Past year: ▲ 0%(0.40c – 0.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
7 Mar 2012director officer appointment▲ Good
Brett Walker, a geoscientist with 19 years' experience including 12 at OMV, is appointed Exploration Manager ahead of Goldwyer drilling. He receives 600,000 unlisted options (300,000 each at 53.5c and 60c, expiring 30 June 2014).
6 Mar 2012investor presentation● Neutral
March investor presentation restates the strategy: Western Australian shale (Goldwyer with ConocoPhillips, drilling mid 2012; 100% Merlinleigh), plus US assets and Elixir. Lists 291.7m shares, about $25m cash and 15m Buru shares worth about $35m. Largely known facts.
2 Mar 2012asset acquisition disposition● Neutral
Elixir's own announcement of the deal NSE agreed on 2 March: NSE takes 6.4m shares at 6.25c ($400,000) and underwrites a fully underwritten 1-for-6 entitlement issue at 5c, for no fee, with a top-up to 15%. Elixir raises about $2.2m.
2 Mar 2012asset acquisition disposition● NeutralMajor
NSE agrees to buy up to a 15% stake in ASX-listed Elixir Petroleum, which holds the Moselle Project in France, for up to about $2.25m. The initial placement is at 6.25c per share. A new, early-stage exploration exposure outside Australia and Texas.
29 Feb 2012contract award▲ GoodMajor
NSE secures MB Century Rig #14 for a five-well program over 2012-13, with options on up to six more wells. Goldwyer Phase 1 drilling (three wells, funded by ConocoPhillips) is set for mid 2012; two Merlinleigh wells are planned for early 2013, subject to permits.
1 Feb 2012capital raising announcement▲ Good
The SPP shortfall is placed with institutional and sophisticated investors: about 7.2m shares at 30c to raise $2.16m. It does not use up the 15% placement capacity. Completes the October raising; settlement expected 3 February.
What it means for a shareholder
7.2m new shares at A$0.300 to raise about A$2.2m. That's 2.5% dilution: every existing holder's slice gets 2.5% smaller. If you held A$1,000 of shares (3,333 at the issue price), your slice goes from 0.00117% to 0.00114% of the company. To keep it you'd need 84 more shares - about A$25 at the issue price.
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31 Jan 2012admin correction● Neutral
Corrects the December quarterly report, which wrongly showed Goldwyer as 100% NSE. Ownership is 25% NSE and 75% ConocoPhillips. A corrected full report is attached.
19 Dec 2011other● Neutral
469,796 shares issued at $0.3065 to Sam Willis and Mark Hagan under the employee share plan approved on 30 November, funded by interest-free limited-recourse loans repayable by 31 Dec 2013. Total shares now 283,314,434.
30 Nov 2011investor presentation● Neutral
AGM presentation restates the strategy: focus on Western Australian shale, with Goldwyer (ConocoPhillips farm-out, US$110m) and Merlinleigh, and drilling planned from 2012. Lists 290.1m shares, ~$28m net cash and 15m Buru shares worth $17.25m. Largely known facts.
30 Nov 2011security holder rights change● Neutral
Lodges the new company constitution approved by shareholders at the 30 November AGM, as the listing rules require. Administrative; the excerpt does not show what changed.
29 Nov 2011capital raising announcement● Neutral
Share purchase plan closed with $1.838m of applications accepted (6.125m shares at 30c, issue 5 Dec). Up to 7.208m shortfall shares may be placed at 30c, subject to the 1 Dec meeting. Less than the $4.0m SPP maximum.
What it means for a shareholder
6.1m new shares at A$0.300 to raise about A$1.8m. That's 3.0% dilution: every existing holder's slice gets 3.0% smaller. If you held A$1,000 of shares (3,333 at the issue price), your slice goes from 0.00167% to 0.00162% of the company. To keep it you'd need 102 more shares - about A$31 at the issue price.
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25 Nov 2011resource reserve update▲ GoodMajor
First 2P reserves booked for Heintschel: independent D&M assessment gives gross 33.7 BCF wet gas and 0.96 MMBO, with 124.55 BCF wet gas and 3.56 MMBO in place. NSE favours horizontal wells over more vertical ones. Final D&M report still awaited.
25 Nov 2011admin correction● Neutral
Corrects a typo in the morning Heintschel release: NSE's net natural gas liquids figures in Table 1 should read MMBO (millions of barrels), not MBO. Corrected release re-attached; no change to the reserves.
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.
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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.
