Past year: ▼ 50%(1.50c – 3.00c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 Oct 2017quarterly activities report▲ GoodMajor
Production restarted: J-51 flowed from 28 September 2017 and ~460 tonnes (~3,200 barrels) were sold at about US$19.60/bbl, with a US$323,000 prepayment. J-52 opened 28 October; Well 19 follows. Debt is US$41.2m; AIM delisting is complete.
2 Oct 2017admin correction● Neutral
Appendix 4G corporate governance checklist for the year to 30 June 2017, pointing to the governance statement in the annual report (pages 21-26). Administrative filing with no new company information.
2 Oct 2017annual report● Neutral
Year to 30 June 2017: wells stayed shut all year and the company ran on care and maintenance, funded by its major shareholder's debt. The chairman cites the licence renewals to 2019 and the Akkar North win, and plans a return to production in Q4 2017.
12 Sept 2017director officer appointment● Neutral
Alexander Kuzev, an adviser to the board since January 2017, joins as non-executive director. CEO Geoff Gander's new contract cuts his fee to GBP200,000 after the AIM delisting, adds a sale bonus of US$350,000 or 0.5%, and lets him chair Zyber part-time.
31 July 2017quarterly activities report▲ GoodMajor
Ministry signed Addendum 8 on 10 July 2017, approving the 2017-2019 work program and trial licences to 29 Dec 2019. A new US$5m funding agreement (15%, due 31 July 2019) is signed with Waterford and Midocean. Restart expected Q4 2017; AIM listing to be cancelled.
28 Apr 2017quarterly activities report▲ GoodMajor
March quarter: the Akkar North reserves dispute with MMG is resolved in Jupiter's favour, clearing a path to return J-50 to production. An oil sales framework agreement is signed with an Aktau trader. Debt is US$37.7m; added Waterford funding is under discussion.
27 Feb 2017half year report▼ Bad
Half-year to Dec 2016: no production or revenue, loss A$6.28m (A$7.73m a year earlier), cash A$472,758. Equity fell to a deficit of A$143,346 from A$3.7m positive at June 2016, so liabilities now exceed assets.
31 Jan 2017quarterly activities report● Neutral
December quarter: no sales, wells shut in. Work program and trial licence approval expected in Q1 2017; restart possible in first half 2017 if funding and oil prices allow. The company says progress was made on the MMG dispute. Two senior appointments made.
2 Dec 2016director officer appointment● Neutral
Sergey Kostin, with 30 years in oil including 14 at Schlumberger, is appointed Head of Operations in Kazakhstan, based in Aktau. He will lead preparations to restart production in the first half of 2017.
27 Oct 2016quarterly activities report● Neutral
September quarter: no sales, wells still shut in. Work program and trial licence approvals are pending; restart now considered for first half 2017, conditional on licences, funding and prices. The MMG reserves dispute is unresolved. Kuandykov named President of Jupiter (Kazakhstan).
30 Sept 2016admin correction● Neutral
Appendix 4G corporate governance checklist for the year to 30 June 2016, pointing to the governance statement in the annual report (pages 21-26). Administrative filing with no new company information.
30 Sept 2016annual report● Neutral
Annual report for year to 30 June 2016: wells stayed shut all year and no drilling occurred, with the company on care and maintenance funded by its major shareholder's debt. The chairman points to the licence extension to 2019 and hopes to restart production once trial licences are renewed.
19 Sept 2016regulatory community update▲ GoodMajor
Ministry of Energy extends the Block 31 exploration licence three years to 29 December 2019 (Addendum 7), instead of the four years to 2020 applied for. A further year is possible if the company takes extra acreage. Trial production licences still need renewing; restart targeted early 2017.
30 Aug 2016director officer appointment● Neutral
Alexey Kruzhkov joins as non-executive director, as Waterford's board representative, replacing Alastair Beardsall who retired 31 May 2016. He also joins the subsidiary boards. This fills the board vacancy left by Beardsall.
29 July 2016quarterly activities report● Neutral
June quarter: no sales, wells still shut in; restart possible if wellhead price reaches about US$12/bbl, no timeframe guaranteed. Confirms the June debt rollover to 2018 and new US$5m Waterford facility (US$744,989 drawn). Ministry of Energy now permits the company to issue new shares.
