Past year: ▲ 0%(0.40c – 0.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
1 Nov 2011quarterly activities report● Neutral
September quarter: cash $4.09m after $643,000 of US production receipts, though about $2.5m of Lawford #1 joint venture payments remain unpaid. Records the ConocoPhillips binding deal, the Lawford result as inconclusive, and the $27m raising begun after quarter-end.
27 Oct 2011annual report● Neutral
Full annual financial report to 30 June 2011 lodged. It restates the portfolio: EP417 65%, Goldwyer 100%, Colorado County 32.5%, Wharton 36%. Financial figures are not shown in the excerpt.
26 Oct 2011capital raising announcement▲ GoodMajor
NSE launches a $27.0m raising at 30c: a $23.0m placement (29.0m shares for $8.7m now, 47.7m for $14.3m needing shareholder approval ~1 Dec) plus a $4.0m share purchase plan. Funds Merlinleigh and other WA shale and tight gas projects. Pro forma cash ~$30m.
What it means for a shareholder
29.0m new shares at about A$0.7931 to raise about A$23.0m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (1,261 at the issue price), your slice goes from 0.00063% to 0.00055% of the company. To keep it you'd need 183 more shares - about A$145 at the issue price.
Create a free account to see this worked out for your own holding.
26 Oct 2011other● Neutral
Notice of a Boardroom Radio audio broadcast with Sam Willis on the $27m raising, on 26 Oct. No new substance.
26 Oct 2011investor presentation● Neutral
Presentation backing the $27m raising at 30c: 290.1m shares post raising, ~$30m pro forma cash, ~$87m market cap. Repeats the placement and SPP timetable (SPP closes 25 Nov). No new facts.
24 Oct 2011drilling result▼ Bad
Green Rock re-lodges NSE's 24 Oct release: Lawford #1 ended at 2,690m without testing the Laurel Formation. Duplicate of NSE's announcement.
24 Oct 2011drilling result▼ BadMajor
Lawford #1 stopped at 2,690m, short of the 2,780m plan, to be logged and plugged without reaching the Laurel Formation, which lies deeper than modelled. No significant shows. The deepening meets EP417 work commitments; more studies planned over 12 to 24 months.
24 Oct 2011drilling result▼ Bad
Buru confirms Lawford-1 ends at 2,690m, citing hard formations, geological uncertainty, no significant shows and the approaching wet season. The rig moves to deepen Buru's Paradise-1. Buru calls the well outside its core areas. Duplicates NSE's news.
20 Oct 2011drilling progress report● Neutral
Green Rock re-lodges NSE's 20 Oct update: Lawford #1 at 2,483m, next report due 27 Oct. Duplicate with no new information.
20 Oct 2011drilling progress report● Neutral
Weekly update: Lawford #1 drilled to 2,483m by 20 Oct against a 2,780m target, no hydrocarbon indications. NSE holds 65%, diluting to 50%. No new result.
20 Oct 2011regulatory community update● Neutral
US update: DeGolyer & MacNaughton's Heintschel review says the field can be developed commercially on proved and probable reserves, final report pending. Heintschel #1 shut in after lightning; Joann #1 shut in with mechanical problems. Next well probably horizontal, possibly before end 2011.
20 Oct 2011drilling progress report● Neutral
Buru's weekly report: Lawford-1 drilled to 2,483m at 20 Oct, day 23, still heading for the Laurel Formation. No hydrocarbon indications. Duplicates NSE's update.
17 Oct 2011investor presentation● Neutral
October investor presentation restates the portfolio: Goldwyer farm-out to ConocoPhillips (US$110m), Lawford-1 drilling, Merlinleigh 100%. Cites ~$4.0m net cash, 200.0m shares and a ~$11m Buru stake. No new results; repeats known facts.
13 Oct 2011drilling progress report● Neutral
Buru's weekly report: Lawford-1 deepening at 1,953m on 13 Oct, day 16, with 10 days to go to 2,780m. No hydrocarbon indications. Duplicates NSE's update.
13 Oct 2011drilling progress report● Neutral
Green Rock re-lodges NSE's 13 Oct update: Lawford #1 at 1,953m, with the next report due 20 Oct. Duplicate with no new information.
