3 Dec 2012other● Neutral
Notice that a company-commissioned Strachan Corporate research report is on the website. It holds the analyst's own estimates from public information; the announcement carries no new company information.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
28 Nov 2012investor presentation● Neutral
AGM presentation repeats the year's highlights: 4.2 Tcf prospective resource, 11 mD permeability, pilot flaring. It adds a third Muara Enim well planned in Q4 2012 and says the first Tanzanian well was drilled in September at about $325k. Market cap about $20m at 10c. No new results.
31 Oct 2012quarterly activities report▲ Good
September 2012 quarter: recaps the 4.2 Tcf NSAI certification, shale estimate, Malawi licence, Well 2 lab results, and the start of pilot dewatering with flaring in October. Tanzania scout drilling is being prepared. Rengat partner search continues. Largely repeats earlier announcements.
24 Oct 2012production update▲ GoodMajor
Dewatering began at the Muara Enim pilot and gas was flared within 14 hours, which the company says exceeded expectations. Water runs at about 250 barrels a day. Expected peak gas is 0.25-1.25 million cubic feet a day. First gas from the pilot is a milestone, but no sales yet.
17 Oct 2012well test result▲ GoodMajor
Preliminary permeability tests at Well 2 show 11 millidarcy, which the company says supports an economic pilot. Dewatering is to start this month, then gas flaring. The presentation estimates pilot NPV10 above US$3.5m; these are company forecasts.
8 Oct 2012resource reserve update▲ GoodMajor
First independent shale gas estimate of 6.1 Tcf gas in place across the three Sumatra PSCs, on top of the coal gas. State utility PLN confirms interest in buying pilot-site power, with negotiations starting this quarter. A new presentation is attached.
10 Sept 2012resource reserve update▲ GoodMajor
Independent certifier NSAI puts Muara Enim and Muara Enim II at 7.8 Tcf gas in place and 4.2 Tcf prospective resource. This is the independent check promised earlier. The company plans a development plan in 2013, but these are prospective resources, not reserves.
7 Sept 2012annual report● Neutral
Annual report to 30 June 2012. The readable text covers only the corporate directory and governance statement, with four directors and Graeme Robertson as non-independent Chairman. BDO is listed as auditor. No financial figures are readable.
24 Aug 2012well test result▲ Good
Well 2 lab tests show gas content of 92-141 scf/t in the Suban seam and 85-138 scf/t in the Mangus, with 98-99% methane. Dewatering of the pilot well is set to start in September 2012. This supports the pilot, but permeability is still to be tested.
25 July 2012quarterly activities report● Neutral
June 2012 quarter: Well 1 lab results and Well 2 completion at 840m with 43m net coal, largely already announced. Cash is about $8m. The independent NSAI resource report is due next quarter, with Tanzania drilling expected, and the new Malawi licence is noted.
9 July 2012regulatory community update▲ GoodMajor
NuEnergy is granted a 3-year exclusive prospecting licence over 346 km2 in southern Malawi for coal bed methane and shale gas. Minimum spend is about A$225,000 a year. It extends the East Africa push beyond the Tanzania joint ventures.
18 June 2012security holder rights change● Neutral
The unmarketable parcel sale announced in April is completed: 607,035 shares in 396 parcels sold at a weighted average 8.1c. The company paid costs and expects lower register administration costs. Administrative.
7 June 2012other● Neutral
Quest Petroleum, a neighbouring explorer, comments on NuEnergy's Muara Enim results and its own planned Ranau drilling. It is another company's release with no new NuEnergy information; it cites 1.98 Tcf, differing from NuEnergy's own 1.89 Tcf.
6 June 2012investor presentation● Neutral
June 2012 investor update: cash about A$9m and market cap about $16m at 8c. It claimed 4.43 Tcf of contingent gas in place net to NuEnergy, extrapolated from the 7.25 Bcf/km2 Muara Enim result, and planned to farm out Rengat, secure a cheaper rig and start pilot power sales.
4 June 2012farm in farm out agreement● NeutralMajor
Varies the November 2011 Tancoal JV to cover all unconventional gas, with NuEnergy at 70% and Tancoal's 30% carried up to 5 years. Tancoal gets a 5% royalty. NuEnergy commits at least US$1m over two years, with 2 core holes and a G&G study; a further US$1m follows if it proceeds.
