Past year: ▲ 50%(0.40c – 0.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
30 June 2006capital raising announcement● Neutral
Prospectus lodged for the underwritten rights issue: 29,048,125 shares at $0.15 (1 for 2), with a free option per 2 shares taken up, raising about $4.36m. Closes 28 July 2006. It funds the NorAsian acquisition announced 6 June.
7 June 2006business combination▲ GoodMajor
Ottoman agreed to buy the other 50% of NorAsian (Philippines SC50, SC51, SC55) from AustralAsian for 15m shares, 7.5m options and A$2.5m cash, plus later production-linked shares. Bentley farms in for 30% for about US$9.5m. A $4.36m rights issue at 15c funds it.
15 Mar 2006half year report● Neutral
Half-year to 31 December 2005: net loss $360,680 versus $111,177 a year earlier, revenue $26,181. Restates the Bati Umur-1 discovery, Incremental farm-in and Argentine farm-in. Arpaci-1 flow testing is now flagged for late 2006.
20 Jan 2006drilling progress report● Neutral
7 inch production casing was run to 350m in Arpaci-1 and the rig released. A workover rig is proposed to flow test both Arpaci-1 and the Bati Umur-1 discovery when available.
19 Jan 2006drilling result● NeutralMajor
Arpaci-1 reached 509m total depth. Logs showed several zones of potential interest, but pressure data suggests gas saturations may be low, so detailed flow testing is recommended. An early mixed signal, not a confirmed discovery like Bati Umur-1.
18 Jan 2006drilling progress report● Neutral
Arpaci-1 was drilling ahead at 487m, close to its planned 500m, with logging next. No new result.
17 Jan 2006drilling progress report● Neutral
Arpaci-1 was drilling ahead at 215m, with a planned depth of about 500m. Repeats earlier well details with no new result.
17 Jan 2006capital raising announcement● NeutralMajor
Ottoman placed 9,000,000 shares at $0.20 to raise $1.8 million, each with a free attaching option exercisable at $0.20 by 1 December 2006. Funds go to Thrace Basin drilling, Philippines costs and working capital; 3 million shares and all options need shareholder approval.
What it means for a shareholder
9.0m new shares at A$0.200 to raise about A$1.8m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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16 Jan 2006drilling spud● Neutral
Arpaci-1, Ottoman's second Thrace Basin well in Turkey, spudded 13 January 2006 on the Edirne Licence (65% interest), targeting about 500m. It follows the December 2005 Bati Umur-1 gas discovery.
