Past year: ▼ 50%(0.30c – 1.90c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
15 Nov 2011investor presentation● Neutral
November investor update largely repeats known items: Santos carried through Winchester, OMV working toward a Matuku decision, Bonaparte surveys underway, and Shell's Palta-1 planned for 2H 2012. It states cash and listed investments of about $40.5m at 31 October 2011.
8 Nov 2011drilling progress report▲ Good
Seabird's six Southern Bonaparte seismic surveys (three 2D, three 3D) have begun across Goldsborough's permits, due to take about 90 days. Octanex holds 100% of five permits and will earn 60% of WA-422-P by funding its 295 km² Rissa 3D survey.
28 Oct 2011annual report● Neutral
Octanex's 2011 Annual Report (year to 30 June 2011) is released, with a chairman's review recapping the dry Gawain-1 and Galahad-1 wells, the Santos and OMV farmouts and the Goldsborough merger. The visible text adds no new figures.
24 Oct 2011farm in farm out agreement▲ GoodMajor
Goldsborough agreed to earn 60% and operatorship of WA-422-P in the Southern Bonaparte by funding a 295 km² 3D survey and reprocessing existing 2D data. It adjoins Octanex's other Bonaparte permits. Subject to regulatory approvals.
20 Oct 2011contract award▲ GoodMajor
Santos finalised a 675 km² Winchester 3D survey in WA-323-P/330-P, starting as early as 21 October 2011 and taking about 30 days. It also secured the Ensco 109 jack-up to drill the Winchester well in Q3 2012. Octanex's 25% is free carried.
13 Oct 2011regulatory community update● Neutral
Shell received environmental approval for a 783 km Tortilla 2D survey in WA-385-P, the permit's final current-term work commitment, planned between mid-November 2011 and March 2012. Shell is planning Palta-1 in WA-384-P for 2012, later than the late-2011 timing previously noted.
6 Oct 2011dividend declaration▲ GoodMajor
Octanex declared a fully franked special dividend of 4 cents per share, payable equally on fully and partly paid shares. Record date is 28 November 2011 and payment on 12 December 2011.
3 Oct 2011joint venture update● Neutral
Processing of the Matuku 3D data is due by early November 2011, with early basin modelling suggesting Matuku sits next to a potential hydrocarbon source. Well planning targets H1 2013, but OMV has not committed; it must do so by 19 Nov 2012 or hand back its 65%.
28 Sept 2011annual report▼ Bad
Annual report to 30 June 2011 shows a loss of $12,073,693, versus a $1,601,276 loss in 2010 (the half-year to December had shown a profit). No dividend was declared in the year. It recaps the Goldsborough merger, rights issue and option exercises.
1 Aug 2011regulatory community update▲ Good
OMV finished the seismic surveys in PEP 51906 (about 270 km² 3D and 120 km 2D around Matuku) and PEP 53537 (about 18 km² 3D and 118 km 2D). Processing and interpretation are expected within 12 months; Octanex NZ's 35% is free carried.
6 July 2011asset acquisition disposition▲ GoodMajor
A third New Zealand permit, PEP 53537 (1,146 km², Taranaki), was granted on 5 July 2011 to a joint venture with OMV, with Octanex NZ holding 35% and OMV operating. The JV may surrender before taking on a drilling obligation. Seismic is expected in Q3 2011.
30 June 2011contract award▲ GoodMajor
Octanex's Goldsborough subsidiary awarded Seabird Exploration a contract for at least 600 km² of 3D and about 1,000 km of 2D seismic over WA-422-P, 420-P, 407-P and 421-P in the South Bonaparte. Reprocessing of over 11,000 km of old 2D data is substantially complete.
10 June 2011other▲ Good
Cover release attaching Santos's own media statement on the WA-323-P/330-P farm-in. Santos calls Winchester a large prospect similar to the Zola gas discovery and is considering drilling possibly by end of 2012, ahead of its three-year deadline.
10 June 2011farm in farm out completion▲ GoodMajor
The Santos farmout of WA-323-P and WA-330-P is now unconditional. Santos holds 75% and operates; Octanex keeps 25% free carried and receives A$7m for past costs. A Santos 3D survey is due in Q4 2011, then a well within three years.
9 June 2011investor presentation● Neutral
June 2011 investor update repeating known positions: cash over ~$24m at 3 June, investments ~$14m (Cue stake ~$12.7m), and $7m of Santos back costs due imminently. Partly paid share calls of $7.52m each fall on 31 Dec 2011 and 2012. Nothing new.