3 June 2016debt financing● NeutralMajor
US$20.8m of convertible notes (US$15.5m plus interest) and Waterford's US$9.9m note are rolled into promissory notes repayable 1 July 2018 at 15%, unsecured. This replaces the convertible notes, which were due 20 Sep 2016. A new US$5m Waterford facility funds the company to at least 30 June 2017. Total debt is US$30.76m.
1 June 2016director officer appointment● Neutral
Chairman/CEO Gander's service agreement is renewed from 30 May 2016 with no set term, at a base fee of GBP285,000 (previously GBP280,000). The GBP100,000 bonus is dropped. Mison stays at A$9,000 a month, and both continue deferring directors' fees.
31 May 2016director officer appointment● Neutral
Non-executive director Alastair Beardsall, Waterford's board representative, retired immediately for personal reasons after joining in 2010. The company is reviewing board composition. He held 1.25m shares via a pension plan.
19 Apr 2016quarterly activities report● Neutral
March quarter: no sales; restart now second half of 2016, no guarantee. Waterford provided US$330k plus US$155k on 4 April. The company applied for a four-year exploration licence extension to 20 Dec 2020 (current licence ends 29 Dec 2016); it is taking legal advice on the J-50 dispute.
15 Mar 2016half year report▼ BadMajor
Half-year to Dec 2015: no production or revenue, loss A$7.73m (A$5.47m a year earlier), cash just A$299,985. Equity fell to A$7.9m from A$41.7m at June 2015, which the report attributes to the tenge revaluation and weaker Australian dollar.
29 Jan 2016quarterly activities report▼ Bad
December quarter: no sales; restart now 'during 2016'. Costs cut ~56% (about US$2.4m a year saving). Funding is only said to last the first half of 2016 (earlier: all of 2015). Waterford gave US$160k and US$200k; the company is considering referring the J-50 dispute to a higher authority.
30 Oct 2015quarterly activities report▼ Bad
September quarter: no sales, wells still shut in; restart now guessed for Q2 2016 (previously Q1), with no guarantee. J-58/J-59 have all approvals but no money for surface equipment. A further US$0.5m came from Waterford on 8 Oct 2015.
1 Oct 2015admin correction● Neutral
Appendix 4G corporate governance checklist for year to 30 June 2015, pointing to the governance statement in the annual report (pages 22-27). Administrative filing with no new company information.
30 Sept 2015annual report▼ Bad
Annual report for year to 30 June 2015: production halted in February 2015 on low domestic prices, costs cut ~40% (over US$2m a year). Well 19 was not fully completed for lack of funding. Debt funding continues because the Ministry of Energy waiver to issue shares has not been obtained.
30 July 2015quarterly activities report● Neutral
June quarter: no oil sales, all wells still shut in; restart is possible in Q1 2016 but not guaranteed. US$2m drawn from Waterford's framework. Funding is said to cover calendar 2015. J-58/J-59 licences have most approvals, and the MMG dispute over J-50 reserves is unresolved.
2 July 2015debt financing● NeutralMajor
Jupiter received a further US$1m under the 30 April 2015 Waterford framework, which allows up to US$10m of promissory notes; US$7.35m is now drawn. The October 2014 note (US$5.35m with interest) was rolled into a new Series B note. Management says funding covers calendar 2015.
30 June 2015director officer appointment● Neutral
Gander's service agreement is renewed for 1 Jul 2015 to 30 Jun 2016 at GBP280,000 base plus a potential GBP100,000 bonus, restoring the earlier fee level. Mison moves to a month-by-month arrangement at A$9,000 a month. Both continue deferring directors' fees.
12 June 2015other● Neutral
Computershare, Jupiter's share registry, notifies that its Perth office moves to 172 St Georges Terrace from 15 June 2015. Administrative notice with no company-specific substance.
30 Apr 2015quarterly activities report▼ Bad
March quarter: only 7,848 barrels sold (~US$240,000) before all wells were shut in on 20 Feb. Well 19 recovered oil (~0.03% water) but needs re-perforation and acid stimulation. A Framework Agreement with Waterford provides up to a further US$5m of working capital.
31 Mar 2015well test result▼ BadMajor
Well 19 testing found hydrocarbons, but a perforating-gun malfunction perforated only 6.3m of the planned 47.7m (~13%), and skin damage gave poor inflow. It needs re-perforating and acid stimulation once funded. Cash is ~A$2m, and a debt package is being negotiated.
