Past year: ▼ 50%(0.30c – 1.90c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
24 Sept 2010capital raising announcement● Neutral
Letter to shareholders outside Australia and New Zealand: the rights issue will not be offered to them. Patersons will try to sell their entitlements and forward any proceeds. The prospectus was lodged 24 September 2010. Administrative notice.
24 Sept 2010capital raising announcement● Neutral
Letter to securityholders restating the 1-for-4 partly paid rights issue at 25c (5c now, 10c by Dec 2011, 10c by Dec 2012). Up to $1.81m initially, $9.03m if fully paid; initial funds go to the Kakapo 3D survey and costs. Closes 15 Nov.
23 Sept 2010security holder rights change● Neutral
Octanex notified holders of its 25c OXXO options (expiring 31 December 2010) of the rights issue. Options exercised by the 18 October record date, in full at 25c or in part at 5c, can take part. Later exercises get no entitlement.
22 Sept 2010business combination● Neutral
Scheme booklet for the Goldsborough merger, with the independent expert's report and implementation agreement. It is addressed to Goldsborough members, whose only independent director, John Tuohy, strongly recommends it. Details repeat the same-day merger announcement.
22 Sept 2010business combination● NeutralMajor
Octanex proposes merging with Goldsborough by scheme, issuing one Octanex share per five Goldsborough shares it doesn't hold, about 6.06m new shares. Octanex already holds 45.15%. The independent expert found it fair and reasonable for Goldsborough holders. No Octanex vote is needed.
22 Sept 2010capital raising announcement● NeutralMajor
Octanex announces a renounceable rights issue of one partly paid share per four held at 25c, with 5c payable now and 10c calls in Dec 2011 and Dec 2012. About 36.1m shares would raise about $1.8m initially, $9.0m if fully paid. Not underwritten.
15 Sept 2010admin correction● Neutral
Octanex corrected two slides in its 10 September overview: it holds 43,656,168 Cue Energy shares, not 46,656,168. The holding is unchanged since August 2009.
10 Sept 2010investor presentation● Neutral
September 2010 investor overview. New detail: Winchester farmout is expected to conclude in October 2010, and Octanex will drill it only if farmed out. Schiele processing is due October and drilling first half 2011. Cornea interest shown as 10.25%.
6 Sept 2010drilling progress report▼ Bad
The Kakapo 3D survey in PEP 51906 was suspended after about 20% of the planned 270 km² because of mechanical problems on the Reflect Resolution vessel. Octanex is discussing repairs and restart timing with the contractor. This delays the Taranaki work.
13 Aug 2010contract award▲ Good
Octanex signed Reflect Geophysical to acquire a 270 km² 3D survey in its 100% Taranaki permit PEP 51906, starting about 14 August. The survey covers three leads and is accepted as meeting the second-period seismic commitment. Data are expected before Q1 2011.
11 Aug 2010annual report● Neutral
Annual report for year to 30 June 2010: loss of $1.60m (2009: $0.83m loss), no dividend. It reports nine working-interest permits and three residual or royalty interests, with a further 16.08m Goldsborough shares issued on 1 July 2010.
22 July 2010drilling progress report▲ Good
The 3,955 km² Schiele 3D survey over WA-362-P and WA-363-P is complete, with full processing due Q4 2010. OMV and eni are readying a well for first half 2011, possibly Q1. Octanex stays fully carried; its 40% falls to 20% in the drilled permit.
2 June 2010business combination▼ Bad
Orion says Octanex's takeover offer lapsed on 1 June 2010 and it lodged no acceptance notices. Only 1.53m Orion shares (under 1%) had accepted, and these will be returned. Confirms the bid's end; adds Orion's account of acceptances.
2 June 2010business combination▼ BadMajor
Octanex's takeover offer for Orion lapsed on 1 June 2010 and was not extended, with the bid conditions unsatisfied. This ends the bid announced in February. Octanex keeps its Orion stake, about 8%.
24 May 2010business combination▼ Bad
Status notice shows none of the Orion bid conditions were satisfied. Octanex's voting power in Orion was 8.15% (13.04m of 160m shares), well short of the 50.1% minimum, a week before the offer closed.
30 Apr 2010business combination▼ Bad
Orion lodged its Target's Statement, recommending shareholders reject Octanex's offer and ignore its communications. Offer is open to 1 June 2010. Rejection was already known.
23 Apr 2010business combination● Neutral
Bidder's statement as sent to Orion holders: one Octanex share for six Orion shares, closing 1 June 2010 unless extended. It is conditional on 50.1% acceptance and Orion keeping $8.25m cash. Octanex values the merged group at about $65m.
23 Apr 2010business combination● Neutral
Octanex gave formal notice that its replacement bidder's statement was sent to Orion shareholders on 23 April 2010, the offer date. Administrative notice only.
21 Apr 2010drilling progress report▲ Good
The 3,955 km² Schiele 3D survey over WA-362-P and WA-363-P began on 21 April, with processing due by September 2010. Drilling is still planned for first half 2011. Octanex's 40% permit interest falls to 20% in the permit drilled, fully carried.
19 Apr 2010business combination● Neutral
Octanex said ASIC granted five extra days to post its Orion offers, to 23 April 2010, because preparing the replacement bidder's statement pushed past the 18 April deadline. A timetable notice only.
16 Apr 2010investor presentation● Neutral
April 2010 investor overview repeating known facts: $23m cash, no debt, and listed investments over $15m, including Cue shares now valued at about $11.56m. Cash plus liquid investments are about $0.26 per share.
16 Apr 2010business combination● NeutralMajor
Octanex lodged a replacement bidder's statement for Orion with softened conditions. The cash condition falls from $11m to $8.25m and the director-warranty condition is dropped. The 50.1% minimum acceptance condition remains. This responds to Orion's objections.
16 Apr 2010business combination● Neutral
Supplementary bidder's statement listing the amendments carried into the replacement statement: the cash condition cut to $8.25m and the director warranties removed. It adds no new terms.
6 Apr 2010business combination▼ Bad
Orion sent shareholders a letter repeating its 1 April rejection of Octanex's bid. It says the bid undervalues Orion at 6.2c against 7.5c, its conditions cannot be met, and Eastern Star (22%) will not accept. No new information.
1 Apr 2010business combination● Neutral
Octanex lodged its formal bidder's statement with ASIC for the off-market takeover of Orion Petroleum, following the intention announced on 18 February. This is a cover letter; the terms are in the attachment.
1 Apr 2010business combination▼ Bad
Orion's board unanimously rejected Octanex's one-for-six scrip bid, saying it undervalues Orion (about 6.2c against Orion's 7.5c). It said the $11m cash and director-warranty conditions cannot be met, and its 22% holder Eastern Star will not accept.
5 Mar 2010contract award▲ Good
OMV, operator of WA-362-P and WA-363-P, signed Fugro to shoot a 3,995 km² 3D survey from April 2010, processing due by September 2010. Drilling is planned for first half 2011. Octanex pays nothing for the survey or the committed well.
5 Mar 2010half year report● Neutral
Half-year report to 31 December 2009 (text truncated before the financial statements). The visible part covers directors' biographies and the company directory; no results or figures can be taken from it.
22 Feb 2010business combination▼ Bad
Orion's independent directors criticised Octanex's proposed bid: it is conditional on Orion having $11m cash and on director warranties, and the price is below the market. They plan to adjourn the Gas2Grid merger meeting to 26 February.
19 Feb 2010business combination● Neutral
Orion Petroleum acknowledged Octanex's intended takeover offer and said its directors are considering the position and will advise shareholders. No substance beyond that.
