1 Apr 2014material agreement● Neutral
The binding letter of intent to sell the Zambian uranium licences to Karoo is extended again, to 9 May 2014, to finalise an asset sale agreement. The sale, first agreed in September 2013, remains unfinished.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
12 Mar 2014half year report● Neutral
Interim accounts for the six months to 31 December 2013 (BDO review; directors state debts can be paid when due). Notes the A$3.5m raised from Sentient at 12 cents in July 2013 and completion of the Mmamantswe and Mmamabula West purchases. Supplied text shows no financial figures.
6 Mar 2014other● Neutral
Company update: Sese environmental study and first feasibility phase due in March, then a mining licence application. Consortium remains shortlisted with bids expected late March. Karoo uranium sale letter of intent extended, so that sale is still unfinished.
26 Feb 2014regulatory community update▲ GoodMajor
The African Energy/ACWA Power consortium is shortlisted to receive the Botswana 300MW tender bid invitation, indicatively in late March. If the bid succeeds, financial close could be sought by year end. Advances the October expression of interest.
13 Feb 2014admin correction▼ Bad
Retracts the Mmamantswe production target (10Mtpa, 2.4Mtpa export coal) and cost figures (US$9.10/t cash cost, US$350m capital) from the January report and February presentation. They came from an older scoping study and do not establish economic viability. Investors told not to rely on them.
4 Feb 2014investor presentation● Neutral
February 2014 presentation repeats the 6.2Bt portfolio, ACWA Power JDA and Mmamabula West export plan. Says the Botswana ministry has approval to request a bid from the Sese consortium. Little new otherwise.
3 Jan 2014admin correction● Neutral
Corrects the Competent Person statement in the 23 December announcement and restates the resource tables (grand total 6,193Mt). No new resource data.
23 Dec 2013asset acquisition disposition▲ GoodMajor
Botswana's minister approved transfer of the Mmamabula West licence, completing the purchase. African Energy now pays Asenjo US$1m, with US$1.5m due once a retention licence is granted, expected mid-to-late 2014. Resolves the October agreement; total Botswana coal above 6.2Bt.
11 Nov 2013investor presentation● Neutral
Notice of a webcast interview with the managing director about the Mmamabula West acquisition. No new information.
7 Nov 2013investor presentation● Neutral
Africa Downunder presentation in Singapore repeats known facts: ACWA Power JDA, Mmamabula West, 6.2Bt Botswana portfolio. Shows 431.4m shares, A$58m market cap, US$4.5m cash and US$5.0m debt.
6 Nov 2013investor presentation● Neutral
Notice of a webcast interview with the managing director about the ACWA Power agreement and expression of interest. No new information.
28 Oct 2013annual report● Neutral
2013 annual report: managing director's letter reviews the year's progress, including the ACWA Power consortium, Sese prefeasibility, the Mmamantswe purchase and the Maputo export trial. Repeats known events; supplied text is truncated and shows no financial figures.
23 Oct 2013farm in farm out agreement▲ GoodMajor
Signed a joint development agreement with Saudi-based ACWA Power, naming it as the partner behind the 2 October Sese 300MW power expression of interest. ACWA leads, funds equity and becomes major Sese Power shareholder; African Energy gets a structured return with no extra development funding commitment. Resolves the partner search.
15 Oct 2013asset acquisition disposition▲ GoodMajor
Binding agreement to buy the 2.4Bt Mmamabula West coal project in Botswana from Asenjo Energy for US$2.5m cash: US$1m on licence transfer approval, US$1.5m on retention licence grant. Resources 892Mt Indicated, 1,541Mt Inferred; Botswana total rises to 6.2Bt. Conditional.
2 Oct 2013investor presentation● Neutral
October corporate presentation: an expression of interest for a 300MW Sese power station is being lodged 2 October with an unnamed development partner, and a joint development agreement is close. Partner would provide all equity. Resource figures repeat earlier.
1 Oct 2013asset acquisition disposition▲ GoodMajor
Binding letter of intent to sell the Zambian uranium licences to Karoo Exploration for US$2.0m cash plus US$0.5m of shares and warrants. Conditional on Karoo financing, due diligence and TSX-V approval. Follows the long-running search for a uranium buyer, refocusing on Botswana coal.
27 Sept 2013annual report● Neutral
Full-year statutory accounts to 30 June 2013, with directors' report and board listing including the new Hume appointments. The supplied text is truncated and shows no financial figures.
26 Sept 2013investor presentation● Neutral
Notice that the managing director will present at a Proactive Investors forum in Sydney on 2 October 2013. No new information.
13 Sept 2013director officer appointment● Neutral
Ian Hume, a Sentient founding partner who remains its independent adviser, joined as non-executive director, with Sentient's Yan Zhao as his alternate. Gives the largest shareholder (about 17%) board representation.
29 Aug 2013investor presentation● Neutral
Africa Downunder presentation repeats known facts: Sese 2.5Bt, Mmamantswe 1,300Mt, planned Botswana and South Africa power bids. Shows 429.6m shares, A$33.5m market capitalisation, A$5.1m cash and A$5.0m debt.
8 Aug 2013regulatory community update▲ Good
Botswana invited expressions of interest for a 300MW greenfield coal power station, due 27 November 2013, power as early as 2016. African Energy plans to bid with Sese. Procurement decisions expected from January 2014; this gives its partner talks a deadline.
29 July 2013material agreement▲ Good
African Energy lodged a registration of interest with South Africa's Department of Energy to supply 300MW from Sese, with a South African BEE partner and Eskom as buyer. A Botswana greenfield bid is planned with partners. Early-stage, not a contract.
12 July 2013asset acquisition disposition● Neutral
Aviva confirmed it received A$3.5m from African Energy and completed the Mmamantswe sale. This is the seller's side of the deal already completed; a final payment of about US$22,000 is due to Mawana.
11 July 2013investor presentation● Neutral
Notice of an 11 July webcast with the managing director on completing the Mmamantswe acquisition. No new information in the announcement.
10 July 2013asset acquisition disposition▲ GoodMajor
Aviva shareholders approved the sale, clearing the final condition for African Energy's A$3.5m purchase of the 1.3 billion tonne Mmamantswe project. Sentient subscribes the A$3.5m second tranche at A$0.12, ending near 17.4% as largest shareholder. Total Botswana coal 3.8Bt.
4 July 2013asset acquisition disposition▲ Good
Aviva's subsidiary now holds 100% of the Mmamantswe licence after Botswana ministerial approval, satisfying one of two remaining conditions. Only Aviva shareholder approval, set for 9 July, remains.
28 May 2013asset acquisition disposition▲ Good
African Energy signed the formal share sale deed for Mmamantswe (A$3.5m) and finished due diligence on 24 May. Shareholders ratified Sentient's first tranche, clearing the way for 29.16m second-tranche shares at A$0.12. Licence must be held 100% by 26 July.
28 May 2013asset acquisition disposition● Neutral
Aviva signed binding documents to sell Mmamantswe to African Energy for A$3.5m after African Energy's due diligence and fundraising. Still needs Botswana ministerial approval of the licence transfer and Aviva shareholder approval, expected in July.
2 May 2013investor presentation● Neutral
Notice of a 2 May webcast with the managing director on the Mmamantswe acquisition and the A$5m Sentient placement. No new information in the announcement itself.
30 Apr 2013admin correction● Neutral
Routine notice under the Corporations Act allowing on-sale of recently issued shares without a disclosure document. It states no new information; it presumably relates to the Sentient placement shares (inference).