Past year: ▲ 800%(0.30c – 10.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
13 July 2015director officer appointment● NeutralMajor
Iain Smith becomes Managing Director on a reduced $180,000 salary (up to $90,000 bonus); Gavin Harper becomes non-executive chairman from 1 July. The rights issue raised $1,056,984, and a name change to Pilot Energy is proposed. Fills the full-time MD gap.
8 July 2015joint venture update▼ Bad
The 60-day litigation suspension with Royale expired without a commercial settlement, and the litigation has resumed. Mediation failed to resolve the Alaska Western Block dispute.
6 July 2015capital raising announcement● NeutralMajor
Rights issue closed 1 July with only $380,733 of acceptances and shortfall applications, leaving a $676,252 shortfall for underwriter Patersons. Directors will take $200,000 of the shortfall through sub-underwriting. Under-subscribed by shareholders but covered by the underwriting.
6 July 2015agm notice● Neutral
Notice of a general meeting on 6 August 2015. Resolutions include changing the name to Pilot Energy Limited and issuing 20m options each to directors Harper, Todd and Smith.
23 June 2015capital raising announcement● Neutral
Confirms the entitlement offer documents have been sent to shareholders. Administrative notice only.
19 June 2015capital raising announcement● Neutral
Supplementary prospectus amending wording on how entitlements of ineligible shareholders are sold. Ineligible holders may receive nothing if sale costs exceed proceeds. No change to the offer terms.
12 June 2015farm in farm out completion▲ Good
NOPTA approves transfer of an 80% operated interest in WA-503-P to Rampart; Black Swan holds 20%. Completes the acquisition announced on 30 March 2015.
10 June 2015capital raising announcement● Neutral
Prospectus for the 2-for-1 rights issue at $0.001 a share, raising up to $1,056,985, fully underwritten by Patersons. Directors sub-underwrite up to $200,000. Offer closes 1 July 2015. Formal documentation of the 9 June announcement.
9 June 2015capital raising announcement● NeutralMajor
Announces an underwritten 2-for-1 renounceable rights issue at $0.001 per share, raising up to about $1.06m from up to 1.057bn new shares. Each of four directors underwrites $50,000. Funds go to studies and farm-outs on WA permits, new ventures and working capital.
What it means for a shareholder
1.06bn new shares at about A$0.001 to raise about A$1.1m. That's 67% dilution: every existing holder's slice gets 67% smaller. If you held A$1,000 of shares (997,170 at the issue price), your slice goes from 0.189% to 0.0629% of the company. To keep it you'd need 1,994,369 more shares - about A$2,000 at the issue price.
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9 June 2015half year report● Neutral
Half-year report to 31 March 2015. Highlights are the two WA permits, the up to 21 Tcf WA-507-P estimate, the US$3.7m Alaska credit filing and suspension of the Alaska litigation. Includes a going concern note; the text provided is truncated.
14 May 2015director officer appointment● Neutral
Company secretary Rory McGoldrick joins the board as a director; David McArthur becomes Company Secretary. The company says this consolidates operations in Perth.
8 May 2015joint venture update● Neutral
The Royale litigation over the Alaskan Western Block is suspended for sixty days, with court approval, so the parties can mediate in good faith. A pause in the dispute begun in November 2014, not a settlement.
29 Apr 2015quarterly activities report● Neutral
March quarter: WA-503-P acquired, WA-507-P resource estimate of up to 21 Tcf gas, US$3.7m Alaska credit filed. The Royale dispute continues in litigation alongside talks. Adelaide office closed to cut costs. Mostly repeats earlier announcements.
30 Mar 2015asset acquisition disposition● Neutral
Neon Energy confirms it signed a deed on 28 March 2015 assigning its full WA-503-P interest to Rampart and Black Swan, following a negotiated settlement over seismic work. Counterparty confirmation of Rampart's 30 March announcement.
30 Mar 2015asset acquisition disposition▲ GoodMajor
Rampart secures an 80% operated interest in WA-503-P, a shallow-water oil permit off Western Australia, from Neon Energy for assuming its commitments. Four leads of 5-15 MMbbl each (company estimates); Black Swan (linked to director Todd) holds 20% and is carried. NOPTA approval pending.
