Past year: ▼ 50%(0.30c – 1.90c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
31 July 2019quarterly activities report▼ Bad
Quarter to 30 June 2019: the Cornea JV's renewal application was met by a NOPTA letter saying commercial viability was not shown, so the JV judged renewal unlikely. For Ascalon, the Joint Authority granted a nine-month suspension and extension for both permits; Octanex still seeks a 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.
30 Apr 2019quarterly activities report● Neutral
Quarter to 31 March 2019: the SIP settlement closed out Ophir. Cornea JV won a lease variation adding a reservoir modelling study, key to any renewal, with the lease year ending 5 May 2019. Octanex still seeks an Ascalon partner.
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.
31 Jan 2019quarterly activities report▼ Bad
Quarter to 31 December 2018: PETRONAS reimbursement to OPSB began. Octanex now says it does not expect OPSB to repay enough to redeem the SIP note in full and is working with SIP to restructure. Cornea is not commercial at present prices.
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.
31 Oct 2018quarterly activities report● Neutral
Quarter to 30 September 2018: the Cornea joint venture was told the year-4 well would move to year 5 without suspending the lease term, and it has objected. Octanex is seeking a partner for Ascalon. Ophir handover talks with PETRONAS continue.
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.
30 July 2018quarterly activities report▼ Bad
Cash flow quarter to 30 June 2018: cash fell to $1.332M from $3.385M, mainly from a $1.851M shareholder advance to Ophir operator OPSB. US$8M of the US$12M note remains drawn. Next-quarter outflows are estimated at $350K.
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.
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.
30 Apr 2018quarterly activities report● Neutral
Cash flow quarter to 31 March 2018: cash $3.385M, down from $3.704M. Net operating outflow $394K. Next quarter outflows estimated at $1.58M, including a $1.2M advance to the joint venture company. US$8M of the US$12M note drawn.
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.
4 Apr 2018quarterly activities report▼ Bad
Quarter to 31 March 2018: nitrogen lifting began in late March on Ophir A-1, hampered by weather and deck space. Post-drill studies point to lower-than-expected oil production. Cornea and Ascalon work continues unchanged.
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.
31 Jan 2018quarterly activities report▼ Bad
Quarter to 31 Dec 2017: Ophir first crude lifting completed after quarter end, but production challenges persist and the shut-in continues. Cornea now targets a mobile production unit concept at about US$50 oil. Routine quarterly.
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%).
