12 Oct 2012regulatory community update▲ Good
Regional Manager met Argentina's federal infrastructure minister and mining secretary, who the company says expressed strong support for its geothermal projects. No permit, funding or contract resulted.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
10 Oct 2012drilling scheduled● Neutral
Copahue gravity and magnetotelluric survey tenders have been received and are being assessed, with start targeted for end of 2012. Contractor and start date are promised by end of October. Continues the tender noted earlier.
5 Oct 2012material agreement▲ Good
Company says it is likely to sign a Letter of Intent for a 20MWe power purchase agreement in Argentina, with the buyer unnamed. This would lift announced demand to about 110MWe. Not yet signed, and non-binding.
2 Oct 2012material agreement▲ Good
Agreement with local company GeoEnergia Argentina to evaluate the Los Molles and Peteroa projects in Mendoza province, extending the company beyond Copahue. Copahue's geophysical survey is out to tender, due to start around year-end.
30 Aug 2012other● Neutral
Responds to an ABC report on Australian geothermal, agreeing it is not a short-term option here. It argues its Argentine strategy offers faster development, and restates the funding mandates and the 264MWe Copahue resource. No new information.
10 Aug 2012investor presentation● Neutral
Corporate presentation repeats known facts: 744m shares, 1.2c share price, about $8m market cap, $670,000 cash, no debt. It targets first geothermal power by end-2013, with the CIFI preference raising sought in Q4 2012.
7 Aug 2012other● Neutral
ASX lifts the suspension and shares resume trading after the capital raising announcement. Administrative notice only.
7 Aug 2012capital raising announcement▼ BadMajor
Placement raised $670,000 at 1c per share, with one 4c three-year option for every two shares. Directors will underwrite up to $73,000, subject to shareholder approval. An underwritten rights issue is being considered. The US$30m preference raising is said to be proceeding.
6 Aug 2012other● Neutral
Suspension extended another 24 hours. The company has commitments for the full placement amount but is waiting for all subscription forms before resuming trading. Administrative.
1 Aug 2012other● Neutral
Voluntary suspension extended a further 72 hours while the placement of up to 101m securities (15% of capital) is completed. Investors asked for more time to deliver funds and forms. Administrative extension.
31 July 2012quarterly activities report● Neutral
June quarter: CIFI preference raising and Geothermal One purchase (CAD$6m) announced, and the IDB mandate extended to US$210m for 50MWe. Integration of geoscience and engineering cut expected production wells by 25% to three, which may lower capital cost. Fiale, Djibouti has not progressed.
27 July 2012other▼ Bad
Shares suspended at the company's request pending a capital raising. The planned placement is up to 101m shares and options (15% of issued capital) at a significant discount to market, for working capital until the Copahue funding closes.
25 July 2012other● Neutral
Company says it is comfortable about closing the US$30m preference raising and that a separate material capital raising will be announced in coming days. Engineering and geoscience integration is nearly done, with peer review pending. It is in talks with several groups on joint project development; no outcome indicated.
23 July 2012other● NeutralMajor
Company has hired a boutique corporate finance group to assess options for unlocking value, citing a gap between project value and market capitalisation. It says no outcome or timeframe is anticipated. It still aims to close the US$30m preference share raising.
20 July 2012drilling scheduled▲ Good
Preliminary well design completed: three directional wells to about 1,500m vertical depth could supply a Stage 1 plant of roughly 15MWe, with an optional fourth well. This lets the company seek tenders for casing and wellheads. Subject to approvals; no drilling date given.
12 July 2012regulatory community update▲ Good
Results from the March/April SKM field program are in. They identify Stage 1 drilling targets and show lower non-condensable gas and high-temperature vapour outside the drilled area, which the company says raises confidence in the resource size. More geophysics is planned for late 2012.
2 July 2012capital raising announcement▲ GoodMajor
CIFI appointed to raise about US$30m of non-voting preference shares in the Copahue project company, convertible into Earth Heat shares at 10 for 1. Separately, a Heads of Agreement to buy joint venture partner Geothermal One for CAD$6m in cash or shares (10c face value), conditional on the raising closing.
13 June 2012half year report● Neutral
Half-year report to 31 March 2012 filed; extract shows only the director list, including Zillman's resignation and Lucas-Smith's appointment on 23 April. No financial figures are visible in the text provided.
5 June 2012contract award▲ Good
Alstom's preliminary costing and design proposal received, suggesting a direct cycle plant is technically feasible. Company and SKM will evaluate before a final investment decision around mid-year; no cost figures given.
24 May 2012debt financing▲ GoodMajor
IDB mandate enlarged for a 50MWe project: IDB to invest up to US$75m directly and arrange US$135m syndication, total US$210m (up from US$134m). Still conditional on due diligence, the Bankable Feasibility Study and IDB board approval.
22 May 2012material agreement▲ GoodMajor
Letter of Interest from Xstrata's Pachon subsidiary to buy about 50MWe of Copahue power. It is non-binding and any PPA depends on Xstrata advancing El Pachón after environmental approval; larger than the 30MWe initial project.
15 May 2012joint venture update● Neutral
Alstom's budgetary offer is expected around end of May. A very large unnamed company has indicated power demand that could change project size. Company is negotiating a fourth-well product, hybrid equity and farm-in partners, and has discussed selling a stake in, or all of, projects.
8 May 2012material agreement▲ GoodMajor
Exclusivity agreement with Alstom Power to develop a geothermal power plant proposal for Copahue, possibly leading to a full construction contract. The company will decide mid-2012; no outcome is guaranteed.
1 May 2012other● Neutral
Registered office and place of business moved to Suite 9, 75a Angas St, Adelaide. Administrative only; phone numbers unchanged.
30 Apr 2012quarterly activities report● Neutral
March quarter: $1.94m equity raised, US$22.5m CIFI drilling term sheet and A$17.5m AGS contingency, alongside the IDB US$134m mandate. PPA customer news expected next quarter; Djibouti partner talks continue with no timeframe.
23 Apr 2012director officer appointment● Neutral
Director Norman Zillman, a founding director, resigned for personal reasons. Company secretary Mal Lucas-Smith joins the board as non-executive director on an interim basis.
17 Apr 2012joint venture update● Neutral
First-phase Copahue field program is complete, with potential equity partners and technology partners attending. Debt funding still needs the PPA, construction contract, full environmental assessment and Bankable Feasibility Study; no partner decisions yet.
14 Mar 2012regulatory community update▲ Good
Second-stage environmental impact assessment field work starts at Copahue, covering well locations and transmission line easements. Stage 1 was completed earlier; all stages are needed for debt funding.
8 Mar 2012regulatory community update▲ Good
Technical adviser SKM sent to Copahue to begin the field program: geology, geochemistry, civil engineering and topography. It supports the Bankable Feasibility Study, with a final investment decision targeted mid-year.
7 Mar 2012other● Neutral
Trading resumes after the capital raising announcement was lodged. Administrative notice only.