Past year: ▼ 50%(0.30c – 1.90c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
26 Nov 2015investor presentation● Neutral
November 2015 corporate presentation restating the portfolio: Ophir (50%, first oil targeted late 2016, fully funded), Cornea (18.75%) and Ascalon (100%) appraisal assets, and six exploration permits. Nothing new beyond known facts.
25 Nov 2015regulatory community update● Neutral
A second Ascalon location was declared in WA-420-P, extending the area to 13 blocks (1,084 km²), 100% Octanex. The P50 contingent resource is 3 TCF, which the company says is insufficient for a standalone LNG development, so it likely needs a tie-back. Retention leases are next.
15 Oct 2015other● Neutral
Corporate governance statement as at 15 September 2015. It notes no formal gender diversity policy, two of seven directors are women, and a combined nominations and remuneration committee chaired by Coombes. Administrative.
25 Sept 2015other● Neutral
Appendix 4G corporate governance checklist lodged with the annual report, signed by Rae Clark on 25 September 2015. Administrative, no new information on the business.
25 Sept 2015admin correction● Neutral
Re-lodged 2015 annual report with a corrected top 20 shareholders list, per the title. The visible text repeats the chairman's letter already released. Administrative correction.
23 Sept 2015annual report● Neutral
2015 annual report. The chairman says the exploration-only strategy is no longer viable at current oil prices, calls Ophir the cornerstone of the new direction, and says it is fully funded. Cornea and Ascalon are the appraisal assets; the Peak merger did not proceed. Text truncated.
16 Sept 2015security holder rights change● NeutralMajor
Directors resolved that no call will be made on the 74,278,910 partly paid shares (10 cents unpaid each) before first oil at Ophir or 31 December 2018, whichever is earlier. Holders face no earlier payment, but the company also gets no early call money.
1 Sept 2015material agreement▲ GoodMajor
PETRONAS approved the revised Ophir field development plan, with capital cost cut about 30% to US$90M (from US$135M earlier). Development starts immediately. Octanex's 50% share is stated as fully funded. This resolves the pending approval thread.
3 Aug 2015regulatory community update▲ GoodMajor
A location was declared over the Ascalon gas discovery in WA-407-P, Bonaparte Basin, where Octanex holds 100%. This is the first step towards a retention lease, which Octanex will now seek. Commerciality depends on engineering and gas market conditions.
2 July 2015asset acquisition disposition▲ GoodMajor
Octanex received $700,000 from Peak after Peak's subsidiary sold its South Block A interests in Indonesia. The Peak loan balance falls to about $1,274,475, still secured over Peak's assets. This resolves the South Block A sale vote and gives Octanex working capital.
7 Apr 2015other● Neutral
Cover note lodging ASIC Form 484s for 194,500 fully paid shares bought back, already shown in earlier buy-back notices. Administrative.
7 Apr 2015other● Neutral
Director interest notices: Raewyn Clark bought 10,000 shares for $650 and Suhnylla Kler's holding plan bought 50,000 for $3,138, both on-market on 2 April 2015. Administrative.
1 Apr 2015other● Neutral
Peak is seeking its members' approval to sell its South Block A interests, with proceeds to reduce its debt to Octanex, now about $1.96m. This is Peak's announcement, not Octanex's. The route to repayment is unresolved.
16 Mar 2015half year report▼ Bad
Half-year report to 31 December 2014 shows a loss of $4,066,853, against a profit of $5,725,320 a year earlier. It repeats the shift to production assets, Ophir and Cornea, and lists the new board. Text provided is truncated.
6 Mar 2015debt financing● Neutral
Peak's release of the amended Octanex loan terms ($1,953,815, rolling 60-day extensions to 30 June 2016, charges over Peak assets), plus the ASX waiver conditions allowing the charge. Duplicates Octanex's announcement.
6 Mar 2015debt financing● NeutralMajor
Octanex and Peak sign amended loan terms: debt fixed at $1,953,815 at 31 December 2014, interest at the RBA cash rate, and 60-day rolling extensions up to 30 June 2016. The debt is secured by charges over Peak's assets.
