Past year: ▲ 0%(0.60c – 1.60c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
25 Oct 2007drilling result▲ Good
Namakande E in the Kariba Valley JV shows uranium in rock chips up to 623 ppm U3O8 over more than 1,400m of strike (about 1,700m with scintillometer readings). It becomes a drill target once Chisebuka drilling finishes. Surface sampling only, not drilling.
25 Oct 2007joint venture update● Neutral
Albidon repeats African Energy's Namakande E results, including rock chips up to 623 ppm U3O8 over more than 1,400m. No new information beyond the African Energy release.
24 Oct 2007drilling spud▲ GoodMajor
Drilling has started at Sese (Botswana, 100% owned; 2,500m programme, 39 holes done, rig extended) and at Chisebuka (Kariba Valley JV; up to 4,000m planned, 13 holes done). Assays are due late November. Pre-feasibility study now due February 2008, later than the December 2007 target; Njame resource due December.
23 Oct 2007drilling result▲ Good
Njame extensional RC drilling is complete (138 holes, 8,678m), showing continuous shallow uranium over at least 900m, 1m to 17m thick; best 16m at 295 ppm. Assays are in for 48 holes; a revised Njame North Inferred Resource will follow, and infill drilling for the pre-feasibility study has started.
19 Oct 2007drilling result▲ GoodMajor
Gwabe RC drilling is complete at 161 holes, defining continuous shallow uranium mineralisation over at least 700m, 1m to 18m thick. A resource estimate, audited by Coffey Mining/RSG Global, is expected within two weeks; infill drilling has started at Njame.
7 Sept 2007investor presentation● Neutral
September 2007 investor update recapping progress since listing: 30% Chirundu interest earned, Gwabe discovery, Chisebuka rock chips, and the pre-feasibility study. Shows cash of A$8m and a fully diluted market cap of A$65m; Njame resource update expected in Q4.
6 Sept 2007joint venture update● Neutral
Albidon repeats African Energy's announcement of the A$1.5m Njame and Gwabe pre-feasibility study, with the 1.4 Mlb a year base case at US$65/lb. No new information beyond the African Energy release.
6 Sept 2007material agreement▲ GoodMajor
Board approved a A$1.5m pre-feasibility study on Njame and Gwabe, due by end December 2007, after a scoping study. Base case is 1.4 Mlb U3O8 a year for five years at US$65/lb; cash is expected to be about A$5.0m afterwards.
5 Sept 2007farm in farm out completion▲ GoodMajor
African Energy earned its initial 30% interest in the Chirundu JV by spending A$1.0m, resolving the earn-in thread with Albidon. It can reach 70% by completing a pre-feasibility study; Kariba Valley spending requirement is still being met.
5 Sept 2007joint venture update● Neutral
Albidon confirms a finalised joint venture with African Energy covering Chirundu and Kariba Valley, and that African Energy has spent A$1m at Chirundu, earning an initial 30%. It can reach 70% via a pre-feasibility study.
28 Aug 2007annual report● Neutral
Statutory financial report for the year to 30 June 2007, with directors' report and audit report. The text provided is mostly the contents and director biographies; no financial figures are shown in the excerpt.
23 Aug 2007joint venture update● Neutral
Albidon repeats African Energy's higher-grade Gwabe infill results, including 9m at 684 ppm U3O8. No new information beyond the African Energy release.
23 Aug 2007drilling result▲ GoodMajor
First 40 Gwabe infill holes found higher-grade shallow uranium, best 9m at 684 ppm U3O8 including 5m at 936 ppm, possibly suited to open pit mining. This builds on July's discovery; 70 more holes are due in September.
17 Aug 2007drilling result▲ GoodMajor
Rock-chip sampling at Chisebuka, Kariba Valley JV, found surface uranium up to 4,823 ppm U3O8, the highest in the company's portfolio; 11 of 46 samples exceed 100 ppm. Reconnaissance drilling is due in September after Njame extensional drilling.
17 Aug 2007joint venture update● Neutral
Albidon repeats African Energy's Chisebuka rock-chip results, including the 4,823 ppm U3O8 best sample. No new information beyond the African Energy release.
19 July 2007joint venture update● Neutral
Albidon repeats African Energy's Gwabe discovery announcement, including best result of 6m at 566ppm U3O8. No new information beyond the African Energy release.
19 July 2007drilling result▲ GoodMajor
First 25 Gwabe holes found shallow uranium mineralisation; 11 holes exceed 100ppm, best 6m at 566ppm U3O8 from 21m. This confirms the earlier soil anomalies. About 90 infill hole assays are due in August.
20 June 2007joint venture update● Neutral
Albidon repeats African Energy's announcement of completed first-pass drilling and the start of infill drilling at Gwabe. African Energy is sole-funding the work to earn an initial 30%. No new information.
20 June 2007drilling progress report▲ Good
First-pass drilling at Gwabe North is complete, and infill drilling starts immediately because drill cuttings showed strong radioactivity on a scintillometer. Assays are due in July, and the rig then moves to Njame.
30 May 2007asset acquisition disposition● Neutral
Energy Ventures, African Energy's 71% owner, sold its 2.3 million Colltech shares. Its portfolio is now 71% of African Energy, 29.9% of Agricola Resources and 11% of Cool Energy. This is a parent-company item, not an African Energy event.
28 May 2007drilling spud● Neutral
Drilling began at the Gwabe uranium prospect with a new RC rig dedicated to Zambia for 2007 and 2008. Gwabe is expected to take 6-8 weeks, with first assays in 4-6 weeks, then Njame North.
9 May 2007auditor change● Neutral
BDO Kendalls Audit & Assurance (WA) was appointed auditor effective 9 May 2007. This is an administrative notice.
4 May 2007investor presentation● Neutral
May 2007 investor update repeating known facts: 147.9 million shares, $10.2 million cash after the IPO, a 0.80 share price, and Energy Ventures holding 70.8%. It also repeats the 4.8 Mlb Njame North resource and the 2007 drilling plan.
1 May 2007drilling result▲ Good
Soil sampling at the 6km Gwabe prospect confirmed uranium anomalies, with peaks of 39 ppm U3O8. Drilling is needed to test for mineralisation below; it is due to start next month.
1 May 2007joint venture update● Neutral
Albidon, the joint venture partner, re-reports African Energy's Gwabe soil sampling results, which confirmed uranium anomalies. No new information beyond the African Energy announcement of the same day.
19 Apr 2007other▲ GoodMajor
African Energy began trading on ASX on 18 April after a $5 million IPO that was over 3.5 times oversubscribed. It focuses on Zambian uranium, with drilling due to start in early May.
18 Apr 2007joint venture update▲ Good
Albidon says African Energy's $5 million IPO and ASX listing will fund faster exploration of the Zambian uranium joint ventures. African Energy is earning an initial 30% by spending $1 million per area; Njame North holds a 5.5Mt at 400ppm inferred resource.
14 Mar 2007capital raising announcement● NeutralMajor
African Energy Resources (Guernsey) issues a prospectus to raise up to $5 million by offering 12.5 million shares at 40 cents each, ahead of an ASX listing. The offer is described as speculative.
What it means for a shareholder
12.5m new shares at A$0.400 to raise about A$5.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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