Past year: ▼ 50%(0.30c – 1.90c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
7 June 2018material agreement termination▼ BadMajor
OPSB has terminated the Ophir risk service contract after 'economic cut-off', ending the project. PETRONAS is to take over the field and reimburse unreimbursed costs; Octanex expects this to take about 12 months. SIP note remains repayable from those proceeds.
25 May 2018director officer appointment● Neutral
Director David Coombes, on the board since 2012, resigned with immediate effect. The board is now six, with no plans to appoint a replacement.
24 Apr 2018production update▼ BadMajor
Ophir wells are to be suspended with PETRONAS approval, and OPSB has asked PETRONAS to terminate the risk service contract. Octanex must still redeem the SIP convertible note from OPSB payments unless SIP converts. The field life was unexpectedly short.
9 Apr 2018production update▼ BadMajor
Nitrogen lifting failed to restart Ophir production. OPSB is discussing next steps for the field with PETRONAS. This is a setback to the field that first produced in October 2017.
16 Mar 2018half year report▼ Bad
Half-year to 31 Dec 2017: loss of $8,552,704 versus $1,439,107 a year earlier. Post-drill studies indicate lower-than-expected Ophir oil production, and OPSB is discussing forward strategies with PETRONAS. Production remains shut in.
20 Feb 2018production update● Neutral
Wireline surveys confirmed the Ophir wells are mechanically sound and free of obstruction. Nitrogen equipment will be mobilised to try to restart production after the January shut-in. No restart yet.
11 Jan 2018asset acquisition disposition▼ BadMajor
Octanex will withdraw from permits WA-362-P and WA-363-P after Eni, which had carried it, announced its own withdrawal. Octanex cited the cost of the year-4 seismic obligation and uncertainty of finding a new partner. Closes the Eni-carried interests (33.33%).
8 Jan 2018production update▼ BadMajor
Ophir is in a non-routine shutdown after an FPSO power trip. Restart has not yet succeeded and troubleshooting is under way. This interrupts the production that began in October 2017, with no restart date given.
14 Dec 2017director officer appointment● Neutral
Joint Company Secretary Jack Tuohy resigned with immediate effect. Rob Wright, the existing Company Secretary, continues all duties. Administrative change.
29 Nov 2017other● Neutral
Chairman's AGM address: Ophir production began last month but has met challenges, including higher-than-predicted gas constraining oil output. Cornea JV seeks lease variation for a simpler development; Ascalon studies continue; Santos lodged Winchester Location application. Largely repeats known facts.
10 Nov 2017production update▲ GoodMajor
Ophir achieved contractual 'First Oil', with production starting 20 October 2017, capped at 3,000 bopd while de-bottlenecking continues. First crude lifting expected in December 2017. This delivers the milestone on the Ophir 2H 2017 first-oil timetable.
23 Oct 2017production update▲ GoodMajor
Ophir facilities are commissioned and hydrocarbons are being received, processed and stored on the FPSO, with performance tests under way. Next milestone is contractual 'First Oil', defined as 20 days of production out of 25.
16 Oct 2017production update▲ Good
The MTC Ledang FPSO is in final position at Ophir with moorings attached, and the flowline to the platform is installed and tested. Commissioning has begun. Exploration permits are now described as four, down from five.
4 Oct 2017other● Neutral
Appendix 4G corporate governance statement lodged with the annual report, pointing to the company website. Administrative filing with no new substance.
28 Sept 2017annual report● Neutral
FY2017 annual report: Ophir wells were completed ahead of time and under budget against the US$90M budget, with production about to start. Ascalon retention applications withdrawn; Cornea JV seeking to vary lease conditions toward a production test well.
15 Sept 2017production update▲ Good
The converted MTCE Ledang FPSO has sailed from Singapore for the Ophir field, where it will be moored and connected to the platform. Capacity is stated as 300,000 barrels of storage, versus 350,000 previously reported. First oil remains the next step.
13 Sept 2017regulatory community update▼ BadMajor
Octanex withdrew its March 2016 Ascalon retention lease applications after NOPTA advised the technical uncertainties should be addressed under exploration permits. It has started independent studies on resources and well deliverability. Both permits are in their term ending May 2018.
14 Aug 2017other● Neutral
Octanex changed its share registry provider from Link Market Services to Automic on 14 August 2017. Administrative notice only, with new contact details for shareholders.
11 Aug 2017drilling result▲ GoodMajor
The Ophir three-well drilling campaign is finished, which the company says was ahead of time and under budget, and the Naga-2 rig is being released. No further drilling updates are expected. Wells are shut in awaiting FPSO tie-in.
4 Aug 2017drilling progress report▲ Good
Ophir A2 and A3 were flowed to clean up drilling fluids and shut in for FPSO tie-in, so all wells are now cleaned up. The Naga-2 rig will be demobilised next.
28 July 2017drilling progress report▲ Good
Ophir A3 reached 3,332m with over 1,100m horizontal in the J20 oil reservoir, and completion and tree are installed. A1 was flowed back to clean up fluids before being shut in for FPSO tie-in. All three wells are now drilled.
21 July 2017drilling progress report● Neutral
A3's upper section was drilled to 2,227m, landing at the top of the target J20 reservoir; the horizontal section is now drilling. Completion is expected next week.
14 July 2017drilling progress report▲ Good
A1ST is completed, leaving A2 and A1ST done. The third well, Ophir A3, spudded on 11 July and is at 676m, preparing to run casing.
7 July 2017drilling progress report▲ Good
The Ophir A1 side-track reached 3,275m with over 1,280m of horizontal section in the J20 oil reservoir, and completion was being run, with A3 to follow. The company's footer now notes the US$12M convertible note facility is drawn to US$8M.
30 June 2017drilling progress report● Neutral
A2 is completed with its wellhead tree installed. On A1, oil was found in the target reservoir but the team chose to drill a side-track (A1ST) to improve alignment and trajectory.
23 June 2017drilling progress report▲ Good
Ophir A2 reached 3,070m total depth with a 1,000m horizontal section placed in the target J20 oil reservoir; completion is being run. A1 is next.
16 June 2017drilling progress report▲ Good
Ophir A1 reached 1,996m with intermediate casing set, and A2 reached 1,873m; both met the reservoir sequence within 1m of prediction. A2's horizontal section is next.
9 June 2017drilling progress report● Neutral
Ophir A1 and A2 were each drilled to 554m and surface casing set; the rig is now installing blow-out preventers on A1. Next step is drilling A1 toward the target reservoir at 1,983m. No results yet.
2 June 2017drilling spud▲ GoodMajor
Ophir A1, the first of three horizontal production wells, was spud on 2 June 2017 using the NAGA 2 rig. Target reservoirs are already proven oil-bearing, so this is development drilling, not exploration, toward 2H 2017 first oil.
1 June 2017other● Neutral
The partly paid shares (OXXCB) were removed from ASX quotation at close of trade on 1 June 2017, following the consolidation into fully paid shares. Final procedural step; other securities unaffected.
