30 Sept 2015other● Neutral
Appendix 4G corporate governance checklist lodged with the 2015 annual report, pointing to pages 15-20. Administrative compliance form with no new information for shareholders.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
26 Mar 2015regulatory community update▲ GoodMajor
Regulator approved EER's November variation, combining all Idalia and East Energy tenements (now 3,580 sq km) under Project Status and allowing lower exploration spend. Resource unchanged at 3.44Bt. Management says it conserves cash during the coal downturn. Shares 1c.
16 Mar 2015half year report▼ Bad
Half-year to 31 December 2014 shows a net loss of $1,044,678, against a $1,674,942 profit a year earlier. No new exploration was done in the period. No dividend. Board unchanged; auditor Regency Audit. Extract truncated.
24 Oct 2014annual report● Neutral
Annual Report 2014 re-lodged in a typeset version, repeating the $6,292 profit and the same board and operations details. No new information visible.
30 Sept 2014annual report● Neutral
Annual report for year to 30 June 2014 shows a profit of $6,292, against a $3,083,669 loss the prior year. It repeats the 1,504Mt EPC 1399 resource, MDL 464 grant and Project Status. Board unchanged. Text truncated.
1 Aug 2014quarterly activities report▲ GoodMajor
June quarter: MDL 464 was granted for five years from 1 August 2014, resolving the long-pending application. The EPC 1399 resource of 1,504Mt was released, and the regulator approved Project Status for five tenements. Shares 4.4c.
10 July 2014resource reserve update▲ GoodMajor
EPC 1399 resource updated to 1,504Mt Inferred (JORC 2012), lifting Blackall's combined total to 3.44Bt. The earlier 440Mt Idalia figure is superseded for 1399; EPC 1398 stays at 200Mt. A new 2.0-2.5Bt exploration target is also reported. Shares 2c.
22 Apr 2014security holder rights change● Neutral
Notice that 190,031,625 shares, the Idalia deal shares issued in May 2013, come out of escrow on 10 May 2014. Those shares become freely tradable, which is a matter of supply, though the text says nothing on market impact.
22 Apr 2014other● Neutral
Administrative notice: the share registry, still run by Advanced Share Registry, moves to 110 Stirling Highway, Nedlands from 24 April 2014. No substance for shareholders.
14 Mar 2014half year report▲ Good
Half-year to 31 December 2013 shows a net profit of $1,674,942, against a $316,879 loss a year earlier. The extract is truncated and does not explain the swing. Auditor is listed as Regency Audit. No dividend.
5 Mar 2014director officer appointment● Neutral
Chris Thoroughgood, a Noble Group executive director for hard commodities in Australia and New Zealand, replaced Damien Gray as Rex Littlewood's alternate director on 5 March 2014. Noble, the 40.93% shareholder, keeps its board link; he holds no shares.
11 Dec 2013director officer appointment● Neutral
William Randall resigned as alternate director for Rex Littlewood and was replaced by Damien Gray, a Noble Resources Australia business development vice president. Board stays aligned with Noble, the 40.93% shareholder.
31 Oct 2013quarterly activities report▼ BadMajor
September quarter: drilling on Idalia's EPC 1399 finished and resource modelling targets year-end. Cash is only about $192,000, with up to about $4.9m of Noble loan available. Queensland proposes to grant the MDL. Board is assessing timing of more project funding given coal markets and reviewing new projects.
29 Oct 2013annual report● Neutral
Annual report 2013 re-lodged in a reformatted version, repeating the $3,083,669 loss and the same board and Idalia details. No new information visible.
30 Sept 2013annual report▼ Bad
Annual report for the year to 30 June 2013 shows a loss of $3,083,669, against a $442,787 profit the year before. It records the Idalia facility paid out in May 2013 and the acquisition completed. Board unchanged. Text is truncated.
20 Aug 2013admin correction● Neutral
Corrects the competent person statement in the June quarterly report, naming SRK's Dr Gerard McCaughan and the 2004 JORC Code for the 1.74Bt Blackall resource. No change to figures.
28 May 2013drilling spud▲ Good
Drilling began on Idalia's EPCs 1398 and 1399, which adjoin Blackall. Plan: five or six more core holes on 1399 within two months, then 30 core and 26 chip holes on 1398 over about six months, toward a combined resource. Shares fell to 4.8c.
16 May 2013debt financing● Neutral
EER made its first drawing on the new Noble facility (5 years, bank bill rate plus 7%, interest may be capitalised), secured over EER and Idalia assets. About $5m is available for working capital and exploration. Shares were 6.5c, well below the 20c deal price.
10 May 2013admin correction● Neutral
Corrects the March quarterly report: the competent person statements should cite the 2004 JORC Code, not the 2012 edition. No change to resource figures.
10 May 2013business combination● NeutralMajor
Idalia acquisition completed 10 May after the 3 May shareholder vote. 190.0m shares issued at 20c ($38.0m, adjusted from $40m); Noble now holds 40.93%, Majicyl 45.87%. Noble refinancing of $13.48m over 5 years; about $5m left to draw. Shares on issue 356.5m.
26 Mar 2013investor presentation● Neutral
Presentation on the Idalia deal: $40m in shares at 20c, an independent expert calling it 'fair and reasonable' to non-associated holders, and $5-6m of Noble-funded cash. General meeting set for 29 April 2013. Largely repeats the 19 March terms.
20 Mar 2013material agreement● NeutralMajor
EER signed the formal share purchase agreement for Idalia: $40m in shares at 20c, with Noble then holding 41.18% and Majicyl 45.98%. Noble will refinance the debt over 5 years at bank bill rate plus 7%, leaving $5-6m to draw. Shareholder vote is due in April.
15 Mar 2013half year report● Neutral
Half-year to 31 December 2012: net loss $316,879 (prior-year half $423,996). No drilling in the period; the EPC 1149 renewal is expected within two months and the MDL is still pending. Cash is not shown in the readable text.
23 Jan 2013business combination● NeutralMajor
EER signed a binding heads of agreement to buy 100% of Idalia Coal, its own lender, from Noble and Majicyl for $40m of EER shares at 20c, versus a 10c market price. Adds a 440Mt Inferred resource and a 4.0-4.5Bt exploration target in adjacent tenements.
28 Nov 2012contract award▲ Good
EER appointed Palaris Group for a desktop study of Blackall, covering conceptual mine plan, fatal-flaw checks and a financial model. It is the first step in engineering evaluation of the 1.74Bt resource. Shares were 8.5c, down from 10c.
16 Nov 2012investor presentation● Neutral
Further updated presentation after the Galilee Basin conference, with clarifications. It keeps exploration targets out and says the company 'believes' the resource can support a large open-cut mine. Resource still 1.74Bt.
13 Nov 2012investor presentation● Neutral
EER re-lodged its presentation to remove references to exploration targets, including the 2Bt target. The 1.74Bt resource is unchanged. This withdraws the target claim made on 9 November and earlier.
9 Nov 2012investor presentation● Neutral
Presentation for the Galilee Basin conference repeats the 1.74Bt resource, pending MDL and Abbot Point plans. It says the 2Bt target should be reached with limited further drilling. No new results.
29 Oct 2012annual report● Neutral
Annual report 2012 re-released in a reformatted version, repeating the $442,787 profit and same board, auditor and background. No new information.
28 Sept 2012annual report● Neutral
Annual report for year to 30 June 2012 shows a profit of $442,787, against a $509,024 loss the year before. Board unchanged; the Carlow and Alambi areas are now treated as one continuous deposit. Text is truncated, so the source of the profit and cash are not shown.