21 Apr 2011other● Neutral
Updated shareholder distribution and top 20 list after the Stuart offer closed. There were 744.3m shares on issue at 14 April 2011, with Sentient the largest holder at 6.68% on one line. Administrative.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
20 Apr 2011drilling scheduled▲ Good
Vintage Crop-1 in PEL 516, about 65 km south east of Moomba, will first test oil zones and then be deepened to core Permian coals and shales for unconventional gas. This begins Senex's evaluation of Stuart's Cooper Basin gas acreage, with dedicated gas wells possible in 2011-12.
13 Apr 2011business combination● Neutral
Statutory ASIC Form 6021 notice that Senex will compulsorily acquire remaining Stuart shares following its takeover bid. The form is a template with no new figures; the substance is covered in the covering announcement.
13 Apr 2011business combination▲ Good
Senex lodged its compulsory acquisition notice for Stuart after the offer closed on 12 April with acceptances above 92%. Remaining holders get the same 2.5 Senex shares per Stuart share. ASX will suspend Stuart shares five business days after the notice.
11 Apr 2011business combination▲ GoodMajor
Senex reached 90.7% of Stuart and will compulsorily acquire the rest when the offer closes 12 April. Vintage Crop-1 (PEL 516, 100%, 2,075 m) is planned. Growler access was cut again by floods after about 13,830 bbl produced; pipeline design is under way and Pinelands-11 spudded.
8 Apr 2011business combination▲ Good
Senex's relevant interest in Stuart passed 89%, with two days left in the offer. The Managing Director expects it to reach the 90% threshold for compulsory acquisition and says the offer price will not rise and no competing proposal exists. Continues the takeover.
1 Apr 2011director officer appointment● Neutral
Chairman Denis Patten appointed fellow non-executive director Tim Crommelin as his alternate director. Administrative; no change to the board's membership.
28 Mar 2011business combination● Neutral
Senex extended its unconditional Stuart offer by two weeks, now closing 12 April 2011 instead of 29 March. It held more than 75% of Stuart at 25 March. This continues the takeover; holders who have not accepted can still do so.
28 Mar 2011debt financing● NeutralMajor
Senex gave Stuart a $5m unsecured loan facility, repayable within 12 months, as Stuart sought liquidity after merger expenses. Ian Davies becomes Stuart's MD and Julie Whitcombe its CFO. Senex has acceptances for over 75% of Stuart.
24 Mar 2011investor presentation● Neutral
Qupex forum presentation on the Cooper Basin repeats known material: the Stuart acquisition, combined reserves (2P oil 6.9 mmbbl), $56m net cash and the tripled western flank reserves. No new facts.
24 Mar 2011business combination▲ Good
Senex's relevant interest in Stuart has passed 70%, with acceptances for 72.42% of shares. It urges remaining holders to accept before the 29 March close. This continues the takeover toward completion.
22 Mar 2011business combination● Neutral
Statutory notice repeats that Senex's Stuart offers are free of all conditions and gives Senex's voting power as 67.48% at 22 March. Administrative update on the takeover's progress.
10 Mar 2011business combination▲ GoodMajor
Acceptances reached 50.63% of Stuart shares, giving Senex majority control under its unconditional offer. Denis Patten and Ian Davies were appointed to the Stuart board, and the offer stayed open until 29 March 2011.
9 Mar 2011drilling result▲ GoodMajor
Cuisinier-3 reached 2,040 m and was cased as a potential producer after wireline logs indicated 5-6 m of net oil pay in the upper Murta. Cased-hole tests of this and two earlier wells are expected within two months. Senex holds 15%.
7 Mar 2011business combination● Neutral
Formal legal notice that Senex's Stuart offers are free of all conditions in the bidder's statement. It states Senex's voting power in Stuart is 42.36%. Repeats the same-day announcement.
7 Mar 2011half year report▼ Bad
Half-year to 31 December 2010: revenue $2.87m (down 62%), net loss $1.66m, and cash $49.3m. Net oil production fell 85% to 11,805 bbls on Cooper Basin wet weather. Growler production restarted in February 2011.
7 Mar 2011business combination▲ GoodMajor
Senex declared its Stuart offer unconditional after acceptances reached 42.36%, and will issue shares within three business days. It also pays a 1.0% broker handling fee on retail acceptances. This removes the 50.1% minimum condition; the offer still closes 29 March.
7 Mar 2011other● Neutral
Beach announces its own Western Flank drilling program, which includes a Beach-reported note on Senex's 10-well program in PEL 104 and PRL 15 (four Growler development wells). This is a counterparty's release with no new Senex results.
4 Mar 2011business combination▲ Good
Senex says its relevant interest in Stuart now exceeds 40% after strong acceptances to its all-scrip offer. All Stuart directors accepted on 1 March. The offer still closes 29 March 2011 unless extended or withdrawn.
4 Mar 2011other● Neutral
Substantial holder notice: acceptances of 3,998,703 Stuart shares on 3 March lift Senex's voting power in Stuart from 34.40% to 40.36%. Administrative form tracking the takeover.
4 Mar 2011director officer appointment● Neutral
Non-executive director Ben McKeown appointed Yanina Barila, a fellow executive of major shareholder Sentient (13.8%), as his alternate director. Administrative; no change to the board's membership.
2 Mar 2011investor presentation● Neutral
Conference presentation on joint ventures and alliances repeats known facts: reserves upgrade, the Beach relationship, CSG permits and the Stuart merger terms. It notes Senex's relevant interest in Stuart is over 30%. No new information.
1 Mar 2011business combination▲ Good
Stuart's remaining directors accepted Senex's offer, lifting Senex's relevant interest in Stuart to 30.3%, above the 19.9% pre-bid acceptance from David Clarke. Offer still closes 29 March 2011 unless extended.
1 Mar 2011other● Neutral
Beach (Senex's new 40% Growler partner) says Senex told it of a ten-well program on PRL 15 and PEL 104: four development and six exploration wells, targeting 1,500 bopd gross. This is a counterparty's release; the well count is slightly different from earlier stated program.
28 Feb 2011business combination● Neutral
Stuart Petroleum's target's statement says its directors unanimously recommend accepting the Senex offer, in the absence of a superior proposal. This continues the merger process and repeats the known recommendation.
25 Feb 2011production update▲ GoodMajor
Growler oil deliveries have resumed for the first time in over a year. Senex expects about 800 bopd gross initially, worth net revenue above $1.4m a month at current prices. The 40% partner is now named as Beach.
23 Feb 2011other● Neutral
Administrative notice that the bidder's statement for the Stuart offer has been sent to Stuart shareholders. Nothing new.
22 Feb 2011drilling spud● Neutral
Cuisinier-3 appraisal well has started drilling in ATP 752P, operated by Santos. It is planned to reach 2,028 m, targeting the Murta Formation. It lies 750 m from the Cuisinier-1 discovery. Senex's interest was previously stated at 15% in wells, carried.
21 Feb 2011resource reserve update▲ GoodMajor
MHA audit of Snatcher and Growler books first Proved (1P) reserves of 1.6 mmbbl. Net 2P oil rises 194% to 4.7 mmbbl and 3P rises 193% to 13.2 mmbbl, as at 19 February 2011. This meets the earlier 4.5 mmbbl 2P target.
21 Feb 2011asset acquisition disposition● NeutralMajor
Senex sold its 20% Impress stake into Beach's 8.5 cent on-market offer, realising about $15m and lifting cash to about $63m. It says the bid undervalues Impress, but it prefers to fund its drilling program and keep Beach as a partner. This resolves the Impress thread.