27 Aug 2010other▼ Bad
Updated timetable pushes the offer close to 17 September and acquisition completion to 24 September 2010, with trading expected to resume 30 September. Earlier dates have slipped; no reason is given.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
25 Aug 2010investor presentation● Neutral
Presentation for the 25 August meeting lists eight resolutions, including the acquisition, consolidation, and Domenic Martino's election. It repeats known facts: about 3,300 km2 of acreage, $9m offer at 56 cents, and about $8.5m cash post-offer. Share price was 14 cents.
13 Aug 2010capital raising announcement● Neutral
Prospectus lodged for the $9m raise at 56 cents per share, cut from the 64 cents first intended because of prevailing market conditions. Offer closes 27 August; acquisition completion and trading restart are targeted for 7 and 9 September 2010.
13 Aug 2010capital raising announcement● NeutralMajor
Prospectus offers 16,071,428 new shares at 56 cents to raise $9m, plus 40m shares to Indon CBM vendors. Both offers depend on shareholder approval of the acquisition and consolidation, and ASX re-compliance. The price is below the 64 cents first flagged.
23 July 2010other● Neutral
Rules of a new Employee Incentive Plan allowing options to directors, employees and consultants, exercise price at least 80% of market price. The plan is put to shareholders for approval at the 25 August meeting. No grants or figures are stated in the text provided.
1 June 2010capital raising announcement● NeutralMajor
Confirms the $19.2m Indon CBM purchase for 160m shares (40m after a planned 4-for-1 consolidation). Plans a roughly $8m raise of 12.5m post-consolidation shares at 64 cents (16c pre-consolidation). Shares will be suspended after the approval meeting until ASX re-compliance.
7 May 2010material agreement▲ GoodMajor
Indon CBM signed a contract with Bukit Asam, a government-owned coal miner, to jointly study 2,012 km2 of coal bed methane acreage next to its Rengat PSC. A PSC application would follow if results encourage. Indon CBM would hold over 7,000 km2 including applications.
30 Apr 2010security holder rights change● Neutral
Letter to holders of listed NGYO options: they expire 1 June 2010 unless exercised at 20 cents each. Shares closed at 14.5 cents on 29 April, below that exercise price.
22 Apr 2010material agreement● Neutral
Engages Convergence Capital Corporation for investor relations, paid with up to 4m shares over three months on performance hurdles. Secondary listing approved in Frankfurt and Berlin. The Indon CBM shareholder meeting is now planned for June 2010, slipping from May.
14 Apr 2010investor presentation● Neutral
Management will hold an investor road show from 16-24 April 2010 in Singapore, Frankfurt and Stuttgart. No new operating or financial information.
1 Apr 2010investor presentation● Neutral
Investor presentation of 31 March 2010 gives the share price as 12c, cash of about A$2.5m, and 187.6m shares plus 160m for Indon CBM. It repeats known facts: two PSCs over 3,500 km2 and Pertamina partnerships. Domenic Martino is proposed as chairman.
1 Apr 2010material agreement● NeutralMajor
Indon CBM completion date extended to 30 September 2010, though a shareholder meeting is planned by end of May. With the Pertamina triggers met, vendors now get 160m ordinary shares instead of 120m shares plus 40m preference shares.
1 Apr 2010investor presentation● Neutral
Cover announcement for an investor presentation and new website, ahead of a shareholder meeting planned for May 2010 to approve the Indon CBM acquisition. The CEO will present at European conferences in mid-April.
16 Mar 2010half year report▼ Bad
Half-year to 31 December 2009 shows a loss of $4,114,232, against a $439,702 profit a year earlier. The Indon CBM acquisition awaits shareholder approval. Directors are unchanged. The text is truncated, so the cause of the loss is not stated here.
9 Feb 2010director officer appointment▲ GoodMajor
Paul Underwood, founding CEO of Tap Oil for 11 years, is appointed CEO from 8 February 2010 on $300,000 a year plus options. He aims to speed up CBM exploration drilling in Indonesia.
