Past year: ▼ 14%(2.30c – 4.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
11 July 2014material agreement▲ GoodMajor
Binding agreement with New Century Energy Resources (NCE): $200,000 deposit, then about 83m shares at 3c to raise $2.5m (19.9%), and at least A$10m more by 31 December 2014 at no less than 3c. NCE gets board control. Company to focus only on Indonesia; Mozambique interests go to a Chairman-related party.
3 June 2014security holder rights change● Neutral
1,250,000 unlisted options exercisable at $0.60 expired on 1 June 2014 and lapsed. Administrative notice only.
30 Apr 2014quarterly activities report▼ Bad
March quarter report says dewatering at Pilot Well 2 stopped because of bad weather and down-hole mechanical issues, and repair equipment awaits a SKKMIGAS tender. Rengat farm-out deadlines slipped to May 2014. Rengat was cut by 600 km2 to 2,395 km2. CEO resignation noted.
8 Apr 2014farm in farm out agreement▼ Bad
Negotiations with the Asian investor are delayed. The 15 March due diligence and 31 March agreement deadlines in the February letter of intent were missed. Completion is now expected in the fourth quarter of FY2014.
5 Mar 2014half year report● Neutral
Half-year report to 31 December 2013 repeats operational news: Pilot Well 2 results and the Rengat letter of intent. It notes $700,000 received from underwriters in January 2014. The financial figures are not in the text provided.
4 Mar 2014security holder rights change● Neutral
500,000 unlisted options exercisable at $0.80 expired on 28 February 2014 and lapsed. Administrative notice only.
12 Feb 2014farm in farm out agreement▲ GoodMajor
Non-binding letter of intent with an Asian investor: 49.9% of Rengat for US$2.7m cash plus a carry on six wells (estimated US$10-12m), and a 10% placement at no less than 4c to raise at least A$1.3m. Follows the Nov 2013 offer; agreements are due by 31 March 2014.
31 Jan 2014quarterly activities report● Neutral
December quarter report repeats Pilot Well 2 results (46 m net coal, 2.44-30.15 mD) and says dewatering began 27 December. Pre-POD approval is still being processed. Rengat farm-out is now targeted for the first half of 2014 and Mozambique concessions within six months.
20 Jan 2014security holder rights change● Neutral
1,250,000 unlisted options exercisable at $0.48 expired on 14 January 2014 and lapsed. Administrative notice with no cash raised.
14 Jan 2014capital raising announcement● Neutral
Shortfall shares from the December rights issue were allotted to the underwriters, taking shares on issue to 335,020,698. Farjoy holds 30.68% and Aspac Mining 13.78%. Completes the raising of about $1.87m.
13 Jan 2014director officer appointment▼ BadMajor
CEO Christopher Newport resigned for personal reasons, with a six-month notice period, and stays until a successor is found. A search has begun. He led the delivery of certified resources and the pilot wells and plant in Indonesia.
2 Jan 2014capital raising announcement▼ BadMajor
Rights issue closed with acceptances for 33.4m new shares; the shortfall is 37.1m. The underwriter Farjoy takes 20m, so the raising totals $1,867,627.65 before costs, well short of the up to $2.5m sought.
What it means for a shareholder
33.4m new shares at about A$0.0559 to raise about A$1.9m. That's 11% dilution: every existing holder's slice gets 11% smaller. If you held A$1,000 of shares (17,884 at the issue price), your slice goes from 0.00635% to 0.00568% of the company. To keep it you'd need 2,121 more shares - about A$119 at the issue price.
Create a free account to see this worked out for your own holding.
27 Dec 2013well test result▲ Good
Pilot Well 2 permeability tested at 2.44 to 30.15 mD across four seams, certified by PT Lemigas. Gas flaring and dewatering began 25 December. Next is analysis to pick the seam for horizontal drilling at Pilot Well 3, 300 m away. No gas rate given.
4 Dec 2013flow test result▲ Good
Pilot Well 2 completed with first gas flows seen during completion, and permeability testing has started. Pre-POD approval for early gas sales is still being processed by SKKMIGAS. Well 1 has now produced gas for over 300 days (a different figure from earlier reports).
