Past year: ▲ 0%(0.60c – 1.60c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
2 Oct 2012resource reserve update▲ GoodMajor
Sese West licence renewed to 30 September 2014 with coal added, and an Exploration Target of 3-6 billion tonnes set, based on coal in six earlier holes. It is conceptual only, not a resource. Infill drilling is planned before year end.
28 Sept 2012annual report● Neutral
Statutory financial report for the year to 30 June 2012 from African Energy Resources, listing the same board and BDO as auditor. The text supplied is truncated before any accounts, so no financial figures are available here.
7 Sept 2012investor presentation● Neutral
Notice of a webcast of Frazer Tabeart's 30 August Africa Downunder Conference presentation on Sese. The announcement itself contains no new information.
29 Aug 2012other● Neutral
Notice that Canaccord Genuity has published a research report and share price target on the company, viewable on its website. No content from the report is given.
22 Aug 2012well test result▲ Good
Boiler trial in South Africa using processed Sese coal succeeded: it ignited and burned well, made steam, with clear emissions and no adverse effect on the boiler. Confirms suitability for industrial boilers; part of the bulk sample testwork.
15 Aug 2012resource reserve update▲ GoodMajor
First Measured Resource at Sese: 651Mt (318Mt Block-B, 333Mt Block-C), within a 2,517Mt total. Delivers the long-promised Measured upgrade, the basis for future reserves. The Sese Prospecting Licence has also been renewed.
30 July 2012quarterly activities report● Neutral
June quarter: power MOU signed, large-diameter core drilling completed (eight holes), and a BFS now scoped for the 1.5Mtpa captive mine by year end. Sese licence extension close. Measured Resource still pending. Cash fell to US$5.3m from US$7.96m.
27 June 2012investor presentation● Neutral
Botswana Resources Conference presentation restates the Sese plan: 2.6bn t resource, 300MW power station with 1.5Mtpa captive mine, and the power MOU. Measured Resource still shown as due by end of June 2012. No new results.
7 June 2012investor presentation● Neutral
Notice of a 7 June webcast by Frazer Tabeart on the Sese power MOU. The announcement itself contains no new information.
6 June 2012material agreement▲ GoodMajor
Non-binding MOU signed with a credit-rated national utility, a Southern African Power Pool member, as potential buyer of power from the proposed 300MW Sese plant. It is only a first step; binding agreements are not yet agreed. Progresses the power off-take discussions.
29 May 2012price query● Neutral
ASX asked about the share price rising from A$0.18 on 22 May to an intraday A$0.235 on 29 May. The company replied it knows of no unannounced information and has no explanation for the move, and confirmed it complies with listing rules.
14 May 2012investor presentation● Neutral
Notice of a 14 May webcast by Frazer Tabeart on the Sinazongwe coal discovery in Zambia. The announcement itself contains no new information.
10 May 2012drilling result▲ GoodMajor
Coal discovery at Sinazongwe East, Zambia: all nine holes (1,691m) hit multiple seams, with raw calorific values 10-26MJ/kg and vitrinite bands hinting at possible coking coal. Washing and coking tests follow. Resolves the pending drilling analysis, though economic value is unproven.
3 May 2012investor presentation● Neutral
Company update: executives are touring India and China seeking strategic development partners. Rail tariff talks with Botswana Railways are about to start and Grindrod has been asked for terminal capacity. Measured Resource for Blocks B and C is expected before end of quarter.
30 Apr 2012quarterly activities report● Neutral
March quarter: Sese resource stands at 2.5bn t Indicated plus 0.1bn t Inferred. Botswana ended its coal licence moratorium and processing of the Foley West application resumed. A pre-feasibility document is due by end June, BFS by December 2012. Cash US$7.96m, down from US$10.3m.
13 Apr 2012regulatory community update▲ Good
A 25t trial parcel of Sese coal went by rail from Francistown to Maputo's Matola terminal, about 1,350km in roughly four days. It shows existing rail can reach the east coast; commercial transport arrangements remain to be worked out.
