Past year: ▲ 0%(0.60c – 1.60c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 Oct 2011regulatory community update▲ Good
African Energy receives approval for a secondary listing on the Botswana Stock Exchange, trading from 31 October 2011. It gives access to Botswana institutions and pension funds and underlines focus on the 100%-owned Sese coal project.
14 Oct 2011annual report▲ GoodMajor
2011 annual report says focus has shifted from uranium to Sese coal, with a 2.7bn t maiden resource and the A$15m raising. Notably, management no longer seeks an outside partner for the coal project, reversing last year's stated search, citing its own capability.
30 Sept 2011investor presentation● Neutral
Notice of a 30 September webcast by Frazer Tabeart presenting the concept study. The announcement itself contains no new information.
26 Sept 2011investor presentation● Neutral
September roadshow deck restates the concept study results and 2.7bn t resource. Shows cash A$15.5m, debt A$4.9m and market cap A$130m (down from A$243m in May). Stage 1 production is now targeted for mid-2013.
22 Sept 2011investor presentation● Neutral
Notice of a 22 September webcast by Frazer Tabeart on near-term coal production opportunities. The announcement itself contains no new information.
21 Sept 2011other▲ GoodMajor
Concept study says the 2.7bn t Sese project is technically and commercially viable. Stage 1 (1Mtpa) costs US$46m capex at US$13/t opex and is cash positive from 2013; Stage 2 (5Mtpa) US$104m at US$10/t. Board approves a feasibility study for up to 5Mtpa, resolving the pending concept study.
9 Sept 2011drilling progress report▲ Good
Drilling has started to support a Measured Resource in northern Block-B and part of Block-C: 98 core holes on a 500m grid, with five rigs working. Indicated upgrade stays on track for Q4 2011; Measured Resource due Q2 2012. Indicated drilling finished in August.
7 Sept 2011investor presentation● Neutral
Notice of a 7 September webcast by Frazer Tabeart on developing mining options at Sese. The announcement itself contains no new information.
5 Sept 2011annual report● Neutral
Statutory full-year accounts to 30 June 2011 for African Energy Resources are lodged. The visible text is only the contents page, directors' report and board details; no financial figures appear in the extract, so no results can be reported here.
31 Aug 2011investor presentation● Neutral
August 2011 Africa Down Under conference deck restates the 2.7bn t Sese resource. Plans: feasibility study from Q3 2011, decision on initial 1Mtpa development by early 2013, ramp-up to 5Mtpa possible. Start size now 1Mtpa, versus 0.6Mtpa in May.
5 Aug 2011admin correction● Neutral
Share registry moves to Link Market Services from 12 September 2011. Administrative notice only; no effect on projects or finances.
1 Aug 2011quarterly activities report● Neutral
June quarter: restates the 2.73bn t Sese resource and new appointments. Cash US$2.44m, before the A$15m placement completed 25 July. Concept study now due September quarter; Indicated upgrade slips to the final quarter of 2011; trial pit to start in September quarter.
1 Aug 2011director officer appointment▲ Good
David Scott, who recently managed the Morupule Colliery expansion in Botswana, is appointed General Manager - Projects from 1 July. He will deliver the Sese feasibility studies and sits on the Botswana subsidiary board. Issued shares now 326.4m after the placement.
18 July 2011listing compliance notice● Neutral
ASX lifts the trading suspension on African Energy immediately after the company's announcement. Administrative notice only; the suspension appears to have accompanied the capital raising (inference).
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.
29 Apr 2011quarterly activities report● Neutral
March quarter: Sese inferred-resource drilling finished, Exploration Target 1.5-2.0bn t, infill drilling started, and Sitwe North confirmed uranium mineralisation. US$5m Macquarie loan fully drawn; cash US$4.67m. Maiden resource slips to early May; concept study to June.
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.
