Past year: ▲ 850%(0.20c – 3.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
21 Mar 2007drilling progress report● Neutral
Weekly report: Riflebird-E2 hit a 6m Richmond seam at 462m and is coring at 540m, expected total depth about 700m. Corella-E1 drill string recovered. Corella-E2 and E3 in testing. Riflebird-E1 liner work continues. No formal results.
14 Mar 2007drilling progress report● Neutral
Weekly report: Corella-E2 finished at 740m with 21.5m of coal core, and Corella-E3 at 717m with 20m of coal core. Both are now in testing. Riflebird-E2 is coring at 440m. Riflebird-E1 liner work continues. No formal reserve results.
13 Mar 2007half year report● Neutral
Half-year report to 31 December 2006 largely restates known events: the CS Energy farm-in and gas sale, PEL 13 coring finished with results awaited, reserve drilling started, and horizontal well dewatering restarted. Financial figures are truncated in the text provided.
7 Mar 2007drilling progress report● Neutral
Weekly report: Corella-E2 reached 740m total depth with free gas shows, now awaiting permeability and stress testing. Corella-E3 drilled to 327m. Riflebird-E2 at 390m. Riflebird-E1 still suspended for liner work. No formal results.
28 Feb 2007drilling progress report● Neutral
Weekly report: Corella-E2 reached 710m with coal core and free gas shows, Corella-E3 set casing at 131m, Corella-E5 at 84m. Riflebird-E1 still suspended for liner reinstall. No formal reserve results yet.
21 Feb 2007drilling progress report● Neutral
Weekly report: MMMC-01 planned work complete, results sent for analysis. Corella-E1 cored a well-developed Walloon sequence with excellent free gas shows to 563m before a drill string twisted off. Corella-E5 spudded. Riflebird-E1 paused for liner reinstall.
14 Feb 2007drilling progress report● Neutral
Weekly report: MMMC-01 permeability and stress testing began 10 February. Riflebird-E1 coring at 509m after rig repairs. Corella-E1 resumed coring after recovering parted casing. Corella-E3 spudded 12 February. No formal results.
13 Feb 2007investor presentation● Neutral
February investor update restating known facts: 1,123 PJ 3P, 22 PJ 2P, CS Energy deal, 15-month goal of 660 PJ. Power station financial close now targeted for June 2007, later than the March quarter given earlier (inference: a slip).
7 Feb 2007drilling progress report● Neutral
Weekly report: Riflebird-E1 coring at 488m and Corella-E1 at 438m, both with free gas shows above the Richmond seam. Corella-E2 spudded. MMMC-01 coring finished, with permeability testing due. Early indications only, no formal results.
31 Jan 2007drilling progress report● Neutral
Weekly report: MMMC-01 cored to 626m with 13.75m of coal retrieved, testing equipment awaited. Riflebird-E1 at 202m, Riflebird-E2 paused at 95m. Corella-E1, first CS Energy joint venture well, drilled to 95m. No results yet.
25 Jan 2007quarterly activities report● Neutral
December quarter: drilling began with three rigs targeting over 100 PJ 2P by April 2007. CS Energy farm-in signed, share purchase plan raised $4.2m. Horizontal wells MSC-09/10 pumps reinstalled and dewatering restarted. Testing expected to resume in first quarter 2007.
25 Jan 2007quarterly activities report● Neutral
December quarter cash report: cash rose to $6.13m after $4.19m raised from shares and $651k received from CS Energy. Estimated outflow next quarter is $1.9m. No debt. Shares on issue 104,110,319.
23 Jan 2007drilling progress report● Neutral
Weekly report: MMMC-01 re-entered for coring. Riflebird-E1 spudded 15 January and Riflebird-E2 on 22 January, both drilling ahead. These are the two wells needed for the Richmond Valley power station reserves. No results yet.
17 Jan 2007drilling scheduled▲ GoodMajor
Reserve expansion drilling has begun and is enlarged after the CS Energy deal: up to 12 core wells and 6 trial production wells, targeting up to 660 PJ of 2P reserves. CS Energy funds up to 10 core wells and the trial wells.
