28 Nov 2013investor presentation● Neutral
AGM presentation restates known facts: cash $14.47m at 30 September 2013, about 152m fully paid shares, share price $0.24 and market cap $47m, plus the Peak merger and SE Asia push. No new announcements.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
18 Nov 2013drilling scheduled▲ Good
Operator OMV says Matuku-1 will spud within 5 days, likely 22 November, with the Kan Tan IV rig handed over 19 November. Octanex's 22.5% is free carried; OMV's mean estimate is about 65 mmbbl if hydrocarbons are present. Final US$6.25m NZOG payment is due once the rig is on location.
15 Nov 2013business combination● Neutral
Duplicate of the 15 Nov release: Octanex will fully underwrite Peak's $1.943m rights issue (2-for-5 at 1 cent) and work towards a scheme merger giving Peak holders Octanex shares worth at least 1 cent each. Albers will not vote.
15 Nov 2013business combination● NeutralMajor
Octanex agrees to fully underwrite Peak Oil & Gas's $1.943m rights issue (2-for-5 at 1 cent) and to work towards merging with Peak by scheme, paying at least 1 cent of Octanex shares per Peak share. Albers is a related party of both and will not vote. Fits Octanex's South-East Asia push.
30 Oct 2013quarterly activities report● Neutral
Quarter to September 2013: confirms the Winchester gas discovery, Palta-1 dry, second NZOG payment received, and the Taranaki farmout campaign. The Cornea retention lease application was lodged after quarter end; the final US$6.25m NZOG payment is due in the December quarter on Matuku-1 spud.
29 Oct 2013agm notice● Neutral
Notice of the 28 November 2013 AGM: remuneration report, re-election of chairman Geoffrey Albers, and a 10% placement capacity approval under Listing Rule 7.1A.
29 Oct 2013annual report● Neutral
Glossy 2012–13 annual report restating the year's events: Winchester gas discovery, Cornea location, NZOG sale and Matuku-1 with a free-carried 22.5% interest. Also mentions a Kuala Lumpur office opened to seek South-East Asian opportunities, a strategy widening.
18 Oct 2013security holder rights change● Neutral
Directors resolve that no call will be made on the 74,278,910 partly paid shares (OXXCB) before 31 December 2015, pushing out the earlier 31 March 2014 date. Each share still has 10 cents unpaid.
27 Sept 2013annual report● Neutral
Annual financial report for the year to 30 June 2013: loss of $177,022 versus a $1.71m profit in 2012, with no dividend. Octanex holds working interests in 17 permits. The Derby Block farm-in still awaits permit grant and conditions.
16 Sept 2013other● Neutral
NZ Oil & Gas launches a global marketing campaign seeking farm-in partners for four Taranaki permits, including PEP 53473 and PEP 52593 where Octanex holds 50%. Notes Kokako and Karoro 3D interpretation due November 2013 and drill commitments in March 2014.
16 Sept 2013farm in farm out agreement● NeutralMajor
Octanex and NZOG begin a global farmout campaign for PEP 52593 and PEP 53473, ahead of the March 2014 drilling commitments. Pre-3D estimates: Karoro up to 140 mmbbl and Kokako up to 81 mmbbl (high cases). No partner signed yet.
19 Aug 2013resource reserve update● Neutral
Moby (22.375% holder in Cornea) reports the joint venture's Cornea contingent resources: best-estimate 28.8 mmbbl oil (range 7.9–101.9) and 67.1 Bcf gas. Duplicates Octanex's own release; no new information for Octanex holders.
19 Aug 2013asset acquisition disposition▲ Good
Octanex received the second US$3.25m tranche from NZOG for the 12.5% PEP 51906 interest, after Matuku-1 drilling consents. The final US$6.25m is due when the Kan Tan IV rig is on location, expected mid to late September. Total deal US$12.5m.
19 Aug 2013resource reserve update▲ GoodMajor
First contingent resource booking for the Cornea Field in WA-342-P: best-estimate 28.8 mmbbl oil (range 7.9–101.9) and 67.1 Bcf gas. Octanex's 18.75% share is 5.40 mmbbl oil and 12.58 Bcf gas. Supports the retention lease application following the June location declaration.
