Past year: ▼ 50%(0.30c – 1.90c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
16 Mar 2011half year report▲ Good
Half-year to 31 Dec 2010 shows a profit after tax of $764,832, against a $339,890 loss a year earlier. The report restates the merger, rights issue, option exercise and trustee scheme. It gives Octanex's Cornea interest as 18.75%.
14 Mar 2011drilling result▼ Bad
Gawain-1 reached the top of the Mungaroo sandstone at about 2,693m, 94m deeper than predicted, with no gas or hydrocarbon shows. Fluorescence was seen in three thin sandstones without significant gas. The company says significance can't be judged until logs are run.
9 Mar 2011drilling progress report● Neutral
Gawain-1 was at 2,590m, with the riser and blow-out preventer installed and tested, and about to drill the 12¼-inch hole toward the Mungaroo target. No new results.
2 Mar 2011drilling progress report● Neutral
Gawain-1 had its 13⅜-inch casing set, though more days were lost to weather. The next step is to drill toward the Mungaroo target, with the top of the formation expected near 2,599m. No results yet.
23 Feb 2011drilling progress report● Neutral
Gawain-1 pilot hole was drilled to 2,540m, but several days were lost when the drillship moved off for Tropical Cyclone Carlos. The ship was returning to location on 23 Feb. No results yet.
14 Feb 2011drilling spud▲ GoodMajor
Gawain-1 spudded at 03:00 WST on 12 Feb 2011, the first of the two Exmouth Plateau wells. The 36-inch conductor is cemented and 24-inch hole is being drilled. Octanex holds 20%, fully carried.
8 Feb 2011drilling progress report▼ Bad
The drillship reached the Gawain-1 location on 8 Feb but is moving away because of a possible tropical cyclone. The return date is unknown, so the spud is delayed.
3 Feb 2011drilling scheduled● Neutral
The Saipem 10000 drillship left Darwin on 2 Feb 2011 and should reach the Gawain-1 location in 5 to 7 days. Gawain-1 will be followed immediately by Galahad-1. Octanex holds 20% in both wells, which are fully carried.
27 Jan 2011investor presentation● Neutral
January 2011 investor update ahead of the two-well Exmouth Plateau program. Cash was over $22.5m at 25 Jan, with $15m of calls due on partly paid shares in Dec 2011 and Dec 2012. Largely repeats known facts.
19 Jan 2011farm in farm out completion● NeutralMajor
Octanex confirmed it will join the second well, Galahad-1 in WA-363-P, keeping a 20% fully carried interest rather than taking US$16m cash. With the Gawain-1 choice, it has passed up US$32m. Drilling is expected from late January 2011.
17 Dec 2010drilling scheduled▲ GoodMajor
Targets set for two Exmouth Plateau wells: Gawain-1 in WA-362-P and Galahad-1 in WA-363-P, both aiming at Triassic Mungaroo sands, with drilling expected late January 2011. Company estimates undiscovered gas of 5 TCF at Gawain (chance of success 13-27%) and 4 TCF at Galahad (22-30%).
17 Dec 2010other● Neutral
Octanex adopted a share trading policy on 17 Dec 2010 governing share dealing by directors, executives and employees. Administrative, no effect on assets.
25 Nov 2010security holder rights change● Neutral
Letter to holders of the 25c listed options expiring 31 Dec 2010. Quotation ends 22 Dec. Holders can pay in full or pay 5c for a partly paid share. Last sale was 43c. Administrative reminder.
25 Nov 2010investor presentation● Neutral
AGM presentation restating known facts: cash above $25.6m at 24 Nov, $14.4m uncalled on partly paid shares, and Exmouth Plateau wells expected from January 2011. It notes the Artemis 1 well, spudded 23 Nov, in which Octanex's Cue and Moby holdings are carried.
24 Nov 2010farm in farm out agreement▲ GoodMajor
Santos farms into WA-323-P and WA-330-P (Winchester area), taking 75% and operatorship. Santos will shoot 3D, drill one well and reimburse past costs; Octanex keeps 25% free carried. Conditional on approvals and permit renewals. This resolves the farmout search begun June 2010.
18 Nov 2010security holder rights change● Neutral
The Supreme Court approved the replacement trustee stock scheme on 17 Nov. The old 33m trustee shares are cancelled on 19 Nov and 33m new trustee shares will be issued on 26 Nov, unlisted. This completes the scheme replacement.
