Past year: ▼ 14%(2.30c – 4.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
8 Dec 2011other● Neutral
Confirms notice letters were sent to shareholders and optionholders about the rights issue, repeating the timetable: record date 16 December, close 31 January 2012. Non-Australian and non-NZ holders are ineligible. Administrative.
6 Dec 2011capital raising announcement● NeutralMajor
Raises $6.9m at 9c per share: a $1.7m placement of 18.7m shares plus a fully underwritten 2-for-5 rights issue for $5.2m. Priced well below the 51c raising of March 2011. Funds go to Sumatra drilling and Tanzania. Underwriters Aspac, Farjoy and Calibre.
25 Nov 2011investor presentation● Neutral
AGM presentation largely repeats the November update: drilling under way at Muara Enim, results from December, Tanzania drilling in first half 2012. Cash about A$5m and market cap about $13m at 10.5c. No new results.
21 Nov 2011farm in farm out agreement▲ GoodMajor
Enters East African CBM through joint ventures over Tancoal and Tanzacoal's Tanzanian coal tenements. NuEnergy's subsidiary holds 70%, operates and funds development; partners get 30% of operating profits plus a 5% royalty. Drilling is intended in first half 2012, delivering the East Africa strategy.
21 Nov 2011joint venture update● Neutral
Intra Energy's notice of the same Tanzanian CBM joint venture agreements with NuEnergy's subsidiary, covering all its Tanzanian coal tenements. It duplicates NuEnergy's own announcement of the same day; Warrand is named as an Intra Energy executive director and CFO.
2 Nov 2011investor presentation● Neutral
November 2011 update: drilling began 31 October at Muara Enim. Cash is about A$5m (down from about A$8.5m in June) and market cap about $14m at 11c. Claims 13.1 Tcf net gas in place, and mentions evaluating conventional gas acquisitions and East Africa. Mostly repeats known facts.
28 Oct 2011quarterly activities report● Neutral
September 2011 quarter: drilling rig left China on 30 September, with first Muara Enim well due late October and two wells committed for Oct-Dec. Repeats the 4.1-4.6 Tcf estimate. Kwiatkowski resigned as co-secretary 10 October. Cash figures are not in the readable text.
20 Oct 2011director officer appointment● Neutral
Co-Company Secretary Monika Kwiatkowski's resignation is announced, leaving Rozanna Lee as sole Company Secretary. Administrative change; the text is poorly scanned.
4 Oct 2011resource reserve update▲ GoodMajor
First resource figure for Muara Enim: gas in place estimated at 4.1 to 4.6 Tcf by PT Trias Energy Perkasa, a preliminary estimate to be refined after coring. Drilling is confirmed to start late October once the rig arrives, with pads and land access done.
30 Sept 2011annual report● Neutral
Annual financial report for the year to 30 June 2011. The visible text covers only directors, governance and an index; the CEO role is noted as vacant. No financial figures are readable in the supplied extract.
19 Sept 2011director officer appointment▲ GoodMajor
Christopher Newport appointed CEO from 20 September 2011, based in Singapore, filling the vacancy left when Underwood left on 31 December 2010. He is to commercialise the existing Indonesian PSCs and expand into ASEAN and East Africa.
16 Aug 2011director officer appointment● Neutral
Company Secretary Adrien Wing resigns following the office move to Sydney; Monika Kwiatkowski and Rozanna Lee are appointed co-company secretaries. Administrative change.
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.
29 July 2011quarterly activities report● Neutral
June 2011 quarter: drilling tender concluded for up to 4 core holes at about $2.65m, first well now expected in September. Operating cash outflow was $1.05m for the quarter; the Bukit Asam joint evaluation continues. Largely repeats the 18 July update.
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.
29 Apr 2011quarterly activities report▲ Good
March 2011 quarter: Indon CBM acquisition and $9m raising completed, options raised $4m, shares reinstated 7 March, third PSC awarded. Four wells in South and Central Sumatra are planned, with drilling targeted for Q3 2011 at up to about $6m.
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.
