Past year: ▲ 0%(1.00c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
18 June 2012material agreement● NeutralMajor
Lion signed an interim term sheet with Singapore-based KRX Energy to fund its SE Asian oil and gas push. Lion commits A$1m for shares at 5c, giving 30.77% of KRX, plus a right to fund further over 36 months. Starts a new strategy after the buy-back; funded from cash.
24 May 2012drilling progress report▼ BadMajor
Lofin-1 reached 4,093.9 m, then took a high-pressure kick and the open hole packed off, leaving drill pipe stuck. The well was killed and cemented; a sidetrack is being prepared to reach the Manusela target. Lion holds 2.5%. Setback to the earlier hopeful drilling progress.
20 Apr 2012quarterly activities report▲ Good
March quarter: Seram output rose to 235,356 barrels (2,586 bopd); Oseil-16 stabilised near 450 bopd. Buy-back completed at net value A$5.12m, with A$275k extra raised from placements. Lofin-1 expected to reach its target within days.
20 Apr 2012quarterly activities report● Neutral
March-quarter cash report: cash fell to A$1.655m from A$6.836m, mainly from the A$5.93m buy-back payment, offset by A$1.36m raised from shares. Next-quarter outflow estimated at A$1.0m. Ordinary shares on issue stated as 114,023,309.
17 Apr 2012drilling progress report● Neutral
Lofin-1 is at 3,559.9 m with casing set, but the Manusela target was not met at the predicted 3,327.6 m. Total depth is revised to 4,196.9 m. The target is deeper than forecast; no result yet.
22 Mar 2012drilling progress report● Neutral
Lofin-1 is drilling 12-inch hole at 2,939.3 m. Plan is to reach about 3,350 m and set casing before entering the Manusela target. No hydrocarbon result yet.
15 Mar 2012director officer appointment● Neutral
Brimage bought 10,000,000 more shares and options for $210,000 in the placement approved on 17 February. He now holds 22,554,400 shares and 22,500,000 3c options.
13 Mar 2012capital raising announcement● Neutral
4,000,000 free 3c options were issued to the underwriter's nominees, as approved on 17 February. This finishes the rights issue paperwork. Shares on issue are stated as 101,273,309, which follows the buy-back; 3c options are 58,328,034.
12 Mar 2012half year report● Neutral
Half-year to 31 December 2011 shows an operating loss of $1,127,734. It recaps the Tulloch settlement ($737,500), the buy-back and the December placement and rights issue. Directors are now Brimage, Zhang and Reeve.
9 Mar 2012other● Neutral
Xianjun Yang ceased to be a substantial holder on 27 February via the buy-back, receiving 16.20% of the package. The form lists 22,688,916 shares, which looks like a possible copy of Hu's figure. Companion to the other cessation notices.
9 Mar 2012other● Neutral
Wenmei Hu, formerly Lion's largest holder, ceased to be substantial on 27 February. She sold 22,688,916 shares in the buy-back for 36.75% of the package of US$200,000, Lion Nanning and the debt assignment. Follows the earlier buy-back notices.
9 Mar 2012asset acquisition disposition● NeutralMajor
Ling Gu and Jian Wu ceased to be substantial holders on 27 February through the selective buy-back, which they gave up 5,987,080 and 7,058,296 shares in. This indicates the buy-back was completed that day; they received a share of US$200,000, Lion Nanning and the debt assignment.
9 Mar 2012drilling progress report● Neutral
Lofin-1, spudded 17 January, is drilling at 2,247.5 m. The Manusela carbonate target is expected at 3,328 m. The 412 million barrel in-place estimate (82 million recoverable) is unchanged. No result yet; Lion holds 2.5%.
9 Mar 2012other● Neutral
Yuda Chen ceased to be a substantial holder on 27 February, selling 10,000,000 shares in the buy-back for 16.2% of the package of US$200,000, Lion Nanning and the debt assignment.
22 Feb 2012director officer appointment● NeutralMajor
Chairman Jian Wu resigned as a director on 21 February, after the buy-back vote. Russell Brimage becomes Executive Chairman. Simon Reeve, an oil and gas services executive and petroleum engineer, joins as non-executive director.
