Past year: ▼ 67%(0.10c – 0.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
3 July 2009material agreement● NeutralMajor
Conditional heads of agreement to acquire a gas production asset in North Sumatra, Indonesia, subject to due diligence within 30 days, approvals and raising at least $1.5m. No price or vendor named; formal agreement is expected by end of July 2009.
18 Mar 2009drilling result▼ BadMajor
First-phase Loopleegte drilling: of eight percussion holes, six found no coal and two found coal (43 m and 10 m) on the eastern boundary. A fault displaces coal on the western half. A cored second phase is being considered, which tempers the earlier 120-240 Mt target.
13 Mar 2009half year report▼ Bad
Half-year to 31 December 2008: loss of $424,160, cash down to $402,786 from $1.68m at 2 July 2008. Capitalised exploration is $1.51m and the company has no debt. Non-executive directors suspended their fees.
3 Mar 2009director officer appointment● Neutral
Christian (Christo) Cordier, previously General Manager, becomes Executive Director. Peter Pawlowitsch steps down as Executive Director. Richard Wolanski remains chairman.
23 Jan 2009security holder rights change● Neutral
222,222 unquoted options exercisable at $1.35 expired unexercised on 6 January 2009. Minor housekeeping.
30 Oct 2008annual report● Neutral
Annual report for the period to 2 July 2008, the date the deed of arrangement ended and the new board took over. The company went from administration to a relisted explorer after a $3.2m raising. First-phase Loopleegte drilling is expected in the December quarter.
2 Oct 2008drilling spud▲ Good
Drilling starts on the Loopleegte coal project, near the south-eastern boundary of the licence, aiming to define a JORC-compliant resource. This is the first exploration work on the property, which has no previous drilling.
5 Sept 2008material agreement▲ Good
Company signs a share sale agreement to buy Torbanite One, which holds the Loopleegte joint venture; the JV is now unconditional after due diligence. Terms are unchanged, and the deal still needs a shareholder vote, scheduled for October 2008.
18 Aug 2008investor presentation● Neutral
Updated version of the August presentation; content is the same, with the JORC exploration-target statement now included in the appendix. No new information.
15 Aug 2008investor presentation● Neutral
Investor presentation repeats the Loopleegte deal terms, 120-240 Mt exploration target and a 20% Reids Dome interest. Plans A$200,000 on Reids Dome this year; market cap about A$14m at 3.5c; 494m shares after the acquisition. No new events.
30 July 2008farm in farm out agreement▲ GoodMajor
Company agrees to earn an initial 30% farm-in interest in the Loopleegte coal project in South Africa's Waterberg region, for 98.5 million shares (subject to shareholder approval), A$150,000 of vendor costs and A$550,000 of exploration over 18 months. Exploration target is 120-240 Mt, conceptual only; Christo Cordier becomes General Manager.
3 July 2008other● Neutral
Top 20 shareholders list: the top 20 hold 67.09% of shares, with the two largest holders at 12.61% each. Administrative listing document.
3 July 2008security holder rights change● Neutral
Post-raising capital structure: 49.2 million existing shares consolidate to 16.4 million, plus 120 million proponent and 260 million public shares, giving 396.4 million shares. Also 65 million 1-cent options expiring December 2010.
3 July 2008other● Neutral
Pro-forma balance sheet: after the recapitalisation, cash is $1.35 million and liabilities are cleared, versus net liabilities of $8.8 million at 30 June 2007. The 20% Reids Dome interest is carried at no value.
3 July 2008listing compliance notice● Neutral
Company confirms compliance with the Listing Rules, including continuous disclosure, and names Mark Clements as the contact for listing-rule correspondence. Administrative only.
3 July 2008other● Neutral
Share distribution schedule: 396,393,620 shares held by 1,128 holders, with the largest holder group (over 100,001 shares) holding 97.65%. Administrative listing document.
3 July 2008security holder rights change● Neutral
Terms of options on issue: 65 million new options at 1 cent expiring 31 December 2010, and 222,222 existing options at $1.35 expiring 6 January 2009. Standard terms, no new information.
3 July 2008other● Neutral
Corporate governance policy statement, saying practices largely follow ASX guidelines. Richard Wolanski is chairman and three non-executive directors are described as independent. Administrative only.
3 July 2008director officer appointment● Neutral
Lists the directors as Peter Christie, Peter Pawlowitsch and Richard Wolanski, with Mark Clements as company secretary. This is a listing-condition administrative notice.
3 July 2008other● Neutral
Registered office moves to Level 24, 44 St Georges Terrace, Perth, with Mark Clements as contact. Administrative notice.
3 July 2008other● Neutral
Expenditure budget for the $3.2 million raised: about $1.5 million goes to DOCA payments (Deed Administrators and Bank of Queensland/creditor trusts), $1.0 million to Reids Dome and new-project evaluation budget, and the rest to costs and working capital.
3 July 2008regulatory community update● Neutral
Listing-condition activity report: the company holds 20% of the Reids Dome tenement (PL 231), alongside Victoria Petroleum (40%, operator) and Dome Petroleum Resources (40%). It plans to keep exploring and look for complementary energy and resources assets.
21 May 2008capital raising announcement● NeutralMajor
Maverick Drilling International, still in receivership under a deed of arrangement, offers 260 million shares at 1 cent to raise $2.6 million, plus 120 million shares at 0.5 cents ($600,000) and 65 million options to the proponent. Offers are conditional and not underwritten; this is a recapitalisation after the 2007 raising.
22 Aug 2007admin correction● Neutral
Supplementary prospectus renames the 'Investigating Accountant' and its report to 'Independent Accountant' and 'Agreed Upon Procedures Report', as BDO Kendalls' role was narrower. Wording fix only; no change to the 300,000,000-share offer terms.
22 Aug 2007other● Neutral
Public offer application form for the August 2007 prospectus: minimum 10,000 shares, priced A$0.25 or US$0.20, closing 4 September 2007. Administrative form with no new information.
22 Aug 2007other● Neutral
Priority offer application form for the August 2007 prospectus, at A$0.25 per share, closing 4 September 2007. Administrative form with no new information.
22 Aug 2007capital raising announcement● NeutralMajor
White Sands Petroleum, already in receivership and under a deed of company arrangement, offers up to 300,000,000 shares to raise up to USD 60 million, with the company to be renamed Maverick Drilling International. Offer price per the application forms is A$0.25 or US$0.20.
26 July 2007other● Neutral
Independent expert's report on a proposed transaction between White Sands Petroleum and Maverick Drilling Company, assessing fairness and reasonableness for shareholders. The provided text is only the contents page and truncated, so no conclusion or figures are visible.
10 July 2006drilling progress report● Neutral
White Sands Petroleum's Primero-1 well at Reids Dome (PEL-231) reached 119m, with 13-3/8" casing cemented and blowout preventer tested. Drilling continues to 300m. Careful shallow-gas well control is described as allowing production if a viable flow is found.
