6 Aug 2008other● Neutral
Registry top-20 list at 29 July 2008 shows Buru Energy (ARC's subsidiary) as the largest holder with 13.75m shares (9.71%). The top 20 hold 55.42% of the enlarged share base. Administrative data only.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
6 Aug 2008annual report● Neutral
Historical financial report of the NSE subsidiary for the shortened period from April to 30 June 2007. Lodged as prospectus background for the re-listing. Text is truncated, so no figures are given here.
6 Aug 2008listing compliance notice▲ Good
ASX says Hawk Resources, suspended since 18 July 2008, will be reinstated to quotation on 8 August 2008. It also lists securities held in escrow for up to 24 months. A mechanical step toward re-listing.
6 Aug 2008other● Neutral
Use of the $12.74m of funds over 12-24 months: $6.556m for EP417 drilling, $2.75m for EP442(A) drilling, $1.46m for seismic. NSE will start at 100% while discussing farm-outs; Lawford may replace Lanagan B depending on Lanagan A results.
6 Aug 2008other● Neutral
Appendix 1A listing application for New Standard Energy (formerly Hawk): 141,543,010 shares, with Sam Willis as managing director and Gordon Hill as chairman. Also lists various unquoted options. Administrative paperwork for re-quotation.
6 Aug 2008other● Neutral
Company constitution, under the earlier name Lonhro Holdings Limited. Standard rules on directors, meetings and shares. Administrative document with no new information.
6 Aug 2008other● Neutral
Registry distribution schedule at 29 July 2008 shows 141,543,010 shares on issue held by 814 holders, 53.38% of them in WA. Administrative data only.
6 Aug 2008annual report● Neutral
Historical accounts of the private New Standard Exploration NL for the year to June 2005: a $1.18m loss, no employees, and permits EP442, 443, 450 and 451 granted. The board was seeking funding via a farm-in or trade sale. Background only.
6 Aug 2008other● Neutral
Updated pro-forma balance sheet using actual funds raised: cash of about $11.6m, total assets $16.5m and liabilities $0.9m, with no debt. It adds the extra $1m oversubscription and about $750,000 spent preparing the Lanagan A and B wells.
6 Aug 2008other▲ GoodMajor
The company confirms the Hawk/NSE implementation agreement of 12 May 2008 completed on 29 July 2008, with shares issued to NSE shareholders. This closes the merger step; the Canning Basin assets are now inside the listed company.
6 Aug 2008other● Neutral
Corporate governance statement. The four-person board has one independent director (Ian Paton) and a non-independent chairman (Gordon Hill). The company reports it falls short of some ASX recommendations. Administrative only, no operational news.
6 Aug 2008annual report● Neutral
Historical accounts of the private New Standard Exploration for the year to June 2006: a $70,751 loss. They note PetroSun letter agreements to fund wells and earn 75% of EP417 and 70% of a JV area in EP442. Background filing, not new news.
4 Aug 2008security holder rights change● Neutral
The company, now named New Standard Energy (formerly Hawk), advises escrow over 3,000,000 options (20c) and 5,350,000 options (30c), both expiring 14 May 2010, ends on 16 August 2008. Transfer restrictions on them lift from that date.
25 July 2008quarterly activities report▲ Good
June quarter report: shareholders approved the NSE acquisition, and the raising closed oversubscribed, leaving about $12m cash after settlement. Re-quotation as NSE is expected the week of 28 July, with the first Lanagan well targeted to spud around 15 August.
18 July 2008capital raising announcement▲ GoodMajor
The raising closed oversubscribed, and Hawk intends to accept the full $1m of oversubscriptions on top of the $6.5m minimum, giving about $12m cash after settlement. Hawk shareholders approved the merger on 18 July; re-listing is targeted for late July.
7 July 2008capital raising announcement● Neutral
The closing date for the priority offers to ARC and Hawk shareholders is extended from 7 July to 11 July 2008 because of printing and despatch delays for hard-copy prospectuses. All other timetable dates stay the same.
