Past year: ▲ 0%(0.40c – 0.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
6 Aug 2012asset acquisition disposition▲ GoodMajor
NSE sells 5m of its 15m Buru shares at $3.18 for $15.9m before costs, lifting cash above $40m. It bought them at 17c in 2009. It keeps 10m Buru shares, and cites capital management and funding for Merlinleigh partnering.
2 Aug 2012drilling scheduled▼ Bad
Nicolay #1 spud slips from July to mid-August after faults in a rig control panel, now reported resolved. NSE says it is not liable for rig rates during rig-up. First Goldwyer well delayed by about two weeks or so.
23 July 2012quarterly activities report● Neutral
June quarter: Nicolay #1 spud now expected around end of July. Cash is about $24.9m, with Buru shares worth about $47.1m, and $3.125m was raised from director option exercises. US partners began drilling a horizontal well, with NSE not participating (non-consent).
16 July 2012director officer appointment● Neutral
Phil Thick, former Coogee Chemicals managing director, joins as non-executive director, and Ken Aitken, ex-Origin Energy, becomes General Manager Operations and Engineering and Goldwyer project manager. Thick gets 300,000 options (subject to shareholder approval); Aitken 750,000 options.
2 July 2012drilling progress report● Neutral
The rig has reached the Nicolay #1 site after a 2,500km move from Darwin and is being rigged up, with spud expected in the next few weeks subject to final compliance inspections. Work continues on Gibb Maitland #1 and Blatchford #1.
31 May 2012resource reserve update▲ GoodMajor
Technical review of the 100%-owned Merlinleigh Project cites potential gas in place of up to 33 TCF unconventional and up to 1.2 TCF conventional across four prospects. These are potential figures, not booked resources. Native title talks are advanced; partnering to be assessed in H2 2012, drilling planned H1 2013.
30 May 2012drilling scheduled▲ Good
NSE takes delivery of MB Century Rig #14 after Darwin customs and quarantine clearance and begins moving it to Nicolay #1 (about 3,200m), with spud now expected around mid July. Vertical wells are for data, and no flow testing is expected.
21 May 2012investor presentation● Neutral
Singapore/Hong Kong conference presentation restates the strategy: Goldwyer (US$119m ConocoPhillips farm-out, drilling mid 2012) and 100% Merlinleigh. Lists 292.5m shares, about $23m cash and 15m Buru shares worth about $42m. Largely known facts.
10 May 2012investor presentation● Neutral
JP Morgan Shale Conference presentation repeats the March strategy: Goldwyer drilling mid 2012 and 100% Merlinleigh. Lists 292.3m shares, about $23m cash and Buru shares worth about $39m. The farm-out is now shown as US$119m, with Elixir at 13.7%.
7 May 2012director officer appointment● Neutral
Non-executive director Ian Paton, a director for five years and earlier chairman, resigns, completing the board renewal begun with Arthur Dixon's May 2011 appointment and Chris Sadler's April 2012 appointment. Board is now Dixon, Sadler, Willis and Hagan.
30 Apr 2012quarterly activities report● Neutral
March quarter: Goldwyer civil works are on time and budget, with the rig in Darwin and Nicolay #1 spud intended for July. The Elixir investment is completed at 13.7%. Cash is about $23.5m, with 292.3m shares on issue.
26 Apr 2012joint venture update● NeutralMajor
Goldwyer Phase 1 stays on track: Nicolay #1 (EP456, about 3,200m) is the first well, with a July 2012 spud intended. ConocoPhillips' cap rises to US$13m per well (US$39m total); NSE funds overruns and 25% of about US$5m of studies. Conditions precedent are now met or waived.
23 Apr 2012director officer appointment● Neutral
Chris Sadler, a corporate finance veteran and former Eastern Star Gas director, joins as non-executive director, appointed 20 April. He is to receive 300,000 unlisted options, subject to shareholder approval. The notice lists a 13.7% Elixir holding.
15 Mar 2012half year report● Neutral
Half-year report to 31 December 2011 restates the period's events: the September ConocoPhillips farm-out, with Phase 1 (three vertical wells funded by ConocoPhillips) due to start mid 2012. Financial figures are not visible in the excerpt provided.
8 Mar 2012other● Neutral
Notice of a Boardroom Radio audio broadcast with Sam Willis on the drilling rig secured for the Goldwyer Project. No new information beyond the 29 February rig announcement; the boilerplate notes the Elixir stake as being acquired.
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.
31 Jan 2012quarterly activities report● Neutral
December quarter: Goldwyer Phase 1 planning accelerates, Lawford #1 result called inconclusive, and Heintschel gets initial 2P reserves. Revenue $312,000; cash about $23m, with cash and liquid assets of $43m including the Buru stake. 283.3m shares on issue.
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.
30 Nov 2011agm notice● Neutral
Chairman Arthur Dixon's first AGM address: praises the year and highlights the Goldwyer project with ConocoPhillips and the 100%-owned Merlinleigh project, and good native title relationships. No new facts or figures.
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.
