Each one in plain English, with the numbers worked through for a shareholder.
10 Sept 2012asset acquisition disposition▲ GoodMajor
Agri will take a 49.9% stake in Statesman Africa Ltd for nominal consideration. Statesman Africa holds a 75% interest in the 100,000 km2 Block 14 in Sudan (600mmbbl lead). Agri funds 49.9% of costs, including a US$12m minimum program, and has advanced US$800k. This is the new oil and gas entry it sought after the Syria exposure ended.
6 Sept 2012other● Neutral
Agri requested a trading suspension from 7 Sept 2012, pending a capital raising and a material corporate transaction. Expected to last until an announcement or 10 Sept 2012.
31 Aug 2012annual report▼ Bad
Preliminary results for year to 30 June 2012 (unaudited): loss A$1.155m versus A$810k prior year. Cash A$1.22m; net tangible assets 0.18c per share. A$200k employee loans appear as a non-current asset.
12 June 2012director officer appointment● Neutral
Gary Steinepreis resigned as director and company secretary effective 11 June 2012, after serving since June 2009. Dougal Ferguson takes over as company secretary.
23 Feb 2012half year report▼ Bad
Half-year to 31 Dec 2011: loss A$558,817, up from A$139,511, driven by A$173,735 of share-based payments and new staff. The Triton investment (A$31,042) was written to nil after the Syria well was abandoned. Net tangible assets 0.3c per share.
23 Feb 2012half year report▼ Bad
Appendix 4D cover for the half-year to 31 Dec 2011, repeating the same results: loss A$558,817 and Triton carrying value written off. No dividend. Largely a duplicate of the half-year accounts.
23 Dec 2011admin correction● Neutral
Administrative notice: 80m shares and 10m options issued 23 December 2011 to new directors Channon and Ferguson, related parties. No price or split is given.
24 Nov 2011director officer appointment▲ GoodMajor
Gregory Channon (Managing Director, ex-Brightoil Petroleum) and Dougal Ferguson (Finance Director, ex-Neon Energy) join the board from 1 December 2011. Company is reviewing acquisitions and farm-ins in Africa, the Middle East and Asia; none decided.
18 Oct 2011drilling progress report▼ BadMajor
Itheria-1 operations on Block 9 suspended. Agri says its very small interest means no impact on it. Search for new oil and gas projects continues.
17 Oct 2011other● NeutralMajor
Agri declined to join Triton's A$1.25m raising, cutting its Triton stake to about 1.7%, preferring to put funds into new African and Middle East oil and gas opportunities. No investment decided. Repeats ethanol biofuel findings.
26 Sept 2011annual report▼ Bad
Annual report to 30 June 2011. The Triton payment was impaired after Triton's cheaper rights issue (US$0.0125 per share, US$1.25m raised). Agri skipped it and got its US$175,500 back. Directors: Steinepreis, Burke, Whiddon.
31 Aug 2011annual report▼ Bad
Preliminary results for year to 30 June 2011: loss A$810k versus a A$8.77m profit last year (debt release). Cash A$1.845m, net tangible assets 0.30c per share. Not yet audited.
18 Aug 2011director officer appointment● Neutral
Glenn Whiddon, chairman of Rialto Energy, appointed director. Keiran Wulff, who was to join with the Triton deal, has resigned.
25 July 2011drilling spud▲ GoodMajor
Itheria-1 spudded on Block 9, planned depth 3,256m, about 80 days, 394mmboe mean prospective resource. Agri now holds only 5% of Triton, so exposure is indirect. Also reports second-generation biofuel study favours cellulosic ethanol or biomass-to-liquids, with more investigation needed.
4 July 2011material agreement termination▼ BadMajor
Triton merger agreement terminated: Agri could not raise the roughly A$5m needed to re-comply with ASX rules, which the company attributes to regional unrest. Agri keeps a 5% Triton stake from its A$500k payment and Naemi resigns. Ethanol continues and new projects will be sought.
