Past year: ▼ 50%(0.30c – 1.90c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
6 Mar 2014half year report▲ Good
Half-year to 31 December 2013 shows a profit of $5,725,320 against a loss of $251,999 a year earlier. Octanex put in about $1.317m for the Peak rights issue, net of fees; Peak merger scheme terms are still to be agreed. Cause of profit not stated in the text shown.
5 Feb 2014other● Neutral
NZOG says the Kan Tan IV rig has been handed to the Tui joint venture for Pateke-4H. Octanex is not a participant in that well; it is an NZOG item with no substance for Octanex.
31 Jan 2014drilling progress report● Neutral
NZOG confirms Matuku-1 is plugged, with commercial oil and gas not present, and the Kan Tan IV rig moves to NZOG's Pateke-4H well in the Tui fields. Duplicates Octanex's final report; the Tui permit is not an Octanex interest.
31 Jan 2014drilling result▼ BadMajor
Matuku-1 reached 4,846m and is plugged and abandoned: sandstones were found in both targets but commercial hydrocarbons were not confirmed. This is a dry-hole outcome for the well OMV put at about 65 mmbbl mean if successful. Octanex's 22.5% was free carried, so it bore no cost.
31 Jan 2014quarterly activities report● Neutral
December quarter report: Matuku-1 spudded, Cornea retention lease applied for, fifth NZ permit awarded, and the final US$6.25m from NZOG received. Octanex agreed to underwrite Peak's rights issue. WA-384-P was not renewed, ending residual and royalty interests. Mostly previously known.
23 Jan 2014regulatory community update▲ Good
The Kaka 3D survey in PEP 51906 finished on 18 January, acquiring 403.8 km² plus 67.4 km² of tie lines, well above the 310 km² Year 5 minimum. With Matuku-1 drilled, the permit's Year 5 obligations are met.
21 Jan 2014drilling progress report● Neutral
Matuku-1 reached total depth of 4,846m and is being wireline logged before plug and abandonment as planned. Octanex's 22.5% remains free carried; no new results beyond the earlier water-bearing, no-shows reports.
20 Jan 2014drilling progress report▼ Bad
NZOG reports Matuku reached total depth of 4846m on 18 January; the primary F sands had no significant shows, with oil shows in the D Sands and deeper North Cape units. The 400 km² Kaka 3D survey also finished ahead of schedule.
16 Jan 2014other● Neutral
NZOG says its share price has been affected by the Matuku news of no significant shows in the primary target. It says no new information has emerged and the full view awaits drilling completion and analysis. Adds nothing new on Octanex's holding.
16 Jan 2014drilling progress report▼ Bad
Matuku-1 at 4,307m: the upper North Cape (K90) sandstones were less porous than the F sands, water-bearing, with no significant shows. Both main targets are now without hydrocarbons; the well will go to 4750m and then be plugged and abandoned as planned.
14 Jan 2014drilling progress report▼ Bad
NZOG reports Matuku-1 hit the Farewell F sands at 3935m: porous, but no significant gas or oil shows. Drilling continues to 4754m, then logging. Duplicates Octanex's report of the same day.
14 Jan 2014well test result▼ Bad
Matuku-1 at 4,000m: the primary Farewell F sands (at 3,935m) were porous but had no significant gas or shows, and the D Sands were water-bearing with oil shows. A weak early result for the well OMV had put at about 65 mmbbl mean if successful.
13 Jan 2014drilling progress report● Neutral
NZOG reports Matuku-1 at 3913m on 12 January, drilling to a planned 4754m. Duplicates Octanex's own reporting and restates the NZOG option over a further 5% if the well succeeds; no results.
7 Jan 2014drilling progress report● Neutral
Matuku-1 at 3417m on 7 January, with 9⅝-inch casing cemented and the 8½-inch hole about to start through the target zones. Continues the earlier casing and sidetrack work; no hydrocarbon results yet. Octanex's 22.5% remains free carried.
