Past year: ▲ 5900%(0.20c – 16.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
9 Sept 2011farm in farm out agreement● NeutralMajor
Kilgore buys a further 5.2% of West Klondike for about $40,000 of back costs, lifting its interest to 10.2%, at about US$360,000 dry-hole cost. Well due October. Company describes a strategy of testing exploration prospects alongside Canadian farmout.
8 Sept 2011drilling scheduled● Neutral
Operator confirms the Lyons Point well, in which Kilgore holds 10%, will spud early next week, targeting 3 MMBC and 60 BCF. Kilgore's US$923,000 dry-hole share is paid. Spud slipped from the late August expectation.
29 Aug 2011farm in farm out agreement● NeutralMajor
Kilgore swaps 5% of Lyons Point to Grand Gulf for 5% of the West Klondike prospect in Louisiana, keeping 10% of Lyons Point and receiving about $424,000 of prepaid drilling costs. West Klondike targets 2 MMBL and 6 BCF, spud expected October.
29 Aug 2011farm in farm out agreement● Neutral
Partner Grand Gulf's release says it swapped a 5% West Klondike interest for 5% of Lyons Point with Kilgore, leaving Kilgore with 10% of Lyons Point. Well timing now second week of September, versus late August earlier.
18 Aug 2011other● Neutral
Notes that Macquarie Canada published a research report on the Duvernay Shale, with a link on the website. Says Kilgore holds a direct interest in 2,627 hectares there. No new company results.
16 Aug 2011joint venture update▲ GoodMajor
Kilgore confirms Macquarie is advising on a possible farmout or sale of its Duvernay (8%) and Rock Creek (16%) rights, which advances the Duvernay farmout thread. Joint venture added 9 sections; total fairway now 141.53 gross sections (90,579 acres).
16 Aug 2011joint venture update● Neutral
Partner Transerv's release repeats the Macquarie appointment and the 9-section Alberta land purchase. Transerv holds 34% of Rock Creek. Duplicate of Kilgore's own news from another partner.
16 Aug 2011joint venture update● Neutral
Partner Mako's release says the Alberta joint venture, including Kilgore, has engaged Macquarie Capital for a possible farmout or sale of Duvernay and Rock Creek rights, and bought 9 more sections. Kilgore is a party but not the author.
9 Aug 2011capital raising announcement● Neutral
Supplementary prospectus extends the option offer close to 12 August 2011 and updates the capital table. If fully subscribed, the 3.2bn options add $282,818 of cash after expenses. Administrative change.
2 Aug 2011capital raising announcement● Neutral
Completes the $1.5m placement of 1.5bn shares at $0.001 and issues 2.2bn Warren vendor shares, escrowed to 2 August 2012. Finalises the August placement and Warren acquisition; total ordinary shares now 6,395,906,280.
1 Aug 2011capital raising announcement● Neutral
Prospectus offers up to 3.2bn options at $0.0001 each, exercisable at $0.005 with a four-year life, to raise up to $320,000. Small raising that follows the August share placement; offer closes 9 August.
1 Aug 2011farm in farm out completion● NeutralMajor
Warren Energy acquisition completed for 2.2bn shares, giving 16% of Rock Creek and 8% of Duvernay Shale in Alberta; $1.5m placement at $0.001 secured. Anthony Short and David Ballantyne resign; Charles Morgan and Brett Mitchell join the board. About $1m acreage cost is repayable from the next raising.
24 June 2011material agreement● Neutral
Warren Energy purchase terms changed: vendors will receive 2.2bn ordinary shares directly, rather than 2.2m performance shares convertible into 2.2bn shares. Shares are escrowed 12 months. Shareholder meeting set for 25 July 2011.
1 June 2011business combination● NeutralMajor
Kilgore agrees to buy Warren Energy, holding a 16% interest in the Rock Creek tight oil play in Alberta, and to place up to 1.5bn shares at $0.001 ($1.5m) to a new investor syndicate that will lead strategy. A change of direction from its Gulf Coast focus.
23 May 2011farm in farm out agreement▲ GoodMajor
Kilgore agrees to earn a 15% interest in the Lyons Point prospect in Louisiana, operated by Clayton Williams Energy, by paying 20% of costs. Target is 60 BCF gas and 3 MMBC; initial dry-hole share about US$1.14m. Spud expected late August 2011.