22 Dec 2006capital raising announcement▲ GoodMajor
The share purchase plan closed heavily subscribed, with applications for over $4 million. It raised $4,266,500 by issuing 13,332,819 shares at $0.32, with about 72% of shareholders taking up the offer.
What it means for a shareholder
13.3m new shares at A$0.320 to raise about A$4.3m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (3,125 at the issue price), your slice goes from 0.00344% to 0.003% of the company. To keep it you'd need 459 more shares - about A$147 at the issue price.
Create a free account to see this worked out for your own holding.
13 Dec 2006farm in farm out agreement▲ GoodMajor
CS Energy farms into part of PEL 16, spending $11 million to earn an initial 15%, with a goal of 540 PJ of 2P reserves in 15 months. Heads of agreement to supply 18 PJ a year to Swanbank, worth over $1 billion. Major step for the company.
8 Dec 2006other● Neutral
Notice that 19,690,914 shares come out of ASX escrow on 22 December 2006. Administrative; the text gives no reason, though more shares become freely tradable.
4 Dec 2006capital raising announcement● Neutral
Formal share purchase plan offer letter and terms: up to $5,000 per holder at $0.32, closing 15 December, $2 million underwritten by Taylor Collison. Directors intend to take up their maximum. Repeats the 28 November price announcement.
4 Dec 2006other● Neutral
Blank application form for the share purchase plan at $0.32 per share, $500 minimum and $5,000 maximum. Administrative document with no new information.
28 Nov 2006capital raising announcement▲ Good
Share purchase plan price set at $0.32, an 11% discount to the 5-day average price. Taylor Collison underwrites up to $2 million, so at least that much is backed, resolving the previously unstated size.
16 Nov 2006admin correction● Neutral
Corrects a typo in the 13 November share purchase plan release: the closing date is Friday 15 December. Attaches an amended shareholder letter. No change to the offer ($5,000 cap, 10% discount).
15 Nov 2006material agreement▲ Good
APA's own release confirms it was chosen as preferred partner after a competitive process, and will build, own and operate the 30 MW station. It expects approvals in early 2007, with financial close shortly after.
15 Nov 2006material agreement▲ GoodMajor
Australian Pipeline Trust (APA) is appointed preferred infrastructure partner for the 30 MW Richmond Valley Power Station, to build and operate it. A Development and Tolling Agreement is still to be signed. This answers the search for an investor partner.
15 Nov 2006agm notice● Neutral
All seven AGM resolutions passed, including the remuneration report, election of Nicholas Heath and re-election of Glenda McLoughlin. Also approved: option grants to Rick Wood and Heath, and a rise in the non-executive fee cap from $200,000 to $250,000.
15 Nov 2006investor presentation● Neutral
AGM presentation repeating known facts. Gives an estimated power station capital cost of $34 million, financial close targeted for March quarter 2007, and 2007 aims of more than 100 Bcf 2P and a conventional well.
15 Nov 2006agm notice● Neutral
Chairman's AGM address recaps the year: APA chosen as power station partner, horizontal well pumps being replaced, and coring at PEL 13 next month. Goal is about 100 PJ of 2P reserves with independent certification. No new results.
13 Nov 2006capital raising announcement● NeutralMajor
Share purchase plan lets existing shareholders buy up to $5,000 of shares at a 10% discount to market price, with the price set on 28 November. Funds go to reserve drilling, power station assessment and working capital. No total raise size is stated.
3 Nov 2006investor presentation● Neutral
Conference presentation restating known facts: 21 Bcf 2P, 1,080 Bcf 3P, 30MW power station with power from early 2008, core drilling from December. Shows share price $0.33, market value about $30m and cash of $2.0m.
31 Oct 2006quarterly activities report● Neutral
September quarter: drilling rig secured for 2-4 core wells from December, targeting about 100 PJ 2P. Horizontal wells MSC-09/10 testing halted because pumps blocked; new pumps ordered from Canada. Power station environmental assessment due early 2007.
31 Oct 2006quarterly activities report● Neutral
September quarter cash report: operating and investing outflow of $1.199m, offset by $2.2m raised from shares, leaving cash of $2.262m. No debt. Estimated outflow next quarter is $940k. Shares on issue now 90,777,500.
