Past year: ▲ 137%(11.0c – 36.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
30 Nov 2022investor presentation● Neutral
Webinar slides restating the Beach scheme: $0.20 cash (36% premium to 1-month VWAP) plus any Spanish sale proceeds, and why the board preferred it to Strike's scrip (implied $0.194). Strike's ratio rose from 0.7142 to 0.775. Repeats known facts.
29 Nov 2022investor presentation● Neutral
Warrego announces a shareholder webinar on 30 Nov 2022 explaining the process behind the Beach scheme and the board's recommendation. Administrative notice; recording and transcript to follow.
28 Nov 2022business combination● Neutral
Warrego rebuts Strike's claim that the board rushed the Beach decision, saying it had talked to Strike for almost two months and rejected an earlier Beach offer of $0.17 on 25 Oct. Directors could switch to a superior proposal, triggering a 1% break fee.
22 Nov 2022agm notice● Neutral
AGM results: the remuneration report, Atkins's election and Columbus's re-election passed. About 28.58% voted against the remuneration report, a 'first strike'. The Williams resolution was withdrawn.
22 Nov 2022agm notice● Neutral
Chairman's AGM address recounts the Strike and Beach proposals and why the board chose Beach's $0.20 cash over Strike's implied $0.194 on 11 Nov prices. It recommends the Scheme, absent a superior proposal. Largely repeats known facts.
22 Nov 2022investor presentation● Neutral
AGM presentation restating the recommended Beach deal ($0.20 cash, 36% premium) and why it beat Strike's scrip proposal (implied $0.194). Repeats known points; no new figures in the visible text.
21 Nov 2022other● Neutral
Strike slide pack of seismic cross-sections of West Erregulla, South/West Erregulla and Erregulla Deep structures. Only diagram labels are readable; no figures or conclusions in the visible text.
18 Nov 2022agm notice● Neutral
A resolution to elect Kenneth Williams, a non-board-endorsed director candidate, was withdrawn at his request ahead of the 22 Nov AGM. He cited the Beach deal and congratulated the board on creating competitive tension. Administrative.
15 Nov 2022business combination● NeutralMajor
Strike says its proposal is superior to Beach's, implying A$0.217 per share (8.5% above Beach's) on 14 Nov prices, and says its board is considering options. It also says it may re-sequence development if no merger proceeds. Its offer remains non-binding.
14 Nov 2022business combination▲ GoodMajor
Warrego signs a Scheme Implementation Deed with Beach: $0.20 cash per share (36% premium to 1-month VWAP) plus any Spanish asset sale proceeds within 12 months. Board unanimously recommends it, absent a superior proposal. Scheme booklet expected January 2023; break fees apply.
14 Nov 2022business combination▲ Good
Beach announces the binding deal to buy Warrego at $0.20 cash per share plus any Spanish sale proceeds, with no financing condition. Indicative timetable: scheme meeting 23 Feb 2023, implementation 8 March 2023. Mirrors Warrego's own announcement.
11 Nov 2022business combination▲ GoodMajor
Warrego received a rival non-binding proposal from Beach Energy: $0.20 cash per share plus net proceeds if the Spanish assets sell within 12 months of implementation. Due diligence granted; no certainty of a deal. It competes with Strike's scrip proposal.
11 Nov 2022business combination▲ Good
Beach confirms its $0.20 cash per share proposal for Warrego, valuing it at $246m, a 14% premium to the 10 Nov close, plus any Spanish asset sale proceeds. Beach hopes to sign a binding deal by 14 Nov, funded from existing debt and cash.
10 Nov 2022other● Neutral
ASX pauses trading in Warrego shares pending a further announcement. This precedes the Strike proposal disclosed the same day.
10 Nov 2022business combination▲ GoodMajor
Strike confirms its all-scrip merger approach: offered 0.7142 shares on 16 Sep, 0.7521 on 16 Oct, and Warrego's board indicated on 27 Oct it intended to recommend 0.775 (about A$0.186, 40.6% premium), plus Spanish sale proceeds. Warrego holders would own ~28%.
10 Nov 2022business combination▲ GoodMajor
Warrego received a non-binding proposal from its 50% EP469 partner Strike to acquire all Warrego shares by scheme at 0.775 Strike shares each, leaving Warrego holders about 30.5% of the combined group. Spanish asset sale proceeds within 12 months would be added. Due diligence is granted; no certainty of a deal.
31 Oct 2022other● Neutral
Share registry Boardroom notifies a change of its Sydney office address from 1 November 2022. Administrative notice only.
31 Oct 2022quarterly activities report● Neutral
September quarter: cash fell to $26.76m from $33.7m. El Romeral gross electricity receipts were $1.265m. WE-6 now notionally 2024 and Natta 3D survey planned late 2023. Applied for three El Romeral infill wells, targeted Q2 2023, subject to permits.
21 Oct 2022other● Neutral
Appendix 4G governance checklist for FY22, signed by Company Secretary Shannon Coates. Administrative filing accompanying the annual report.
21 Oct 2022annual report● Neutral
2022 Annual Report. The chairman notes West Erregulla approvals have dragged on beyond the company's control and FID progress was delayed. It restates the 41% upgrade to 422 PJ 2P, Project Apollo, and no debt. Mainly repeats known information.
21 Oct 2022other● Neutral
Corporate governance statement for FY22 describing board and governance practices against ASX principles. Compliance document; no new business information in the visible text.
26 Sept 2022agm notice● Neutral
Warrego will hold its 2022 AGM on 22 November 2022 in Perth. Director nominations close 3 October 2022. Administrative notice.
21 Sept 2022annual report● Neutral
FY22 statutory accounts: net loss $4.27m (2021: $6.39m), total assets $110.1m (2021: $68.6m) after $47.4m net capital raisings and $11.3m EP469 spend. Liabilities fell to $10.3m. No impairment.
19 Sept 2022joint venture update● Neutral
Pilot reports the Mid West consortium with APA and Warrego has completed its blue hydrogen and CCS feasibility study, finding the region suitable. Arrangements are extended to evaluate findings; no decision to proceed yet. Duplicates Warrego's own release.
19 Sept 2022joint venture update▲ Good
Warrego confirms the Mid West blue hydrogen and CCS feasibility study, run with Pilot and APA, is complete and finds the region suitable. This resolves the pending study; the consortium has extended arrangements, with no decision yet to proceed.
7 Sept 2022investor presentation● Neutral
Good Oil Conference presentation by the CEO. It repeats known points: WE-3 83 MMscf/d test, 422 PJ upgrade, strategy, and $33.7m cash at 30 June with no debt. No new figures in the visible text.
29 Aug 2022well test result▲ GoodMajor
Final WE-3 test: stabilised 83 mmscfd, limited by surface equipment, with pressure back near original reservoir level after three hours shut in. Strike says this supports the northern reserves in the July 422 PJ 2P upgrade; no sand or water.
23 Aug 2022flow test result▲ Good
Interim WE-3 flow test reached a peak 90 mmscfd at 3,010 psi wellhead pressure from 40m of Kingia perforations, with no sand or formation water and clean dry gas. Early positive sign; final results follow.
17 Aug 2022drilling progress report● Neutral
Strike, as operator, says testing equipment is on site at WE-3 and flow testing of the Kingia Sandstone begins 17 August, over about seven days. This is the flow test planned since July; no results yet.
9 Aug 2022other▲ Good
Project Apollo, the first rooftop solar installation at El Romeral in Spain, is completed and running. 83 panels (41.5 kW peak stated as kWh) are expected to generate 66 MWh in year one, for under €50,000. Project Helios, a 5 MW solar farm, remains in FEED.
