral
Cash flow report for June 2022 quarter: receipts A$1.235m, operating cash flow +A$39k, A$421k from the liquidation fund, quarter-end cash A$1.281m. A$13.115m is drawn on facilities, A$10.11m unused.
26 July 2022contract award▲ GoodMajor
Stage 1 gas utilisation funding is secured and five generators are being ordered from a Chinese manufacturer, for delivery early 1Q 2023. It is funded by a US$1.3m oil prepayment from a local trader. Output is targeted to rise from ~225 to ~750 barrels a day.
27 Apr 2022quarterly activities report● Neutral
Cash flow report for March 2022 quarter: receipts A$1.028m, operating cash flow +A$41k, quarter-end cash A$866k. A$11.585m drawn on the 2017 facility, A$9.7m unused. Notes uncertainty over whether the undrawn amount is available given geopolitics.
27 Apr 2022quarterly activities report● Neutral
March 2022 quarter: ~19,100 barrels sold for ~US$839,000 (~US$44/bbl). J-58 restart slips to 4Q 2022. The Akkar North joint plan with MMG is approved, resolving that thread. Cash A$866k. Strategic review continues.
16 Mar 2022half year report▼ Bad
Half-year to 31 December 2021: loss of A$7.33m (versus a A$5.61m profit a year earlier), including a A$3.23m unrealised foreign exchange loss on notes. About 52,200 barrels produced. West Zhetybai approvals now expected in 4Q 2022, later than the earlier mid-2022 target.
15 Mar 2022regulatory community update▲ GoodMajor
Jupiter lodged its 100% Gas Utilisation Plan with Kazakh regulators on 11 March 2022. Stage 1 is targeted for 4Q 2022, lifting output from ~225 to ~650 barrels a day. Funding is to be secured in 2Q 2022, helped by the debt restructure.
4 Mar 2022listing compliance notice● NeutralMajor
ASX pauses trading in Jupiter's shares pending a further announcement; no reason is given in the notice. The cause is not yet known.
4 Mar 2022debt financing● NeutralMajor
Jupiter agreed terms with all four noteholders to restructure ~US$69.92m of debt: 20% repaid in cash, 30% converted to shares and 50% written off. It needs a minimum A$35m raising, and at an illustrative A$0.04 price existing holders would fall to ~14.91% after the raise alone.
18 Jan 2022quarterly activities report● Neutral
Cash flow report for December 2021 quarter: receipts A$1.155m, operating cash flow +A$97k, quarter-end cash A$934k. A$11.55m is drawn on the 2017 facility, with A$10.5m unused, repayable 1 July 2024.
18 Jan 2022quarterly activities report● Neutral
December quarter: ~21,200 barrels sold for ~US$698,000 (~US$33/bbl); CY2021 sales ~120,000 barrels. Ministry changes may delay approvals; J-58 return is slipping to end 2Q 2022. Gas utilisation is now targeted within CY2022, and the strategic review continues.
10 Jan 2022production update▲ Good
Production from Akkar North (East Block) and Akkar East resumes on 10 January 2022, and oil trucks can again reach the field. Resolves the shut-in of three days earlier.
7 Jan 2022production update▼ Bad
Jupiter shuts in production on 7 January 2022 because protesters blocked roads to the oilfield amid civil unrest in Aktau and a state of emergency. The company expects the shut-in to be temporary and revenue not materially affected.
19 Nov 2021agm notice● Neutral
AGM slides: agenda and proxy tallies for four resolutions (remuneration report, re-election of Mark Ewing and Alexey Kruzhkov, 10% placement capacity), each with about 99.7% support. No new business information.
19 Nov 2021agm notice● Neutral
All four AGM resolutions carried on a poll, including the election of Mark Ewing, re-election of Alexey Kruzhkov and the 10% placement capacity. Routine meeting outcome.
18 Oct 2021agm notice● Neutral
Access letter for the virtual 2021 AGM on 19 November 2021. Administrative notice, no substance beyond meeting logistics and proxy deadlines.
18 Oct 2021quarterly activities report● Neutral
September 2021 quarter: receipts were A$1.061m, operating cash flow was +A$374k and quarter-end cash was A$954k. A$10.76m was drawn on the 2017 facility with A$11.45m unused, and its repayment date was shown as 1 July 2024.