17 Apr 2018regulatory community update▲ Good
SKK Migas granted a four-year extension of the Muralim exploration period to 2 December 2020. This resolves the extension that had been awaited since March 2017 and keeps the 50% permit alive.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
15 Mar 2018half year report● Neutral
Half-year report to 31 December 2017. The visible text recaps Tanjung Enim POD preparation, the Pertamina Gas MOU and the January 2018 LEMIGAS certification. Financial figures are not in the text provided, so no result is stated here.
6 Mar 2018regulatory community update▲ Good
SKK Migas granted a four-year extension of the Muara Enim II exploration period to 31 March 2021. This resolves the extension pending since the period expired on 31 March 2017, keeping the 30% interest permit alive.
31 Jan 2018quarterly activities report● Neutral
December 2017 quarter: LEMIGAS reserves certification completed after quarter end and the Rengat wells drilled. POD submission is now targeted for the March 2018 quarter, later than the end-2017 goal previously stated. Rengat relinquishment is awaiting confirmation.
19 Jan 2018admin correction● Neutral
Clarification of the LEMIGAS certification: it is a compulsory step for POD submission, based on 17 existing wells with no new drilling. NuEnergy's share is about 38.7 Bscf proved and 35.5 Bscf probable; figures are not net of inert gases and fuel.
15 Jan 2018resource reserve update▲ GoodMajor
Indonesian government agency LEMIGAS certified about 165 Bscf of gross reserves (86.05 proved, 78.84 probable) over 33 km2 of Tanjung Enim, versus the 0.12 Bscf pilot reserves of 2017. Company says it could supply about 25 MMSCFD from over 200 wells once the POD is approved.
6 Dec 2017admin correction● Neutral
Clarification adding methodology and evaluator detail to the February 2017 Tanjung Enim pilot reserves statement in the annual report. The reserves are RPS-certified and based on the Shalindo MOU volumes. No change to the reserve figures.
30 Nov 2017asset acquisition disposition▼ BadMajor
NuEnergy finished two exploratory wells to meet the Rengat permit commitment, without attractive commercial discoveries, and agreed with SKK Migas to relinquish it once completion is confirmed. Carrying value is $10.1m; the company says there is no operational impact. Focus shifts to its four South Sumatra permits.
15 Nov 2017investor presentation● Neutral
AGM presentation recapping the six permits (over 3,600 km2), leadership team, partners and the Globaltec and New Century holdings of about 65%. The text provided shows no new results.
31 Oct 2017quarterly activities report● Neutral
September 2017 quarter: POD approval to prepare and the Pertamina Gas MOU were achieved. POD preparation is expected to take about six months, with submission by end 2017 and approval anticipated in first half 2018. Nothing new beyond earlier announcements.
29 Sept 2017annual report● Neutral
FY2017 annual report: net loss $4.59m (2016: $2.36m), driven by a $3.12m impairment of the Rengat permit. Cash rose to $7.45m from $2.85m after the rights issue; net assets $49.8m. No cash-generating assets, so no dividend is likely.
29 Sept 2017admin correction● Neutral
Appendix 4G corporate governance checklist lodged with the annual report, pointing to the company's governance statement on its website. Administrative filing with no new operational or financial information.
28 Sept 2017material agreement▲ GoodMajor
NuEnergy signed a non-binding MOU with PT Pertamina Gas, a subsidiary of its partner Pertamina, to evaluate supplying Tanjung Enim coal bed gas to Sumatra consumers. It is a step toward a gas sales agreement on volume, price and period; POD submission is still planned by end 2017.
14 Sept 2017director officer appointment● Neutral
Non-executive director Graeme Robertson, formerly chairman, resigned from the board citing increasing work commitments. The board now has five directors, led by chairman Kong Kok Keong.
13 Sept 2017investor presentation● Neutral
September 2017 corporate presentation recaps the six permits (over 3,600 km2), the leadership team and the Globaltec and New Century holdings of about 65%. It states paid-up capital of A$106m. The text provided shows no new results.
3 Aug 2017regulatory community update▲ GoodMajor
SKK Migas approved NuEnergy to prepare the initial Plan of Development for Tanjung Enim, with submission targeted before year end. Partners Pertamina and Bukit Asam have committed. This moves the permit from exploration to development planning; it is not yet a development approval.
