28 Oct 2010annual report● Neutral
Annual report for the year to 30 June 2010, repeating the accounts lodged earlier: loss of $896,320 and Blackall Inferred resource of 1,222Mt. Nothing new in the visible text.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
19 Oct 2010material agreement▲ GoodMajor
Noble's Osendo is to receive up to 30 million 20c options from Mark Basso's Majicyl for nil. If shareholders approve at the November AGM, Osendo exercises 12.5m options for $2.5m, for a Blackall mining licence. Up to $3.5m more is possible by March 2011.
8 Oct 2010drilling result▲ GoodMajor
Washability tests on the 350kg Blackall bulk sample gave a washed coal yield of about 70% and 6,755 kcal/kg calorific value, with low sulphur. This was the awaited result; management calls it encouraging, and further lab tests continue.
1 Oct 2010annual report● Neutral
Annual accounts for the year to 30 June 2010 show a loss of $896,320, against $730,776 the prior year. Blackall resource now split into southern Carlow and northern Alambie deposits; Inferred resource remains 1,222Mt. Text is truncated, so cash is not shown here.
30 July 2010quarterly activities report● Neutral
Quarter to June 2010: 25 chip holes in northern Blackall show the southern coal seams continue north, adding about 14km of strike. 33 more southern holes were drilled toward an Indicated resource. A 456m Capella hole found one thin seam, so Capella will be relinquished.
20 July 2010director officer appointment▲ GoodMajor
Noble Group executive Rex Littlewood joins as Non-Executive Director, with Will Randall as alternate, following Noble's 19.9% stake bought in April 2010. The board returns to four directors after Clive Triplett's departure.
1 July 2010drilling progress report▲ Good
A bulk sample of over 350kg was taken from five seams at 15-24m depth for washability testing, with results due in about four weeks. Southern drilling has reached 95 core holes, with seams up to 7.2m thick, and should finish by end September 2010 for an Indicated resource.
3 May 2010asset acquisition disposition▲ GoodMajor
East Energy welcomed Osendo Pty Ltd, a subsidiary of Singapore-listed Noble Group, buying a 19.99% stake. Noble is said to have coal mining and marketing experience that could help plan Blackall. First major strategic shareholder.
29 Apr 2010quarterly activities report● Neutral
Quarter to March 2010: seven core and seven chip holes in the south, and 11 chip holes in the north, where seams continue. A bulk sample is planned for Q2. Nothing was done at Capella. Resource remains 1,222Mt Inferred.
20 Apr 2010drilling progress report▲ Good
Southern Blackall now has 67 core holes (32 new), with lab results due within weeks. Management expects sufficient drilling for an Indicated resource by end of Q4 2010 and says northern results may add another large resource.
8 Apr 2010drilling result▲ GoodMajor
Eighteen northern holes show coal seams continuing north, adding about 14km of strike length, with fresh coal at 12-15m. Management says the resource could conceivably exceed 2.0 billion tonnes, up from 1.2 billion, subject to detailed evaluation.
30 Mar 2010drilling result▲ GoodMajor
Northern Blackall drilling began after a delay from January-February floods. The first eight holes hit coal seams continuing from the south, so the program grew from 12 to 20 holes. SRK is to use the data to extend the 1.2 billion tonne Inferred resource.
16 Mar 2010admin correction● Neutral
Adds a competent person statement for Peter Tighe that was left out of the half-yearly report lodged the day before. No new information.
15 Mar 2010half year report▼ Bad
Half-year to 31 December 2009 shows a loss of $624,659, against $390,859 a year earlier. Clive Triplett's resignation leaves three directors. Capella is described as 113 sub-blocks, down from 179.
29 Jan 2010quarterly activities report▲ Good
Quarter to December 2009: 30 core holes were drilled at Blackall from 15 October toward an Indicated resource, with results matching the geological model. Capella sites were rehabilitated ahead of relinquishment in early 2010. A bulk sample and northern drilling are planned for Q1 2010.
3 Dec 2009security holder rights change● Neutral
Notice that 68,200,000 shares and 1,100,000 options (30c, expiring 31 Aug 2010) will be released from escrow on 19 December 2009, two years after listing. Administrative, though it frees a large block of shares for sale.
