30 May 2016drilling progress report▼ Bad
Sillaro C1 perforation delayed after the contractor's guns failed to fire twice, following one shot on a lower C1 level. The contractor left and is expected back in early June. No new result.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
11 May 2016other● Neutral
Unmarketable parcel sale completed: 2,722,200 shares from 375 holders sold at A$0.014 on 10 May, a 27% premium to the close. The company now has 399 shareholders. Administrative; resolves the earlier notices.
9 May 2016debt financing▲ GoodMajor
Debt cut to €450,000 (from €2.78m at end-2015) and refinanced with an unsecured 12-month, 10% facility from entities tied to directors Pirola and Bailey and former director Bradley. It replaces Nedbank. Sillaro C1 will be re-perforated in Sillaro-2 and also perforated in Sillaro-1.
3 May 2016drilling result▼ BadMajor
Sillaro C1 test after the April perforation was inconclusive: the perforation tunnel appears blocked and B1 is watered out. Level C0 kept producing about 10,000 scm/day. This disappoints the hope of lifting output toward 30,000 scm/day.
29 Apr 2016annual report▼ BadMajor
Annual report says the board will seek shareholder approval to delist the company from ASX at the 31 May 2016 AGM, citing cost reduction. This is a strategy change that, if approved, would end ASX trading of shareholders' shares.
29 Apr 2016annual report● Neutral
Appendix 4G for the 2015 year, pointing to the corporate governance statement on the company website. Compliance form only; no new figures or events.
29 Apr 2016quarterly activities report● Neutral
March quarter gas output was 1.19m m3 and revenue €0.25m; cash €0.18m. Sillaro-2 level C1 was perforated on 21 April, with results pending. A Bezzecca study is awaiting external review. Offshore licence cut about 10% by the 12nm rule.
29 Apr 2016annual report● Neutral
Corporate governance statement for 2015, setting out board roles and how the company follows ASX governance recommendations. Administrative; the excerpt shows no new commercial information.
28 Apr 2016other● Neutral
Second and final notice for the unmarketable parcel sale. Shares in parcels under A$500 (now 38,461 shares or fewer) are expected to be sold from 6 May 2016 unless holders opt out by 5 May. Administrative.
22 Apr 2016director officer appointment● NeutralMajor
Rights issue completed with 350.4m new shares issued on 20 April. Chairman Graham Bradley (about 12 years) and Kevin Eley retire; founder Michael Masterman becomes Chairman and substantial shareholder Kevin Bailey joins. Board falls to three, with cost cuts to follow.
18 Apr 2016capital raising announcement● NeutralMajor
Rights issue closed, raising A$1.61m from shareholders, with underwriters taking 27.6m shortfall shares. Total A$1.752m before costs at A$0.005, so the full target was reached, partly with underwriter support.
1 Apr 2016annual report▼ BadMajor
2015 loss was €6.66m, including a non-cash loss on the asset sale and impairments from lower forecast gas prices, as flagged on 18 March. Revenue was €2.50m, EBITDA a €0.80m loss, and year-end cash €2.45m (before the Nedbank repayment).
31 Mar 2016annual report● Neutral
Statutory 2015 financial report with the directors' report. It lists directors and notes Greg Short's resignation on 25 January 2016. The excerpt shows no new figures; the loss was reported the next day.
30 Mar 2016capital raising announcement● Neutral
Confirms the rights issue offer document was mailed on 30 March. Terms unchanged: 2.5 for 1 at A$0.005, closing 13 April. Administrative only.
21 Mar 2016capital raising announcement● Neutral
Cover notice sending shareholders letters on the rights issue. Up to about 350.4m new shares would lift shares on issue to about 490.5m. Underwriting covers up to about A$820,000. Shareholders who ignore the rights are diluted.
18 Mar 2016capital raising announcement● Neutral
Offer document for the rights issue: 2.5 new shares per share at A$0.005, opening 30 March and closing 13 April 2016. Underwriters are entities linked to directors Masterman and Pirola, plus Fuiloro and Supervised Investments. Repeats the terms already announced.
