Past year: ▼ 50%(0.30c – 1.90c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
18 Feb 2010business combination● Neutral
Octanex wrote to Orion's directors urging them to adjourn the 23 February meeting on the Gas2Grid merger until after Octanex lodges its bidder's statement. Supports the Orion bid announced the same day; no new terms.
18 Feb 2010business combination● NeutralMajor
Octanex announced an intended conditional scrip bid for Orion Petroleum, one Octanex share per six Orion shares (about 7.25 cents each). It already holds 7.079% of Orion and opposes Orion's merger with Gas2Grid.
18 Feb 2010investor presentation● Neutral
February 2010 investor overview repeating known facts. Cash is $23m (down from about $30m in November), no debt, and listed investments over $15m, including 43.66m Cue shares. Cash plus investments are about $0.26 per share.
30 Dec 2009admin correction● Neutral
Octanex corrected its earlier Braveheart-1 release as an administrative error: it has no interest in the well or in permits WA-333-P and WA-332-P. Removes the possible Braveheart involvement thread.
30 Dec 2009drilling spud● Neutral
Release said Braveheart-1 in WA-333-P was spudded on 29 December 2009 by the Songa Venus. It was later withdrawn as an administrative error, as Octanex has no interest in the well.
29 Dec 2009drilling result▲ GoodMajor
Cornea-3 reached 910.6 metres and found a 20.4 metre oil column, clearly defining the oil-water contact for the first time. No oil samples could be recovered because sand blocked the tools. Well plugged and abandoned as planned; Octanex holds 8%.
29 Dec 2009drilling result▲ Good
Moby Oil & Gas's copy of the final Cornea-3 report: a 20.4 metre oil column was found, but no fluid samples were recovered. Well plugged and abandoned. Adds that rig heads to Braveheart-1, spud expected around 30 December. Octanex holds 8% of Cornea.
23 Dec 2009drilling progress report● Neutral
Moby Oil & Gas's copy of Cornea-3 Progress Report No. 5: well reached 778 metres as planned. Reservoir still expected on 24 December. Octanex holds 8%.
23 Dec 2009drilling progress report● Neutral
Cornea-3 Progress Report No. 5: well drilled to 778 metres and casing set, on plan. Reservoir and logging still expected 24-25 December. Octanex holds 8%.
21 Dec 2009drilling progress report● Neutral
Moby Oil & Gas's copy of Cornea-3 Progress Report No. 4: drilling resumed and reached 592 metres with 13⅜-inch casing set. Reservoir is expected to be reached on 24 December. Octanex holds 8%.
21 Dec 2009drilling progress report● Neutral
Cornea-3 Progress Report No. 4: drilling resumed after the cyclone and reached 592 metres, with casing set. Plan is to drill to 765 metres, with the reservoir expected on 24 December. Octanex holds 8%.
18 Dec 2009farm in farm out agreement▲ GoodMajor
OMV and ENI committed to drill a well on the Exmouth Plateau permits at their cost, with a new 3,955 km² 3D survey. Octanex chose to keep a 20% fully carried interest over taking US$16m. Drilling is expected in 2011. Resolves the 31 Dec election.
17 Dec 2009drilling progress report● Neutral
Cornea-3 Progress Report No. 3: rig inspection showed the Songa Venus was unharmed by Cyclone Laurence, and crew are being flown back. Drilling resumes with a 445 metre hole. Ends the weather pause; Octanex holds 8%.
17 Dec 2009drilling progress report● Neutral
Moby Oil & Gas's copy of Cornea-3 Progress Report No. 3: the Songa Venus rig was unharmed by Cyclone Laurence and crew re-manning began. Next step is a 445 metre hole. Octanex holds 8% of WA-342-P.
14 Dec 2009drilling progress report● Neutral
Cornea-3 drilled 36-inch hole to 152 metres and cemented conductor pipe, then all 88 crew were evacuated ahead of Tropical Cyclone Laurence. Drilling waits for the storm to pass. Octanex holds 8%.
11 Dec 2009drilling spud▲ GoodMajor
Cornea-3 spudded on 11 December 2009 in WA-342-P, where Octanex holds 8%. The well aims to gather modern logs and pressure and fluid data to judge whether the Cornea field, found by Shell in 1997, could be developed.
9 Dec 2009drilling progress report● Neutral
Songa Venus rig handed to operator Hawkestone Oil, with drilling consents in hand, and is being towed to the Cornea-3 location in the Browse Basin. Follows the planned spud date announcement.
4 Dec 2009drilling scheduled● Neutral
Cornea-3 is planned to spud around 14 December 2009 once the Songa Venus rig is handed over about 8 December. Octanex holds an 8% interest in WA-342-P and calls it a low-risk appraisal of a known oil accumulation.
24 Nov 2009investor presentation● Neutral
AGM presentation repeating known facts: about $30m cash, no debt, listed investments over $14m, and a strategy of low-obligation permits and farm-outs. Albers Group holds 61.9% of 177.4m shares.
19 Nov 2009regulatory community update▲ GoodMajor
Octanex's NZ subsidiary won offshore Taranaki permit PEP 51906 (1,613 km²), next to the Maui, Tui and Maari/Manaia fields. Work programme: reprocess 1,500 km of seismic; commit to seismic or relinquish within 18 months, and to a well within 42 months.
5 Nov 2009other▲ GoodMajor
Octanex was admitted to the ASX Official List on 4 November 2009, with 177,428,104 shares and 32,901,372 options (exercisable at $0.25 by 31 Dec 2010) to be quoted from 6 November.
5 Nov 2009other▲ Good
Octanex confirms ASX trading starts 6 November 2009 under OXX and OXXO. It leaves the NSX, where it was listed almost six years, citing a larger and more active market.
5 Nov 2009other● Neutral
Pre-quotation disclosure detailing top holders, share distribution and option terms. Listed options are $0.25 expiring 31 Dec 2010; 3,750,000 unlisted options are held by Upstream Consulting, linked to director James Willis.
5 Nov 2009annual report● Neutral
2007 annual report, re-released at ASX listing. Describes Carnarvon Basin permits, a farm-out of WA-362-P and WA-363-P with a free carry through the first two wells, and a possible merger with Strata and Gascorp.
5 Nov 2009other● Neutral
ASX circular confirming quotation of OXX shares and OXXO options starts 11:00am on 6 November 2009. Lists 177,428,104 shares, issue price 30 cents, activity as oil and gas exploration. Repeats the listing notice.
5 Nov 2009other● Neutral
Pre-quotation disclosure cover notice listing the documents released ahead of ASX quotation (listing application, audited accounts, shareholder and option information). No new substance itself.
5 Nov 2009annual report● Neutral
2008 annual report, re-released at ASX listing. Farmed down WA-362-P/363-P to OMV and ENI, took back WA-322-P and WA-329-P, and agreed a US$9.75m Winchester survey deal with Geokinetics, US$2.5m already paid.
5 Nov 2009annual report● Neutral
2009 annual report, re-released at ASX listing. Reports the merger with Strata and Exmouth Exploration, new funds raised, a New Zealand permit application, and Winchester 3D data needing reprocessing. OMV/ENI drilling election due 31 December 2009.
4 Nov 2009other● Neutral
Company constitution lodged, the rulebook covering shares, meetings, directors and dividends. No new commercial information or figures.
15 Oct 2009capital raising announcement● NeutralMajor
Prospectus for a placement of up to 1,000,000 shares at $0.30 to raise up to $300,000, issued mainly to qualify Octanex for admission to the ASX Official List. Not underwritten, no minimum subscription.
What it means for a shareholder
1.0m new shares at A$0.300 to raise about A$300,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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