Past year: ▲ 0%(0.60c – 1.60c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
18 July 2011capital raising announcement▲ GoodMajor
Places 30 million shares at A$0.50 to raise A$15m from institutions, led by Helmsec. Funds go to infill drilling (A$2m), trial pit (A$1m), feasibility studies (A$6m), environmental assessment (A$1m) and working capital (A$5m). Targets potential development in late 2012. Repays no debt per the stated use.
7 July 2011director officer appointment▲ Good
Blackie Marole, who recently retired after six years as Managing Director of Debswana and was formerly a Permanent Secretary in the ministry responsible for minerals, is appointed chairman of the Botswana subsidiary. Aims to build the company's regional presence.
8 June 2011drilling result▲ GoodMajor
Six uranium reconnaissance holes at Sese West hit coal 7-30m thick, 2-17km south of the Sese deposit. The licence covers uranium only, and the coal-rights amendment is frozen by the Botswana moratorium until about September. Company suggests coal may span roughly 500 sq km, still unproven.
24 May 2011investor presentation● Neutral
Notice of an audio broadcast with Frazer Tabeart on the Sese resource exceeding expectations, 24 May. No new information in the announcement itself.
23 May 2011investor presentation● Neutral
May 2011 roadshow deck restates the 2.7bn t Sese resource. Targets: 10,000t trial pit in Q3 2011, feasibility study from Q3, decision on a 0.6Mtpa start by early 2013, conceptual 20-30Mtpa export. Market cap A$243m, cash A$4.3m.
19 May 2011resource reserve update▲ GoodMajor
Maiden Sese coal resource of 2.73bn tonnes, above the 1.5-2.0bn t Exploration Target: 500Mt Indicated (Block-B) and 2,230Mt Inferred. Lower seam, 62% of total, can be washed to export quality (up to 5,420 kcal/kg). Full Indicated upgrade expected July-September quarter.
12 May 2011resource reserve update▼ Bad
Maiden Sese resource estimate is delayed by slow South African lab results, now expected mid-to-late May. Block-B infill drilling may allow part of it to be classed Indicated. A further slip from the late-April timing previously given.
5 Apr 2011director officer appointment● Neutral
Philip Clark, the ex-BHP Billiton coal executive who has run the Sese concept study as a consultant since February, joins the board as a non-executive director. He holds 20,000 shares and 1m options (70c and 80c). Concept study now due late May; initial resource late April.
22 Mar 2011regulatory community update▼ BadMajor
Botswana's government is reviewing its coal strategy until about September 2011 and suspends new coal prospecting licences. Six AFR applications around Sese are frozen. The granted Sese licence is said to be unaffected. Inferred resource still due late April.
14 Mar 2011drilling result▲ GoodMajor
Sese inferred-resource drilling is finished; Block-B averages 14.8m of coal at 40m depth, with coal continuous over about 110 sq km. The company commits to about 90 infill holes (three months) for an Indicated resource, plus a 10,000t trial-pit bulk sample. Inferred resource still due April.
8 Mar 2011asset acquisition disposition▲ GoodMajor
Acquires Albidon's remaining interests, taking 100% of the Chirundu (previously 70%) and Kariba Valley (previously 30%) uranium projects. Chirundu holds 11.1Mlb U3O8. Funded from cash, with working capital replenished by a partial Macquarie drawdown. Price is not stated.
7 Mar 2011debt financing● NeutralMajor
Secures a US$5m convertible loan facility from Macquarie at LIBOR+3.5%, repayable by 31 December 2011, for Sese exploration and working capital. Macquarie receives 4,843,230 options at A$1.03 expiring December 2012. First debt for a company previously debt free.
28 Feb 2011half year report● Neutral
Half-year accounts to 31 December 2010 restate known facts: Sese coal drilling, 70% of Chirundu and cash of US$2.75m. The A$1.44m placement was raised in the period. Directors state the company can pay its debts as they fall due.
22 Feb 2011drilling result▲ Good
Block-B drilling at Sese finds coal averaging 15m thick at 38m depth over about 21 sq km. With Blocks A and C, continuous coal now spans about 110 sq km. Inferred resource still expected April 2011.
2 Feb 2011material agreement▲ Good
Philip Clark, 33 years at BHP Billiton coal, is appointed on a consulting basis to run a concept study at Sese. It covers a 3-5 Mtpa start-up and a larger rail-to-port option, with delivery to the board in May 2011. Inferred resource still due April.