7 Jan 2014drilling progress report● Neutral
A new 400 km² Kaka 3D seismic survey began on 7 January 2014 in PEP 51906, where Octanex holds 22.5%. It will complete and exceed the permit's Year 5 work obligations (one well plus at least 310 km² of 3D), and is expected to take 23 days.
7 Jan 2014drilling progress report● Neutral
NZOG reports Matuku-1 at 3417m on 6 January 2014, with 9⅝-inch casing cemented at 3409m. The 8½-inch section to a planned 4754m, through the target zones, is about to begin.
31 Dec 2013capital raising announcement● Neutral
Peak's revised offer booklet for its fully underwritten (by Octanex) 2-for-5 rights issue at 1 cent, raising about $1.943m, with a timetable change. Record date 6 January 2014. Merger terms with Octanex remain to be settled in Q1 2014.
31 Dec 2013drilling progress report● Neutral
Matuku-1 at 3365m on 31 December, drilling towards 3404m after a cement plug was set over suspected junk in the hole. Target 4750m depth unchanged; no results yet.
30 Dec 2013drilling progress report▼ Bad
NZOG reports a cement plug set across suspected debris at the base of Matuku-1 (3167m), with a sidetrack to 3400m next. First sign of a operational hitch; no results.
24 Dec 2013drilling progress report● Neutral
Matuku-1 at 3167m on 24 December, preparing to drill ahead before running 9⅝-inch casing. Still above the target zones; no results.
20 Dec 2013drilling progress report● Neutral
NZOG's update: Matuku-1 drilled to 2867m by 19 December, next drilling to 3400m before running casing. Duplicates Octanex reporting; no results.
17 Dec 2013drilling progress report● Neutral
NZOG's weekly update: Matuku-1 at 1569m on 16 December with blowout preventers installed and tested. Duplicates Octanex's own reporting; no results.
17 Dec 2013drilling progress report● Neutral
Matuku-1 at 2002m on 17 December, drilling ahead in the 12¼-inch hole. No hydrocarbon results reported.
10 Dec 2013drilling progress report● Neutral
Matuku-1 at 1500m on 10 December, with 13⅜-inch casing cemented. Next steps are installing blowout preventers and drilling to 3407m. No hydrocarbon results yet.
5 Dec 2013regulatory community update▲ GoodMajor
Octanex NZ is awarded 100% of PEP 55790 (about 518 km²) in offshore Taranaki, its fifth New Zealand permit, lifting acreage to about 7,640 km². Term starts 1 April 2014; the work programme is 2D seismic reprocessing, with the right to surrender at each decision point.
2 Dec 2013drilling spud● Neutral
Partner NZOG reports Matuku-1 began drilling on 30 November, expected to take 45 days to about 4750m. Duplicates Octanex's own spud news and restates the option for NZOG to earn a further 5% if the well succeeds.
2 Dec 2013asset acquisition disposition▲ GoodMajor
Octanex received the final US$6.25m from NZOG for the 12.5% PEP 51906 interest, completing the US$12.5m sale. The money is not needed for Matuku-1, as Octanex is fully carried. Options remain for NZOG to earn a further 5% via Matuku-2.
2 Dec 2013drilling spud▲ GoodMajor
Matuku-1 spudded at 13:50 on 30 November 2013 after a weather delay, targeting about 4750m. Octanex's 22.5% is free carried by OMV. This is the well OMV estimated at about 65 mmbbl mean recoverable if successful.
28 Nov 2013other● Neutral
Chairman's AGM address says the company is broadening beyond exploration to include near-term production assets, citing the Peak underwriting and merger, the Derby Block and a Kuala Lumpur office. Largely restates known developments, with the strategy rationale stated explicitly.
28 Nov 2013agm notice● Neutral
All three AGM resolutions passed on a show of hands: the remuneration report, re-election of Geoffrey Albers as director, and the 10% placement capacity under Listing Rule 7.1A. Administrative outcome.