29 Mar 2012drilling progress report▲ Good
The 15,000t Sese bulk sample is fully excavated and testwork has begun. Industrial Coal Africa is appointed marketing manager, rail export trials to Maputo are due in April, and feasibility studies are on schedule for end of 2012. Completes the bulk sample thread.
14 Mar 2012investor presentation● Neutral
March presentation for Sydney and Hong Kong forums restates Sese as over 2.6bn t, with an 18m coal seam exposed. Stage 1 is 1-2Mtpa from mid-2013, Stage 2 4-5Mtpa in 2015. Power off-take discussions are in progress; no new results.
9 Mar 2012half year report● Neutral
Interim accounts for the six months to 31 December 2011, reviewed by BDO, with directors declaring the company can pay its debts. The extracted text describes Sese as 2,517Mt Indicated plus 109Mt Inferred; financial figures are not visible in the excerpt.
20 Feb 2012investor presentation● Neutral
Roadshow deck for New York, Boston, Toronto, London and Singapore repeats the Sese plan. Stage 2 is now shown as 4-5Mtpa by late 2015. Market cap A$125m, cash A$10m at 31 December. No new results.
8 Feb 2012investor presentation● Neutral
Notice of an 8 February webcast by Frazer Tabeart titled 'African Energy moves from exploration to pre development'. The announcement itself contains no new information.
3 Feb 2012investor presentation● Neutral
February roadshow deck for African mining conferences restates the Sese plan: over 2.6bn t, Stage 1 at 1-2Mtpa from mid-2013, ramping to 5Mtpa. Shows market cap A$120m and cash A$10.8m at 30 November. No new results.
2 Feb 2012resource reserve update▲ GoodMajor
Over 95% of the Sese resource is upgraded to Indicated: 2,626Mt total, of which about 2.5bn t is Indicated. This delivers the Q4 2011 upgrade goal, though the total is below the earlier 2.73bn t, with more conservative geological loss factors used. Measured Resource still due Q2 2012.
31 Jan 2012quarterly activities report● Neutral
December quarter: about 5,000t of upper seam coal stockpiled, feasibility consultants appointed, and Sinazongwe East drilling (9 holes) hit coal. The Macquarie US$5m loan was extended to 31 December 2012 at LIBOR+5%, with 9.77m options at A$0.50. Cash US$10.3m.
30 Jan 2012drilling progress report▲ Good
Excavation of the Sese bulk sample box-cut is nearly complete, with about 15,000t of coal to be stockpiled. A first 60t batch has been trucked to Witbank, South Africa for air-separation washing tests. This continues the bulk sample begun in November 2011.
21 Nov 2011other● Neutral
Notice that Helmsec Global Securities has published a research report on the company, available on its website. Helmsec was lead manager of the July placement. No content from the report is given.
17 Nov 2011investor presentation● Neutral
AGM presentation restates the Sese plan: Stage 1 at 1-2Mtpa from mid-2013, ramp to 5Mtpa, bankable feasibility study and EIA underway. Market cap A$115m, cash A$14.0m, debt A$4.9m. Stage 1 range widened from 1Mtpa; no new results.
15 Nov 2011director officer appointment▲ Good
Thomas Scott-Morey is appointed Power Development Manager to manage a coal-fired power plant at Sese, including power sale, financing and construction agreements. He has 30 years' experience and previously led Kot Addu Power in Pakistan. A power plant is a new element in the Sese plan.
10 Nov 2011drilling progress report▲ Good
Excavation of the 10,000t Sese bulk sample has started in a box-cut, 320m long and 35m deep, designed to become a mining ramp. Coal will be used for export, power-station, washing and coal-to-liquids tests. Completion expected Q1 2012.
1 Nov 2011quarterly activities report▲ Good
September quarter: concept study delivered, feasibility study committed for 3-5Mtpa, bulk sample box-cut and EIA started, 1km infill drilling complete. Cash US$14.4m at 30 September, up from US$2.44m after the A$15m raise. Coal stratigraphy found at Sinazongwe East, Zambia.
