Past year: ▲ 0%(0.40c – 0.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
25 Nov 2015other● Neutral
AGM chairman's address recounts the 2015 oil-price collapse, cost cuts and the Sundance sale (~A$24m, debt eliminated). It says the Huizhou agreement (up to $2.5m) is the first step in the revised strategy. Largely repeats known facts.
24 Nov 2015capital raising announcement▲ GoodMajor
Chinese company Huizhou Energy signs to buy 91.4m shares at 1c ($914k), becoming largest holder with 19.15%, followed by a 1-for-3 rights issue of up to $1.6m that Huizhou underwrites. Huizhou is to help find a farm-in partner for the Western Australian assets; no guarantee given.
What it means for a shareholder
91.4m new shares at A$0.010 to raise about A$914,000. That's 19% dilution: every existing holder's slice gets 19% smaller. If you held A$1,000 of shares (100,000 at the issue price), your slice goes from 0.0259% to 0.0209% of the company. To keep it you'd need 23,668 more shares - about A$237 at the issue price.
Create a free account to see this worked out for your own holding.
12 Nov 2015director officer appointment● Neutral
Ning Han, nominated by new largest shareholder Jara Resources, joins as non-executive director. He is co-founder and COO of a Shanghai IT company with corporate transaction and capital markets experience. Refills the board after the Magnum Hunter departures.
27 Oct 2015quarterly activities report● Neutral
September quarter: cash A$229k, no debt, and 4.278m Sundance shares (~A$1.5m) held, being sold to fund costs. The Western Australian review found over 15m acres costing ~$600k a year to hold; talks with the state regulator on cutting back and with potential farm-in partners continue.
20 Oct 2015director officer appointment● NeutralMajor
Magnum Hunter, the largest shareholder since the 2014 alliance, sold its 65.65m shares to Jara Resources. Directors Kip Ferguson and Jeffrey Swanson resigned, ending Magnum Hunter's involvement and leaving three directors.
1 Oct 2015annual report● Neutral
2015 annual report recounts the year: the oil price fall undermined the Eagle Ford growth plan, staff were cut and fees suspended, and the Sundance sale (~A$24m, 6m Sundance shares) cleared the debt. The company is left with the Western Australian permits. Financial statements are not in the text provided.
1 Oct 2015other● Neutral
Appendix 4G corporate governance checklist filed with the annual report, pointing to the governance statement on pages 23-28. No new business information.
15 Sept 2015other● Neutral
Administrative notice: 552,000 performance rights and 138,000 retention rights expired unexercised on 14 September 2015. No cash raised.
10 Aug 2015asset acquisition disposition● NeutralMajor
The Sundance sale completed after shareholders approved it at the 4 August meeting. New Standard received 6m Sundance shares, part escrowed up to 6 months, and all its debt is eliminated. It is left with the Western Australian permits and a strategic review.
10 Aug 2015asset acquisition disposition● Neutral
Sundance confirms it closed the New Standard acquisition: ~US$15.0m to repay the Credit Suisse note, 6m Sundance shares and ~US$0.9m working capital deficit assumed. About 1.5m shares are escrowed pending due diligence defects. Counterparty view of the completion already reported.
27 July 2015quarterly activities report● Neutral
June quarter: cash A$1.2m, production 160 boepd from five wells. EGM set for 4 August on the ~A$24m Sundance sale; the board says without it the company might not continue as is. Staff cut to two; a Western Australian strategic review is under way.
1 July 2015other● Neutral
Administrative notice: 1,000,000 unlisted options (500,000 at $0.225 and 500,000 at $0.275) expired unexercised on 30 June 2015. No cash raised.
29 June 2015asset acquisition disposition● Neutral
Elixir announces Sundance has bought New Standard's 11.4% Elixir stake at about $0.002 a share. This is the separate Elixir sale flagged in the Sundance deal (about $243k per NSE); it leaves New Standard with no Elixir holding.