16 Aug 2013resource reserve update▲ GoodMajor
Final analysis lifts the Winchester condensate-bearing net gas pay from 40m to 58m below 3614m, to TD of 4019m. The well is being abandoned, with the rig released around 21 August. This is the last progress report.
5 Aug 2013drilling progress report● Neutral
The Winchester-1/ST-1 joint venture called total depth at 4019m after losses and further over-pressured zones made deeper drilling in the 6-inch hole challenging. Final logging and abandonment have begun; log analysis continues.
1 Aug 2013other● Neutral
Cott Oil and Gas, which holds 33.34% of a permit next to WA-384-P, repeats the Palta-1 failure and says it will review its plans for that permit. Adds nothing new for Octanex.
1 Aug 2013drilling result▼ BadMajor
Shell's Palta-1 in WA-384-P reached total depth with no commercial hydrocarbons and is being plugged and abandoned. This resolves the open Palta result; Octanex keeps its discovery payments (US$5m already received), 1% royalty and re-conveyance rights.
30 July 2013quarterly activities report● Neutral
Quarter to June 2013: Winchester-1 spudded, hit trouble, then a sidetrack found gas (discovery announced post quarter). Palta-1 still drilling, Cornea location declared, Matuku-1 on track for September with US$9.5m due from NZOG. WA-394-P renewal declined by Shell.
30 July 2013drilling progress report● Neutral
Winchester-1/ST-1 report: 7-inch liner cemented, drilling the 6-inch hole at 3880m toward an expected 4378m. Log analysis of the gas zone continues and will take some weeks.
23 July 2013drilling progress report● Neutral
Winchester-1/ST-1 report: 8½-inch hole drilled to 3771m and new logs run; a 7-inch liner is being cemented. Drilling resumes in a 6¾-inch hole, with Octanex paying 25% of that section up to A$5m.
22 July 2013joint venture update● Neutral
Oil Basins reports the Federal Court will hear the native title appeal on the Derby Block on 30 July; grant is expected soon after. OBL plans to enforce Octanex's priority farm-in once granted. Continues the delayed Derby thread.
18 July 2013drilling result▲ GoodMajor
Octanex confirms the Winchester gas discovery: about 40m net gas pay in a 107m gross interval, ending the long wait for the result. It will fund 25% of deepening, capped at A$5m; the text says commercial prospects look good.
18 July 2013drilling result▲ GoodMajor
Santos announces a gas discovery at Winchester-1: 40m of net gas pay in Jurassic Angel and Triassic Mungaroo formations between 3,614 and 3,721m. The well will be deepened to test further Mungaroo objectives.
16 July 2013drilling progress report● Neutral
Sidetrack re-drilled the gas-show sandstones to 3730m and wireline logging is underway. Octanex's free carry has run to the current depth; it will pay 25% of the 6¾-inch section, capped at A$5m.
9 July 2013drilling progress report● Neutral
Winchester-1/ST-1 sidetrack report: well plugged back to 3481m and running in at 3464m to drill the 8½-inch sidetrack through the gas-show sandstones, then log. No results yet.
2 July 2013drilling progress report▼ Bad
Winchester-1's drill string became stuck while the well was shut in; it could not be freed and was severed. A sidetrack will re-drill the gas-show sandstones and be logged. Octanex remains free carried.
25 June 2013drilling progress report● NeutralMajor
Winchester-1 hit the target Triassic interval higher than predicted, with gas shows in several sandstones, then an over-pressured zone with gas and water influx forced the well to be shut in at 3803m. Significance is being assessed.
18 June 2013drilling progress report● Neutral
Winchester-1 weekly report: well at 3660m MDRT on 18 June, drilling the 8½-inch hole; the target zones are to be drilled through this coming week. No results yet.
12 June 2013drilling progress report● Neutral
Winchester-1 weekly report: well at 3543m MDRT on 12 June; 9⅞-inch casing run and cemented. Next is drilling the 8½-inch hole into the target zones. No results yet.