Past year: ▲ 0%(0.40c – 0.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
5 Dec 2014other▲ Good
Put options cover 80% of expected production to November 2016 at a weighted average floor of US$78/barrel, as required under the Credit Suisse facility. Keeps upside if prices rise. Restates the cut to two wells and the fracking delay to February.
20 Nov 2014investor presentation● Neutral
AGM presentation recaps the year, with oil down 30% in four months, overheads cut over 50% and fracking pushed to February 2015. Market cap is shown at 6.7c per share. Mostly repeats known facts.
20 Nov 2014other● Neutral
AGM chairman's address: calls 2014 a year of transformation, cites reserves valued at A$0.08/share, and is disappointed the market has not rerated the stock. Says oil price fall contributed to delaying fracking. Largely repeats known facts.
12 Nov 2014other● Neutral
Shares began trading on the US OTCQX market on 12 November 2014 under NWSTF, in response to US investor demand. The ASX remains the primary listing. No capital raised.
31 Oct 2014quarterly activities report● Neutral
September quarter: production averaged 550 boepd, cash was $3.35m before the $7.5m Santos receipt, and staff fell from 28 to 10. Restates the reserves upgrade, Santos farm-out, Miro WA process and Peeler Ranch-7H spud. Mostly repeats known items.
29 Oct 2014farm in farm out completion▲ Good
The Santos PEL 570 farm-out is completed: Santos has paid the $7.5m and holds an operated 35%, with all approvals satisfied. New Standard keeps 17.5%, with net commitments as little as $3.05m. Completes the deal announced 23 October.
28 Oct 2014resource reserve update▲ GoodMajor
Independent report lifts net Eagle Ford 2P reserves 83% to 4.89m BOE, with 2P PV10 of A$72.3m; 1P up 133% to 3.58m BOE, 3P up 33% to 16.45m BOE. Credit Suisse confirms the next debt draw is available. Builds on January 2014 reserves.
24 Oct 2014drilling spud● NeutralMajor
Peeler Ranch-7H spuds 25 October, followed by Lagunillas Camp #3. The program is cut from three wells to two, with fracking delayed to Q1 2015 because of lower oil prices. Liquidity of up to $16m is expected through Q1 2015. Changes the earlier three-well plan.
23 Oct 2014farm in farm out agreement▲ GoodMajor
New Standard sells a 35% operated stake in PEL 570 to Santos, keeping 17.5%, for $7.5m cash plus Santos funding 75% of the remaining $42.5m earn-in commitments. Net spend could fall to as little as $3.05m. Santos becomes operator, replacing the earlier 52.5% position.
17 Oct 2014annual report● Neutral
2014 Annual Report to shareholders, with chairman's report, annual reserves statement and financials. Highlights repeat known items: Magnum Hunter deal, US$45m facility, WA drilling deferred to 2015. Detailed figures are not in the text provided.
6 Oct 2014farm in farm out agreement▲ GoodMajor
New Standard takes back 100% of the Southern Canning Project from ConocoPhillips and PetroChina for nil consideration, removing a 10m+ third-well obligation. It has hired Miro Advisers to farm out all WA acreage. Reverses the 2013 PetroChina deal and the 25% JV structure.
1 Oct 2014drilling scheduled▲ GoodMajor
New Standard plans three Atascosa wells from mid-October 2014, with longer laterals and more proppant. It says well cost fell from US$8.5m to US$6.5m, and Type III wells could cost 10-15% more. Net acreage is now 5,585. Continues the 2H 2014 drilling plan.
1 Oct 2014other● Neutral
Administrative notice: the share registry moves to Computershare, effective close of business 14 October 2014. No effect on holdings.
26 Sept 2014annual report● Neutral
Annual report for year to 30 June 2014 covers the Magnum Hunter transformation, the US$45m Credit Suisse facility and two new Peeler Ranch wells. Repeats known events; the financial statements are not in the text provided.
27 Aug 2014investor presentation● Neutral
DUG Australia presentation: 386.2m shares, ~$46m market cap at 12c, cash ~$9.1m. Targets ~1,500 boepd mid-2015 and ~2,000 boepd end-2015; acreage now 5,641 net acres; drilling restarts October. Mostly repeats known facts.
