Past year: ▲ 0%(3.60c – 3.60c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
30 Apr 2013quarterly activities report● Neutral
March quarter: no drilling while the Idalia deal was finalised. The renewal of EPC 1149 for five years to April 2018 is still pending, but the request to keep all 300 sub-blocks was approved. Shareholder meeting is stated as 3 May, not 29 April as earlier announced.
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.
31 Jan 2013quarterly activities report● Neutral
December quarter: no drilling. A five-year renewal of EPC 1149 (expires 21 April 2013) was lodged, and the Palaris desktop study began. The report restates the 1.74Bt resource and notes approval of the GVK/Hancock rail.
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.
30 Oct 2012quarterly activities report● Neutral
September quarter: no drilling while SRK finished the 1.74Bt resource (627.5Mt Indicated, 1,113Mt Inferred). The $5.5m Idalia facility is detailed: $2.5m available, $1.2m drawn so far. Security needs shareholder approval at the 29 November AGM.
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.
27 Sept 2012debt financing● NeutralMajor
EER signed a 4-year secured facility of up to $5.5m with Idalia Coal, 50.1% owned by a Noble Group subsidiary. $2.5m is available immediately, then $1m a year for three years. Interest is bank bill rate plus 7.5%; security needs shareholder approval at the November AGM.
17 Sept 2012resource reserve update▲ GoodMajor
SRK's new JORC resource for Blackall is 1.74Bt: 627Mt Indicated and 1,113Mt Inferred, to 150m depth. That is about 1Bt above the 2011 figure of 749Mt, and resolves the long-delayed combined report. The 1.8-2.0Bt target is not yet fully covered.
31 July 2012quarterly activities report● Neutral
June quarter: no drilling; SRK audited data and began geological modelling, with the report now due August/September 2012, a further slip. The MDL application is being varied to cut costs, and a 12-month deferral of sub-block relinquishment on EPC 1149 was granted in July.
5 June 2012regulatory community update▼ Bad
SRK's new resource report has missed the end-May 2012 timetable, and EER cannot get a completion date from SRK. EER also notes Queensland's 29 May approval of GVK's 495km Alpha-to-Abbot Point rail, for which it has lodged an access expression of interest.
1 May 2012investor presentation● Neutral
Broker presentation repeats the 749Mt resource (469Mt Indicated, 280Mt Inferred), the 1.8-2.0Bt target, Noble's ~30.5% stake and the pending MDL. It expects the SRK resource update in May 2012. Nothing new.
30 Apr 2012quarterly activities report● Neutral
March quarter: the last 15 SRK infill holes (2,120m) were drilled and final assays finished in early April. SRK has started the combined JORC report, now expected before end of May 2012. The 1.8-2.0Bt target is unchanged.
21 Mar 2012regulatory community update▲ Good
EER received a 12-month Queensland government permit to study using the disused Blackall-Jericho rail easement for a possible new coal line. It also lodged an expression of interest for access to Hancock/GVK's proposed 495km rail to Abbot Point. Study only; no rail access secured.
15 Mar 2012half year report● Neutral
Half-year to 31 December 2011: net loss $423,996 (prior-year half $276,539). Text repeats known Blackall drilling progress, with 14 of 22 SRK infill holes done and the MDL still pending. Cash is not shown in the readable text.
8 Mar 2012drilling result▲ Good
EER says its exploration drilling at Blackall finished in February 2012, with over 350 holes drilled. It keeps the 1.8-2.0Bt target; in-house modelling indicates a big rise over the 749Mt resource, with SRK's updated resource expected April/May 2012. A scoping study is planned.
3 Feb 2012quarterly activities report● Neutral
Revised December quarter report re-released with added detail on the range and quality of the 1.8-2.0Bt exploration target and its supporting statements. Content otherwise matches the 31 January report: 14 of 22 SRK infill holes drilled, combined JORC report due first half 2012.
1 Feb 2012other● Neutral
EER sent its first shareholder newsletter to all shareholders and posted it on its website. Administrative notice with no new information in the announcement itself.
31 Jan 2012quarterly activities report● NeutralMajor
December quarter: SRK's data review recommended 22 more infill holes, 14 of them drilled at Carlow. EER set a 2.0Bt in-situ coal target for the whole tenement. A single combined JORC report is now due in first half 2012, later than previously flagged.
28 Nov 2011investor presentation● Neutral
AGM presentation repeats the 469Mt Indicated and 280Mt Inferred resource, 166.4m shares, no options and 24c price. The company-wide JORC resource is now expected in Q1 2012, later than earlier Q4 2011 timing for Alambi.
