Past year: ▲ 50%(0.40c – 0.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
25 Nov 2015agm notice● Neutral
Chairman's address at the 2015 AGM, reviewing the Galoc sale, the 6.4 cent distribution, Hawkeye-1 and Alaska entry. Crabb confirms his retirement and says remaining funds will be applied to suitable acquisition opportunities. Mostly repeats known points.
18 Nov 2015director officer appointment● NeutralMajor
Chairman Rick Crabb and Philippine director Rufino Bomasang will retire at the 25 November 2015 AGM. Director John Jetter, on the board since 2007, was elected to become non-executive chairman. Described by Otto as planned succession.
27 Oct 2015quarterly activities report● Neutral
September 2015 quarter: cash fell to US$9.85m from US$41.21m after US$34.04m spending, with a US$21.27m BHP receivable received 1 October. Hawkeye-1 reached 2,920m and was plugged. Alaska entry payments done; Tanzania farm-out planned. Largely repeats known events.
2 Oct 2015material agreement▲ Good
Otto received US$21.3m from BHP Billiton toward Hawkeye-1, the bulk of BHP's up to US$24.5m; the final payment is due in Q4 2015. Otto says it has over US$30m available after the US$7m Alaska payment.
2 Oct 2015asset acquisition disposition● NeutralMajor
Otto paid the final US$7m to Great Bear Petroleum, earning 8% and 10.8% working interests in two Alaskan North Slope areas. Future drilling exposure is capped at US$6m across up to three wells. The option over a further 22,804 acres needs no decision yet.
25 Sept 2015other● Neutral
Appendix 4G corporate governance statement lodged with the ASX, setting out how Otto follows the ASX governance recommendations. Administrative filing with no operational or financial substance.
25 Sept 2015annual report● Neutral
Annual report for the year to June 2015, covering the Galoc sale for US$108m, the 6.4 cent per share distribution, Hawkeye-1 drilling, Tanzania seismic and Alaska entry. Largely summarises events already announced; the text shown contains no new figures.
3 Sept 2015investor presentation● Neutral
Good Oil Conference presentation restating known points: Hawkeye-1 found a 27m hydrocarbon column, over US$41M cash (earlier figure), Alaska entry, and Tanzania's Kito prospect with 2016 drilling. No new information in the text shown.
31 Aug 2015regulatory community update▲ GoodMajor
Tanzania's energy ministry extended the deadline to drill a well in each of the Kilosa-Kilombero and Pangani licences from 20 February 2016 to 20 February 2017. Otto holds 50% with Swala operating. This eases the drilling deadline noted earlier.
17 Aug 2015drilling result▼ BadMajor
Hawkeye-1 reached 2,920m and logged hydrocarbons from 2,710m to 2,737m, with water below. Otto says the find is at the very low end of expectations and not economic. The well will be plugged; Otto is fully carried on cost. Cinco and other prospects remain.
6 Aug 2015asset acquisition disposition● NeutralMajor
Otto terminated the Borealis LOI and instead bought 100% of Borealis for A$1.2m in shares (17,518,250 shares). Borealis can earn 8% and 10.8% of Great Bear's Alaska acreage; payments of US$4m, US$2.5m and US$7m follow. Replaces the earlier US$4m for about 40% plan.
3 Aug 2015drilling progress report● Neutral
Hawkeye-1 spud on 31 July 2015 and had drilled the 26-inch hole to 2,449m by 3 August, cementing casing. The next update is due in about two weeks, once the target reservoir is reached. Routine progress, no result yet.
30 July 2015farm in farm out agreement▲ GoodMajor
Otto signed an option for Pryce Gases to earn 10% of SC55 by paying 10% of Hawkeye-1 well costs, with US$3.225m due before drilling. Otto would retain 68.18%. The Maersk Venturer has mobilised, with drilling due to start that weekend.
27 July 2015farm in farm out completion▲ GoodMajor
Red Emperor says the Philippine Department of Energy approved the assignment of its 15% SC55 interest, the last condition on its farm-in with Otto, so the deal is complete. Maersk Venturer mobilisation remains on schedule.
21 July 2015asset acquisition disposition● NeutralMajor
Otto agreed by letter of intent to put US$4m into Borealis Petroleum, giving it about 40% of Borealis. Borealis can acquire 8% and 10.8% interests in Great Bear's Alaskan North Slope acreage. A new onshore Alaska thread alongside Philippines and Tanzania.
