Past year: ▲ 5900%(0.20c – 16.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
19 Mar 2010asset acquisition disposition● NeutralMajor
Kilgore agrees to buy 51% of Clarence Moreton Resources, holder of three NSW permits (about 2,050 km2), for 175m shares and 175m $0.05 options, with an option on the other 49%. Company-estimated gas in place is 7.3 TCF. A raise of at least $2.0m is planned. A move beyond its Gulf Coast focus.
16 Mar 2010half year report▼ Bad
Half-year to 31 Dec 2009: net loss $1.02m (prior period $2.92m). Galveston 307 production now expected late May/early June, with first cash two months later. DM Rush #1 averaged only 125-150 Mcfe/d after rework, versus 1,000 Mcf/d at first.
14 Dec 2009capital raising announcement▲ Good
Kilgore confirms all rights issue shortfall securities have been placed, completing the first stage of the raise. The closing date for the share and option placements is extended to 22 December 2009.
10 Dec 2009capital raising announcement● Neutral
Amended rights issue result after reconciliation: 83.09m shares with 41.45m free options allotted, raising $830,906. The shortfall is revised to 27.71m shares ($277,094), still to be placed.
4 Dec 2009capital raising announcement● Neutral
Rights issue result: shareholders took up 82.8m shares, raising $828,266 of a possible $1.108m. The 27.97m-share shortfall ($279,734) is to be placed, so take-up was about three quarters of the offer.
18 Nov 2009capital raising announcement● Neutral
Administrative confirmation that the rights issue prospectus, supplementary prospectus and entitlement form have been sent to shareholders. The offer closes 2 December 2009.
17 Nov 2009capital raising announcement● Neutral
Prospectus for the share and option placement: up to 250m shares at $0.01 with 1 free option per 2 shares, raising up to $2.5m, closing 15 December 2009. This is the second stage of the announced raise.
17 Nov 2009capital raising announcement● Neutral
Prospectus for the option placement: up to 275m options at $0.002, raising up to $550,000, closing 15 December 2009. This is the third stage of the announced raise.
12 Nov 2009capital raising announcement● Neutral
Supplementary prospectus sets use of funds from the $4.158m total raise: $720,000 for GAL307 facilities, $1.75m to repay the Odin loan, $1.41m working capital. If under-subscribed, any Odin shortfall is paid from the GAL307 sale.
5 Nov 2009capital raising announcement● Neutral
Letter to shareholders on the rights issue: up to 110.8m shares and 55.4m options, raising up to $1.108m, with record date 13 November and close 2 December. Indian Ocean Capital is lead manager. Administrative restatement of the prospectus terms.
4 Nov 2009capital raising announcement● Neutral
Prospectus lodged for the rights issue: 1 share per share held at $0.01, with 1 free option per 2 shares, closing 2 December 2009. It is not underwritten and is the first stage of the previously announced raise.
30 Oct 2009annual report● Neutral
Annual report to shareholders for year to 30 June 2009, a re-release of the earlier statutory report content. DM Rush #1 is again affected by water after about 10 days. GAL307 sale terms are now expected in the first or second quarter of 2010.
1 Oct 2009annual report● Neutral
Annual report to 30 June 2009: six commercial discoveries from 11 wells, but the chairman said commercial success had not matched technical success because of low gas prices and high drilling costs. The offshore wells were expected to be connected in the December quarter, and a roughly $4.1m raise had been announced.
22 Sept 2009capital raising announcement● NeutralMajor
Kilgore plans a three-stage $4.1m raise at $0.01 per share: a $1.108m 1-for-1 rights issue, a $2.5m placement of 250m shares, and a $0.55m placement of 275m options at $0.002. Funds go to GAL307 facilities, debt retirement, acquisitions and working capital.
30 July 2009production update● NeutralMajor
Kilgore says its six discoveries are being tied in or enhanced, targeting about 930 Mcfe/d net once infrastructure is done. Offshore GAL307 (450 Mcfe/d net) is now late September/October; Stary plug-back is 330 Mcfe/d; UpMach 154 Mcfe/d. Sale talks on GAL307 with Odin have begun.
