15 Oct 2013substantial holder notice● Neutral
MP West Canada S.A.S, Saint-Aubin &#, MPI S.A disclosed a new substantial DEEP WELL OIL & GAS INC shareholding (20.00% of votes).
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
15 Oct 2013capital raising announcement● Neutral
This is Amendment No. 2 to the July 31, 2013 filing on the MP West Canada deal. It clarifies working interests, replaces the short subscription agreement with the full one, and adds the farmout agreement as an exhibit. The terms are the same as before: 45,111,778 shares for US$22,000,000, issued on or before November 30, 2013, plus up to US$40,000,000 of project funding and the US$110,000,000 option. Nothing new happened. The filing says the placement 'closed' but the shares are still to be issued.
30 Aug 2013director interest notice● Neutral
DEEP WELL OIL & GAS INC director Said Arrata exercised stock options for 600,000 shares and disposed of 600,000 shares.
21 Aug 2013material agreement▲ GoodMajor
The company told its Sawn Lake partner Andora on August 15, 2013 that it will take part in the SAGD demonstration project, under a July 30, 2013 operating agreement. The initial share of costs is C$12,073,512, due by September 16, 2013. The press release says the company's share, up to US$40 million, will be paid by MP West Canada under the July 31 farmout, so this follows through on that deal. Drilling and steaming are expected in fall 2013 and first oil in the first quarter of 2014.
16 Aug 2013director interest notice● Neutral
DEEP WELL OIL & GAS INC director Horst A Schmid exercised stock options for 480,000 shares and disposed of 480,000 shares.
16 Aug 2013director interest notice● Neutral
DEEP WELL OIL & GAS INC director David Roff exercised stock options for 600,000 shares and disposed of 600,000 shares.
16 Aug 2013director interest notice● Neutral
DEEP WELL OIL & GAS INC director Satya Brata Das exercised stock options for 388,096 shares and disposed of 388,096 shares.
14 Aug 2013quarterly activities report▼ Bad
DEEP WELL OIL & GAS INC reported a quarterly net loss of $295 thousand for the period ended 2013-06-30.
8 Aug 2013capital raising announcement● Neutral
This is a second, identical copy of the August 8, 2013 amendment, correcting only the typo in the date of Exhibit 4.1 in the August 5 filing. The Maurel et Prom placement and farmout terms are repeated and nothing new happened.
8 Aug 2013capital raising announcement● Neutral
This amendment only corrects a typo in the date of Exhibit 4.1 (the subscription agreement) in the August 5, 2013 filing, to July 31, 2013. The Maurel et Prom placement and farmout terms are repeated unchanged and nothing new happened.
5 Aug 2013capital raising announcement▲ GoodMajor
On July 31, 2013 the company agreed to sell 45,111,778 shares for US$22,000,000 (the press release says 48.8 cents each) to MP West Canada SAS, a subsidiary of Maurel et Prom, with shares to be issued on or before November 30, 2013. In a farmout the same day, MP West agreed to fund up to US$40,000,000 of the company's share of a SAGD demonstration project at Sawn Lake in return for a net 25% interest in the 12 sections where the company holds 50%, and gets an option to take 40-45% of the other 56 sections by committing US$110,000,000. This is a much larger partner and price than the US$0.07 raises of 2010-2012; the press release expects first production in early 2014.
12 July 2013director interest notice● Neutral
DEEP WELL OIL & GAS INC CFO & Corporate Secretary Curtis J Sparrow received a stock option grant for 1,450,000 shares.
5 July 2013director interest notice● Neutral
DEEP WELL OIL & GAS INC director David Roff received a stock option grant for 450,000 shares.
5 July 2013director interest notice● Neutral
DEEP WELL OIL & GAS INC director Satya Brata Das received a stock option grant for 450,000 shares.
15 May 2013quarterly activities report▼ Bad
DEEP WELL OIL & GAS INC reported a quarterly net loss of $225 thousand for the period ended 2013-03-31.