15 July 2015quarterly activities report● Neutral
June 2015 quarter: cash fell to US$41.21m after the 6.4c per share payout. Hawkeye-1 is due to start in August 2015, with mobilisation from 31 July, and Tanzania seismic processing is complete. Largely repeats known developments.
15 July 2015investor presentation● Neutral
Investor presentation for the Noosa conference restating known points: over US$41.2m cash, debt free, a carried Hawkeye-1 well in Q3 2015, and Tanzania's Kito prospect. No new information in the text shown.
2 July 2015drilling scheduled● Neutral
Otto told Maersk to mobilise the drillship from 31 July, with Hawkeye-1 expected to spud early August. It also notes a Pryce Gases offer for a 10% SC55 stake that cannot yet be accepted; the PNOC-EC 15% interest is still awaiting presidential approval.
25 June 2015director officer appointment● Neutral
Matthew Allen, CEO since February 2014, was appointed Managing Director from 24 June 2015 and remains CEO. His fixed salary is A$475,000. Leadership continuity rather than a change of direction.
9 June 2015dividend declaration▲ GoodMajor
Shareholders approved the return of capital (about 99.1% of proxies in favour), and directors declared the A$0.0076 unfranked special dividend. A$0.064 per share will be paid on 26 June 2015, completing the payout planned since the Galoc sale.
21 May 2015regulatory community update▲ Good
The ATO published its final Class Ruling (CR 2015/36) on the A$0.064 distribution, consistent with the draft: A$0.0564 return of capital plus an A$0.0076 special dividend if shareholders approve. This clears the tax ruling the payout was waiting on.
5 May 2015contract award▲ GoodMajor
Otto signed a binding contract for the Maersk Venturer drillship, finalising the earlier letter of intent. Mobilisation starts 17 July-15 August 2015; Hawkeye-1 costs US$30-35m (dry hole). Otto says it is free-carried via BHP's US$24.5m and Red Emperor, keeping 78.18%.
5 May 2015material agreement● Neutral
Red Emperor's release that Otto signed a binding Maersk Venturer contract for Hawkeye-1, with a 17 July to 15 August 2015 window and about 23 days to drill. Cost is US$30-35m; Red Emperor's exposure is capped at US$5.625m. Repeats Otto's announcement.
4 May 2015capital raising announcement● Neutral
Otto received a draft ATO ruling on the planned A$0.064 per share payout. It will be A$0.0564 return of capital plus, if shareholders approve, an A$0.0076 unfranked special dividend. A June 2015 general meeting will vote on it.
20 Apr 2015quarterly activities report● Neutral
March 2015 quarter: cash rose to US$101.64m after the Galoc sale completed. Otto's SC55 interest is now shown as 78.18% after the Red Emperor farm-in. The 6.4c capital return awaits an ATO ruling, now targeted for Q2 2015. Hawkeye-1 is planned for Q3 2015.
20 Apr 2015investor presentation● Neutral
Investor presentation restating known points: over US$102m cash and debt free, A$0.064 capital return subject to approval and an ATO ruling, a carried Hawkeye-1 well in Q3 2015, and Tanzania's Kito prospect. No new information in the text shown.
2 Apr 2015director officer appointment● Neutral
Neil Hackett became Company Secretary from 1 April 2015, replacing Scott Blenkinsop, who resigned from that role. Matthew Worner was appointed Commercial Manager. Administrative changes.
10 Mar 2015half year report▲ Good
Half-year to 31 December 2014: net profit after tax US$16.888m and cash US$31.299m, including US$10.823m held by Galoc entity held for sale. The Galoc sale gain falls in the second half. Confirms the proposed A$0.064 capital return.
2 Mar 2015farm in farm out agreement▲ GoodMajor
Otto signed a farm-in with Red Emperor to earn 15% of SC55, with its well cost capped at US$5.625m. Otto also signed a letter of intent for the Maersk Venturer drillship for Hawkeye-1, planned for Q3 2015. This is the first firm farm-out partner after the PNOC-EC expression of interest.
2 Mar 2015farm in farm out agreement▲ Good
Red Emperor Resources' own announcement of its farm-in to earn 15% of SC55 by paying for part of the Hawkeye-1 well. It is also raising A$2.13m. Hawkeye-1 is expected early Q3 2015. Repeats Otto's announcement from the partner's side.