18 Jan 2010other● Neutral
Routine compliance notice: a further 30.6m shares at $0.10 issued, completing the 60m-share total with the earlier 29.4m. Also issued 50m options at $0.001 and 40m underwriter options, exercisable to January 2013.
24 Dec 2009other● Neutral
Routine compliance notice for 29.4m shares issued at $0.10 on 24 December 2009, the first part of the underwritten $5m offer.
24 Dec 2009capital raising announcement▲ GoodMajor
Transocean Securities has underwritten the full $5m General Offer of 50m shares at $0.10, approved by shareholders on 25 November, for a 6% commission plus underwriter options. Gives Indon CBM funding certainty. Indon CBM resource estimates are given: Rengat 1.2 TCF, Tarakan 0.7 TCF.
4 Dec 2009other● Neutral
Routine compliance notice for 4m shares issued at $0.05 around 30 November 2009, the related-party portion of the convertible loan conversion. No new information.
3 Dec 2009regulatory community update▲ GoodMajor
Indon CBM signed Production Sharing Contracts on 30 November for South Sumatra II and Rengat, the permit award the Indon CBM deal was waiting on. The acquisition still needs shareholder approval, with a meeting expected in 2010.
2 Nov 2009other● Neutral
Routine compliance notice for the 66m shares issued at $0.05 on conversion of the convertible loans. No new information beyond the 2 November announcement.
2 Nov 2009capital raising announcement▲ GoodMajor
The convertible loan facility is fully raised at $3.5m, up from $2.25m committed in July. 66m shares issued at $0.05 now; the other 4m go to related parties and need approval at the AGM. Resolves the earlier fundraising thread.
30 Sept 2009annual report● Neutral
Annual report for the year ended 30 June 2009, with governance statement and directors' report. Financial figures were truncated in the text provided, so none are stated here. Directors remain Fraser, Martino and Harper.
27 July 2009capital raising announcement● NeutralMajor
Convertible loan commitments reach $2.25m, with up to $3.5m targeted, convertible at $0.05. A fully underwritten $5.05m offer is also proposed, of 50m shares at $0.10 and 50m options. Votes are at a 27 August 2009 meeting. Funds are for Indon CBM.
16 June 2009material agreement▲ GoodMajor
Indon CBM signs a Cooperation Agreement with Pertamina Hulu Energi for the South Sumatra II project, with a 60/40 Pertamina/Trisula split once a contract is granted. This triggers a revised deal: $19.2m paid in 120m shares and 40m convertible preference shares. Shareholder meeting materials follow.
21 May 2009capital raising announcement● NeutralMajor
Company begins raising about $4m through convertible loans, convertible at $0.05 a share, up to 80m new shares if fully converted, subject to shareholder approval. Funds are for the Indon CBM projects. Indon CBM completion date is also extended to 30 September 2009.
2 Apr 2009material agreement● Neutral
Indon CBM share sale completion date extended again, from 20 March to 31 May 2009. The parties are waiting for Pertamina to sign a formal Consortium Agreement for the South Sumatra II project. Shareholder approval is still required.
16 Mar 2009half year report● Neutral
Half-year to 31 December 2008 shows a $439,702 gain versus a $196,659 loss a year earlier, on revenues of $785,192. Cash was $233,764. The Indon CBM deal remains unapproved, with its timing still open. Directors are now described as non-executive, including Fraser as chairman.
30 Sept 2008annual report● Neutral
2008 annual report for NuEnergy Capital Limited with governance statement, directors' report and accounts. Visible text shows the board unchanged (Fraser, Martino, Harper) and several governance recommendations not met, such as no audit committee. The financial figures were truncated, so none are stated.
23 Sept 2008material agreement● Neutral
Indon CBM's heads of agreement with state-owned Pertamina for a South Sumatra CBM consortium, signed 20 September 2007, is extended six months. Meeting materials slip again, now to October 2008.