26 May 2011drilling result▼ BadMajor
Galahad-1 has been plugged and abandoned after logging, ending the two-well Exmouth Plateau program following dry Gawain-1. Octanex's 20% was free carried through both wells and stays carried through any next well in either permit.
16 May 2011drilling result▼ BadMajor
Galahad-1 reached total depth of 3,448m with no hydrocarbon indications in the shallower Mungaroo sands, including the AVO-anomaly targets. A thin sand below them showed elevated gas; its significance is still to be analysed. Logging precedes planned abandonment.
11 May 2011drilling progress report● Neutral
Galahad-1 remained at 2,380m while the riser and blow-out preventer were pressure tested after a weather delay. Drilling of the 12¼-inch hole is next. No results yet; Octanex's 20% stays free carried.
10 May 2011farm in farm out completion▲ GoodMajor
The OMV farmout of PEP 51906 became unconditional after New Zealand ministerial consent. OMV holds 65% and operates, and Octanex keeps 35% free carried. OMV will reimburse NZ$1m and start the 270 km² Matuku 3D survey, taking about 35 days. This completes the 25 March deal.
4 May 2011drilling progress report● Neutral
Galahad-1 reached 2,380m, with the 13⅜-inch casing cemented and the riser and blow-out preventer being installed. Top Mungaroo is predicted near 2,489m, with intra-Mungaroo sand targets from about 2,698m to 3,344m. No results yet.
27 Apr 2011drilling spud● NeutralMajor
Galahad-1 spudded at 06:30 WST on 24 April 2011, the second well of the Exmouth Plateau program after the dry Gawain-1. Surface casing is set and a pilot hole is being drilled. Octanex's 20% stays free carried.
21 Apr 2011drilling scheduled● Neutral
Galahad-1 in WA-363-P is expected to spud within 5 to 7 days and take about 36 days. It targets multiple Triassic Mungaroo sands, with undiscovered hydrocarbons in place at the well location estimated at 4 TCF. Octanex holds 20%, fully carried.
20 Apr 2011drilling progress report● Neutral
Logs were run at Gawain-1 and plugging and abandonment should finish by 23 April 2011. The drillship then moves to Galahad-1. Octanex's 20% stays free carried. Confirms the earlier dry-hole result.
13 Apr 2011drilling result▼ BadMajor
Gawain-1 reached total depth of 3,963m with no hydrocarbons encountered in the final section from 3,778m. Wireline logs are next, then the well will be plugged and abandoned. Octanex's 20% stays free carried through Galahad-1. The company's pre-drill estimate for Gawain was 5 TCF, so this is a dry hole.
11 Apr 2011drilling progress report● Neutral
The drillship has returned to Gawain-1 and is preparing to resume drilling from 3,778m. The next target, at 3,832m, remains ahead. No new results.
4 Apr 2011drilling progress report● Neutral
Gawain-1 drilled to 3,778m, then drilling was suspended and the well secured as the drillship left location ahead of a developing tropical low. The 3,832m target had not yet been reached.
1 Apr 2011asset acquisition disposition▲ GoodMajor
Octanex's New Zealand subsidiary was granted a second Taranaki permit, PEP 52593 (over 3,500 km²), and has applied for a third, PEP 53473. The permit can be surrendered before a drilling commitment is due (by 1 April 2014). This extends the Taranaki position beyond PEP 51906.
28 Mar 2011drilling progress report● Neutral
Gawain-1 sat at 3,653m waiting on weather after the 9⅝-inch liner was cemented. The operator is watching a developing weather system before deciding whether to drill ahead or move off. No new results.
25 Mar 2011farm in farm out agreement▲ GoodMajor
OMV New Zealand farms into PEP 51906 in Taranaki, taking 65% and operatorship, with Octanex keeping 35% free carried. OMV pays for a 3D survey of at least 270 km² and reimburses up to NZ$1m of past costs. It must commit to a well by 19 Nov 2012 or hand the interest back. Subject to ministerial consent. This resolves the open farmout search.
21 Mar 2011drilling progress report▼ Bad
Gawain-1 reached 3,653m. The operator skipped wireline logs in this section, citing no evidence of commercial hydrocarbons in the Upper Mungaroo from LWD data, cuttings and the absence of gas shows. The earlier fluorescence still needs analysis. The next target is at 3,832m.