9 June 2011drilling scheduled▲ Good
Operator signed a rig contract with Sinopec for the two-well Syria Block 9 program, starting July 2011. Itheria-1 (394mmboe mean) is expected to take about 80 days. Notes Syrian security is being monitored.
23 May 2011capital raising announcement● Neutral
Share purchase plan closed with 46 applications for 18.05m shares, raising A$234,650, well below the roughly A$1.025m targeted. All applicants get full allotment; funds go to working capital.
What it means for a shareholder
18.1m new shares at about A$0.013 to raise about A$234,650. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
28 Apr 2011material agreement▲ GoodMajor
Agri exercised its call options to acquire Triton (20% of Syria Block 9). This is a change of activities needing shareholder approval and a prospectus raise to re-comply with ASX rules; indicative reinstatement 30 June 2011. Trading suspended briefly.
27 Apr 2011capital raising announcement● NeutralMajor
Offers eligible shareholders a share purchase plan at 1.3 cents per share, up to A$14,950 each, to raise up to about A$1.025m; the price is a 19.75% discount to the 5-day average price. Closes 19 May 2011. Proceeds fund Syria Block 9 work if the Triton deal completes.
21 Apr 2011capital raising announcement● Neutral
Duplicate of the previous notice: 75,000,000 shares issued on 21 April 2011 to professional and sophisticated investors. Nothing new.
21 Apr 2011capital raising announcement● Neutral
Issued 75,000,000 shares to professional and sophisticated investors on 21 April 2011. This is a compliance notice; the text gives no price, though the later SPP letter refers to a 1.3 cent placement announced 18 April.
21 Apr 2011director officer appointment● Neutral
Petroleum geologist Dr Keiran Wulff, formerly of Oil Search, is to join the board as a non-executive director once the Triton option is exercised. Bevan Tarratt has resigned as a director.
18 Apr 2011admin correction● Neutral
Corrects the share purchase plan record date to Friday 15 April 2011. Administrative fix only.
1 Apr 2011material agreement● Neutral
Extends the option to acquire Triton from 31 March to 30 April 2011. The company calls the delay in executing the merger 'not unusual' in complex deals. Pushes back the completion expected in the earlier presentation.
22 Mar 2011resource reserve update▲ GoodMajor
New 3D seismic interpretation lifts Syria Block 9 prospective resource for the two 2011 prospects to a mean 505mmboe (RPS Energy, 100% basis), from an earlier operator estimate of 220mmboe. Itheria geological chance of success is 19%. First well expected to spud late in the June quarter 2011, subject to rig availability. These are prospective, undrilled volumes.
15 Feb 2011half year report● Neutral
Appendix 4D cover for the half-year to 31 December 2010; it repeats the interim report lodged the same day. Loss A$139.5k, interest income A$24.6k, net tangible assets 0.2 cents per share.
15 Feb 2011half year report● Neutral
Half-year to 31 December 2010: loss A$139.5k, versus a A$8.92m profit a year earlier that came from the debt release. Net tangible assets 0.2 cents per share. Joseph Naemi added as a non-executive director; ethanol review of second-generation technologies continues.
7 Feb 2011investor presentation● Neutral
Update repeating the Triton option and Syria Block 9 details (two wells planned in 2011, 100+mmboe targets). Adds that Agri intends a share purchase plan and an unmarketable parcel buyback soon.
31 Jan 2011investor presentation● Neutral
Broker presentation on the Triton deal: 22.156 Agri shares per Triton share, 1,144,063,388 new shares, taking shares on issue from 417m to 1.56bn. Completion is targeted for April 2011 and Agri must re-comply with ASX listing rules. Repeats the deal announced in December.
21 Dec 2010asset acquisition disposition▲ GoodMajor
Gets binding put and call options to buy 100% of Singapore-based Triton Petroleum, which holds 20% of Syria Block 9, with two wells targeting 100+mmboe planned for 2011. Agri pays A$500k working capital; Triton chairman Joseph Naemi joins the board. A shift from ethanol to oil and gas.
