25 May 2017drilling progress report● Neutral
The NAGA 2 rig has begun leaving its previous location and is due at the Ophir field on 27 May for the three-well campaign. Consistent with the late-May spud timetable.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
16 May 2017price query● Neutral
Responding to an ASX query after the share price jumped from 7.5c to an intraday 14.5c on heavy volume, Octanex said it knew of no unannounced information and could not explain the move. Ophir drilling plans unchanged.
9 May 2017drilling scheduled● Neutral
The NAGA 2 rig is expected to be handed over in the 3rd-4th week of May, with the first Ophir development well, Ophir-A1, to spud in late May. It is the first of three planned horizontal production wells.
3 May 2017other● Neutral
Octanex has put a video and photos of the Ophir platform installation on its website. No new information on the project.
19 Apr 2017drilling progress report▲ Good
The Ophir wellhead platform has been installed in the field, with drilling conductors driven 80m below the seabed. It is now ready for the NAGA 2 rig, due shortly, to drill three horizontal production wells ahead of 2H 2017 first oil.
11 Apr 2017regulatory community update▲ GoodMajor
The regulators have declared their earlier refusal of Ascalon retention leases null and void, because Octanex was not told of the recommendation to reject or given a chance to respond. Applications will be re-assessed; reverses the 10 March setback, though outcome is open.
27 Mar 2017drilling progress report▲ Good
The Ophir wellhead platform (350-tonne topsides on a tri-legged jacket) has been loaded onto barges at Port Klang and will be towed to the field for installation. Follows the platform fabrication flagged earlier; a step toward drilling and 2H 2017 first oil.
10 Mar 2017regulatory community update▼ BadMajor
Regulators advised they are not prepared to grant retention leases for Ascalon (3.2 TCF P50 contingent gas), saying it is unlikely to become commercially viable within 15 years. This contradicts the application pending since early 2016. Octanex is seeking clarification.
9 Mar 2017half year report● Neutral
Half-year loss to 31 December 2016 was $1,439,107, versus $1,172,430 a year earlier. Strategy unchanged: Ophir first oil in 2H 2017, platform complete awaiting Q2 installation. Text truncated.
28 Feb 2017contract award▲ GoodMajor
FPSO secured for Ophir: MTC Engineering is converting the tanker Puteri Bangsa into the MTC Ledang FPSO, with 350,000 barrels storage, on a three-year term plus one-year option. Completes the rig and FPSO contracts flagged earlier, a step toward 2H 2017 first oil.
19 Jan 2017other● Neutral
Following shareholder approval, the change from no liability to limited liability status took effect, and the company is now Octanex Limited. ASX code OXX unchanged.
16 Jan 2017investor presentation▲ GoodMajor
Updated Ophir presentation: first oil still 2H 2017, with most-likely production now 6.7M barrels from three wells over about three years, versus 5.2M in the approved plan. Wellhead platform complete; capex USD90M. Funding stated as fully funded.
19 Dec 2016other● Neutral
Director interest notices after the AGM. Willis received 1,250,000 unlisted options (expiring 24/11/2019) on 19 December, approved at the AGM, with ordinary shares unchanged at 3,117,382. Further notices for other directors, including Clark, are truncated.
14 Dec 2016other● Neutral
Director interest notices for Chairman Albers and associates: partly paid shares converted to fully paid on 14 December under the approved consolidation. His fully paid holding rises from 122,005,841 to 148,788,259. No cash trade.
5 Dec 2016other● Neutral
ASX suspends the partly paid shares (OXXCB) from close of trade on 5 December 2016 ahead of their consolidation into fully paid shares. Other securities are unaffected. Procedural step in the announced capital change.
30 Nov 2016security holder rights change● NeutralMajor
Timetable for cancelling the unpaid 10c per share on the 67,078,910 partly paid shares and consolidating them into fully paid shares at 3 for 5, effective 12 December 2016. Change to limited liability status is estimated for 25 January 2017.
24 Nov 2016investor presentation● Neutral
November 2016 corporate presentation restating the portfolio: Ophir fully funded, first oil 2H 2017, platform fabrication about 95% complete, rig contract awarded. Market cap about A$12M, cash A$2.6M, US$12M convertible facility undrawn. Nothing materially new.
24 Nov 2016other● Neutral
AGM address: Ophir first production still expected 2H 2017, platform nearly complete, rig and platform contracts below budget. Proposes converting to a limited-liability company, cancelling uncalled capital on partly paid shares and consolidating 3 for 5. Directors forgo fees; SIP extended convertible note dates.
7 Nov 2016contract award▲ GoodMajor
Ophir joint venture awarded the jack-up drilling rig contract to UMW Offshore Drilling; the NAGA 2 rig mobilises in Q2 2017 to drill three production wells. This delivers one of the rig contracts expected in earlier reports; the COO says it locks in significant cost savings.
7 Oct 2016other● Neutral
Appendix 4G corporate governance checklist for the year to 30 June 2016, lodged by Rae Clark on 7 October 2016. Administrative, no new business information.
29 Sept 2016annual report● Neutral
2016 annual report. The chairman says Ophir production is expected in the second half of 2017 and rig and platform contracts came in below budget. Cornea economics shifted negatively at current oil prices; the PEP51906 permit was exited. Text truncated.
9 Sept 2016other● Neutral
Link Market Services, Octanex's share registry, changes its Melbourne address to Tower 4, 727 Collins Street, Docklands from 12 September 2016. Administrative, no business content.
29 July 2016quarterly activities report▼ BadMajor
June quarter report: Ophir first oil deferred to second half of 2017 (from late 2016), reportedly to avoid monsoon risk and chase higher oil prices. Cash $3.1M. Cornea economics studied at current oil prices. Text truncated.
8 Mar 2016regulatory community update▲ Good
First steel cutting ceremony in late February marked the start of Ophir wellhead platform construction at Muhibbah's Klang yard. Octanex's share is stated as fully funded. Construction under way, as planned.
3 Mar 2016half year report● Neutral
Half-year loss to 31 December 2015 was $1,172,430, versus $4,066,853 a year earlier. Strategy unchanged: Ophir development, two appraisal assets, five exploration permits. Text truncated.
1 Feb 2016capital raising announcement▲ Good
Director Guglielmo's entity bought 3,000,000 shares at $0.10 each (about $300,000) via the trustee share scheme, a premium to market. This adds cash to Octanex.
6 Jan 2016capital raising announcement▲ Good
A company associated with chairman Albers paid $720,000 to fully pay 7.2M partly paid shares (10c each). Partly paid shares fall to 67,078,910; fully paid rise to 232,465,561. No call before Ophir first oil or 31 Dec 2018.
27 Nov 2015contract award▲ GoodMajor
Ophir's joint venture awarded the wellhead platform contract to Muhibbah Engineering, with installation in Q3 2016 and oil production in late 2016. Octanex's share is stated as fully funded. A concrete step toward first oil at Ophir.
26 Nov 2015asset acquisition disposition● Neutral
Peak announces it discharged its Octanex loan. In place of the $1,284,744 plus interest due 30 June 2016, Octanex accepts a share of proceeds from Peak's Cadlao interests over two years, capped at $1,603,683.
26 Nov 2015material agreement▼ BadMajor
Octanex accepts full satisfaction of the Peak loan ($1,284,744 plus interest) in exchange for sharing proceeds from Peak's Cadlao interests for two years, capped at $1,603,683. Cash repayment is replaced by a contingent payment (inference: repayment is now uncertain).