23 Sept 2015other● Neutral
Appendix 4G corporate governance checklist filed with the annual report, stating the governance statement is current at 16 September 2015. Administrative filing with no substance for shareholders.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
12 Aug 2015other● Neutral
Addendum to the June 2015 quarterly report adding a table of interests at 30 June 2015: Rengat 100%, Muara Enim 40%, Muara Enim II 30%. Administrative addition only, with no new information.
31 July 2015quarterly activities report● Neutral
June 2015 quarter report restates the conditional US$1m Dart Indonesia purchase (taking NGY to six PSCs) and the drilling starts at Tanjung Enim and Rengat. Muara Enim II drilling is now expected next quarter. No new results.
10 July 2015drilling result▲ GoodMajor
Core well TE-008C reached target depth, with 49 m of net coal including a single 13 m seam. The second core well, TE-007C, has been spudded, with a third to follow. Early positive coal thickness result; gas content not yet reported.
25 June 2015drilling spud● Neutral
Drilling began on core well TE-008C at the Tanjung Enim PSC in South Sumatra, to 300 m targeting known coal seams. It is the first of three core wells this quarter, under the pending Dart Indonesia acquisition. No results yet.
22 June 2015drilling spud● NeutralMajor
Drilling began on RE-CBM-01CE, the first of two coring and exploratory wells at the 100%-owned Rengat PSC, targeting 495 metres to core and test coal permeability. It is the first drilling since the A$12.5m recapitalisation. No results yet.
21 May 2015asset acquisition disposition▲ GoodMajor
Conditional deal to buy 100% of Dart Energy (Indonesia) for US$1m cash from existing funds. Adds interests in Tanjung Enim (45%), Muralim (50%) and Bontang-Bengalon (100%) CBM PSCs plus the Bungamas evaluation. Shareholder approval is not required, per ASX advice.
12 May 2015director officer appointment● Neutral
Jason Chua became chief financial officer from 1 May 2015, replacing Simon Harvey, and will be based in Jakarta. The text says this gives closer control of financial operations.
30 Apr 2015quarterly activities report● Neutral
March 2015 quarter report: drilling tender close to finalised and drill site preparation under way. Rengat drilling expected this quarter and Muara Enim II next quarter, so timing has again been pushed back slightly. No new results.
16 Mar 2015half year report● Neutral
Half-year report to 31 December 2014 shows 751,687,364 shares on issue after the two placements totalling $12.5m. Drilling at Muara Enim II and Rengat is now expected in the first half of calendar 2015. Financial figures are not in the text provided.
3 Feb 2015security holder rights change● Neutral
4,050,000 employee options under the Premium Option Plan lapsed. Administrative notice only.
29 Jan 2015quarterly activities report● Neutral
December quarter report confirms the A$10m second placement (333.3m shares, 44% of enlarged capital) and the new board. Drilling tender is under way, with drilling at Rengat and Muara Enim II expected next quarter. The investment agreement includes a provision to farm out Rengat.
21 Jan 2015security holder rights change● Neutral
1,600,000 Premium Option Plan options (expiry 12 December 2017) lapsed following recent board changes. Administrative notice only.
7 Jan 2015director officer appointment● Neutral
Chen Heng Mun, Globaltec's group finance director, joins as non-executive director. Kee Yong Wah becomes executive director from 1 January 2015 on A$120,000 a year, based in Jakarta. Further shift of the board towards the NCE and Globaltec side.
22 Dec 2014security holder rights change● Neutral
500,000 unlisted options exercisable at $0.122 expired on 20 December 2014 and lapsed. Administrative notice only.
18 Dec 2014capital raising announcement▲ GoodMajor
Second placement completed: 333.3m shares at 3c raised A$10m from NCE and GER, resolving the Stage 2 funding thread. Kok Keong Kong replaces Graeme Robertson as chairman; Goh Tian Chuan joins the board; Jonathan Warrand resigns. Funds go to drilling Indonesian PSCs.
What it means for a shareholder
333m new shares at A$0.030 to raise about A$10.0m. That's 44% dilution: every existing holder's slice gets 44% smaller. If you held A$1,000 of shares (33,333 at the issue price), your slice goes from 0.00797% to 0.00443% of the company. To keep it you'd need 26,556 more shares - about A$797 at the issue price.
