Past year: ▼ 50%(0.30c – 1.90c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
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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.
6 Oct 2010agm notice● Neutral
Notice of general meeting on 9 Nov 2010 to cancel the 33m trustee shares held by Doravale for no payment and issue 33m new trustee shares under a replacement Trustee Stock Scheme. This is the previously flagged scheme replacement, now needing member votes.
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.
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.
30 July 2010quarterly activities report● Neutral
Revised Appendix 5B on the new ASX template; the only change from the 29 July version is the administration line in next-quarter cash outflow. Cash at 30 June was $21.7m, down from $22.8m. Next-quarter outflow is estimated at $792k.
29 July 2010quarterly activities report● Neutral
June 2010 quarterly: farmout talks on the 100% Winchester prospect have begun after OBC data interpretation. Octanex exercised 16.08m Goldsborough options at 10c on 30 June, lifting its stake to 45.15%. The Taranaki reprocessing obligation was finished a year early.
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 2010quarterly activities report● Neutral
March 2010 quarterly: Octanex did not renew WA-322-P when its initial term expired on 21 March 2010. It holds nine permits with working interests plus three with residual or royalty interests, and keeps working on the Winchester gas prospect (100%) after the OBC survey.
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.