4 June 2012joint venture update● Neutral
Intra Energy's notice of the varied Tanzanian JV: NuEnergy holds 70% of unconventional gas rights and carries Tancoal's 30% for up to 5 years, with a 5% royalty. Commits at least US$1m spend over two years. Duplicates NuEnergy's own announcement; Warrand is Intra's CFO.
30 May 2012drilling result▲ GoodMajor
Well 1 core tests show 115 scf/t gas content, 88% saturation and 92.7-98.3% methane, which the company says beats earlier estimates. It states 1.89 Tcf gross gas in place net to NuEnergy. Well 2 finished at 840m and is cased as a pilot well. NSAI report due July.
30 Apr 2012quarterly activities report● Neutral
March 2012 quarter: second Muara Enim well started 1 March, was at 712m with 43m net coal, and may become a pilot production well with gas by late 2012. NSAI is preparing an independent resource certification. Tanzania drilling has slipped to Q3 2012; Rengat partners are being sought.
13 Apr 2012security holder rights change● Neutral
Sets up a sale facility for holders of unmarketable parcels (under $500, or 5,102 or fewer shares at 9.8c). The company pays brokerage and shares are sold unless holders opt out by 25 May 2012. Aims to cut registry costs.
3 Apr 2012other● Neutral
Revised securities trading policy lodged under the listing rules, setting out insider trading rules and closed periods for officers and staff. Administrative; no business impact.
29 Feb 2012half year report● Neutral
Half-year report to 31 December 2011 reviews the Muara Enim well, Tanzania JVs and the placement and rights issue. It lists 200.9m shares on issue. The readable text gives no financial figures. Largely repeats known events.
3 Feb 2012capital raising announcement● NeutralMajor
Rights issue closed with only 26.76m of 57.41m shares taken up (about 47%). The underwriters must place the 30.6m shortfall, so the full $5.17m is raised. Low take-up by existing holders means the underwriters absorb much of the new stock.
31 Jan 2012other● Neutral
Notice that a company-commissioned analyst research report by Strachan Corporate is on the website. It contains the analyst's own estimates from public information; the announcement itself has no new company information.
31 Jan 2012quarterly activities report● Neutral
December 2011 quarter: first Muara Enim well found 38.2m net coal, and the rig has moved to a second site. Rights issue closed 31 January, Tanzania JVs signed, and 2012 work programmes were approved by the regulator. Largely repeats the earlier announcements.
16 Jan 2012drilling result▲ GoodMajor
First Muara Enim well reached 733m, with 38.2m net coal including one 19m seam. Results are said to match earlier gas-in-place estimates; gas content is due next month. A second well is next, to 1,000m, ahead of an independent resource report and a possible pilot well.
14 Dec 2011capital raising announcement● Neutral
The $1.7m placement of 18,720,712 shares at 9c announced on 6 December is completed, with Calibre Investments as manager. This finishes the first half of the $6.9m raising; the rights issue is still open.
What it means for a shareholder
18.7m new shares at A$0.090 to raise about A$1.7m. That's 9.0% dilution: every existing holder's slice gets 9.0% smaller. If you held A$1,000 of shares (11,111 at the issue price), your slice goes from 0.00589% to 0.00536% of the company. To keep it you'd need 1,103 more shares - about A$99 at the issue price.
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9 Dec 2011admin correction● Neutral
Company name changed from NuEnergy Capital Limited to NuEnergy Gas Limited, approved by shareholders at the AGM and registered by ASIC. Name change only.
9 Dec 2011admin correction● Neutral
Replacement prospectus for the 2-for-5 rights issue, replacing the 8 December version. Offer is up to 57.4m shares at 9c to raise about $5.2m, underwritten, closing 31 January 2012. The cover letter does not say what changed.
8 Dec 2011admin correction● Neutral
Re-lodged rights issue prospectus with one table (section 6.6.2, page 42) amended. No other change is stated.
8 Dec 2011capital raising announcement● Neutral
Prospectus for the rights issue announced 6 December: up to 57.4m new shares at 9c, 2 for 5, raising about $5.2m, fully underwritten. Offer closes 31 January 2012. Documents the already announced raising, with risk factors.
What it means for a shareholder
57.4m new shares at A$0.090 to raise about A$5.2m. That's 23% dilution: every existing holder's slice gets 23% smaller. If you held A$1,000 of shares (11,111 at the issue price), your slice goes from 0.00589% to 0.00452% of the company. To keep it you'd need 3,381 more shares - about A$304 at the issue price.
Create a free account to see this worked out for your own holding.