27 Nov 2009director officer appointment● NeutralMajor
Executive Director Clive Triplett, a founder involved in the December 2007 listing, resigned immediately, saying he must commit fully to RMA Energy, where he is Managing Director. Board changes will be announced shortly.
27 Nov 2009investor presentation● Neutral
AGM presentation repeating known facts. It shows 128,602,349 shares, a 12c share price at 29 Oct 2009 (market cap $15.43m), about $3.9m cash and no debt.
3 Nov 2009drilling progress report● Neutral
Drilling restarted at Blackall (EPC 1149) the week before, covering the unexplored northern section and tighter spacing in the south, to upgrade the 1.2 billion tonne Inferred resource. A further geologist, Dr Aldo van Heeswijck, was hired.
29 Oct 2009quarterly activities report● Neutral
Quarter to September 2009: Capella's 16 holes found no coal and the lease is to be relinquished. Infill drilling at Blackall to reach Indicated status starts early October; northern drilling is planned for Q1 2010. A Coffey study sees possible 30-year mine life.
28 Oct 2009annual report● Neutral
Full 2009 annual report to 30 June 2009, repeating the previously reported loss of $730,776 (2008: $564,222), no dividend, and the May rights issue. The text gives its raise as $3,810,235 from 38,102,347 shares. Mark Basso-Brusa is Managing Director and Chairman.
27 Oct 2009drilling result▼ BadMajor
The 16-hole Capella program (100-150m deep, about 4km apart) hit no coal. The board will drop the Capella tenement (EPC 1066) and refocus on Blackall, aiming to upgrade the 1.2 billion tonne Inferred resource to Indicated.
30 Sept 2009annual report● Neutral
Annual accounts to 30 June 2009 show a loss of $730,776, up from $564,222, with no dividend. They cover the May rights issue (about $3.8m) and the drilling already reported. Mark Basso is shown as chairman after Terence Byrt's April resignation.
29 Sept 2009drilling spud● Neutral
Exploration drilling has started at the Capella tenement (EPC 1066), a sparse program designed to decide whether more drilling is warranted. The company says it will then turn back to the northern half of Blackall.
25 Aug 2009admin correction● Neutral
Corrects the earlier rail/port release: Blackall is less than 260km from Hancock's Alpha project, not less than 200km. Otherwise the content, including Mark Basso's appointment as Executive Chairman, is unchanged.
25 Aug 2009director officer appointment● NeutralMajor
Managing director Mark Basso was appointed Executive Chairman, filling the seat left by Terence Byrt's April resignation. The release also welcomes Hancock's proposed 510km private rail line and port, which the company says would help its 1.2 billion tonne Blackall project.
18 Aug 2009drilling scheduled● Neutral
The board approved a first program of 17 shallow RAB holes (about 150m) at the Capella tenement (formerly Norwich Park), now 179 sub-blocks, to start within weeks. The managing director says it will only decide whether further drilling is needed.
30 July 2009quarterly activities report● Neutral
Quarter to June 2009: restates the $3.8m rights issue and the Blackall Inferred resource of 1,222Mt (776Mt within a 10:1 overburden ratio). Northern Blackall drilling is planned for Q4 2009, and a 20-hole Norwich Park program is planned for Q3. A development options study was commissioned.
12 May 2009capital raising announcement● NeutralMajor
The rights issue closed having raised $3,813,235 from 38,132,347 new shares at 10c, with 76,264,694 free options at 20c. That is well under the roughly $8.9m possible if fully subscribed. Shares and options were due to be issued 15 May.
What it means for a shareholder
38.1m new shares at A$0.100 to raise about A$3.8m. That's 63% dilution: every existing holder's slice gets 63% smaller. If you held A$1,000 of shares (10,000 at the issue price), your slice goes from 0.0448% to 0.0165% of the company. To keep it you'd need 17,100 more shares - about A$1,710 at the issue price.
Create a free account to see this worked out for your own holding.
29 Apr 2009quarterly activities report● Neutral
Quarter to March 2009: SRK audited the Blackall data and built the geological model, with the JORC resource announced 23 April. Coal suits the domestic thermal market. Norwich Park was cut 50% in February; broad-scale exploration on the rest starts second half 2009.