Past year: ▼ 50%(0.30c – 1.90c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
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.
28 Jan 2010quarterly activities report● Neutral
December 2009 quarterly: ASX listing, the Taranaki permit, the 8% Cornea interest and the OMV/ENI drilling commitment. Octanex holds working interests in eleven permits. Mostly repeats known events.
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.
