Each one in plain English, with the numbers worked through for a shareholder.
21 Feb 2011business combination● Neutral
Formal bidder's statement for the Stuart offer of 2.5 Senex shares per Stuart share. It sets out nine reasons to accept and a 50.1% minimum acceptance condition. The offer closes 29 March 2011 unless extended. It adds detail to the merger announced the same day.
21 Feb 2011business combination▲ GoodMajor
Senex agreed a friendly takeover of Stuart Petroleum, offering 2.5 Senex shares per Stuart share, valued at about $77.8m. Stuart's board recommends it, and its largest holder (19.9%) has pre-agreed acceptance. The merged group would have 6.9 mmbbl net 2P oil. The offer closes 29 March 2011.
21 Feb 2011investor presentation● Neutral
Presentation on the Stuart merger repeats the offer terms, premium and combined reserves (2P oil 6.9 mmbbl). It also states the Impress stake sale lifts cash to $63m before the merger. No new facts beyond the same-day announcements.
21 Feb 2011other● Neutral
Beach says Senex's acceptance lifts its interest in Impress to 96%, so it will compulsorily acquire the rest. Beach will become Senex's partner in the western flank joint venture, where Senex remains operator. This is a counterparty's release.
17 Feb 2011production update▲ GoodMajor
Oil production has restarted at the Growler field after the new access road restored access. Ensign Rig 48 is being mobilised to start the drilling program. This resolves the year-long flood shutdown that began February 2010. Senex holds 60% and operates.
14 Feb 2011director officer appointment● Neutral
Name change to Senex Energy Limited (ASX: SXY) is complete. Frank Connolly, ex-ASIC, is appointed Legal Counsel and Company Secretary, replacing Denis Rakich. The registered office moves from Perth to Brisbane. This resolves the pending name-change thread.
31 Jan 2011quarterly activities report● Neutral
December quarter: cash $49.3m, no debt; Impress stake worth about $15m. Growler access road is under construction with production due to resume in February. Net oil production was 5,011 barrels. Barta North-1 and Cuisinier-2 cased-hole tests are still due in Q1.
27 Jan 2011resource reserve update▲ GoodMajor
Independent certification of the Surat CSG permits PL 171 and ATP 574P puts net 2P gas at 34.0 PJ and 3P at 160.1 PJ. With Don Juan, net 2P rises 76% to 79.0 PJ and 3P 180% to 249.1 PJ. This resolves the overdue certification thread.
17 Jan 2011regulatory community update● Neutral
Approvals are in and construction of the Growler access road began 7 January 2011, with 18 km cleared and over 200 culverts to be installed. Drilling is still expected from February, ahead of another flood surge. Impact of the Queensland floods on Surat CSG work is not yet known.
21 Dec 2010drilling scheduled▲ GoodMajor
Victoria will build an alternative access road to Growler in January 2011 to start drilling in February, after the field was cut off since February 2010. It targets over 1,500 bopd and net 2P above 4.5 mmbbl by mid-2011, using three Growler development wells and three PEL 104 exploration wells.
16 Dec 2010asset acquisition disposition▲ GoodMajor
Victoria signed to buy Traditional Oil's 50% of PEL 88 and 5% of PEL 100 for $500,000 in Victoria shares, giving it 100% of PEL 88. This is subject to South Australian approval and partner consent, and extends its Western Margin acreage.
8 Dec 2010other● Neutral
Beach says its 8.5 cent on-market offer for Impress is the only and best offer, open until 24 January 2011, and it now holds over 42%. It is a rival's release, not Victoria's, and adds nothing new about Victoria's position.
8 Dec 2010joint venture update● Neutral
Victoria says Beach's 8.5 cent offer for Impress undervalues it and it has no current intention to sell its 20% stake, though it is assessing options. Beach holds 40.88%. Beach would become Victoria's partner in the 40% of the Western Margin permits.
6 Dec 2010other● NeutralMajor
Impress's board recommends Beach's new unconditional on-market cash offer of 8.5 cents a share, replacing the merger scheme. Impress says it was prompted by Victoria's 20% stake and plan to vote against. Beach holds 19.9%; Victoria's 20% now faces a takeover.
