Past year: ▲ 800%(0.30c – 10.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
16 Sept 2014regulatory community update▲ Good
Files for about US$3.1m of Alaska exploration tax credit reimbursement on the US$7.8m Big Bend seismic program, with receipt expected in 2015. A further ~US$3.5m is due to be filed in early 2015; total ~US$6.6m (85%). Mostly pays down the Melody credit facility.
1 Sept 2014director officer appointment● Neutral
Rory McGoldrick, a lawyer, is appointed company secretary, replacing Mal Lucas-Smith, who retires formally in October 2014 after a handover period.
25 Aug 2014capital raising announcement● Neutral
Chairman's letter and offer document for the share purchase plan at 1.2 cents, capped at $1,510,172 (about 125.8m shares), with parcels of $2,500 to $15,000. Funds are for Western Block exploration and working capital. Head office is moving to Perth; directors intend to apply.
20 Aug 2014capital raising announcement▼ BadMajor
After the drilling delay, proposes repricing the July placement: two bonus shares per first-tranche share (average about 1.2 cents) and second tranche at 1.2 cents for $500,000, subject to shareholder vote. Also offers a share purchase plan at 1.2 cents, capped at $1,510,172.
11 Aug 2014other● Neutral
Chairman's letter explains Rampart declined a larger-than-budgeted rig deposit that would have put more than all its financial resources at risk (it had set aside US$1.75m). Says the delay to 2016 allows more technical work and a structured farm-out. No new facts beyond the 1 August notice.
1 Aug 2014material agreement termination▼ BadMajor
Royale has cancelled the Kuukpic rig contract because Rampart would not fund a substantial deposit without a funding partner. Drilling slips from early 2015 to early 2016 unless a partner is found soon. Reverses the 30 May rig news; farm-in terms may be amended.
31 July 2014quarterly activities report● Neutral
June quarter report: seismic processing finished, NSAI prospect resources confirmed, rig contracted and ROTH hired. Shows Rampart is in talks with Royale about possible amendments to the farm-in agreement. Mostly repeats earlier releases; the $3.0m placement came after quarter end.
17 July 2014listing compliance notice● Neutral
ASX confirms the trading halt ends and shares resume trading on 18 July 2014 after the capital raising announcement. Administrative.
17 July 2014capital raising announcement● NeutralMajor
Raises about $3.0m by placing 85m shares at $0.035, a 5% discount, for working capital. The first 54.5m shares are issued now; 30.5m need shareholder approval. Priced below the Feb 2014 raise at $0.05.
What it means for a shareholder
85.0m new shares at A$0.035 to raise about A$3.0m. That's 19% dilution: every existing holder's slice gets 19% smaller. If you held A$1,000 of shares (28,571 at the issue price), your slice goes from 0.00783% to 0.00635% of the company. To keep it you'd need 6,654 more shares - about A$233 at the issue price.
Create a free account to see this worked out for your own holding.
17 July 2014listing compliance notice● Neutral
Shares enter a voluntary trading halt at the company's request, pending an announcement about a material capital raising. Administrative step ahead of the placement.
3 July 2014director officer appointment▼ BadMajor
Managing Director Torey Marshall resigns immediately. Chairman Gavin Harper and director Iain Smith become executive chairman and executive director, jointly running operations. Geoscientist Conrad Todd joins as non-executive director.
3 July 2014investor presentation● Neutral
July presentation repeating the Alaska case. Shows 364,992,277 shares, market cap A$14.6m at 4 cents, and cash of A$2.6m at 31 March. Says Rampart holds 30% of the Western Block and is negotiating with Royale to extend the Central Block option.
26 June 2014resource reserve update▲ GoodMajor
NSAI assesses two Big Bend prospects at 17.8 to 325.3 million barrels of oil in place gross (best 77.5m); Rampart's 30% share is 5.3 to 97.6m. Rosetta is the lead drilling candidate. Unrisked prospective figures, dependent on a discovery.