30 June 2008contract award▲ GoodMajor
NSE signs a contract with Australian Drilling Services for rig #6 to drill two EP417 wells from August 2008, with an option for two more. First well Lanagan A, to about 1,800m, is due to spud mid-August; mean oil in place is estimated at 220 million barrels.
30 June 2008investor presentation● Neutral
Updated June 2008 NSE presentation repeating the Canning Basin portfolio, petroleum systems and drill-ready targets already announced. Nothing new disclosed.
18 June 2008capital raising announcement● NeutralMajor
Hawk lodges the prospectus for the NSE merger: 32.5m shares at $0.20 to raise $6.5m, with up to a further $1m from 5m oversubscription shares. Proposed directors include Gordon Hill as chair and Sam Willis, with Cygnet Capital as lead manager.
What it means for a shareholder
32.5m new shares at A$0.200 to raise about A$6.5m. That's 53% dilution: every existing holder's slice gets 53% smaller. If you held A$1,000 of shares (5,000 at the issue price), your slice goes from 0.0176% to 0.00822% of the company. To keep it you'd need 5,731 more shares - about A$1,146 at the issue price.
Create a free account to see this worked out for your own holding.
16 June 2008investor presentation● Neutral
NSE investor presentation for the merger capital raising, repeating its Canning Basin story: a 90,000 km2 holding, two petroleum systems and near-term drill targets, with an ASX listing targeted for July 2008. No new results disclosed.
4 June 2008asset acquisition disposition▲ GoodMajor
NSE won a 100% interest in application area 28/07-8 (next to EP417) and an option over 50% of area 30/07-8 (next to EP442), lifting its Canning Basin holdings above 90,000 km2. These are applications only; native title negotiations have not started.
19 May 2008director officer appointment● Neutral
Eric Streitberg, ARC Energy's managing director, resigned from the NSE board because of time pressures from ARC's proposed deal with AWE and demerger of Buru Energy. ARC/Buru stays a major NSE shareholder and joint venture partner, with a priority entitlement in the capital raising.
13 May 2008regulatory community update▲ Good
Hawk says the remaining roughly 3.1 million shares (about 9.2%) tied to Opes Prime have been sold, and the market overhang appears to have ended. This resolves the ANZ lending-interest thread tracked since April.
13 May 2008other● Neutral
ANZ's daily Opes Prime update shows Hawk (HFC) unchanged at 3,118,253 shares (9.27%) at close on 12 May 2008. Administrative notice with no Hawk project news.
12 May 2008business combination▲ GoodMajor
Hawk agrees a conditional merger to acquire 100% of oil and gas explorer New Standard Energy (NSE), shifting from tungsten and coal to Canning Basin oil. It plans to raise at least $6.5m via 32.5m shares at 20c, needs shareholder approval and ASX re-compliance, and will rename itself New Standard Energy.
12 May 2008other● Neutral
ANZ's daily Opes Prime update shows Hawk (HFC) at 3,118,253 shares (9.27%) at close on 9 May 2008, down 10,000 from the prior day. Administrative notice; no Hawk project news.
9 May 2008other● Neutral
ANZ's daily Opes Prime update shows Hawk (HFC) still at 3,128,253 shares (9.3%) at close on 8 May 2008. Administrative notice with no Hawk operational content.
8 May 2008other● Neutral
ANZ's daily Opes Prime update shows Hawk (HFC) unchanged at 3,128,253 shares (9.3%) at close on 7 May 2008. Nothing new for Hawk itself.
7 May 2008other● Neutral
ANZ's daily Opes Prime update shows Hawk (HFC) unchanged at 3,128,253 shares (9.3%) at close on 6 May 2008. Administrative notice; no Hawk project news.
6 May 2008other● Neutral
ANZ's daily Opes Prime update shows Hawk (HFC) still at 3,128,253 shares (9.3%) at close on 5 May 2008. ANZ continues selling down other companies; nothing new for Hawk.