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17 Dec 2014listing compliance notice● Neutral
ASX granted a waiver letting the company issue up to 333.3m second-stage placement shares to NCE and GER later than one month after the 31 October 2014 shareholder meeting, provided they are issued by 31 December 2014. Administrative step towards the A$10m raise.
1 Dec 2014security holder rights change● Neutral
1,250,000 unlisted options exercisable at $0.80 expired on 1 December 2014 and lapsed. Administrative notice only.
31 Oct 2014investor presentation● Neutral
AGM presentation sets a 12-month goal of upgrading to 2P reserves, with a planned $10m of 2015 spending on drilling and testing, and restarting the second pilot. Restates 4.2 Tcf prospective resource and 100 Bcf 3C; tendering is due to finish by 30 November 2014.
31 Oct 2014quarterly activities report● Neutral
September quarter report confirms the A$2.5m first placement is done, Dr Ian Wang is CEO, and two senior managers joined. Restates Stage 2 terms: at least A$10m from NCE by 31 December 2014, with NCE taking board control. Focus is wholly Indonesia.
7 Oct 2014director officer appointment● Neutral
Terms were set for new CEO Dr Ian Wang, announced on 23 September 2014: fixed pay of $240,000 a year excluding superannuation, eligibility for the incentive scheme, three months' notice either way, based in Jakarta.
24 Sept 2014director officer appointment▲ GoodMajor
Dr Ian Wang appointed CEO, based in Jakarta, filling the role vacant since Christopher Newport resigned in January 2014. He has over 30 years in oil and gas, including Greka (Green Dragon Gas). His task is to commercialise the Indonesian PSCs and expand across ASEAN.
16 Sept 2014capital raising announcement▲ GoodMajor
Second share subscription agreement signed with NCE and its nominee GER: 333.3m shares at 3c to raise A$10m, following the A$2.5m first stage. Allotment follows shareholder and regulatory approvals. Dato' Sri Dr Goh Tian Chuan, Globaltec's chairman, joins the board on completion.
What it means for a shareholder
333m new shares at A$0.030 to raise about A$10.0m. That's 44% dilution: every existing holder's slice gets 44% smaller. If you held A$1,000 of shares (33,333 at the issue price), your slice goes from 0.00797% to 0.00443% of the company. To keep it you'd need 26,556 more shares - about A$797 at the issue price.
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5 Sept 2014annual report● Neutral
FY2014 annual report lists the board after the NCE placement: Robertson, Fraser, Warrand, and new directors Kee and Kong. Cockcroft resigned 21 August 2014. The financial figures are not in the text provided.
28 Aug 2014capital raising announcement● Neutral
Compliance notice on the 83,333,333-share placement: shares on issue rise from 335,020,698 to 418,354,031, a dilution of 24.87%. No underwriting and no fees. Details the placement already announced.
20 Aug 2014capital raising announcement▲ GoodMajor
Due diligence completed and the placement agreement signed: 83.3m shares at 3c raise A$2.5m (19.9%), split between NCE and its nominee JCM. NCE appoints Kee Yong Wah and Kong Kok Keong as directors. Peter Cockcroft resigns.
What it means for a shareholder
83.3m new shares at A$0.030 to raise about A$2.5m. That's 20% dilution: every existing holder's slice gets 20% smaller. If you held A$1,000 of shares (33,333 at the issue price), your slice goes from 0.00995% to 0.00797% of the company. To keep it you'd need 8,288 more shares - about A$249 at the issue price.
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19 Aug 2014material agreement● NeutralMajor
Investment agreement amended into two stages. After the placement, NCE appoints two of five directors and Graeme Robertson stays Chairman. After a further minimum A$10m, needing shareholder approval, NCE takes three of four seats and the chair. NCE is 60% owned by Bursa-listed Globaltec.
12 Aug 2014material agreement● Neutral
NuEnergy gave NCE up to 7 more days to finish due diligence under the 11 July investment agreement. The placement is still not completed.
31 July 2014quarterly activities report● Neutral
June quarter report restates the NCE investment agreement and the Indonesia-only focus. Pilot Well 2 operations await a tender, due to finish next quarter, and drilling permits are close to complete. Mozambique interests go to Intrasia, a related party of the Chairman. Cash figures are not in the text provided.
30 July 2014security holder rights change● Neutral
1,000,000 options (expiry December 2017) under the Premium Option Plan lapsed because of July 2014 staff changes. Administrative notice only.