19 June 2014material agreement● Neutral
Appoints US investment bank ROTH Capital Partners to run a partnering process to find a funder for the two-well Western Block program planned from January 2015. Follows the farm-out plan flagged earlier; no partner yet.
12 June 2014investor presentation▲ Good
Update repeating the roughly 20,000-acre prospect with hydrocarbon indicators, now said to fit the model from nearby Meltwater oil field. NSAI estimate is in progress. Rig secured and a strategic partnering process to fund the two wells is about to start.
2 June 2014director officer appointment● Neutral
Non-executive director Dr Ray Shaw resigns effective 1 June 2014 as part of a mutually agreed board restructure, after about four years including time as chairman. The board becomes Harper, Marshall and Smith.
30 May 2014contract award▲ GoodMajor
Operator Royale has secured Kuukpic Rig No. 5 to drill two Western Block wells between January and April 2015. Rampart can lift its interest from 30% to 75% by funding them, subject to a farm-out or other funding. Binding only once the rig is accepted after repairs.
22 May 2014drilling result▲ GoodMajor
Preliminary reading of the Big Bend 3D seismic shows a large conventional oil-prone target of up to 20,000 acres, with apparent hydrocarbon indicators. Key drilling permits are submitted for two wells in January 2015. No resource figure yet.
12 May 2014other● Neutral
Notice that DJ Carmichael, the company's joint lead manager, has published a new research report on the website. Restates the work program of 3D seismic and two wells in 2015. No new information.
9 May 2014other● Neutral
General shareholder update repeating known points: seismic data quality is excellent, interpretable data is imminent, farm-out is on schedule and drilling is about 7 months away. Says over A$15m equity and US$50m debt facility were raised. No new results.
5 May 2014resource reserve update▲ GoodMajor
Independent assessor NSAI puts unrisked unconventional shale gas prospective resources on the Alaska acreage at 2.4 to 42.5 trillion cubic feet in place, best case 12.45 TcF. Recoverable gas is 80 to 2,079 bcf gross, best case 519 bcf. Adds gas to the earlier shale oil estimate; conventional work still to come.
1 May 2014admin correction● Neutral
Re-release of the board change notice correcting the effective date to 1 May 2014. Harper is chairman and Shaw a non-executive director. No other change.
1 May 2014director officer appointment● NeutralMajor
Gavin Harper was appointed non-executive chairman, and Dr Ray Shaw, chairman for the past four years, became a non-executive director. The notice gave the effective date as 1 May 2015, though it was dated 1 May 2014.
1 May 2014quarterly activities report● Neutral
March quarter report: the seismic survey was completed on time and within budget and is being processed in Houston. Interpretable data is expected next quarter to pick a drill target for early 2015. $4.14m raised in the quarter. An updated resource assessment is also expected next quarter.
24 Apr 2014admin correction● Neutral
Cleansing prospectus re-lodged to correct a date error. The offer is still one $0.05 share to free up the 20m placement shares. No new substance.
23 Apr 2014capital raising announcement● Neutral
Cleansing prospectus for one $0.05 share, so the 20m second-tranche placement shares ($1.0m) can be freely resold. This shows the second tranche has been issued. Administrative; about $3,000 of costs.
16 Apr 2014drilling progress report▲ Good
Seismic processing is well underway, and early results show excellent data quality over most of the survey area, with key intervals clearly visible. Interpretation is still to come, so no drilling target or resource change yet.
17 Mar 2014director officer appointment● Neutral
Gavin Harper, a former Chevron executive and chairman of Sino Gas and Energy, joins as an independent non-executive director. Mal Lucas-Smith steps down as a director but stays company secretary, so Harper effectively replaces him.
11 Mar 2014investor presentation● Neutral
March presentation repeating the North Slope case, now noting the seismic is complete. Shows about 344.9m shares, cash about $3.5m at 24 Feb and US$6.5m drawn on the ACES facility with US$43.5m left. No new results.
7 Mar 2014admin correction● Neutral
Re-release correcting the Big Bend completion notice: the Western Block interest after the survey is 30%, not 35%. This matches the farm-in terms (20% more on top of the first 10%). Otherwise identical.