4 Feb 2015agm notice▲ GoodMajor
All five resolutions passed at the 4 February extraordinary meeting, including the Sabah share and convertible note issue, the share charge, and the election of Guglielmo, How Kow and Kler. This clears the Sabah funding deal.
27 Jan 2015asset acquisition disposition▼ BadMajor
Oil Basins reports that Octanex terminated its 2013 deed with Oil Basins over the Derby Block (EP487), so Octanex now has no interest in or claim on the permit. This ends the planned $1.75m purchase of 25%.
7 Jan 2015debt financing● Neutral
Octanex and Peak extend repayment of Peak's roughly $1.95m debt to 1 March 2015 while detailed agreements are drawn up. Repayment may be spread over 18 months, including from asset sales or capital raisings. Follows the terminated merger.
7 Jan 2015debt financing● Neutral
Peak's own release of the extension of its roughly $1.95m debt to Octanex to 1 March 2015, with repayment possibly spread over 18 months. Duplicates Octanex's announcement.
19 Dec 2014other● NeutralMajor
After a strategic review prompted by falling oil prices, Octanex says Ophir cost savings should let the project return money even at low prices. It confirms it will not extend the Peak merger and has cut corporate overheads. Ophir equity funding depends on February approval of the Sabah deal.
18 Dec 2014director officer appointment● NeutralMajor
Tino Guglielmo, a petroleum engineer who previously led Stuart Petroleum and Ambassador Oil & Gas, joins the board, as do Sabah's nominees Kevin How Kow and Suhnylla Kler. Graeme Menzies, a director since 2003, resigns. The board is now seven.
16 Dec 2014business combination▼ Bad
Peak confirms it has withdrawn its court application and the schemes will not proceed, saying they cannot be completed in the time left. Octanex has lent Peak a net $1,887,159 and will amend the loan so it is not immediately repayable. Duplicates Octanex's own announcement.
16 Dec 2014business combination▼ BadMajor
The Peak merger is terminated: Peak withdrew its court application after Octanex refused to extend the 31 December 2014 end date or lend more. Octanex has advanced net $1,887,159 to Peak, which it will not call immediately and will seek to recover through orderly repayment.
8 Dec 2014debt financing▲ GoodMajor
Octanex signed definitive agreements with SIP on the October terms: a US$12m bridge loan to 31 March 2015 at 8%, US$5m for 40,332,663 shares and US$12m convertible notes, secured over Octanex Pte Ltd shares. Share and note issue needs shareholder approval. Management says Ophir is now fully funded.
28 Nov 2014investor presentation● Neutral
AGM presentation repeats the shift to a full-cycle producer. It gives cash of about $4m at 30 September 2014, a market cap of about $15m, the SIP terms, Ophir first oil in Q4 2015 and a Cornea production test well in 2018. Nothing new.
30 Oct 2014other● Neutral
Chairman's review letter to shareholders, a duplicate of the chairman's review already in the annual report. It restates the strategy shift, Ophir, Cornea and the Peak merger. No new information.
30 Oct 2014capital raising announcement▲ GoodMajor
Octanex signed non-binding term sheets with Sabah International Petroleum (SIP): 40,332,663 shares for US$5m (about A$0.14), US$12m convertible notes, and a US$12m bridge loan to 31 March 2015. SIP gets two board seats and 21% of listed shares. Needs shareholder approval.
30 Oct 2014annual report● Neutral
The 2014 Annual Report chairman's review covered the shift toward development assets, the Ophir contract award and finance, and the Cornea retention lease. It said Winchester-1 was a discovery too small to develop economically, Palta-1 found no commercial hydrocarbons, Matuku-1 was unsuccessful, and it noted the proposed Peak merger.
17 Oct 2014director officer appointment● Neutral
Raewyn Clark, Octanex's Commercial Manager for two years, is appointed director and Chief Operating Officer, lifting the board to five. The release credits her with the Ophir investment and financing.
