Past year: ▼ 50%(0.30c – 1.90c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
24 Jan 2013asset acquisition disposition● NeutralMajor
Octanex agreed to buy 25% of the Derby Block, onshore Canning Basin, from Oil Basins for $1.75m, plus 15m OBL shares at 3.5c ($525,000). A new onshore, shale-focused area for a company so far offshore. Conditional on permit grant; Buru to hold 50%.
11 Dec 2012drilling scheduled▲ GoodMajor
OMV has contracted the Kan Tan IV rig to drill Matuku-1 from Q3 2013, with a slot for Matuku-2 if successful. Resolves the rig search. Octanex stays free carried; NZOG's US$12.5m is paid in three tranches, the last when the rig is on location.
11 Dec 2012drilling scheduled▲ Good
NZ Oil & Gas reports OMV has secured the Kan Tan IV rig for Matuku drilling in Q3 2013. The NZOG farm-in remains subject to regulatory approval. Duplicates Octanex's own rig announcement the same day.
28 Nov 2012agm notice● Neutral
Chairman's AGM address says Octanex will adopt more aggressive permit management to cut financial risk, noting unsuccessful wells hurt share values even when farminee-funded. The NZOG Taranaki deals are the first step. Otherwise restates known projects.
28 Nov 2012agm notice● Neutral
All eight resolutions put to the 28 November 2012 AGM passed on a show of hands. They covered the remuneration report, electing Coombes, re-electing Menzies, the $150,000 non-executive director fee pool, appointing Grant Thornton as auditor, and options for three directors.
28 Nov 2012investor presentation● Neutral
AGM presentation restates known items: Winchester-1 in Q1 2013, Matuku-1 from Q3 2013, Palta-1 under way, NZOG deals. States cash of $15.4m and expected US$12.5m from NZOG; about US$2m Octanex-funded Taranaki spend.
28 Nov 2012farm in farm out agreement▲ Good
NZ Oil & Gas's own announcement of its deal with Octanex: US$12.5m for a 12.5% interest in PEP 51906 (Matuku), leaving Octanex 22.5%, plus 50% farm-ins to PEP 53473 and PEP 52593. Duplicates Octanex's own announcement of the same day.
28 Nov 2012farm in farm out agreement▲ GoodMajor
Octanex signed deals with NZOG: US$12.5m for 12.5% of PEP 51906 (Matuku), leaving Octanex 22.5%, with options for a further 5%. NZOG also earns 50% of PEP 53473 (funding 75% of costs) and PEP 52593 (60%). Subject to ministerial and OMV approvals.
16 Nov 2012drilling scheduled▲ GoodMajor
OMV committed to drill Matuku-1 in PEP 51906 before the 19 November 2012 deadline, so it keeps its 65%. Drilling is targeted for Q3/Q4 2013, subject to securing a rig, at ~4850m depth. Octanex's 35% is free carried; mean recoverable resource is ~65 mmbbl if hydrocarbons are present.
29 Oct 2012agm notice● Neutral
Notice of the 28 November 2012 AGM. Resolutions include electing David Coombes, re-electing Graeme Menzies, lifting the non-executive director fee pool from $60,000 to $150,000, appointing Grant Thornton as auditor, and 500,000 options each at 32c to Willis, Menzies and Coombes.
29 Oct 2012annual report● Neutral
2012 Annual Report restates the year's activity: Bonaparte surveys, Matuku at ~65 mmbbl, and permit renewals. The Chairman says the company is considering permit management strategies to reduce financial risk after unsuccessful wells.
26 Oct 2012quarterly activities report● Neutral
Quarter to September 2012: WA-362/363-P renewed, WA-386/387-P now 100% Octanex with renewals lodged, Palta-1 rig arriving, Winchester 3D processing complete with well still scheduled Q1 2013. Mostly restates items already announced.
16 Oct 2012drilling spud▲ GoodMajor
Shell spudded Palta-1 in WA-384-P on 14 October 2012 using the Noble Clyde Boudreaux rig, in about 1300m of water, expected to take 60-90 days to over 5000m. Octanex, which sold the permit in 2008, keeps discovery payments, a 1% royalty and re-conveyance rights.
