Past year: ▼ 50%(0.30c – 1.90c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
21 Mar 2012regulatory community update▲ GoodMajor
Octanex NZ was granted 100% of PEP 53473 in the Taranaki Basin, about 853 km² next to the producing Tui field. It must reprocess 1,000 km of 2D seismic within 12 months, with surrender rights at each stage. This is its fourth New Zealand permit.
13 Mar 2012drilling result▲ Good
Ascalon 3D in WA-407-P is complete, with about 426 km² acquired against a 200 km² requirement. This finishes the six-survey Bonaparte programme: 2,168 km of 2D and 1,186 km² of 3D, well above the required 1,850 km and 800 km².
13 Mar 2012half year report▲ Good
Half-year to 31 December 2011 shows a profit after tax of $1,844,199 (prior year: $764,832). It restates the 4c special dividend, the in-specie Cue/Petrel dividend and the $7.52m call, with 13 Australian working-interest permits plus three in New Zealand.
6 Mar 2012listing compliance notice▼ Bad
ASX queried a late Appendix 3Y for director Graeme Menzies, relating to shares bought at the partly paid share auction. Octanex blamed share registry delays and says it met the Corporations Act deadline. Minor compliance matter.
10 Feb 2012drilling progress report● Neutral
The Ascalon 3D survey in WA-407-P (100% Octanex) has started, expected to take about 24 days and cover roughly 325 km². It is the last of three Bonaparte 3D surveys and meets the Year 3 work obligation.
9 Feb 2012drilling result▲ Good
Tamar 3D in WA-420-P is complete, with about 501 km² acquired, well above the 300 km² Year 3 obligation. It is the second of three 3D surveys; Ascalon in WA-407-P remains.
9 Feb 2012capital raising announcement▲ Good
All 2,068,149 forfeited partly paid shares sold at auction, mostly at 10.5c, raising $217,496. With the earlier call payments, the 10c call is now 100% paid, raising $7,520,191 in total; the shares are paid to 15c.
9 Feb 2012security holder rights change● Neutral
Late payments redeemed 2,469,488 forfeited shares, lifting call payment to about 97% and $7,313,376 in total. The remaining 2,068,149 forfeited shares go to auction on 9 February; unsold shares will be cancelled.
8 Feb 2012security holder rights change● Neutral
Notice that forfeited partly paid shares will be auctioned on 9 February 2012 at 2:30pm with a 10c reserve. Administrative.
7 Feb 2012asset acquisition disposition● Neutral
The joint venture decided not to renew WA-375-P and WA-376-P, in which Octanex held 75%, and both expired on 5 February 2012 after a prospectivity review. Reduces the Bonaparte portfolio.
1 Feb 2012drilling scheduled▼ Bad
Santos says the Winchester well, in which Octanex has a free-carried 25%, has slipped from Q3 to Q4 2012 because the Ensco 109 rig will be delivered later than negotiated. Contradicts the earlier Q3/August timing.
20 Jan 2012dividend declaration▲ GoodMajor
Directors resolved to distribute its Cue Energy and Orion (Petrel) shares as a special dividend: one Cue per five Octanex shares and one Orion per twenty, worth about 5.025c per share. Record date is 28 March 2012. Reasons given include franking credits and shedding non-core assets.
20 Jan 2012security holder rights change● Neutral
Letter to holders of forfeited partly paid shares: they may redeem by paying the 10c call before 5pm on 8 February 2012, otherwise the shares are auctioned on 9 February with a reserve of up to 10c. Administrative.
20 Jan 2012capital raising announcement▲ GoodMajor
The 10c call was paid on 70,664,272 partly paid shares (about 94%), raising $7,066,427; those shares are now paid to 15c and trade as OXXCB. The 4,537,637 unpaid shares are forfeited and go to auction on 9 February 2012.
18 Jan 2012drilling progress report● Neutral
Tamar 3D in WA-420-P, the second of three Bonaparte 3D surveys, has started and should take about 30 days. It will cover roughly 400 km² and meet the 300 km² Year 3 obligation.