5 Apr 2013director interest notice● Neutral
DEEP WELL OIL & GAS INC CFO & Corporate Secretary Curtis J Sparrow bought 60,000 shares on the open market at $0.05.
15 Mar 2013director interest notice● Neutral
DEEP WELL OIL & GAS INC CFO & Corporate Secretary Curtis J Sparrow bought 160,000 shares on the open market.
12 Mar 2013director interest notice● Neutral
DEEP WELL OIL & GAS INC CFO & Corporate Secretary Curtis J Sparrow bought 120,000 shares on the open market.
8 Mar 2013director interest notice● Neutral
DEEP WELL OIL & GAS INC CFO & Corporate Secretary Curtis J Sparrow bought 210,000 shares on the open market.
14 Feb 2013quarterly activities report● Neutral
DEEP WELL OIL & GAS INC reported quarterly revenue of $0 and net income of $14 thousand for the period ended 2012-12-31.
28 Dec 2012late filing notice▼ Bad
DEEP WELL OIL & GAS INC notified the SEC that its annual report would be filed late.
17 Dec 2012asset acquisition disposition▲ GoodMajor
Effective December 3, 2012 the company bought the 10% working interest of its former joint venture partner 1132559 Alberta Ltd. in most of the Sawn Lake properties, for C$2,400,000, dropping two court actions it had filed against that company, and forgiving C$239,267.88 owed to it plus related defaults and penalties. It now holds 90% of 51 sections, 80% of 5 sections and 50% of 12 sections, across 43,015 gross acres; the press release says net acres rise from 31,376 to 35,360. This updates the earlier 80% interest in the 51 sections.
17 Dec 2012auditor change● Neutral
The company replaced its auditor Madsen & Associates, which it had re-engaged in 2005, with Sadler, Gibb & Associates, engaged November 16, 2012 (decision finalised December 11). The filing says this was on expiry of Madsen's term, its reports for fiscal 2010 and 2011 had no adverse or qualified opinion, and there were no disagreements.
12 Dec 2012capital raising announcement● NeutralMajor
On November 23, 2012 the company sold 42,857,142 units at US$0.07 for US$3,000,000 to one investor, director Malik Youyou, each with a share and a warrant at US$0.105 for three years. The filing says the company has 179,597,113 shares outstanding and Youyou holds 110,733,823 directly and indirectly; it says he would reach 72.6% only if he exercised all warrants and vested options. The press release says the funds allowed the first phase of the Horizontal Cyclic Steam Stimulation project at Sawn Lake to start, continuing the company's reliance on Youyou's funding.
What it means for a shareholder
42.9m new shares at US$0.070 to raise about US$3.0m. That's 24% dilution: every existing holder's slice gets 24% smaller. If you held US$1,000 of shares (14,286 at the issue price), your slice goes from 0.0104% to 0.00795% of the company. To keep it you'd need 4,477 more shares - about US$313 at the issue price.
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14 Aug 2012quarterly activities report▼ Bad
DEEP WELL OIL & GAS INC reported a quarterly net loss of $273 thousand for the period ended 2012-06-30.
12 July 2012director interest notice● Neutral
DEEP WELL OIL & GAS INC director Satya Brata Das disposed of 28,800 shares via option/appreciation-right settlement.
5 July 2012director interest notice● Neutral
DEEP WELL OIL & GAS INC director Malik Youyou disposed of 1,000,000 shares via option/appreciation-right settlement.
15 May 2012quarterly activities report▼ Bad
DEEP WELL OIL & GAS INC reported a quarterly net loss of $326 thousand for the period ended 2012-03-31.
14 Feb 2012quarterly activities report▼ Bad
DEEP WELL OIL & GAS INC reported quarterly revenue of $0 and a net loss of $322 thousand for the period ended 2011-12-31.
10 Nov 2011substantial holder notice● Neutral
&# reported a DEEP WELL OIL & GAS INC shareholding of 97,598,109 shares (58.63% of votes) in a periodic institutional filing.