17 Feb 2012agm notice● NeutralMajor
All nine resolutions at the 17 February general meeting passed, including the selective buy-back, which had a large vote in favour (68,996,719 for, 1,979,706 against). This clears the restructure despite the expert's not fair, not reasonable view. It also covers the placements and the underwriter options.
15 Feb 2012director officer appointment● Neutral
Director Russell Brimage took 12,500,000 shares and as many options for $250,000, as sub-underwriter of the rights issue shortfall. He now holds 12,554,400 shares. This is the same 12.5m block as the final shortfall issue.
14 Feb 2012capital raising announcement● Neutral
The final 12,500,000 shortfall shares were issued to the underwriter at 2c, completing the rights issue. Shares on issue are 163,001,726 and 3c options 54,333,909. The underwriter's fee options are still to be issued.
3 Feb 2012capital raising announcement● Neutral
The underwriter took up 35,902,293 rights issue shortfall shares at 2c, with matching free 3c options. This is part of the 48.4m-share shortfall. Shares on issue rise to 150,501,726.
25 Jan 2012quarterly activities report● Neutral
December quarter cash report: cash fell to A$6.84m from A$7.36m, after a A$738k payment to settle the Tulloch claim. A$6.03m of it is held by Lion Nanning in China, which is due to go to the buy-back holders. Next-quarter outflow estimated at A$900k.
25 Jan 2012quarterly activities report● Neutral
December quarter: Seram output fell to 218,002 barrels (2,370 bopd). A 188,818-barrel lifting on 30 December should net Lion about US$460,000. Oseil-16 was completed after lost-circulation problems and Lofin-1 spudded on 17 January. The Board, other than Chairman Wu, outlined a buy-back of 61,734,292 shares from six shareholders, including Wu, to restructure the company.
19 Jan 2012capital raising announcement● Neutral
5,931,616 rights issue shares issued at 2c with free 3c options expiring 31 December 2013. Shares on issue now 114,599,433, including the 14.17m December placement. Shortfall shares still to be allotted.
18 Jan 2012drilling spud▲ GoodMajor
Lofin-1 exploration well spudded on 17 January 2012 on Seram, expected to take about 120 days to drill and test. Targets the same Manusela limestone as Oseil. Estimated 82 million barrels recoverable (company estimate); Lion holds 2.5%.
16 Jan 2012capital raising announcement● Neutral
Rights issue closed weak: holders took up only 5,931,616 of 54,333,909 shares. The remaining 48,402,293 shortfall shares fall to underwriter Pendulum Capital, so the raising is still expected to complete.
10 Jan 2012business combination● NeutralMajor
Special meeting on 17 February 2012 to approve buying back 61,734,292 shares from six shareholders, who receive US$200,000 and 100% of Lion Nanning. The independent expert found it not fair nor reasonable to non-participating shareholders. Also ratifies a 14.17m-share placement at 2c.
9 Dec 2011capital raising announcement● Neutral
Cover announcement for the rights issue letter to shareholders to be mailed 12 December. No substantive content in the text provided.
8 Dec 2011capital raising announcement● NeutralMajor
Lion offers a 1-for-2 rights issue at 2 cents, up to 54,333,909 shares to raise about $1.09m, with a free attaching option per share. Pendulum Capital underwrites and receives 4,000,000 fee options. Share price was about 3c in mid-2011.
What it means for a shareholder
54.3m new shares at about A$0.0201 to raise about A$1.1m. That's 47% dilution: every existing holder's slice gets 47% smaller. If you held A$1,000 of shares (49,848 at the issue price), your slice goes from 0.0818% to 0.0432% of the company. To keep it you'd need 44,457 more shares - about A$892 at the issue price.
Create a free account to see this worked out for your own holding.
6 Dec 2011drilling scheduled▲ GoodMajor
Operator CITIC expects to spud the Lofin-1 exploration well on Seram in early January 2012, about 56 km west of Oseil. Estimated 412 million barrels in place, 82 million recoverable (company estimate). Lion holds 2.5%.
22 Nov 2011agm notice● Neutral
AGM results: both resolutions (remuneration report and re-election of Jian Wu) passed with large majorities of proxy votes in favour. Administrative.
25 Oct 2011quarterly activities report● Neutral
September quarter cash report: cash rose to $7.36m from $6.60m on $844k of sales receipts and $102k net operating inflow. Next-quarter outflow estimated at $1.05m. Shares unchanged at 94,493,754.
