Past year: ▲ 72%(5.40c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
8 Dec 2009regulatory community update▲ GoodMajor
Ministry of Economic Development signed final approval on 7 December to begin production at Castello after safety inspections. First gas into the national network expected next week. Sillaro plant 85% complete, commissioning January 2010.
18 Nov 2009admin correction● Neutral
Administrative notice under s708A of the Corporations Act for the 1,283,768 share purchase plan shares issued at A$1.55 on 18 November. No new substance.
18 Nov 2009capital raising announcement▲ Good
Share purchase plan completed, raising A$1.99m from 179 applications for 1,283,768 shares at A$1.55. With the placement, about A$10.5m raised. Shares on issue rise to 110,179,926.
What it means for a shareholder
1.3m new shares at A$1.55 to raise about A$2.0m. That's 1.2% dilution: every existing holder's slice gets 1.2% smaller. If you held A$1,000 of shares (645 at the issue price), your slice goes from 0.000592% to 0.000586% of the company. To keep it you'd need 8 more shares - about A$12 at the issue price.
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3 Nov 2009material agreement▲ GoodMajor
Castello plant is connected to the national grid, and an operations and maintenance contract with DG Impianti covers Castello and Sillaro. Operating cost at full production is estimated at about €2 cents per cubic metre versus Italian gas prices of €22-25 cents. First commercial sales expected later this month.
29 Oct 2009investor presentation● Neutral
Notice that a new investor presentation is on the company website. No content is given in the announcement.
26 Oct 2009quarterly activities report● Neutral
September quarter: Castello plant complete, grid-connected and in commissioning, with first commercial gas expected late November. Sillaro start-up remains January 2010. Cash A$8.4m, drawn debt A$16.8m. Fantuzza drilling now June quarter 2010, with farm-in interest received.
22 Oct 2009capital raising announcement● Neutral
Dispatch of the share purchase plan booklet and application forms to eligible holders. Offer at A$1.55 closes 12 November. No new substance beyond the 14 October announcement.
22 Oct 2009director officer appointment● Neutral
Lisa Jones, a corporate lawyer, becomes Company Secretary from 21 October 2009, replacing Dom Del Borrello, who resigned from the role.
21 Oct 2009production update▲ Good
Commissioning began at Castello, with civil and mechanical works finished ahead of the four-month schedule. First commercial gas into the pipeline expected mid to late November, subject to Ministry approvals. Sillaro commissioning remains January.
14 Oct 2009capital raising announcement● Neutral
Share purchase plan details: eligible Australian and NZ holders can buy A$5,000, A$10,000 or A$15,000 of shares at A$1.55. Aims to raise up to A$2m, closing 12 November. Follows the September placement.
30 Sept 2009capital raising announcement● NeutralMajor
Oversubscribed placement of 5.5m shares at A$1.55 (3% discount) raising A$8.52m via Petra Capital, lifting shares on issue to 108.9m. A share purchase plan at the same price is planned. Described as strengthening working capital ahead of Castello commissioning.
What it means for a shareholder
5.5m new shares at A$1.55 to raise about A$8.5m. That's 5.1% dilution: every existing holder's slice gets 5.1% smaller. If you held A$1,000 of shares (645 at the issue price), your slice goes from 0.000624% to 0.000592% of the company. To keep it you'd need 34 more shares - about A$53 at the issue price.
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23 Sept 2009debt financing▲ Good
Bank of Scotland senior facility maturity extended to November 2013. Drawings are €6.7m at about 3.5% interest, with the margin over EURLIBOR falling to 1.8% after Sillaro and Castello are completed. Continues the facility drawdown thread.
15 Sept 2009resource reserve update● NeutralMajor
Company adopts a revised reserves policy following SPE/WPC principles. Bezzecca and Fantuzza become Contingent Resources until development plans are approved, and Bezzecca contingent resources are expected to be lower than pre-drilling targets. Sillaro reserves will be reassessed after Sillaro-2.
14 Sept 2009production update● Neutral
Semat began Sillaro surface plant installation, targeting four months, with commissioning in January 2010. Castello is 88% complete, with commissioning in October and first gas expected November 2009.
1 Sept 2009security holder rights change● Neutral
Proxy results for the 28 August meeting: proxies were heavily in favour (about 50.7m for, 2,000 against) of cancelling and reissuing the 833,333 Masterman Super Fund shares. Resolves the Listing Rule breach disclosed in July, subject to the final vote.