29 Nov 2013capital raising announcement● Neutral
Shareholder mailing notices for the rights issue. Farjoy and Aspac say they will take up their entitlements. Funds available would be $3.5m if fully subscribed or $2.7m if not (including Farjoy and Aspac take-up). Ineligible overseas holders get no offer.
28 Nov 2013capital raising announcement▼ BadMajor
Partially underwritten 1-for-4 non-renounceable rights issue at 3.5c to raise up to about $2.5m, underwritten by Farjoy to $700,000. This is well below the 7.5c April 2013 issue price. Funds go mainly to the Muara Enim pilot program, alongside $1.0m cash on hand.
28 Nov 2013listing compliance notice● Neutral
Shares reinstated to quotation following release of the rights issue announcement.
28 Nov 2013capital raising announcement● Neutral
Offer document for the 1-for-4 rights issue at 3.5c, raising up to about $2.5m, partially underwritten by Farjoy; closes 27 December 2013. Repeats the terms already announced, adding risk factors and the application process.
27 Nov 2013listing compliance notice● Neutral
ASX suspended NGY shares at the company's request, pending an announcement.
27 Nov 2013listing compliance notice● Neutral
Company requested a temporary trading suspension pending an announcement about a capital raising, expected to lift before 2 December 2013.
22 Nov 2013resource reserve update▲ Good
Geological study of South Sumatra data confirms coal up to 150 m total thickness at Muara Enim, a 38 m single seam, and 20 'sweet spot' locations. No updated resource figure is given. A 2014/15 pilot program is aimed at a 50-100 mmscfd project in 2016.
21 Nov 2013material agreement▲ GoodMajor
Heads of agreement with an undisclosed Mozambique party for exclusive CBM exploration in Tete Province. Also, a written offer has gone to an unnamed Asian group (turnover over $5bn) for an investment plus a Rengat PSC farm-in, with cash and a carried interest; agreement is targeted this year.
20 Nov 2013drilling result▲ Good
Pilot Well 2 reached 802 m (the earlier target was 880 m) and logged 46 m of net coal, including 13 m of continuous Suban J seam. Completion with radial jets, fishbone and slotted liner follows. Pre-POD approval is still awaited.
13 Nov 2013drilling progress report● Neutral
Pilot Well 2 is cased to 594 m and drilling the final section toward an 880 m target, with six coal seams to be tested. Work has begun connecting it to the pilot plant. A government official visited on 12 November ahead of pre-POD approval.
31 Oct 2013investor presentation● Neutral
Notice of a webcast on 31 October with Chairman Graeme Robertson and CEO Chris Newport on Muara Enim. Administrative link only; no new information in the announcement itself.
31 Oct 2013quarterly activities report● Neutral
September quarter report: Pilot Well 1 still flowing gas after six months, Well 2 spudded in early October, and pre-POD talks continue. Company aims to upgrade resources, book reserves and sell first pilot gas within six months, so the end-2013 target now looks pushed out. Cash not readable.
30 Oct 2013agm notice● Neutral
All three AGM resolutions passed: the remuneration report, re-election of director Peter Cockcroft, and the 7.1A additional share issue capacity. Votes cast for were far larger than votes against. Routine governance outcome.
30 Oct 2013investor presentation● Neutral
AGM presentation largely repeats known facts: 4.2 Tcf prospective, 100 Bcf 3C contingent resource, three Indonesian PSCs. Notes Pilot Well 1 gas for about six months, Well 2 drilling at 550 m, and a possible pipeline buyer 3.5 km away at a US$7.50/mmbtu netback price.
4 Oct 2013other● Neutral
Provides a web link to a video of the Pilot Well 2 spudding. No new information.
3 Oct 2013drilling spud▲ GoodMajor
Pilot Well 2 spudded 2 October at Muara Enim, to be drilled to 800 m with radial jet and 'fishbone' completions. Well 1 has produced gas for over 120 days. Talks with SKKMIGAS on pre-POD approval would allow selling gas to a pipeline about 7 km away.
