4 May 2021investor presentation● Neutral
May 2021 presentation pitching Sefton as a search for large gold systems under cover. Lists cash of $311k at 31 March, no debt, 242.8M shares and the board. Repeats known Sefton results; no new transaction.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
27 Apr 2021admin correction● Neutral
Re-release of the 27 April Sefton update correcting the gold units in the Table 1 header to ppb. No change to the results or conclusions.
27 Apr 2021drilling result▲ GoodMajor
First-pass lag sampling on the newly granted Sefton licences found peak gold of 3.2 ppb and six anomalies above 1.5 ppb, which Octanex calls encouraging. More sampling is planned. These are low-level geochemical anomalies, not a drilled discovery.
13 Apr 2021price query● Neutral
ASX queried a rise in the share price from a low of 1.7 cents on 7 April 2021 to an intraday high of 9.5 cents on 13 April. Octanex said it knew of no unannounced information and could offer no explanation.
12 Mar 2021half year report● Neutral
Half-year to 31 December 2020: loss of $119,579 versus $4,934,887 a year earlier. No shares issued; 29,889,107 trust-held shares were cancelled. Board unchanged. Repeats the Sefton licence grants and Ascalon status.
27 Jan 2021quarterly activities report▲ GoodMajor
Quarter to 31 December 2020: three Sefton exploration licences were granted in January 2021, turning applications into tenure. Ascalon year 6 received a twelve-month suspension and extension, now ending February 2022. 29,889,107 trust-held shares were cancelled for no payment.
21 Dec 2020security holder rights change● Neutral
Cover notice attaching an ASIC Form 484 recording a cancellation of shares. The text gives no numbers; the next quarterly report shows it is the 29.9M shares held in trust, approved at the November meeting.
27 Nov 2020security holder rights change● Neutral
Shareholder approval is sought at the 27 November AGM to grant a director 4,000,000 options at an exercise price of 1.95 cents. Outcome to be announced later that day.
26 Oct 2020other● Neutral
Appendix 4G corporate governance statement for year to 30 June 2020, pointing to the company website. Administrative filing with no new operational or financial information.
23 Oct 2020annual report● Neutral
Annual report for year to 30 June 2020 with chairman's letter: strategy widened to include strategic metals and rare earths alongside precious metals, via Sefton applications. Ascalon evaluation continues at 100%. Repeats the earlier annual financial report.
29 Sept 2020annual report● Neutral
Annual financial report for year to 30 June 2020 (text truncated): describes the new Sefton gold strategy, completed geological reconnaissance, and Ascalon (WA-407-P, 100%) continuing. Board unchanged. No new transaction or figures visible in the readable text.
30 Apr 2020quarterly activities report▼ BadMajor
Quarter to 31 March 2020: WA-407-P (100%) work program now amended to studies rather than a well. Octanex decided not to renew WA-420-P, which expired. Sefton gold applications are held up by COVID-19 Native Title delays; interest is now stated as up to 80%.
13 Mar 2020half year report▼ Bad
Half-year to 31 December 2019: loss of $4,934,887 versus $2,930,656 a year earlier. Board unchanged. Reports Ascalon studies, a post-period application to swap the WA-407-P year-6 well for studies, and WA-420-P year 6 ending February 2020.
31 Oct 2019quarterly activities report● NeutralMajor
Quarter to 30 September 2019: Octanex expands its strategy to include greenfields gold exploration, applying for six exploration licences in WA's Sefton Lineament (Eastern Goldfields). Ascalon appraisal studies continue and a partner is still sought. Operating cash use was $611K.
22 Oct 2019other● Neutral
Appendix 4G corporate governance statement for year to 30 June 2019, pointing to the company website. Administrative filing with no new operational or financial information.
21 Oct 2019annual report● Neutral
Annual report with chairman's letter: Ophir and Cornea ended in 2018/19, and Octanex returns to its original exploration-focused model. Chairman says the Ophir lesson was not to underestimate production and reserve risks in a marginal oil field. Repeats earlier SIP settlement facts.
26 Sept 2019annual report● Neutral
Annual report for year to 30 June 2019 (text truncated): records the March 2019 end of Ophir involvement via the SIP settlement, the Cornea ending, and Ascalon studies with the permit extension. Board unchanged; Octanex still seeks an Ascalon partner.
25 July 2019regulatory community update▼ BadMajor
Cornea lease WA-54-R (Octanex 18.75%) has expired after the JV withdrew its renewal application, judging NOPTA unlikely to support renewal. This ends the Cornea oil project, which the JV had said was not commercial at current prices.
20 Mar 2019debt financing● NeutralMajor
Octanex settled the SIP convertible note: it is released from the US$8M facility in return for handing SIP its 50% Ophir holding company, the related intercompany debt, and US$2,089,449 in cash. This ends Octanex's Ophir involvement and removes the redemption risk.
15 Mar 2019half year report● Neutral
Half-year to 31 December 2018: loss of $2,930,656 versus $8,552,704 a year earlier. Board is Albers, Clark, Willis and How Kow after the Guglielmo and Kler resignations. Ascalon and Cornea work continued.
28 Nov 2018other● Neutral
Chairman's address to shareholders repeats known points: Ophir was uneconomic, PETRONAS handover concluded, reimbursement due Q2 2019, and Octanex seeks to restructure the SIP note. Ascalon evaluation continues. No new information.
19 Nov 2018material agreement● NeutralMajor
Ophir close-out talks with PETRONAS have concluded: facilities handed over, cost reimbursement started and due to finish in Q2 2019, and FPSO contracts novated. Octanex is seeking to restructure the SIP note, otherwise redeemable at maturity 30 June 2019.
10 Oct 2018other● Neutral
Appendix 4G corporate governance statement for the year to 30 June 2018, pointing to the company website. Administrative filing with no new information on operations or finances.
28 Sept 2018admin correction● Neutral
Share registry Automic is moving its Sydney office from 2 October 2018 and changing its mailing address. No substance for shareholders.
27 Sept 2018annual report▼ Bad
Annual report for year to 30 June 2018: the chairman calls it 'most difficult and disappointing' as Ophir production was short-lived and uneconomic. Handover talks with PETRONAS continue, and repaying the SIP note depends on them. Octanex failed to win further PETRONAS projects.
18 July 2018director officer appointment● Neutral
SIP nominee director Suhnylla Kler resigned from the board after leaving SIP. Her board seat came with SIP's support for the Ophir funding.
17 July 2018director officer appointment● Neutral
Director Tino Guglielmo, on the board since 2014, resigned with immediate effect. The board is now five, with no plans to appoint a replacement.
2 July 2018quarterly activities report▼ BadMajor
Quarter to 30 June 2018: Ophir production has ended and the development was not economic; RSC termination notice given 6 June. Octanex does not expect surplus funds after fully redeeming the SIP note. Cornea needs oil consistently above $80 to justify development.
27 June 2018regulatory community update▼ BadMajor
The Winchester JV (Santos 75%, Octanex 25%) will not apply for a retention lease, so WA-323-P expires 5 July 2018. This ends the Winchester gas discovery effort after Santos could not find a development concept it considered likely to be commercial within fifteen years.
21 June 2018asset acquisition disposition▼ Bad
Octanex agreed to surrender permit WA-330-P as recommended by Santos (25% interest). The permit was in year 4 of 5, with a well required in year 5.