27 Feb 2015agm notice● Neutral
AGM results: all six resolutions passed, including the remuneration report, re-election of directors Harper, Smith and Todd, and the Performance Rights Plan. The plan and termination benefits drew sizeable against votes (about 21.7m and 18.5m shares).
27 Feb 2015investor presentation● Neutral
AGM presentation largely repeating the February corporate presentation: WA-507-P prospects of up to 21 Tcf, litigation with Royale, A$1.0m cash and a lean cost base. No new facts.
25 Feb 2015resource reserve update▲ GoodMajor
Gaffney Cline estimates WA-507-P gross prospective gas across three leads at best cases of 4.7, 2.4 and 2.9 Tcf, with up to about 21 Tcf summing the high cases. Chance of success is 16-18% per lead. Unrisked, and dependent on drilling success.
19 Feb 2015farm in farm out completion▲ GoodMajor
NOPTA has approved the transfer of the 80% operated interest in WA-507-P to Rampart; Black Swan holds the other 20%. Completes the acquisition announced on 18 November 2014.
16 Feb 2015regulatory community update▲ Good
Files for about US$3.7m of net operating loss credit from Alaska on the Big Bend seismic, in addition to the US$3.1m already applied for. Receipt is expected during 2015, mostly to pay down the credit facility.
12 Feb 2015investor presentation● Neutral
Corporate presentation. Cash is A$1.0m and ACES debt US$6.0m at 31 December, and market cap is A$1.1m at 0.2 cents. Says Rampart could not meet an unexpected rig cash call. Strategy shifts away from the US toward Australia and Asia-Pacific. Targets corporate costs below $90,000 a month.
29 Jan 2015quarterly activities report● Neutral
December quarter: WA-507-P acquired, litigation with Royale under way alongside settlement talks. Shares on issue 528.5m, after 109m bonus shares issued to placement participants. 45m performance rights issued to directors. A resource estimate for WA-507-P is expected within a month.
29 Dec 2014annual report▼ Bad
Annual report to 30 September 2014. The chairman cites the oil price fall from over $100 to $57 and Alaska-specific factors in the loss of market value. Alaska is subject to litigation; WA-507-P is the first new asset, and overheads are being cut.
16 Dec 2014joint venture update● Neutral
Rampart's Alaskan subsidiary has filed an answer, counterclaim and third party complaint against Royale's complaint of 17 November. Rampart denies the allegations; commercial negotiations continue alongside the legal case.
25 Nov 2014joint venture update▼ BadMajor
Royale has served legal proceedings on Rampart's Alaskan subsidiary, alleging breach of the Participation Agreement. Rampart denies the claims and has hired US counsel, while talks continue. Turns the Western Block dispute into litigation.
18 Nov 2014asset acquisition disposition▲ GoodMajor
Acquires an 80% operated interest in the new WA-507-P permit on the Exmouth Plateau, offshore Western Australia, described as a change of strategy. Entry costs are mostly contingent; a US$1.3m seismic licence is due within 12 months. Black Swan, linked to director Conrad Todd, holds 20% and is carried. NOPTA approval is pending.
31 Oct 2014quarterly activities report● Neutral
September quarter: no deal with Royale, and the board is weighing options on the Alaska project. Cash is $2.63m; US$6.86m is drawn on the Melody facility. The second placement tranche and share purchase plan were withdrawn; shares on issue were 419.5m. Overheads are being cut.
13 Oct 2014joint venture update▼ BadMajor
No agreement yet with Royale on the Western Block after the drilling delay; the parties differ on key issues and the board is considering all options on its future involvement. The company is also reviewing new oil and gas ventures. Worsens the open Royale negotiation thread.
7 Oct 2014capital raising announcement▼ BadMajor
Withdraws the second tranche of the July placement (30.5m shares, repriced to raise $500,000) a day before the EGM, saying it could not give an Alaska project update beforehand. Leaves only the first tranche (~54.5m shares) of the planned $3.0m raise.
1 Oct 2014capital raising announcement▼ Bad
The share purchase plan, closed 26 September, is withdrawn because applications were too few to meet its goal. Applicants will be refunded in full. The planned $1.51m raise at 1.2 cents does not happen.
