30 July 2010other● Neutral
Fall River changed its name to Earth Heat Resources Ltd, trading under the new ASX code EHR from 29 July 2010. A new website is live. This reflects the move to geothermal.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
9 July 2010investor presentation● Neutral
Updated presentation showing 524m shares, a 2 cent price, A$10.5m market cap, A$866,000 cash and no debt. It says funding for the Copahue farm-in is still under discussion. Otherwise it repeats earlier material.
23 June 2010asset acquisition disposition● NeutralMajor
Fall River agreed to sell its 25% West Florence interest in Colorado to Adelaide Energy for A$75,000, payable within a month. This continues the exit from US oil and gas; the Wyoming asset is still under review.
10 June 2010half year report● Neutral
Half-year report to 31 March 2010, covering the Earth Heat acquisition and the board changes. Norman Zillman joined the board on 26 February 2010, and the auditor is now K S Black & Co. Financial figures were not in the readable text.
21 May 2010investor presentation● Neutral
Investor presentation promoting the Copahue farm-in as the most advanced geothermal development opportunity of any ASX-listed explorer, citing a 25% IRR over 30 years. Norm Zillman is shown as a non-executive director. It largely repeats the 13 May announcement.
17 May 2010other● Neutral
Notice that Managing Director Torey Marshall was interviewed by O Six Media about the Copahue heads of agreement. The notice adds no new information.
13 May 2010farm in farm out agreement▲ GoodMajor
Heads of Agreement to farm into the Copahue geothermal project in Argentina, an initial 30 MW development. Fall River can earn 50% by spending about US$18m, then 75% with a further US$35m, and up to 87.5%. It depends on Geothermal One winning the award, expected within 6 weeks.
20 Apr 2010asset acquisition disposition▲ Good
Fall River was offered for grant the three applications (GELA 523-525), which would bring its South Australian portfolio to 11 licences covering about 13,000 km2. Formal grant is expected in May 2010 after documents are submitted. This follows the February applications.
5 Mar 2010other● Neutral
Notice that Managing Director Torey Marshall was interviewed by New York's O Six Media. No new company information is given in the notice itself.
26 Feb 2010investor presentation● Neutral
AGM presentation by the Managing Director on the shift to a 'New Energy' company. It says debts of almost $4m were cleared and about $1.2m raised, leaving the company debt free. Baxter may become a royalty. Restates known facts; no new results.
18 Feb 2010other● Neutral
Notice of a Boardroom Radio audio interview with Managing Director Torey Marshall on 18 February 2010. No new information is given in the notice itself.
17 Feb 2010asset acquisition disposition▲ Good
Fall River applied for three more South Australian geothermal licences (GELAs 523-525). If granted, with the existing 8 they would give contiguous cover of about 13,000 km2. These are applications only, not yet granted.
10 Feb 2010investor presentation● Neutral
Company update on the 8 South Australian geothermal licences (about 3,850 km2). An exploration program is to start in April 2010. It restates the New Energy strategy. No new results or figures beyond planning.
28 Jan 2010director officer appointment● NeutralMajor
Torey Marshall was appointed Managing Director after the Earth Heat deal completed on 22 January 2010. His base salary is A$230,000 a year including superannuation, and he is to focus on growing the company as a New Energy business.
27 Jan 2010quarterly activities report▲ GoodMajor
December quarter: shareholders approved the deal on 8 January; shares consolidated 1-for-3 to 30.18m, then 524.18m after issues. The Earth Heat deal completed 22 January. Major creditor liabilities were extinguished and about A$1.2m raised. Strategy moves from oil and gas to geothermal. Baxter and West Florence remain weak.
27 Jan 2010asset acquisition disposition▲ GoodMajor
With the Earth Heat acquisition completed on 22 January 2010, Fall River now holds 8 South Australian geothermal licences, after five more applications were granted. The earlier three were independently valued at A$4.2-5.1m; the new five were given no value in that report.
