Past year: ▼ 14%(2.30c – 4.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
15 Nov 2019investor presentation● Neutral
AGM presentation restating the portfolio, now four active PSCs covering 2,278 km2, and the Tanjung Enim focus. Paid-up capital is shown as A$25m (earlier context had A$55m). Muralim's Gross Split is shown effective 8 May 2019. Text shown is largely background.
31 Oct 2019quarterly activities report● Neutral
September 2019 quarter: work focused on getting the Tanjung Enim POD approved, still pending, plus environmental assessment work. The Bontang Bengalon termination notice was received 23 August and NuEnergy has appealed. No new results.
30 Sept 2019director officer appointment▼ Bad
CFO Jason Chua resigned effective 30 September 2019, and the company says it is recruiting a replacement. This follows the June-quarter cash squeeze and the unresolved funding search.
23 Sept 2019annual report▼ BadMajor
FY2019 annual report: net loss $17.0m (FY18 $12.5m), including a $7.0m net impairment for Bontang Bengalon termination and Muara Enim II expiry, plus penalty provisions of $8.6m. Cash fell to $323k and net assets to $23.7m.
23 Sept 2019annual report● Neutral
Appendix 4G confirming the corporate governance statement is on the company website, current at 22 September 2019. Administrative filing accompanying the annual report, with no new information.
26 Aug 2019regulatory community update▼ BadMajor
Indonesia's energy ministry terminated the Bontang Bengalon PSC for no coal bed methane discovery by the end of contract year 6, ending the extension request. Carrying value is $797,868; the company says no operational impact and will appeal.
6 Aug 2019listing compliance notice▼ Bad
Replying to an ASX query on its June quarter cash (A$323k left, A$300k outflow expected next quarter), NuEnergy says it is in talks with third parties who approached it about funding, none firm. It can scale back activity and draw parent loans (US$140k).
31 July 2019quarterly activities report▼ Bad
June 2019 quarter: the Saujana agreement ended after the deposit was never paid. The company says it is talking to third parties about funding, none agreed. After quarter end, a US$140,000 loan came from Globaltec's AIC Corporation. Tanjung Enim POD still awaits approval.
5 June 2019material agreement termination▼ BadMajor
NuEnergy terminated the Saujana E&P investment agreement because the USD250,000 extension fee was not paid. The $38.5m placement for 51% will not proceed, and the funding gap noted since August 2018 remains open.
3 June 2019capital raising announcement▼ Bad
NuEnergy granted a fourth deposit extension, to 7 June 2019, with Saujana offering a USD250,000 extension fee due by 4 June. The fee counts toward the deposit and may be forfeited if the deposit is not paid.
16 May 2019capital raising announcement▼ Bad
Saujana E&P asked for, and got, a third extension of the deposit date, now to 31 May 2019. The deposit has still not been paid.
3 May 2019capital raising announcement▼ Bad
Saujana E&P again delayed the deposit, now to 14 May 2019, and pushed its due diligence deadline to 30 June 2019. NuEnergy agreed to both. This is the second deposit delay and adds to doubts over the $38.5m placement.
29 Apr 2019quarterly activities report● Neutral
March 2019 quarter: Muralim moved to a Gross Split PSC with approval to finish wells MU-005 and MU-006, and Tanjung Enim applied for the same conversion. The Saujana investment agreement is described. No new results.
24 Apr 2019capital raising announcement▼ Bad
Saujana E&P asked for more time on the $7.0m deposit, and NuEnergy gave 7 more business days, to 3 May 2019. This is the first delay in the investment agreement announced on 2 April.
2 Apr 2019capital raising announcement▲ GoodMajor
NuEnergy signed a binding agreement with Malaysia's Saujana E&P for a placement of 1,540,832,050 shares at 2.5c, raising $38.5m for a controlling 51%. A $7.0m deposit is due within 14 business days. Shareholder, due diligence and regulatory approvals are needed, and Saujana gets board control on completion. This addresses the funding thread.
What it means for a shareholder
1.54bn new shares at A$0.025 to raise about A$38.5m. That's 51% dilution: every existing holder's slice gets 51% smaller. If you held A$1,000 of shares (40,000 at the issue price), your slice goes from 0.0027% to 0.00132% of the company. To keep it you'd need 41,617 more shares - about A$1,040 at the issue price.
