Past year: ▼ 14%(2.30c – 4.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
24 Aug 2012well test result▲ Good
Well 2 lab tests show gas content of 92-141 scf/t in the Suban seam and 85-138 scf/t in the Mangus, with 98-99% methane. Dewatering of the pilot well is set to start in September 2012. This supports the pilot, but permeability is still to be tested.
9 July 2012regulatory community update▲ GoodMajor
NuEnergy is granted a 3-year exclusive prospecting licence over 346 km2 in southern Malawi for coal bed methane and shale gas. Minimum spend is about A$225,000 a year. It extends the East Africa push beyond the Tanzania joint ventures.
18 June 2012security holder rights change● Neutral
The unmarketable parcel sale announced in April is completed: 607,035 shares in 396 parcels sold at a weighted average 8.1c. The company paid costs and expects lower register administration costs. Administrative.
7 June 2012other● Neutral
Quest Petroleum, a neighbouring explorer, comments on NuEnergy's Muara Enim results and its own planned Ranau drilling. It is another company's release with no new NuEnergy information; it cites 1.98 Tcf, differing from NuEnergy's own 1.89 Tcf.
6 June 2012investor presentation● Neutral
June 2012 investor update: cash about A$9m and market cap about $16m at 8c. It claimed 4.43 Tcf of contingent gas in place net to NuEnergy, extrapolated from the 7.25 Bcf/km2 Muara Enim result, and planned to farm out Rengat, secure a cheaper rig and start pilot power sales.
4 June 2012farm in farm out agreement● NeutralMajor
Varies the November 2011 Tancoal JV to cover all unconventional gas, with NuEnergy at 70% and Tancoal's 30% carried up to 5 years. Tancoal gets a 5% royalty. NuEnergy commits at least US$1m over two years, with 2 core holes and a G&G study; a further US$1m follows if it proceeds.
4 June 2012joint venture update● Neutral
Intra Energy's notice of the varied Tanzanian JV: NuEnergy holds 70% of unconventional gas rights and carries Tancoal's 30% for up to 5 years, with a 5% royalty. Commits at least US$1m spend over two years. Duplicates NuEnergy's own announcement; Warrand is Intra's CFO.
30 May 2012drilling result▲ GoodMajor
Well 1 core tests show 115 scf/t gas content, 88% saturation and 92.7-98.3% methane, which the company says beats earlier estimates. It states 1.89 Tcf gross gas in place net to NuEnergy. Well 2 finished at 840m and is cased as a pilot well. NSAI report due July.
13 Apr 2012security holder rights change● Neutral
Sets up a sale facility for holders of unmarketable parcels (under $500, or 5,102 or fewer shares at 9.8c). The company pays brokerage and shares are sold unless holders opt out by 25 May 2012. Aims to cut registry costs.
3 Apr 2012other● Neutral
Revised securities trading policy lodged under the listing rules, setting out insider trading rules and closed periods for officers and staff. Administrative; no business impact.
29 Feb 2012half year report● Neutral
Half-year report to 31 December 2011 reviews the Muara Enim well, Tanzania JVs and the placement and rights issue. It lists 200.9m shares on issue. The readable text gives no financial figures. Largely repeats known events.
3 Feb 2012capital raising announcement● NeutralMajor
Rights issue closed with only 26.76m of 57.41m shares taken up (about 47%). The underwriters must place the 30.6m shortfall, so the full $5.17m is raised. Low take-up by existing holders means the underwriters absorb much of the new stock.
31 Jan 2012other● Neutral
Notice that a company-commissioned analyst research report by Strachan Corporate is on the website. It contains the analyst's own estimates from public information; the announcement itself has no new company information.
16 Jan 2012drilling result▲ GoodMajor
First Muara Enim well reached 733m, with 38.2m net coal including one 19m seam. Results are said to match earlier gas-in-place estimates; gas content is due next month. A second well is next, to 1,000m, ahead of an independent resource report and a possible pilot well.
14 Dec 2011capital raising announcement● Neutral
The $1.7m placement of 18,720,712 shares at 9c announced on 6 December is completed, with Calibre Investments as manager. This finishes the first half of the $6.9m raising; the rights issue is still open.
What it means for a shareholder
18.7m new shares at A$0.090 to raise about A$1.7m. That's 9.0% dilution: every existing holder's slice gets 9.0% smaller. If you held A$1,000 of shares (11,111 at the issue price), your slice goes from 0.00589% to 0.00536% of the company. To keep it you'd need 1,103 more shares - about A$99 at the issue price.
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9 Dec 2011admin correction● Neutral
Company name changed from NuEnergy Capital Limited to NuEnergy Gas Limited, approved by shareholders at the AGM and registered by ASIC. Name change only.
9 Dec 2011admin correction● Neutral
Replacement prospectus for the 2-for-5 rights issue, replacing the 8 December version. Offer is up to 57.4m shares at 9c to raise about $5.2m, underwritten, closing 31 January 2012. The cover letter does not say what changed.
8 Dec 2011admin correction● Neutral
Re-lodged rights issue prospectus with one table (section 6.6.2, page 42) amended. No other change is stated.
8 Dec 2011capital raising announcement● Neutral
Prospectus for the rights issue announced 6 December: up to 57.4m new shares at 9c, 2 for 5, raising about $5.2m, fully underwritten. Offer closes 31 January 2012. Documents the already announced raising, with risk factors.
What it means for a shareholder
57.4m new shares at A$0.090 to raise about A$5.2m. That's 23% dilution: every existing holder's slice gets 23% smaller. If you held A$1,000 of shares (11,111 at the issue price), your slice goes from 0.00589% to 0.00452% of the company. To keep it you'd need 3,381 more shares - about A$304 at the issue price.
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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.
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.