27 Jan 2010director officer appointment● NeutralMajor
On completing the Earth Heat deal, Dr Raymond Shaw becomes non-executive chairman and Torey Marshall joins the board; Bruce McLeod and Jack Mulready resign. David Sutton and Stephen Pearce stay. The board plans a review of strategy to become a 'New Energy' company.
30 Oct 2009quarterly activities report● NeutralMajor
September quarter: West Florence-1 has fallen to 8 bbl a month, non-commercial, and Baxter is close to being converted to a royalty. The company plans a reconstruction, buying Earth Heat (geothermal) for 260m shares at A$0.01, a 1-for-3 consolidation, debt-for-equity and a raising of at least A$2m.
8 May 2009price query▼ Bad
ASX queries Fall River over its March 2009 quarterly report, which showed no product receipts, A$120,000 operating outflow and A$96,000 cash. It asks whether the company can fund its activities and comply with listing rules 3.1 and 12.2. The query itself contains no reply.
31 Oct 2008quarterly activities report▼ BadMajor
Fall River will focus on West Florence, where Slanovich 32-23 output has fallen to about 2 bopd despite the workover. It agreed in August to sell its 20% Sprowl interest for US$510,000 (about US$204,000 retires operator debt) and is withdrawing from all Canadian projects. Baxter status remains disputed.
19 June 2008listing compliance notice● Neutral
ASX lifts the trading suspension immediately after receipt of the half-year financial statements to 31 March 2008. Securities FRV and FRVOA resume trading.
19 June 2008half year report▼ BadMajor
Half year to 31 March 2008: net loss C$1,076,806 against C$950,626. Chairman Hollingsworth and CEO McBain resigned 29 February 2008. Sunken Lake C$245,484 written off; Fall River took a 30% interest in a Central Alberta land section. Baxter late-payment dispute with operator is unresolved.
21 Jan 2008annual report▼ Bad
Audited FY2007 accounts (C$), audited by Smythe Ratcliffe: net loss C$2,969,942 (C$1,103,000 property write-down), against C$4,145,300 prior year. Cash C$254,183, equity C$375,787 versus C$1,426,278. Morgan & Company audited the prior year.
21 Jan 2008listing compliance notice● Neutral
ASX lifts the trading suspension on Fall River immediately after receipt of its full-year accounts to 30 September 2007. Trading resumes; suggests the accounts were filed late (inference).
21 Jan 2008annual report● Neutral
Management discussion for year to 30 September 2007. Reports over A$8.6m raised in 16 months, all in Australia, and the TSX-V delisting rationale. Sprowl at about 500 mcf/d, forecast about A$156,000 a year revenue; Gruver timing still unknown. Text is truncated.
18 Dec 2007drilling result▼ BadMajor
Queensdale East 3-11 reached 1,400 m. Shows over 1,179-1,187 m, but the well swabbed almost 100% salty water with only traces of oil, so it was plugged and abandoned. Fall River paid 25% of costs. Dry hole for this small Saskatchewan farm-in.
27 Nov 2007drilling spud● Neutral
The Queensdale East well, operated by Texalta, began drilling and was at 850 m on 25 November. Kisbey target expected near 1,170 m, Lodgepole near 1,350 m, total depth 1,440 m. Fall River pays 25% of cost. Follows the slipped start.
22 Oct 2007production update▲ GoodMajor
West Florence-1 starts oil production at an initial average 32 barrels of oil per day plus 101 of water from the Codell, with an increase expected. This is the project's first oil production. A Pierre Shale well and possible 3D seismic are planned. Fall River holds 15%.
22 Oct 2007joint venture update● Neutral
Adelaide Energy repeats that West Florence-1 started oil production at 32 barrels per day. It also repeats plans for a Pierre Shale well and possible 3D seismic. Nothing new for Fall River.
22 Oct 2007production update● Neutral
Victoria repeats that West Florence-1 began producing 32 barrels of oil per day and 101 of water from the Codell. A Pierre Shale well and 3D seismic are planned. Nothing new for Fall River.