Create a free account to see this worked out for your own holding.
15 Mar 2019half year report● Neutral
Half-year report to 31 December 2018. The visible text says the Tanjung Enim POD has local government and community support and is being optimised, with approval hoped for in the first half of 2019. Financial figures are not in the text provided.
11 Feb 2019material agreement▲ GoodMajor
NuEnergy signed the Muralim Gross Split PSC with the Indonesian energy ministry, replacing the cost-recovery contract. The company says this should improve project economics and cut bureaucracy. The 100% interest remains subject to government approval.
31 Jan 2019quarterly activities report● Neutral
December 2018 quarter: Muralim well MU-006 was completed and shut in, MU-005 was half drilled and suspended on 2 December, with 5 coal seams totalling 27 m logged. The Tanjung Enim POD is still being reworked, and the Medco 50% takeover is repeated.
23 Jan 2019farm in farm out agreement▲ GoodMajor
NuEnergy agreed with Medco to take over Medco's 50% of the Muralim PSC, lifting its interest from 50% to 100%, subject to government approval. It is at no cost apart from Medco settling its unpaid cash calls.
15 Nov 2018investor presentation● Neutral
AGM presentation giving a general company overview: six Indonesian PSCs over 3,600 km2, paid-up capital A$55 million, and Globaltec and New Century holding about 65%. Repeats known information; no new results or figures in the visible text.
31 Oct 2018quarterly activities report● Neutral
September 2018 quarter: the company says local government and community support for the Tanjung Enim POD is secured, and hopes for approval in the second half of 2018. Drilling of first of two Bontang Bengalon (100%) exploration wells began late September.
17 Oct 2018material agreement termination▼ BadMajor
The MOU with EPI Energy over a stake in Dart Energy (Indonesia) Holdings was terminated because the parties could not agree commercial terms. This removes the funding route flagged on 30 August.
28 Sept 2018annual report▼ BadMajor
FY2018 annual report: net loss $12.5m (2017: $4.6m), including a full $11.4m Rengat impairment. Cash fell to $1.37m from $7.45m and net assets to $38.6m. No dividend is likely.
28 Sept 2018admin correction● Neutral
Appendix 4G corporate governance checklist lodged with the annual report, pointing to the governance statement on the company website. Administrative filing with no new operational or financial information.
30 Aug 2018material agreement● NeutralMajor
NuEnergy signed a non-binding MOU with Hong Kong-listed EPI Energy, which is interested in buying a percentage of subsidiary Dart Energy (Indonesia) Holdings, holder of Tanjung Enim, Muralim and Bontang Bengalon. Talks are early; no terms are given.
7 Aug 2018listing compliance notice▼ BadMajor
Replying to an ASX query, NuEnergy said it expects negative cash flow until gas revenue and is in talks with third parties about funding. ASX noted cash of $1.37m and expected outflows of $0.8m next quarter. No funding is yet agreed.
25 July 2018quarterly activities report● Neutral
June 2018 quarter: repeats the POD submission (209 wells, ~164.89 Bscf, 25 MMSCFD for 10 years) and the Muralim four-year extension. Approval by the ministry is still pending; no new developments.
30 Apr 2018regulatory community update▲ GoodMajor
NuEnergy submitted the first Tanjung Enim Plan of Development, described as Indonesia's first coal bed methane POD. It plans 209 wells, a new 24 km pipeline and 25 MMSCFD plateau for 10 years, with ministry approval still needed. Ends the slipped submission thread.
30 Apr 2018quarterly activities report● Neutral
Revised March 2018 quarterly report, which adds a Listing Rule 5.43.2 statement that nothing has changed the LEMIGAS reserve estimates. Otherwise the content matches the 24 April report.
24 Apr 2018quarterly activities report● Neutral
March 2018 quarter: POD preparation is in its final stages, and submission is now targeted for end of April 2018, a further slip from the March quarter goal. Repeats the LEMIGAS ~165 Bscf certification and Muara Enim II extension.