13 Oct 2011drilling progress report● Neutral
Weekly update: Lawford #1 drilled to 1,953m by 13 Oct, with about 10 days to reach 2,780m. No hydrocarbon indications reported. No new result.
6 Oct 2011director officer appointment● Neutral
David Hansen-Knarhoi is appointed Joint Company Secretary, effective immediately, alongside Mark Clements. Administrative appointment.
6 Oct 2011drilling progress report● Neutral
Buru's weekly report: Lawford-1 deepening drilled to 1,725m at 6 Oct, day 9 after spud, still heading for the Laurel Formation. No hydrocarbon indications. Duplicates NSE's update.
6 Oct 2011drilling progress report● Neutral
Green Rock re-lodges NSE's 6 Oct update: Lawford #1 at 1,725m, drilling toward the Laurel Formation. Duplicate with no new information.
6 Oct 2011drilling progress report● Neutral
Weekly update: Lawford #1 drilled to 1,725m by 6 Oct, heading for the Laurel Formation, with no hydrocarbon indications. NSE holds 65%, diluting to 50%. No new result.
30 Sept 2011farm in farm out agreement▲ GoodMajor
NSE signs a binding farm-out: ConocoPhillips funds up to US$109.5m over four phases to earn 75% of Goldwyer, leaving NSE 25%, plus A$1m upfront. Three wells planned in 2012; it formalises the July heads of agreement. Subject to regulatory approvals; ConocoPhillips can withdraw each phase.
28 Sept 2011annual report● Neutral
Annual report for year to 30 June 2011 restates the portfolio: EP417 65%, Goldwyer 100%, Colorado County 32.5%, Wharton 36%. States Goldwyer work commitments were met via over 13,000 line km of aerial gravity data. Financial figures not shown in the excerpt.
28 Sept 2011joint venture update● Neutral
Green Rock re-lodges NSE's Lawford #1 spud release. It earns 15% of EP417 by paying 27.5% of the first $4m of well cost and 15% above; the final $200,000 back-cost payment is triggered. Duplicate of NSE's release.
28 Sept 2011drilling spud● Neutral
Buru reports deepening of Lawford-1 began 27 Sept 2011 from 1,323m to 2,780m, about 13 days on a dry-hole basis. Buru operates the rig for the joint venture. No hydrocarbon indications yet. Duplicates NSE's spud release.
28 Sept 2011drilling spud▲ GoodMajor
Lawford #1 deepening began 27 Sept from 1,323m toward 2,780m, ~13 days. NSE (65%, diluting to 50%) estimates over 500 Bcf gas in place; it does not expect free flow. Green Rock's final $200,000 back-cost payment is triggered, as the September spud planned.
7 Sept 2011investor presentation● Neutral
Good Oil conference presentation repeats known facts: ConocoPhillips US$109.5m heads of agreement, Lawford-1 due H2 2011, ~200m shares, net cash ~$3.5m and Buru stake ~$10m. Cash is down from $4.56m at 30 June. No new announcements.
15 Aug 2011material agreement● Neutral
Green Rock re-lodges NSE's 15 Aug release: Century Rig #7 secured, Lawford #1 deepening to ~2,800m from mid-late September. Notes Green Rock's back-cost payments ($250,000 now, final $300,000 at drilling start), differing from NSE's $200,000 figure. Duplicate of known news.
15 Aug 2011drilling scheduled▲ GoodMajor
Century Rig #7 is secured to deepen Lawford #1 in EP417, spudding mid-late September, to about 2,800m (earlier plan ~2,600m). Buru runs the rig. Green Rock owes a further $250,000 now and $200,000 at drilling start. NSE first Australian drilling in almost three years.
1 Aug 2011quarterly activities report● Neutral
June quarter: ConocoPhillips heads of agreement and Laurel expansion reported, with production revenue of $405,000 banked. Cash was $4.56m at 30 June, and the Buru stake worth $10.8m. Shares on issue are 198,975,169.
25 July 2011regulatory community update▲ GoodMajor
NSE is offered the Seven Lakes Special Prospecting Authority next to EP417, expanding its Laurel Project by about 87% to 1.46m gross acres. NSE would hold 60% and Green Rock 40% under the March agreement, each paying its own share. First acreage under that agreement.