28 Sept 2012annual report● Neutral
Annual financial report for year to 30 June 2012 shows a profit after tax of $1,713,316 (prior year: loss of $12,073,694). It restates the dividends and call, and notes the deferral of the final call on partly paid shares. Auditor listed as Grant Thornton.
24 Aug 2012regulatory community update▲ GoodMajor
WA-362-P and WA-363-P were renewed for 5 years from 23 August 2012, resolving the pending renewals. Octanex keeps 33.333% and stays free carried to the next well. If Eni drills, Octanex's interest drops to 20%. Work includes 500 km² 3D in year 4 and a well in year 5.
24 Aug 2012director officer appointment● Neutral
Robert John Wright was appointed an additional Company Secretary alongside J.G. Tuohy. No further detail is given.
17 Aug 2012regulatory community update● Neutral
Octanex now holds 100% of WA-386-P and WA-387-P after OMV and Eni withdrew, and has lodged 5-year renewal applications (half the area relinquished). It will seek other explorers to join. Offers of renewal for WA-362-P/363-P have been accepted.
27 July 2012quarterly activities report● Neutral
Quarter to June 2012: Palta-1 now scheduled for Q4 2012 (slipped from Q3), Winchester 3D processing nearly done, Matuku confirmed at ~65 mmbbl. OMV and Eni are withdrawing from WA-386-P/387-P, which would leave Octanex at 100%. Mostly restates known items.
28 June 2012security holder rights change▲ GoodMajor
Directors resolved that no call will be made on the 74,278,910 partly paid shares (OXXCB) before 31 March 2014, deferring the final 10c per share. This replaces the earlier expectation of a call due 31 Dec 2012; the directors say an earlier call would not serve shareholders.
26 June 2012resource reserve update▲ GoodMajor
OMV confirmed Matuku in PEP 51906 as a valid structural closure with an estimated mean recoverable resource of about 65 million barrels (if hydrocarbons are present). It is seeking a rig for drilling in the first half of 2013, with Octanex's 35% free carried. OMV has not yet committed; the deadline is 19 November 2012.
25 June 2012listing compliance notice▼ Bad
ASX queried the late Appendix 3X for new director David Coombes, due 23 May and lodged 18 June. Octanex blamed oversight, said his holding is unchanged since appointment, and reminded directors of their obligations. Second late director notice this year.
16 May 2012director officer appointment● Neutral
David Coombes, a Gadens Lawyers tax partner with 40 years' experience, joins as an independent non-executive director. This gives the four-person board two independent non-executive directors.
30 Apr 2012quarterly activities report● Neutral
Quarter to March 2012: fourth NZ permit won, Bonaparte 3D surveys finished, Cue/Petrel dividend declared, and the call completed (~$7.52m). Octanex now holds 17 working-interest permits. Winchester well is scheduled for Q1 2013, and Shell has secured a rig for Palta-1.
5 Apr 2012dividend declaration● Neutral
Dividend statements for the in-specie Cue and Petrel special dividend are mailed 10 April. The shares were transferred on 29 March. After the distribution, Octanex expects about $1.7 million of franking credits remaining.
2 Apr 2012drilling progress report▲ Good
Shell completed the 783 km Tortilla 2D survey in WA-385-P in late March. Shell has committed to drill Palta-1 in WA-384-P, planned for Q3 2012 subject to approvals. Octanex keeps discovery payments, a 1% royalty and re-conveyance rights.
2 Apr 2012drilling scheduled▼ Bad
Santos now expects the Winchester well to be drilled in late Q1 2013, because PTTEP needs more time on Montara drilling with the Ensco 109 rig. This is a second slip, from Q3 to Q4 2012 and now to Q1 2013. Octanex's 25% is free carried.
22 Mar 2012dividend declaration● Neutral
ASX tagged the shares 'ex bonus issue' (XB) rather than 'ex dividend' from 22 March. Octanex says no bonus issue is being made and the Cue/Petrel special dividend is unaffected. Clarification only.
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.