16 Nov 2010capital raising announcement▲ GoodMajor
The 1-for-4 partly paid rights issue closed fully subscribed, raising $2,167,057 before costs from 43,341,151 shares at 25c (5c paid). Applications exceeded the small shortfall. A further 20c per share remains callable in 2011 and 2012.
What it means for a shareholder
43.3m new shares at A$0.250 to raise about A$10.8m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
12 Nov 2010business combination▲ GoodMajor
The Supreme Court of Victoria gave final approval to the Goldsborough merger scheme. Octanex will issue 6,059,528 new shares to Goldsborough holders on 19 Nov, with deferred trading from 22 Nov. This completes the merger approved by Goldsborough members on 22 Oct.
9 Nov 2010security holder rights change● Neutral
Members passed all resolutions to cancel the 33m trustee shares and replace them with a new trustee stock scheme on similar terms. Court approval hearing is set for 17 Nov. Described as having minimal effect on capital.
8 Nov 2010drilling scheduled▲ GoodMajor
OMV and Eni now intend to drill two back-to-back wells, one in WA-362-P and one in WA-363-P, starting mid-January 2011 for about 60 days, subject to approvals. Locations are due in about four weeks. Octanex pays nothing; its interest falls from 40% to 20% once the second well is formally committed.
26 Oct 2010security holder rights change● Neutral
The 28.7m partly paid shares issued from option exercises on 20 October will not be quoted as OXXCA until 9 Nov, when deferred settlement trading begins. This is because ASX has allocated that code to the rights issue shares. Unrestricted trading starts 24 Nov.
22 Oct 2010annual report● Neutral
2010 annual report (year to 30 June), re-released after the 11 August announcement. It repeats the year's highlights: ASX listing, the Taranaki permit, Winchester farmout talks, the OMV/Eni Schiele survey and 45% of Goldsborough.
22 Oct 2010business combination▲ GoodMajor
Goldsborough members unanimously approved the merger scheme at all four meetings on 22 October. Court final approval is sought on 5 Nov, with new Octanex shares to be issued about 15 Nov. This moves the merger forward.
22 Oct 2010capital raising announcement● Neutral
Rights issue prospectus mailed to shareholders on 22 October, with the same terms: 1 for 4 at 25c partly paid, closing 15 November. It repeats the 24 September document, with the closing time shown as AEDT.
22 Oct 2010capital raising announcement● Neutral
Sample entitlement and acceptance form for the rights issue: 1 share for every 4 held at 25c, 5c payable on application, closing 15 November 2010. Administrative document with no new information.
20 Oct 2010capital raising announcement▲ GoodMajor
28.94m of 32.9m listed options (about 89%) were exercised by the 18 Oct record date, raising $1.49m; most paid only 5c. This may lift the rights issue by up to 7.23m shares to about 43.3m. The remaining 3.96m options expire 31 Dec.
What it means for a shareholder
7.2m new shares at about A$0.2061 to raise about A$1.5m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
19 Oct 2010farm in farm out completion▲ GoodMajor
Shell committed to drill a well in WA-384-P, planned for late 2011, avoiding reassignment of the permit to Octanex. A discovery would pay Octanex US$5m, with more payments and a 1% royalty possible. Shell gets extra time on WA-385-P; WA-394-P decision is due by February 2011.
14 Oct 2010joint venture update● Neutral
OMV says Schiele 3D processing is almost complete. The well location in WA-362-P or 363-P will be decided in December 2010, with drilling now expected in Q1 2011 subject to approvals and rig choice. Octanex is carried, with interest falling from 40% to 20% in the drilled permit.
8 Oct 2010asset acquisition disposition▲ Good
Octanex sold all its 10m Central Petroleum shares and 5m options on market, at a 10% surplus over the original cost of $1m. Proceeds go to working capital. It still holds 43,656,168 Cue Energy shares.
24 Sept 2010capital raising announcement● Neutral
Full rights issue prospectus lodged: about 36.1m partly paid shares at 25c, up to $1.8m initially and $9.0m if fully paid. Not underwritten, Patersons lead manager. Closes 15 Nov 2010. Repeats the 22 September terms.
