5 Aug 2011joint venture update▲ Good
Signed its first Joint Operating Agreement with Pertamina's affiliate for the Muara Enim PSC. First well is expected in September. The office has also moved to Sydney. The chairman is now Graeme Robertson.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
18 July 2011contract award▲ GoodMajor
Drilling tender concluded; the company is moving to sign for up to 4 core holes costing about $2.65m, between September and December. First well expected in August at Muara Enim. A resource estimate for Muara Enim has also been started.
14 July 2011listing compliance notice▼ Bad
ASX queried late director interest notices (Appendix 3X for Warrand, 3Y for Robertson). The company admitted the breaches, citing travel communication problems and an administrative oversight, and said its systems are adequate.
15 June 2011director officer appointment● Neutral
Jonathan Warrand, a Singapore and Sydney based corporate advisor, joins as non-executive director. The company's description now says it is expanding unconventional gas areas into Indo China and particularly East Africa, a wider focus than CBM in Indonesia.
15 June 2011investor presentation● Neutral
June 2011 investor update restating recent events. Share price 15c, 124.8m shares, market capitalisation about A$19m, cash about A$8.5m. Strategy extends to shale gas and acquisitions in Indochina and East Africa. Mostly repeats known facts.
18 May 2011director officer appointment● Neutral
Non-executive director Domenic Martino retired after only about three months on the board, stepping down as the company prepared for upcoming field operations. The company credited him with guiding the three Indonesian PSC grants and the recapitalisation and re-listing.
2 May 2011director officer appointment● Neutral
Gavin Harper's resignation as non-executive director takes effect, as flagged on 5 April. Administrative follow-up with no new information.
12 Apr 2011director officer appointment▲ Good
Peter Cockcroft, a geologist with over 30 years in Asian and Indonesian gas and coal bed methane, joins as non-executive director, adding Indonesian technical depth as the company moves towards drilling.
5 Apr 2011director officer appointment● Neutral
Non-executive director Gavin Harper will resign from 30 April 2011, saying the acquisition and the three PSC grants complete his role. Another board departure following the recapitalisation.
4 Apr 2011regulatory community update▲ GoodMajor
Third PSC signed: Muara Enim 2, 1,209km2 in South Sumatra, with a 30% interest alongside Pertamina and Sugico. Total granted acreage is now 4,856km2. Resolves the pending South Sumatra overlapping PSC; Bukit Asam and Bunyu Tarakan remain applications.
29 Mar 2011director officer appointment● Neutral
Graeme Robertson, whose company Aspac Mining is a substantial shareholder, joins the board as non-executive director; Luke Martino resigns. The company says it has two granted CBM PSCs covering about 3,600km2, with drill site preparation expected April/June 2011.
3 Mar 2011other● Neutral
Independent accountant's report by PKF on historical and pro-forma financials supporting the prospectus, covering the $9m offer of 17,647,059 shares at 51c, the 40m vendor shares and 20m options at 20c. Supporting disclosure for reinstatement; no new transaction.
3 Mar 2011other● Neutral
Corporate governance statement for reinstatement. It notes the CEO position is vacant, the board will have four directors with Domenic Martino non-independent, and policies were adopted 20 July 2010.
3 Mar 2011other● Neutral
Top 20 shareholder list as at 2 March 2011. Aspac Mining holds 11.74% and Farjoy 8.75%, out of 124,804,751 shares including escrowed shares. Administrative disclosure for reinstatement.
3 Mar 2011business combination▲ GoodMajor
Indon CBM acquisition completed on 1 March 2011: 40m shares issued to vendors and 17,647,059 shares at 51c raised $9m. Total shares are now 124,804,751. Domenic Martino joins the board. Resolves the long-delayed deal.
3 Mar 2011security holder rights change● Neutral
Lists options on issue: 1.5m at 40c, 12.5m at 40c, 1.25m at 48c, 1.25m at 60c and 1.25m at 80c, plus 500,000 at 80c. Expiries run from December 2012 to December 2014. Disclosure document, no new transaction.
3 Mar 2011other● Neutral
Shareholder distribution schedule as at 2 March 2011: 1,170 holders and 124,804,751 shares, including 40m escrowed shares. Administrative disclosure required for reinstatement.
3 Mar 2011other▲ GoodMajor
ASX will reinstate NuEnergy shares to quotation from 7 March 2011 after the company met listing rule requirements, ending the suspension that began 25 August 2010. 84,804,751 shares are quoted.
3 Mar 2011other● Neutral
Rules of the Employee Incentive Plan, dated July 2010, allowing options to directors, employees and consultants at no less than 80% of market price. No options have yet been issued under it.
3 Mar 2011admin correction● Neutral
Checklist of pre-quotation documents ahead of the 7 March 2011 reinstatement, including a statement confirming completion of the Indon CBM share sale agreement. Administrative cover notice with no new figures.
3 Mar 2011other● Neutral
ASX circular confirming reinstatement on 7 March 2011. Escrow applies to 21,737,664 shares and 500,000 options for 24 months, and to 18,262,336 shares until 1 March 2012.
14 Feb 2011capital raising announcement▼ BadMajor
Public offer price cut again, from 56c to 51c, so the same $9m now needs 17,647,059 shares. Ten million piggyback options were exercised at 20c, raising $2m. Total shares on completion would be 114,804,751.
12 Jan 2011capital raising announcement▼ Bad
Minimum subscription of $9m not met, so no shares issued. Offer close extended to 24 February 2011; the company intends to seek a further ASX waiver and to vary the Indon CBM sale agreement so completion occurs by 30 April 2011.
5 Jan 2011capital raising announcement▼ BadMajor
The $9m offer was not fully subscribed, so shares were not issued by the 31 December 2010 waiver deadline. The company is considering a further ASX waiver to complete the Indon CBM acquisition and the raise.
24 Dec 2010other● Neutral
Amended securities trading policy for directors, executives and employees, covering insider trading rules. Administrative; no new figures or business developments.
18 Nov 2010regulatory community update▼ Bad
Timetable slips again: offers now close 20 December 2010, with acquisition completion 22 December and trading resuming 30 December. ASX granted a waiver letting shares be issued past the 3-month limit, but no later than 31 December 2010.
12 Oct 2010capital raising announcement● Neutral
Supplementary prospectus extends the offers' close to 15 November 2010, with new shares trading from 25 November. Underwood keeps 3.75m options and 2.5m lapse. The 4-for-1 consolidation is done, leaving 47.2m shares; 103.2m after the offers.
30 Sept 2010annual report● Neutral
Annual report for the year to June 2010 lists directors Fraser, Luke Martino and Harper, with Domenic Martino as proposed director. Governance policies were adopted on 20 July 2010 in anticipation of the Indonesian acquisition. Financial figures are not in the text provided.
29 Sept 2010director officer appointment▼ BadMajor
CEO Paul Underwood, appointed only in February 2010, resigns and leaves on 31 December 2010, helping with the Indon CBM completion until then. Domenic Martino joins the board on completion. No replacement CEO is named.
17 Sept 2010other▼ Bad
Timetable pushed back again: offer closes 8 October, with acquisition completion on 18 October and trading resuming 21 October 2010. This is a second delay to the $9m raise; no reason is given.