25 Jan 2011investor presentation▲ Good
January 2011 roadshow presentation raises the Sese coal Exploration Target to 1.5-2.0bn tonnes, with coverage over 100 sq km. Inferred resource now due early Q2 2011. Market cap A$205m (20 Jan), cash A$3.2m (30 Nov); Energy Ventures down to ~4.4%.
23 Dec 2010other● Neutral
Securities trading policy restricting directors and employees from trading while holding price-sensitive information, and in the two weeks before results. Administrative document with no new information on the company's projects or finances.
16 Dec 2010investor presentation● Neutral
Notice of an audio broadcast of Frazer Tabeart on coal drilling exceeding expectations, 16 December. No new information in the announcement itself.
14 Dec 2010drilling result▲ GoodMajor
Block-C coal now covers about 70 sq km, with the main seam averaging 11m at 52m depth. The company says extent exceeds Exploration Target assumptions. Block-B drilling starts 10 January; inferred resource still expected end Q1 2011.
1 Dec 2010drilling result▲ Good
Block-C drilling at Sese finds coal averaging 10m thick at 45m depth across about 20 sq km of the eastern part, in line with the Exploration Target assumptions. Western Block-C and Block-B are untested; inferred resource still due end Q1 2011.
24 Nov 2010investor presentation● Neutral
AGM technical presentation repeating Sese coal results, with market cap A$83m and cash A$4.0m (31 Oct). New: a scoping study for a 3-5 Mtpa start-up operation is planned for early 2011. Energy Ventures' ~34% stake to be redistributed.
23 Nov 2010investor presentation● Neutral
Notice of an audio broadcast of Frazer Tabeart on the thick Sese coal intersections, 23 November. No new information in the announcement itself.
16 Nov 2010drilling result▲ Good
More Block-A drilling lifts average coal seam thickness to 16.3m at 44.6m depth over about 22 sq km. Coffey Mining retained to independently supervise the resource estimate, still due Q1 2011. Block-C drilling follows.
4 Nov 2010investor presentation● Neutral
Updated Sese coal marketing presentation repeating recent results: 1.0-1.5bn tonne Exploration Target, US$1m drilling programme, and inferred resource due early 2011. No new information.
3 Nov 2010drilling result▲ GoodMajor
First Sese resource drilling in Block A: 23 holes show coal averaging 14.5m thick at 39m depth over 7km by 3km, beyond the Exploration Target outline. More rigs added. Inferred resource still due Q1 2011; Sese licence renewed two years.
25 Oct 2010security holder rights change● Neutral
Energy Ventures' prospectus for distributing 85,250,968 AFR shares to its holders. Its 37.23% stake falls to 7.1% (20m shares kept). Meeting 23 Nov, record date 1 Dec, distribution 8 Dec. Follows the 8 October plan; AFR itself issues nothing.
22 Oct 2010annual report● Neutral
2010 Annual Report restates known highlights: the Sese coal discovery, 11.1Mlb U3O8 at Chirundu (7-8 year mine life, US$26-31/lb cash cost), the Chirundu Mining Licence and A$8.2m raised in the year. Coal partner still sought; no new results.
20 Oct 2010capital raising announcement● NeutralMajor
Private placement of 9,600,000 shares at A$0.15 to raise up to A$1.44m, using the company's remaining 15% placement capacity. Funds the Sese coal resource drilling. First raising since December 2009's A$4.2m, at the same price.
What it means for a shareholder
9.6m new shares at A$0.150 to raise about A$1.4m. That's 3.3% dilution: every existing holder's slice gets 3.3% smaller. If you held A$1,000 of shares (6,667 at the issue price), your slice goes from 0.00236% to 0.00228% of the company. To keep it you'd need 226 more shares - about A$34 at the issue price.
Create a free account to see this worked out for your own holding.
18 Oct 2010admin correction● Neutral
Presentation currency changes from Australian to US dollars from the 2010 financial year; future quarterly and statutory reports will be in US dollars. Confirms the change flagged earlier, without a stated effect on operations.
18 Oct 2010investor presentation● Neutral
Notice of an audio broadcast of Frazer Tabeart outlining the Sese coal resource drilling programme on 18 October. No new information in the announcement itself.