18 Mar 2016capital raising announcement▼ BadMajor
Launches a 2.5-for-1 renounceable rights issue at A$0.005 to raise about A$1.75m, partly underwritten by two directors and two shareholders. Funds go to the Sillaro rework, Selva approval, debt repayment and working capital. The price is far below the A$0.07 raise of June 2015.
18 Mar 2016capital raising announcement▼ BadMajor
Sets a six-step recapitalisation: a ~A$1.75m rights issue, possible sale of Sant'Alberto and Bezzecca, and Nedbank refinancing. Expects a 2015 net loss from impairments and the La Prospera sale loss. Draws €150,000 of a €300,000 bridging loan from director Pirola's entity. Sillaro is ~10,000 scm/day.
10 Mar 2016other● Neutral
Offers to sell shareholdings worth under A$500 (45,454 shares or fewer at A$0.011) without brokerage, to cut register costs. It covers 5,674,756 shares held by 633 holders; they can opt out by 27 April 2016.
2 Mar 2016agm notice● Neutral
Announces the 2016 annual general meeting for 31 May 2016 in Sydney. Notice of meeting to follow. No other substance.
23 Feb 2016admin correction● Neutral
Corrects a typo in the December quarterly report: quarterly revenue was €0.58m (A$0.87m), not €0.38m. The rest of the report is unchanged.
29 Jan 2016quarterly activities report▼ Bad
December quarter output 2.69m m3; 2015 production 9.84m m3, revenue €2.49m. Vitalba stopped in late November over gas quality; Sillaro runs at 15-18,000 m3/day, with further rigless work needing funding. Teodorico likely largely unaffected by the offshore ban, though AR94PY will shrink by about half. Cash €2.45m.
25 Jan 2016director officer appointment● Neutral
Non-executive director Greg Short retired from the board on 25 January 2016 because of pressing family issues that left him unable to give the role enough time. The chairman thanked him for five and a half years of service and technical advice.
21 Jan 2016debt financing● NeutralMajor
Nedbank loan restructured: €2.2m repaid on 19 January, leaving €576,000, and the loan becomes a standard facility repaid monthly to be cleared by 30 September 2016. Cash about €440,000. Directors are reviewing equity, convertible debt or asset sales to fund operations.
21 Jan 2016other● Neutral
ASX notice that the suspension will lift immediately after the company's borrowing update, so trading resumes. Administrative only.
18 Jan 2016other● Neutral
Shares suspended at the company's request, pending an announcement on restructuring its Nedbank borrowings. The company expects the announcement within about a week.
6 Jan 2016regulatory community update▼ BadMajor
Italy's 2016 Budget Law reinstates a ban on offshore activity within 12 nautical miles, which may halve the AR94PY licence and will almost certainly delay the Teodorico concession decision. Sillaro output fell to 15,000 m3/day during a rigless rework; Nedbank loan restructuring is under negotiation.
29 Dec 2015asset acquisition disposition● NeutralMajor
Completes the sale of the 75% La Prospera interest and Zanza share to AleAnna, announced in October. Proceeds go to Nedbank, reducing debt to under €1m. The company now holds 10 licence areas.
30 Oct 2015quarterly activities report● Neutral
September quarter output 3.46m m3 (up 40%), revenue €0.93m, cash €0.3m. Teodorico concession application filed in August; Shell offtake renewed for 2015-2017. A lighter rigless Sillaro workover could replace the Sillaro-2 recompletion and defer the Sillaro-1 redrill.
19 Oct 2015asset acquisition disposition● NeutralMajor
Sells its 75% of La Prospera (with the Gradizza gas discovery) and its Zanza interest to partner AleAnna for €1.85m, plus €200,000 if the final Gradizza concession arrives by August 2016. Proceeds will cut Nedbank debt below €1m; a book loss is expected.