20 July 2017quarterly activities report▲ Good
June 2017 quarter: Muara Enim II's three wells finished, showing 41-53 m of coal, with the extension awaiting SKK Migas review. A Tanjung Enim exploration status report was lodged; the company plans a development plan by year end. The rights issue raised $11.53m.
6 June 2017regulatory community update● Neutral
Muara Enim II's required drilling is complete and the work completion report has been lodged with SKK Migas. This continues the extension process after the exploration period expired 31 March 2017; the extension itself is not yet confirmed.
12 May 2017capital raising announcement● Neutral
Shares from the entitlement offer were issued: 329,434,118 new shares, taking shares on issue to 1,480,955,497. Globaltec and New Century each now hold 32.33%, up from 27.7%, which is consistent with them taking up their entitlements.
10 May 2017capital raising announcement● NeutralMajor
The entitlement offer closed with acceptances for 329.4m of the 575m new shares at 3.5c, leaving a shortfall of 246.3m shares. The shortfall offer stays open to 5 June 2017, so the full $20m looks unlikely to be reached from entitlements alone.
What it means for a shareholder
575m new shares at A$0.035 to raise about A$20.0m. That's 33% dilution: every existing holder's slice gets 33% smaller. If you held A$1,000 of shares (28,571 at the issue price), your slice goes from 0.00248% to 0.00165% of the company. To keep it you'd need 14,267 more shares - about A$499 at the issue price.
Create a free account to see this worked out for your own holding.
28 Apr 2017quarterly activities report▲ Good
March 2017 quarter: first reserves certification for the Tanjung Enim pilot, Muralim drilling reported complete, and Muara Enim II drilling started with two of three wells done. The company says it will focus the next twelve months on preparing the Tanjung Enim development plan.
26 Apr 2017admin correction● Neutral
Notice that the Offer Document and personalised acceptance forms were posted to shareholders for the entitlement offer. It repeats the offer terms already announced and adds no new information.
21 Apr 2017admin correction● Neutral
Registry provider Link Group announced a new Perth address for shareholder enquiries from 24 April 2017, applying to many listed clients including NuEnergy. Administrative, with no impact on the company's business.
18 Apr 2017admin correction● Neutral
Notice that shareholder letters were mailed for the entitlement offer. It sets the offer at 575 million new shares, not underwritten, with shareholders outside Australia and New Zealand ineligible. Their rights are sold by a nominee.
13 Apr 2017capital raising announcement● NeutralMajor
NuEnergy launched a renounceable 1-for-2 entitlement offer at 3.5c to raise up to $20m, the company's largest raise since Dec 2015's $9.996m at 2.5c. Planned use: $2.0m for Tanjung Enim development plan preparation, $14.1m exploration and appraisal, $4.3m working capital.
13 Apr 2017capital raising announcement● Neutral
Offer Document for the 1-for-2 renounceable entitlement offer at $0.035, aiming at about $20m, closing 5 May 2017. It repeats the terms announced the same day; the text provided shows no new figures beyond that.
3 Apr 2017regulatory community update● Neutral
Muara Enim II's exploration period expired 31 March 2017. SKK Migas endorsed continuing the current drilling campaign, expected to finish by end of May 2017, after which NuEnergy will apply for an extension.
15 Mar 2017half year report● Neutral
Half-year report to 31 December 2016 recaps the Tanjung Enim reserves certification, the Shalindo gas MOU, Muralim drilling to 710 m and Muara Enim II wells spudding after period end. Shares on issue remain 1,151,521,379. Financial figures are not in the text provided.
2 Mar 2017regulatory community update● Neutral
Muralim's required work program is complete and the completion report was submitted to SKK Migas. The four-year extension of the exploration period, applied for in December, is still awaiting finalisation.
22 Feb 2017resource reserve update▲ GoodMajor
RPS certified NuEnergy's first reserves, for the Tanjung Enim pilot wells. The volumes are tiny (gross 2P about 0.64 Bscf), covering 0.8 km2, or 0.3% of the permit. An MOU with PT Shalindo Energi on gas sales had been signed in November 2016.