1 Dec 2010drilling result▲ Good
Cuisinier-2 reached 2,037 m with up to 7 m of potential oil pay in the Murta Formation plus moderate shows in deeper Murta sands and Birkhead. It is cased for testing in the first quarter of 2011. Victoria's 15% share is carried.
1 Dec 2010asset acquisition disposition● NeutralMajor
Victoria lifted its stake in Impress Energy from about 10% to 20.00% through on-market and off-market purchases. It does not intend to bid against the Beach scheme but currently plans to vote against it, which could block Beach's merger with its 40% partner at Growler.
26 Nov 2010agm notice● Neutral
All seven AGM resolutions passed, including re-election of Pett, Davies and Crommelin, the remuneration report, a selective capital reduction, conversion from a No Liability company and the change of name to Senex Energy Limited. Support was strong. This resolves the name-change and Crommelin ratification threads.
26 Nov 2010investor presentation● Neutral
AGM presentation repeats the $26m placement at 37 cents ($59m cash), the $71m QGC CSG program, the Don Juan operatorship and the 10-well, two-rig oil program targeting over 1,500 bopd. It also introduces the Senex Energy name. No new facts.
26 Nov 2010admin correction● Neutral
Administrative notice that the 70,271,000 placement shares were issued on 26 November 2010. It confirms the $26m placement announced on 22 November has completed. Nothing new.
22 Nov 2010capital raising announcement▲ GoodMajor
Victoria raised $26m through a placement of 70.27m shares at 37 cents, lifting cash to about $59m; Sentient rises to about 13.8%. It also agreed a $71m 2011 CSG program with QGC ($17m net), will take over Don Juan as operator, and targets 1,500 bopd by mid-2011.
What it means for a shareholder
70.3m new shares at A$0.370 to raise about A$26.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
17 Nov 2010drilling spud● Neutral
Santos began drilling Cuisinier-2, an appraisal well 465 m from the Cuisinier-1 discovery in ATP 752P, targeting 2,034 m. Victoria's 15% share in the well is carried at no cost.
16 Nov 2010director officer appointment● Neutral
Julie Whitcombe, formerly of PwC's transactions team (clients included QGC and Santos), is appointed Chief Financial Officer. This adds to the new management team under Ian Davies.
12 Nov 2010drilling result▲ Good
Barta North-1 reached 2,090 m with 2 to 5 m of probable oil pay in the Murta Formation and oil shows in Birkhead sands. It is cased for testing in the first quarter of 2011, so commerciality is unproven. Victoria's 15% share is carried.
3 Nov 2010drilling spud● Neutral
Santos began drilling Barta North-1 in ATP 752P, six km from the Cuisinier oil field, targeting 2,031 m. Victoria has a 15% interest in the well and is carried at no cost.
29 Oct 2010quarterly activities report● Neutral
September quarter: cash $33.5m, no debt. Gross output was 22,506 barrels (500 bopd), from Mirage, Ventura and Cuisinier, while Growler and Snatcher stay shut in; the two-rig drilling program now starts early 2011. It also agreed to buy 50% of PEL 88 and 5% of PEL 100 from Traditional Oil.
27 Oct 2010annual report● Neutral
Full 2010 annual report under the theme 'Time to grow'. Repeats the maiden $2.6m profit, record oil output of over 142,000 barrels and the Brisbane move. Cash of $36.8m at 30 June 2010 with no debt. No new operational result in the extract.
20 Oct 2010drilling result● Neutral
Marcus-2 in ATP 574P reached 1,055 m, was logged and drill stem tested, and casing was cemented at 1,043 m; the rig is released. No test results are given.
18 Oct 2010director officer appointment● Neutral
Tim Crommelin, Executive Chairman of RBS Morgans and former deputy chairman of QGC, joins as independent non-executive director, with ratification expected at the November AGM. This fills the board vacancy left by Kopcheff's retirement (inference).
14 Oct 2010security holder rights change● NeutralMajor
Victoria proposes to change its name to Senex Energy Limited and convert from a 'No Liability' company to a company limited by shares, with a revised constitution. Shareholders vote at the November 2010 AGM. Described as reflecting the new management's growth focus.
12 Oct 2010drilling spud● Neutral
Marcus-2, a CSG appraisal well in ATP 574P (Victoria 30%), is drilling at 653 m toward a planned 1,040 m. It follows Marcus-1.