16 Mar 2011half year report▲ Good
Half-year to 31 Dec 2010: net loss $262,789 (prior period $1.02m). Rights issue was taken up for 77.8% of entitlements, raising $1.63m, and $1m of debt was retired. Shortfall and placement added $542k afterwards; Galveston 307 expected near 8,000 mcfpd.
4 Jan 2011capital raising announcement▲ GoodMajor
Rights issue closed with applications for 1,630,344,344 shares, raising $1.63m, leaving a shortfall of 464,060,680 shares. The company says applications well exceed the shortfall and expects to place it, plus the 78m placement, shortly.
29 Dec 2010other● Neutral
Publication of the company's share trading policy, setting when directors and staff may trade and covering insider trading. Governance document with no new company information.
14 Dec 2010other● Neutral
Administrative notice that the rights issue offer document has been dispatched to eligible shareholders, as per the announced timetable. No new substance.
10 Dec 2010capital raising announcement● Neutral
Repeat compliance notice for the rights issue (4-for-1 at $0.001, up to about $2.1m, record date 8 December). Says the offer document will be mailed 13 December. No new information.
2 Dec 2010capital raising announcement● Neutral
Letter to shareholders restating the rights issue: up to 2,094,400,024 shares at $0.001 to raise $2.094m, used to retire debt and fund working capital. A 78m-share placement follows; maximum shares after both would be 2,696,000,030. Timetable closes 29 December.
30 Nov 2010capital raising announcement● Neutral
Formal notice and offer document for the 4-for-1 rights issue at $0.001, up to about 2.094bn shares to raise about $2.1m. Record date 8 December 2010; offer opens 13 December and closes 29 December. Confirms the plan announced on 16 November.
What it means for a shareholder
2.09bn new shares at about A$0.001 to raise about A$2.1m. That's 50% dilution: every existing holder's slice gets 50% smaller. If you held A$1,000 of shares (997,143 at the issue price), your slice goes from 0.0476% to 0.0238% of the company. To keep it you'd need 996,952 more shares - about A$1,000 at the issue price.
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22 Nov 2010admin correction● Neutral
Clarifies that the rights issue timetable was indicative only. The prospectus will be lodged by month end, and the record date and other dates will be later than first shown.
16 Nov 2010capital raising announcement● NeutralMajor
Kilgore plans a renounceable 4-for-1 rights issue at $0.001 a share, raising almost $2.1m if fully taken up, plus a 78m-share placement for $78,000. Funds are for debt and working capital. Galveston 307 restarted on 1 November, at 6.7 mmcf/d combined.
25 Oct 2010annual report● Neutral
Glossy re-release of the annual report to 30 June 2010, with the same chairman's letter and operations review as the earlier statutory version, plus shareholder information. No new substance.
8 Oct 2010production update▼ Bad
Galveston 307 stays shut in until about 1 November 2010 while downstream pipeline repairs are completed. At about 450 mcfpd, net revenue is estimated at about US$55,000 a month (about US$660,000 a year at US$4/mcf). The board is frustrated at the delays.
30 Sept 2010annual report▼ Bad
Annual report to 30 June 2010: Galveston 307 is the focus, having started producing after year end. Kilgore has elected not to take part in further work on its onshore discoveries, whose operators could not achieve sustained production.
24 Aug 2010production update▼ Bad
Galveston 307 produced 54,240 MCF of gas and 344 barrels of condensate since starting (about 2,440 MCF net to Kilgore), then was shut in on 17 August for up to 30 days of upstream pipeline maintenance. Production is paused only weeks after starting.
30 July 2010other● Neutral
42.55m shares and 14,000 performance shares are to be released from escrow on 16 August 2010. This is an administrative notice and adds no new company information.
29 July 2010quarterly activities report● NeutralMajor
First gas from Galveston 307 began after quarter end on a tight choke, aiming for the 10,000 Mcf/d flow-test rate (450 net). The Clarence Moreton acquisition will not proceed after shareholders defeated the resolution on 14 May 2010; new projects are being evaluated.