13 Aug 2014other● Neutral
Magnum Hunter, New Standard's 17% shareholder, said it will not raise its offer for PEL570 partner Ambassador, as the PEL570 delay reduced its reason for bidding. Offer ratio stays 1 MHR share per 23.6 Ambassador shares; it expires 22 August. Third-party bid, not a New Standard announcement.
31 July 2014quarterly activities report● Neutral
June quarter: seven Eagle Ford wells produced 41,882 boe gross (28,153 net), net revenue US$2.43m. Cash was $9.1m. Next wells spud October 2014, at least six wells planned over 18 months. Restates the PEL570 suspension and WA deferral.
30 July 2014regulatory community update▲ GoodMajor
South Australia's regulator approved a six-month suspension of all PEL570 work commitments and moved the seismic survey from September 2014 to March 2016. This cuts New Standard's Cooper Basin spending for about 12 months, with drilling now in Year Two. Follows the earlier request to revise the program.
17 July 2014investor presentation● Neutral
Morgans Noosa presentation: 385.9m shares, ~$58m market cap at 15c, cash ~$9.1m at 31 March (as stated), US$9m of the US$45m facility drawn. Eagle Ford targets 8-10 wells over 18 months at IRRs above 35%. Largely repeats known facts.
15 July 2014production update▲ Good
30-day rates for Peeler Ranch-5H and 6H were 417 and 374 boepd, over 90% oil, in line with expectations. Each well cost under US$6.5m, about US$2m less than the 4H. Next drawdown on the Credit Suisse facility is expected later this year.
24 June 2014director officer appointment● Neutral
Jeffrey Swanson (also a Magnum Hunter director) and Greg Channon (Pathfinder Energy, ex-Santos Cooper Basin geologist) join as non-executive directors. Appointments use board rights agreed with Magnum Hunter and Pathfinder in the January 2014 deals.
5 June 2014investor presentation● Neutral
June investor update shows 386.2m shares, ~$52m market cap, $13.8m cash at 31 March and US$9m drawn of the US$45m facility. WA activity is on hold until 2015, and Cooper commitments are being reworked. Mostly repeats known facts.
4 June 2014regulatory community update▼ BadMajor
Southern Canning JV delayed Brooke North-1 until late 2015 because approvals were not in time for this wet season. New Standard defers all Canning and Carnarvon drilling to 2015 and is renegotiating the Enerdrill contract. Reverses the 2014 drilling plan; Condon-1 timing is implied to move.
29 May 2014debt financing▲ GoodMajor
New Standard finalised a Credit Suisse senior secured facility, up to US$45m (up from the US$32.5m term sheet), with US$9m drawn initially. Interest is 13% a year, initial term 2.5 years, with 80% of oil hedged. Resolves the March term sheet.
28 May 2014flow test result▲ GoodMajor
Peeler Ranch-5H and 6H flowed at 705 and 758 boepd over 24 hours (1,463 combined), 93-94% oil. Company says oil output beats the 2013 Peeler-4H (735 boepd, more gas). First operated Eagle Ford wells meet expectations; two more wells planned for 2H 2014.
6 May 2014drilling progress report▲ Good
Fracture stimulation of Peeler Ranch-5H and 6H finished on time and budget. Wells shut in about two weeks, then flow back and tie-in by late May. Management expects initial rates to beat the Peeler-4H well. No production rates yet.
30 Apr 2014quarterly activities report● Neutral
March quarter: five Eagle Ford wells produced 21,180 boe gross, about $1.09m net revenue. Cash was $13.8m. Peeler Ranch wells are being fracked; debt facility closing expected by mid-May. Restates known items; no new results.
23 Apr 2014drilling progress report● Neutral
Fracture stimulation has begun on Peeler Ranch-5H and 6H, the first two Eagle Ford wells drilled since the January deal. It takes about two weeks, then up to two weeks shut-in; flow-back expected late May. Continues the April completion plan.
2 Apr 2014investor presentation● Neutral
Morgans conference presentation recasts New Standard as a three-tier business: Eagle Ford cashflow, Cooper Basin and WA exploration. Shows 385.9m shares, about $60m market cap and ~$19m net cash. Third and fourth Eagle Ford wells targeted Aug/Sept. Largely repeats known facts.
31 Mar 2014debt financing▲ GoodMajor
New Standard agreed a term sheet for a senior secured debt facility of up to US$32.5m over two and a half years: US$12.5m initially, plus US$20m tied to Peeler Ranch-5H and 6H results. Closing depends on due diligence and documents. Follows the facility under negotiation.
