Past year: ▲ 800%(0.30c – 10.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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 2010agm notice● Neutral
Notice of annual meeting on 26 February 2010. Resolutions include accepting accounts, electing directors, a 10% stock option plan, the remuneration report, and changing the company name to Earth Heat Ltd.
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.
8 Dec 2009agm notice● Neutral
Notice of special meeting on 8 January 2010 to vote on buying Earth Heat Limited and related resolutions, including the consolidation and debt settlement. It follows the 12 October 2009 MOU. The chairman cites the fall in share value and a compromise with creditors and noteholders.
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.
30 Apr 2009quarterly activities report● Neutral
March quarter: West Florence text largely repeats the prior quarter (114 bbl, 1-2 bopd, acid job planned). New: the company is seeking cash-flow opportunities, a small US oil field program and an Australian oil recycling business. Baxter dispute continues.
28 Jan 2009quarterly activities report▼ Bad
December quarter: West Florence-1 produced 114 bbl, now 1-2 bopd; an acid job is planned and a second Pierre well is a priority but unbudgeted. Sprowl sale confirmed, leaving no interest or abandonment obligations. Baxter dispute with Samson continues, with negotiations under way.
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.
31 July 2008quarterly activities report▼ Bad
June quarter: West Florence-1 fell to 4 bopd (343 bbl for quarter) at about 75% water. Workover of a higher Niobrara zone planned, then a Pierre well and about US$1.2m 3D seismic. Cimarex option unsigned, with Fall River share up to 17.5%. Sprowl 311 mcf/d; Baxter payment dispute with Samson continues.
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.
30 Apr 2008quarterly activities report▼ Bad
March quarter: West Florence-1 averaged 7.3 bopd, well below the 32 bopd start rate, with 75% water cut. Fall River's interest rose to 25% after Mountain and Pelican withdrew; Victoria takes over as operator. Sunken Lake lease to lapse; Sprowl fell to 266 mcf/d.
1 Feb 2008quarterly activities report▼ Bad
December quarter cash report: cash fell to A$14k from A$285k, after A$1.171m operating outflow and A$850k raised from financing. Estimated next-quarter outflow A$152k. Separate note funds: A$259k interest cover and A$431k sinking fund for the convertible notes. Very thin cash.
1 Feb 2008agm notice● Neutral
Notice of annual and special meeting on 29 February 2008 in Melbourne. Resolutions include electing directors, appointing auditors, a stock option plan up to 10%, ratifying 28.55m CDIs issued in 2007, and approval to issue up to 200 million shares and options.
1 Feb 2008quarterly activities report● Neutral
December quarter: East Queensdale well plugged after salty water, with deeper reef the future target. Sprowl just under 500 mcf/d. Baxter phase 2 cash call was extended to 30 November, with Fall River also joining a Flaming Gorge seismic program at 25%.
21 Jan 2008annual report▼ Bad
Audited FY2007 accounts (C$), 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.
1 Nov 2007quarterly activities report● Neutral
September quarter: West Florence-1 is on pump at 20-30 bopd with about 20% oil cut, not yet stable. South Queensdale spud slips to mid November. Baxter 13,000 ft well (US$3.75m) planned before end 2007; a new Alberta project is under review.
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.