16 Jan 2012drilling result▲ Good
Rissa 3D in WA-422-P is complete, with about 331 km² acquired within budget, exceeding the combined 300 km² Year 2 and 3 obligation. It is the first of three 3D surveys; the data will be used to resolve oil leads.
20 Dec 2011drilling progress report● Neutral
The first of three Bonaparte 3D surveys, Rissa (295 km²) in WA-422-P, has started, with Ascalon (325 km²) and Tamar (400 km²) to follow. All three are expected to take about 60 days and fulfil Year 3 work obligations.
16 Dec 2011security holder rights change● Neutral
Partly paid shares will trade as OXXCB from 3 January 2012; 30 December is the last day under OXXCA. Because 31 December is a Saturday, cheques received 3 January count as on time. Administrative.
13 Dec 2011dividend declaration▲ Good
The 4c fully franked special dividend was mailed 12 December, paid equally on fully and partly paid shares. $7.26m of franking credits remain. Directors and their interests, holding 53,498,606 partly paid shares, intend to pay the call. Completes the dividend thread.
6 Dec 2011security holder rights change● Neutral
Call notice for the 10c call on 75,201,909 partly paid shares is mailed, due 31 December 2011; unpaid shares are forfeited after 14 days. It restates 2012 milestones: Matuku decision by 19 Nov 2012, Winchester drilling August, Palta-1 in Q3. Continues the call thread.
30 Nov 2011security holder rights change● Neutral
Octanex called 10 cents per partly paid share (OXXCA), payable by 31 December 2011; 10 cents more remains due by 31 December 2012. Unpaid shares face forfeiture. Continues the uncalled-capital thread; call notices go out about 6 December.
29 Nov 2011security holder rights change● Neutral
A new constitution was adopted at the AGM by special resolution and is published in full. The earlier notice said it makes no changes materially affecting shareholders' rights.
29 Nov 2011other● Neutral
Chairman's AGM address recaps the company's history and says a 4c fully franked special dividend will be paid about 12 December. Because the key wells are free carried, a dry hole would not leave the company significantly worse off financially; board is considering ways to shelter shareholders from share price falls after dry wells.
29 Nov 2011investor presentation● Neutral
AGM presentation recaps the year and gives cash of about $28m at 29 November. It lists 2012 events: Palta-1 in Q3, Winchester-1 in August, and OMV's PEP 51906 drilling commitment due by 19 November 2012. Mostly repeats known facts.
28 Nov 2011drilling progress report▲ Good
Falcon 2D in WA-440-P is complete (about 556 km), finishing all three Bonaparte 2D surveys on time and within budget. The vessel is heading to Darwin to load equipment for the three 3D surveys (Ascalon, Tamar, Rissa).
23 Nov 2011drilling progress report▲ Good
Santos completed the Winchester 3D survey in WA-323-P/330-P (720 km² acquired, meeting the 440 km² Year 1 obligation). Processing is due by end of Q2 2012, with the well scheduled for Q3 2012; Octanex's 25% is free carried.
23 Nov 2011drilling progress report▲ Good
Hawk 2D survey in WA-441-P is complete, with about 653 km acquired on time and within budget, exceeding the 550 km Year 3 obligation. Falcon 2D in WA-440-P is now underway; second of six Bonaparte surveys done.
23 Nov 2011other● Neutral
Trading in the partly paid shares (OXXCA) resumes on 23 November after the one-day dividend-related suspension. Administrative notice only.
22 Nov 2011other● Neutral
Octanex's partly paid shares (OXXCA) were briefly suspended at the company's request so they could trade ex-dividend for the 4c special dividend. Administrative; suspension to last until 23 November.
21 Nov 2011drilling result▲ Good
The first Bonaparte survey, Kingfisher 2D in WA-421-P, is complete: about 959 km acquired, on time and within budget, exceeding the 850 km Year 3 work obligation. Hawk 2D is now underway; the Tamar 3D will later test the same play.