18 Aug 2009well test result▲ GoodMajor
Sillaro-2 testing confirmed four levels with a combined 13 mmcf/d, including a new 2,023 m level at 3.5 mmcf/d; six levels now proven across both wells. Well completed on budget; plant installation starts early September, commissioning December 2009. Castello 85% complete.
12 Aug 2009well test result▲ Good
Sillaro-2 tests confirmed the PL2A level at up to 4.33 mmcf/d and a new level, PL2C0, at 1.79 mmcf/d. Results match Sillaro-1 and add capacity. Two more levels to be tested this week.
10 Aug 2009half year report● Neutral
Half-year to 30 June 2009: net loss €1.34m (2008: €1.33m). Accounts now in euros after the functional currency change; Bank of Scotland facility drawn €6.3m. Repeats known progress at Castello, Sillaro and Bezzecca, and the 28 August vote on the Masterman shares.
4 Aug 2009asset acquisition disposition▼ BadMajor
Po Valley and 50:50 partner Edison voluntarily relinquished the Bernaga (formerly Ossola) licence application north of Milan, citing nature-reserve concerns and low prospects of full grant. Ends the long-pending Ossola thread; other preliminary awards unaffected.
29 July 2009quarterly activities report● Neutral
June quarter: Castello installation under way with start-up expected October and first gas sales in December quarter. Sillaro start-up pushed to January 2010. Cash A$7.8m, €6.3m debt drawn. Fantuzza-1 drilling now Q1 2010 with farm-in bids invited.
28 July 2009drilling result▲ GoodMajor
Sillaro-2 reached 2,364 m on schedule; logs confirm the main pay zones seen in Sillaro-1 over 140 m gross (2,180-2,320 m). Extra possible zones, including 15 m at 2,020 m, will be completed and tested in early August.
23 July 2009security holder rights change▼ Bad
Company admits 833,333 shares issued to the Masterman Superannuation Fund on 30 June breached Listing Rule 10.11, as they were issued over a month after the AGM approval. Shareholders to vote on 28 August to cancel and reissue them; described as administrative oversight.
14 July 2009drilling progress report● Neutral
Sillaro-2 directional well at 1,276 m measured depth, preparing to run 9 5/8 inch casing. No new result.
3 July 2009drilling spud▲ GoodMajor
Sillaro-2 production well spudded 2 July, planned to about 2,400 m vertical depth in roughly 24 days. With Sillaro-1 it should give 3.8 mmcf/d initial capacity; completion expected end of August before plant installation.
1 July 2009production update▲ GoodMajor
Installation began at Castello on 30 June, with contractor Semat targeting four months. Plant is described as 78% complete, with start-up in late October 2009 at 2.7 mmcf/d initial capacity.
22 June 2009regulatory community update▲ GoodMajor
Castello plant installation approval received, the final regulatory approval needed. It unlocks civil works from 29 June, Sillaro-2 drilling in early July and the Bank of Scotland senior facility, which converts the A$8.7m (€5m) current debt to a four-year line expiring 2013.
20 May 2009agm notice● Neutral
AGM chairman's address repeats known progress: Castello installation approval expected early June, first commercial gas sales late in the third quarter of 2009. Notes the placement as 7.5m shares at A$1.20 with a further A$1.0m subject to shareholder approval at the meeting.
30 Apr 2009quarterly activities report● Neutral
March quarter: Castello installation approval now expected May/June, start-up Oct/Nov; Sillaro-2 spud June/July with Sillaro production late Dec 2009 or early 2010, a slip from Sept/Oct. Bezzecca flows revised to 3.9 mmcf/d; primary target had weaker shows than expected and was not tested. Cash A$10.6m.
21 Apr 2009well test result▲ GoodMajor
Bezzecca-1 tested gas on all three levels: deep Miocene 2.2, shallow Miocene 0.55 and Pliocene 1.0 mmcf/d, a combined 3.75 mmcf/d. Rig released to move on before Sillaro-2. Development size still to be assessed.
15 Apr 2009flow test result▲ GoodMajor
Bezzecca-1's deepest Miocene level flowed 2.2 mmcf/d on a quarter-inch choke at 1760 psi, stable with good pressure recovery, which the CEO calls above expectations. More tests to follow; Castello and Sillaro commissioning now said to be from third quarter.
