Past year: ▼ 14%(2.30c – 4.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 May 2013production update▲ GoodMajor
Pilot production restarted 25 May at Muara Enim; after 60 hours gas flowed at 0.2 mmscfd with water at 130 bbl/d. Gas covers site power costs of about US$2,000/day; company forecasts 1.5 mmscfd and about US$15,000/day later. First sales still targeted December 2013.
22 May 2013drilling result▲ Good
Radial jetting at Muara Enim pilot well 1 finished 19 May: 15 laterals across 5 seams, 485 m total, within budget. Company says this exceeded expectations. Dewatering to restart and two more pilot wells to start drilling within six weeks. No gas rate yet.
15 May 2013regulatory community update● Neutral
Airborne geophysical survey started at the 346 km2 Malawi licence (100% NGY), expected to take 12 days, with drilling to follow. A ribbon-cutting event was attended by Malawi's Vice President. Early-stage exploration; no results yet.
1 May 2013drilling progress report▲ Good
Radial jetting began 29 April on the Muara Enim pilot well, targeting 5 new coal seams (29 m thick) with over 480 m of laterals. Pilot production is to restart within two weeks; first gas sales are still targeted by 31 December 2013.
23 Apr 2013capital raising announcement● Neutral
Allotment of the shortfall shares to the underwriters is complete, completing the $6m rights issue. NuEnergy now has 281,659,907 ordinary shares on issue, up from about 201m.
5 Apr 2013capital raising announcement● NeutralMajor
Rights issue closed with acceptances for only 4,319,979 of 80,474,259 new shares; the underwriters will take up the 76,154,280-share shortfall. Total raised is $6,035,569 before costs. Very little take-up by ordinary shareholders, so the underwriters supply nearly all the money.
What it means for a shareholder
80.5m new shares at about A$0.075 to raise about A$6.0m. That's 22% dilution: every existing holder's slice gets 22% smaller. If you held A$1,000 of shares (13,333 at the issue price), your slice goes from 0.00473% to 0.00368% of the company. To keep it you'd need 3,810 more shares - about A$286 at the issue price.
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27 Mar 2013capital raising announcement● Neutral
Reminder that the 2-for-5 rights issue at 7.5c closes at 5pm on 3 April 2013, with BPay available. Repeats known terms and use of funds; no new information.
7 Mar 2013admin correction● Neutral
Corrects the 5 March shareholder letter: shareholders can apply only for their pro-rata entitlement under the rights issue, not for extra shares through a shortfall facility.
5 Mar 2013admin correction● Neutral
Corrects the 1 March notice: the 500,000 options at 80c expire on 28 February 2014, not 2013, so they have not lapsed.
5 Mar 2013other● Neutral
Copies of letters to shareholders and optionholders about the rights issue, with the timetable (record date 13 March, close 3 April) and about 80.5m new shares. The shareholder letter wrongly mentioned a shortfall facility (corrected later). No new information.
4 Mar 2013investor presentation● Neutral
Notice of a BRR Media webcast in which the Chairman and CEO discuss the gas sales MoU and the 2013 outlook. Administrative link; no new information in the announcement itself.
4 Mar 2013capital raising announcement● NeutralMajor
Fully underwritten 2-for-5 rights issue at 7.5c to raise $6m, with a 4% underwriting fee. Funds are for the South Sumatra pilot ($5.5m of a $8m budget) and East Africa exploration. Underwriters are existing shareholders, RBS Morgans and Republic Investment Management. This is cheaper than the 9c issue of December 2011.
4 Mar 2013capital raising announcement● Neutral
Formal offer document for the 2-for-5 rights issue at 7.5c to raise about $6.0m, fully underwritten, closing 3 April 2013. Rights are non-renounceable and cannot be traded. Repeats the terms announced the same day.
1 Mar 2013security holder rights change● Neutral
Announced that 500,000 unlisted options at 80c had lapsed on 28 February 2013. This was later corrected (see 5 March notice).
28 Feb 2013resource reserve update▲ GoodMajor
RPS certifies the first contingent resources at Muara Enim: 97.5 Bcf at 3C, but only 2.1 Bcf at 1C and 2C (gross, NGY 40%). This follows the earlier 4.2 Tcf prospective figure, but only a small part is so far in the contingent category. Chance of development is put at 70%.
26 Feb 2013half year report● Neutral
Half-year report to 31 December 2012, audited by Hall Chadwick, with 201,185,648 shares on issue. The readable text recaps pilot flaring, NSAI's 4.2 Tcf and the shale estimate, and PLN's site visit. No financial figures are readable in the excerpt.
26 Feb 2013investor presentation● Neutral
February 2013 presentation restates the US$10/mmBtu MoU, 4.2 Tcf resource and flaring results. It adds two more pilot wells planned for March-April 2013 and first revenue expected in Q4 2013. It shows market cap of $12m at 6c, down from about $20m at 10c in November.
18 Feb 2013material agreement▲ GoodMajor
Non-binding MoU with PT Dharma Pratama Sejati to buy Muara Enim gas at US$10/mmBtu, 1-5 mmscfd, delivered at the pilot plant gate. A gas sales agreement is targeted by 30 September 2013. Gross revenue is US$10,000-50,000 a day to the JV, in which NGY holds 40%. First pilot sales are the next step.
14 Feb 2013regulatory community update● Neutral
21,737,664 restricted shares will be released from escrow on 7 March 2013, and a further 250,000 on 15 March 2013. Administrative notice; it does not itself say anything about the company's operations.
11 Jan 2013security holder rights change● Neutral
1,500,000 unlisted options at 40c, expiring 31 December 2012, lapsed unexercised. The attached Appendix 3B shows 179,197,984 quoted shares and several other option series still on issue.
8 Jan 2013director officer appointment● Neutral
Simon Harvey, the company's Group Financial Controller since September 2011, became Chief Financial Officer from 1 January 2013. An internal promotion; no other management changes are stated.
5 Dec 2012auditor change● Neutral
After the 28 November AGM and ASIC consent, BDO East Coast Partnership (formerly PKF) resigned as auditor and Hall Chadwick was appointed. No reason is given in the announcement.
3 Dec 2012other● Neutral
Notice of a BRR Media webcast in which the Chairman and CEO update investors on the Indonesian and East African assets. Administrative link with no new information in the announcement itself.
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.
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.
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.