29 June 2015asset acquisition disposition● NeutralMajor
New Standard agrees to sell its US and Cooper Basin assets, including Eagle Ford and its 17.5% of PEL 570, to Sundance for about A$24m: six million Sundance shares (~A$3.18m) plus assumption of ~US$16m debt. This clears all debt, leaving the WA acreage. Shareholder vote due late July.
29 June 2015asset acquisition disposition● Neutral
Sundance's own announcement of the purchase of New Standard's US and Cooper assets: ~5,500 net Atascosa acres, 17.5% of PEL 570, 122m Elixir shares. It repays the US$14.6m Credit Suisse note and issues 6m shares. Repeats the NSE deal; subject to NSE shareholder approval and due diligence.
12 June 2015other● Neutral
Computershare, the share registry, moves its Perth office to Level 11, 172 St Georges Terrace from 15 June 2015. Administrative notice only.
12 June 2015other● Neutral
Re-release of the Computershare notice that its Perth office moves to Level 11, 172 St Georges Terrace from 15 June 2015. No new information.
8 May 2015director officer appointment● Neutral
CFO and joint company secretary David Hansen-Knarhoi resigns, with Mark Clements remaining as sole company secretary. Fits the earlier cuts to a four-person workforce (inference).
8 May 2015other● Neutral
Unlisted securities expired unexercised: 750,000 performance rights and 300,000 options at $0.81 and $0.905. Administrative notice with no cash raised.
30 Apr 2015quarterly activities report▼ Bad
March quarter production averaged 250 boepd and cash was A$2.8m; US$1.5m of the extra US$3m Credit Suisse money is drawn. The Eppright lease is extended to March 2016, deferring the Lagunillas-3H frac. Sale and farm-out talks continue undisclosed.
10 Apr 2015director officer appointment● Neutral
Non-executive director Greg Channon (Pathfinder nominee) resigned effective 8 April 2015 and will not be replaced, in line with cost reduction. Final interest notice shows he held no securities.
31 Mar 2015debt financing● NeutralMajor
Credit Suisse releases a further US$3m from its facility as interim working capital while New Standard pursues corporate transactions, joint ventures or asset sales. No deal is yet binding. A 12-month extension on a large Texas lease is in final negotiation.
31 Mar 2015price query● Neutral
ASX queried a fall from 1.6c to 1c with higher volume. The company says talks on a possible corporate deal and with lenders were not developed enough to require disclosure, and it confirms Listing Rule compliance.
31 Mar 2015other● Neutral
Administrative notice that the suspension is lifted on release of the 31 March update and price query response. Trading resumes.
27 Mar 2015other▼ Bad
At the company's request, shares are suspended from quotation pending a corporate and funding update, expected by 31 March. Follows the March 3 promise of news within two weeks, which had not yet come.
16 Mar 2015half year report● Neutral
Half-year to 31 December 2014: Eagle Ford production averaged 450 boepd, and growth plans were severely hit by the oil price fall. Repeats the Santos PEL 570 deal, deferred fracking and cost cuts. Financial figures are not in the text provided.
3 Mar 2015other▼ BadMajor
Production is now 250-300 boepd, down from 400 last quarter, and fracking of the two new wells is pushed back again. Staff cut to four, directors' fees suspended, MD salary halved, Chris Sadler resigns. Funding talks are said to conclude within two weeks; lenders back interim funding.
30 Jan 2015quarterly activities report● Neutral
December quarter production averaged 400 boepd, down from 550 the prior quarter. Cash was $7.4m at 31 December after the Santos receipt. Peeler Ranch-7H and Lagunillas Camp-3H await fracking, now planned for late Q1 2015. Mostly repeats known items.
24 Dec 2014other● Neutral
10,000,000 unlisted options expired unexercised on 20 December 2014: 6.25m at $0.385 and 3.75m at $0.43. Administrative notice; no cash raised and no change to the business.
17 Dec 2014drilling result▲ Good
Peeler Ranch-7H (TD 4,603m) and Lagunillas Camp-3H (TD 4,312m) finished drilling ahead of schedule and about 20% under budget. Fracking is set for February 2015. No production results yet; Lagunillas is the first new Allright well.
