Past year: ▼ 67%(0.10c – 0.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
8 Mar 2021security holder rights change● Neutral
Company agreed to issue 17 million performance rights to four directors and officers, subject to shareholder approval in April. They vest only if the share price averages 2.5c (half) or 3.5c (half), against the 0.7c placement price in January.
19 Jan 2021price query● Neutral
Replying to ASX's follow-up query on the January placement timing, the company says GTT Ventures first approached the board after market on 12 January, terms were agreed that night, and the placement was announced after a 13 January halt. It says it complied with disclosure rules.
15 Jan 2021capital raising announcement▲ GoodMajor
Placed 114.3m shares at 0.7c to raise A$800,000, a premium to the 0.5c rights issue. Funds go to working capital, the Bowsprit farm-out and new asset reviews. Company expects over A$1.2m cash and no debt; GTT gets A$36,000 and 5m options.
13 Jan 2021other● Neutral
ASX paused trading in the shares pending a further announcement, a day after the price and volume query.
12 Jan 2021price query● Neutral
Replying to another ASX query after the price rose from 0.7c to 1.1c, the company says it knows of no undisclosed news. It is still reviewing new projects without progress, and Bowsprit farm-out talks continue.
22 Dec 2020capital raising announcement● Neutral
Technical prospectus offering 1,000 listed options at A$0.01 (to raise A$10) to allow secondary trading of placement, Winform and adviser options. No new money of substance.
9 Dec 2020price query● Neutral
Company says it had been in early talks on a capital raising to fund due diligence and an exclusivity fee for a possible acquisition. It has now ended those talks, so neither the raising nor the acquisition is proceeding.
8 Dec 2020other● Neutral
ASX paused trading in the shares pending a further announcement, following a price and volume query.
26 Oct 2020director officer appointment● Neutral
Anna Mackintosh appointed Company Secretary and CFO from 23 October 2020, replacing Jo-Ann Long. Alexander Parks steps down as interim secretary.
23 Oct 2020annual report● Neutral
Annual report for the year to 30 June 2020, repeating the accounts lodged earlier. Bowsprit is 50% owned, 100% if the Pinnacle buyout completes. No new information visible in the extract.
21 Oct 2020director officer appointment● Neutral
CFO and Company Secretary Jo-Ann Long resigned on 21 October 2020. Managing Director Alexander Parks is interim secretary, with a replacement expected within a week.
13 Oct 2020capital raising announcement▲ GoodMajor
Shortfall closed and filled by existing holders: 81.9m shortfall shares placed on top of 158.9m taken up, so the full 240.8m shares (about A$1.2m at 0.5c) are issued. 202 holders took part and excess funds are refunded.
5 Oct 2020capital raising announcement▲ GoodMajor
Rights issue results: holders took up 158.9m shares (A$795k, 66% of entitlements). A further A$812k of shortfall was applied for against 81.9m shares available, so some applications will be scaled back.
1 Oct 2020annual report● Neutral
Full-year accounts to 30 June 2020. Bowsprit is shown as 50% owned, rising to 100% if the Pinnacle buyout completes (US$250k due before drilling). Pinnacle agreement was due to expire 30 September 2020. Financial figures not visible in the extract.
1 Oct 2020capital raising announcement▲ Good
The rights issue closed and the company says it was oversubscribed. Details to follow. This follows the 1-for-1 offer at 0.5c seeking up to A$1.2m.
1 Oct 2020security holder rights change▼ Bad
Notice that 39.37m listed options (A$0.10 exercise price) expire on 19 October 2020. Shares last closed at A$0.007, well below the exercise price, so exercise looks unlikely (inference).
16 Sept 2020price query● Neutral
ASX queried a jump in the share price from 0.7c to 1.6c and heavier trading. The company says it knows of no undisclosed information and notes other junior energy stocks saw similar trading that day.
16 Sept 2020capital raising announcement● Neutral
Confirms the rights issue prospectus was sent and the offer opened on 16 September 2020. Timetable is unchanged, with closing on 30 September.
8 Sept 2020capital raising announcement● Neutral
Prospectus for the non-renounceable rights issue: 1 new share per 1 held at A$0.005, up to A$1.2m, with a free option per 2 shares. Not underwritten; GTT is lead manager, and the offer closes 30 September 2020. Repeats the announced terms.
8 Sept 2020capital raising announcement● Neutral
Revised timetable for the 1-for-1 rights issue: offer opens 16 September, closes 30 September 2020, new shares trade from 8 October. Dates only; no change to price or terms.
7 Sept 2020capital raising announcement● NeutralMajor
Announces a rights issue: 1 new share per 1 held at 0.5c to raise up to A$1.2m, with a free option per 2 shares (2c, expiring 1 September 2023). The price is a 37.5% discount to the last close. Proceeds fund the Bowsprit farm-out, the Winform note cash settlement, and overdue pay and debts.
6 Aug 2020director officer appointment▼ Bad
Non-executive director William Bloking resigned effective 10 August 2020. He had been on the board since October 2016 and provided loan funds earlier.
31 July 2020capital raising announcement● NeutralMajor
Placed 30m shares at 0.5c to raise A$150,000, with attaching options (2c, expiring 1 September 2023) subject to approval. A$300,000 of convertible notes converted at 0.4c. A rights issue is planned. GTT earns a 6% fee and 7.5m options.
27 July 2020security holder rights change● Neutral
Consolidation complete: ordinary shares now 131,955,682 (from 1,319,557,588). Listed options are 39,384,241 at A$0.10.
10 July 2020regulatory community update▲ Good
Louisiana granted an extension of the SL21754 lease to March 2021, aligning it with the other Bowsprit lease and allowing for COVID-19 drilling delays. The company aims to conclude farm-out and funding in coming months, drilling in late 2020.
10 July 2020security holder rights change● Neutral
Update confirming shareholders approved the 10-to-1 consolidation at the EGM on 10 July 2020. Timetable unchanged, with new shares trading from 14 July on a deferred settlement basis.
16 June 2020security holder rights change● Neutral
Notice of a 10-to-1 share consolidation, subject to the 10 July vote: about 1.32bn shares become about 132m. Listed options (A$0.01 exercise price) become 39.4m at A$0.10. This follows the forward plan announced in May.
22 May 2020capital raising announcement▼ BadMajor
Board sets a plan to fund the company to 30 September 2020: a 1-for-10 share consolidation, then a raise of about A$350,000. A$200,000 is committed by shareholders, and A$75,000 in short-term loans from the chairman and GTT covers this quarter. A binding farm-out letter of intent was delayed by COVID-19.
22 May 2020listing compliance notice▼ Bad
Replying to an ASX query, the company says it can continue as a going concern and keep its listing despite cash of A$9,000 at 31 March. It cites A$75,000 in loans, deferred salaries, suspended director fees and the note repayment extended to 30 September 2020.
16 Mar 2020half year report▼ Bad
Half-year accounts to 31 December 2019 show a net loss of A$714,430 (A$611,552 a year earlier). Events after period include a A$62,500 convertible note and a Bowsprit reserves statement; the board describes a shift to near-term oil development, with farm-out talks continuing.