1 Apr 2009security holder rights change● Neutral
Administrative notice that 3,675,000 shares will leave escrow on 4 April 2009 and a further 1,325,000 on 29 April 2009.
31 Mar 2009drilling result▲ GoodMajor
Sandpiper will be completed as a discovery, finishing the prospectus drilling programme plus Egret. Of 11 wells, six are discoveries (Stary, UpMach, Alford, Snipe, Egret, Sandpiper). An updated reserve statement is promised.
17 Mar 2009half year report● Neutral
Half-year to 31 December 2008 shows a net loss of A$2.915m. Six of ten prospects were drilled with three discoveries (Alford, Stary, UpMach) and Class A and B conversions issuing 14m shares. Stary and UpMach tie-in is expected by end of March.
16 Mar 2009drilling result▲ GoodMajor
Egret will be completed as a discovery well, and the rig has moved forward to Sandpiper. Snipe has been cased. Production from the three wells is expected early Q3 2009 from a common platform, with Odin earning 50% of Kilgore's 11.25% interest.
10 Mar 2009farm in farm out agreement▲ GoodMajor
Odin Energy has signed a memorandum of understanding to farm into Kilgore's Texas state waters projects (Snipe, Egret, Sandpiper). Odin advanced A$2.0m secured; A$1.2m can convert to 50% of Kilgore's interest, and A$0.8m accrues 12% interest, repayable from UpMach income. This is Kilgore's first debt.
6 Mar 2009drilling result▲ GoodMajor
Snipe will be completed as a discovery with gross proven reserves of about 4 BCF (11.25% post-completion interest). Egret is now drilling. Kilgore has begun talks with parties to farm into its Texas state waters projects. Production is expected early in Q3 2009.
13 Feb 2009drilling result▼ BadMajor
Skimmer is a dry hole, plugged and abandoned. Vacek #1 on Boettcher reached 16,000 ft with gas shows but structurally low, and is temporarily abandoned. Snipe began drilling on 7 February. UpMack, in completion, tested 1.0 MMCF/d; Stary awaits a pipeline, with production now late March.
22 Jan 2009investor presentation● Neutral
Market update: Vacek #1 is at 14,700 ft, with total depth expected mid-February. Stary revenue slips to early March and UpMach to mid-March, versus the earlier January start. Alford is producing 125 mcfd. Reserves valued at A$0.155 per share; 110.8m shares on issue, no debt.
21 Jan 2009drilling spud● NeutralMajor
Skimmer well (16.67% interest, operator Black Pool Energy, 8,220 ft, Texas state waters) began drilling on 20 January, with total depth in about 15 days. Prospective reserves are 13.5 BCF gross (1.35 BCF net). Snipe and Sandpiper follow with the same rig.
9 Jan 2009resource reserve update▲ GoodMajor
Proven gross reserves are now about 4.5 Bcfe, passing the 4 Bcfe trigger for conversion of Class C performance shares into 7 million ordinary shares. Further increases are expected when Stary and UpMach start producing.
5 Dec 2008production update▲ GoodMajor
Alford #1, Kilgore's first producing well, is flowing at 200 mcf per day, forecast at US$19,500 a month net. The company projects about US$235,000 a month by end of Q1 2009 once Stary and UpMach come on. Boettcher is drilling at 5,000 ft.
3 Dec 2008drilling spud● Neutral
Drilling has started at Vacek #1 on the Boettcher project (15% interest, 16,000 ft target, about six weeks). Kilgore says its drilling costs are paid. Alford production is due this month, with Stary and UpMach in January 2009; Skimmer is now expected to spud in early Q1 2009.
20 Nov 2008security holder rights change● Neutral
Administrative notice that 5,850,000 ordinary shares will be released from escrow on 3 December 2008, which makes them tradeable.
13 Nov 2008investor presentation● Neutral
Cover letter and Resource Stocks magazine feature on Kilgore. It repeats known facts: three discoveries from five drilled prospects, all ten prospects to be finished by end of Q1 2009. No new data.
6 Nov 2008resource reserve update▲ GoodMajor
An independent engineer's report on the Stary discovery (operator 7L's) puts proven reserves above 2 Bcfe, triggering conversion of Class B performance shares into 7 million ordinary shares. This follows the Class A conversion of 7m shares at listing.
