Proactiveinvestors Australia - Exploration & Production RSS feed http://www.proactiveinvestors.com.au Proactiveinvestors Australia - Exploration & Production feed en Sun, 21 Jan 2018 15:21:26 +1100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com action@proactiveinvestors.com Mitchell Services to make placement as work continues at BHP's Olympic Dam http://www.proactiveinvestors.com.au/companies/news/183868/mitchell-services-to-make-placement-as-work-continues-at-bhp-s-olympic-dam-183868.html Wed, 13 Sep 2017 09:21:00 +1000 http://www.proactiveinvestors.com.au/companies/news/183868/mitchell-services-to-make-placement-as-work-continues-at-bhp-s-olympic-dam-183868.html Mitchell Services is the ASX Most Active in afternoon trade http://www.proactiveinvestors.com.au/companies/news/180344/mitchell-services-is-the-asx-most-active-in-afternoon-trade-180344.html Wed, 05 Jul 2017 13:30:00 +1000 http://www.proactiveinvestors.com.au/companies/news/180344/mitchell-services-is-the-asx-most-active-in-afternoon-trade-180344.html IPB Petroleum gets ready to raise http://www.proactiveinvestors.com.au/companies/news/177964/ipb-petroleum-gets-ready-to-raise-177964.html Thu, 18 May 2017 12:30:00 +1000 http://www.proactiveinvestors.com.au/companies/news/177964/ipb-petroleum-gets-ready-to-raise-177964.html Frontier Resources advances as it launches new strategy http://www.proactiveinvestors.com.au/companies/news/122230/frontier-resources-advances-as-it-launches-new-strategy-122230.html Sat, 06 Feb 2016 02:49:00 +1100 http://www.proactiveinvestors.com.au/companies/news/122230/frontier-resources-advances-as-it-launches-new-strategy-122230.html Centamin to up production again in 2016 http://www.proactiveinvestors.com.au/companies/news/121058/centamin-to-up-production-again-in-2016-121058.html Thu, 07 Jan 2016 19:16:00 +1100 http://www.proactiveinvestors.com.au/companies/news/121058/centamin-to-up-production-again-in-2016-121058.html Mitchell Services has acquisition to reveal http://www.proactiveinvestors.com.au/companies/news/138980/mitchell-services-has-acquisition-to-reveal-62740.html Mitchell Services (ASX:MSV) shares are in pre-open this morning following the ASX granting the company a trading halt.

Mitchell requested the halt pending acquisition details.

The company had $2.6 million in cash at the end of March 2015.

The halt will last until the opening of trade on Tuesday 9th June 2015, or earlier if an announcement is made to the market.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 04 Jun 2015 16:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/138980/mitchell-services-has-acquisition-to-reveal-62740.html
Mitchell Services has acquisition to reveal http://www.proactiveinvestors.com.au/companies/news/138981/mitchell-services-has-acquisition-to-reveal-62740.html Mitchell Services (ASX:MSV) shares are in pre-open this morning following the ASX granting the company a trading halt.

Mitchell requested the halt pending acquisition details.

The company had $2.6 million in cash at the end of March 2015.

The halt will last until the opening of trade on Tuesday 9th June 2015, or earlier if an announcement is made to the market.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 04 Jun 2015 16:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/138981/mitchell-services-has-acquisition-to-reveal-62740.html
Mitchell Services cashed up for growth http://www.proactiveinvestors.com.au/companies/news/138978/mitchell-services-cashed-up-for-growth--58521.html Mitchell Services (ASX:MSV) is positioned for future growth with the recent settlement of its $20.2 million underwritten capital raising.

This follows the acquisition of Tom Browne Drilling Services earlier this month that makes it one of the largest drilling services providers in Eastern Australia by rig count.

It now has 58 rigs, twice as many as it owned before the acquisition, with 21 of these being Tier 1 rigs.

The company has also acquired a drilling contract through to December 2015 with a Tier 1 mining company.

Operations on site are progressing safely and efficiently.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 28 Oct 2014 18:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/138978/mitchell-services-cashed-up-for-growth--58521.html
Mitchell Services cashed up for growth http://www.proactiveinvestors.com.au/companies/news/138979/mitchell-services-cashed-up-for-growth--58521.html Mitchell Services (ASX:MSV) is positioned for future growth with the recent settlement of its $20.2 million underwritten capital raising.

This follows the acquisition of Tom Browne Drilling Services earlier this month that makes it one of the largest drilling services providers in Eastern Australia by rig count.

It now has 58 rigs, twice as many as it owned before the acquisition, with 21 of these being Tier 1 rigs.

The company has also acquired a drilling contract through to December 2015 with a Tier 1 mining company.

Operations on site are progressing safely and efficiently.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 28 Oct 2014 18:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/138979/mitchell-services-cashed-up-for-growth--58521.html
Mitchell Services raises funds for acquisition of drilling assets http://www.proactiveinvestors.com.au/companies/news/138976/mitchell-services-raises-funds-for-acquisition-of-drilling-assets--57779.html Mitchell Services (ASX:MSV) has raised $11.7 million through an entitlement offer as part of a broader $20.2 million capital raising to fund the acquisition of Tom Browne Drilling Services.
   
Proceeds will also be used to meet working capital requirements and to retire debt.

The company had received applications for 247.6 million shares priced at $0.035, or a total of $8.7 million, from shareholders and applications for additional shares under the top up facility of about $1.1 million.

The shortfall of 61.1 million shares will be allotted to the sub-underwriters.

This follows the successful completion of the first tranche institutional placement completed on 22 August 2014 raising about $1.5 million. Shareholder approval has also been obtained for the second tranche institutional placement to raise $7 million.

The acquisition of Tom Browne strengthens its market presence by adding 29 drilling rigs to Mitchell’s fleet, bringing it up to 58.

It also increases the number of Tier 1 rigs to 21 from 8.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 24 Sep 2014 17:30:00 +1000 http://www.proactiveinvestors.com.au/companies/news/138976/mitchell-services-raises-funds-for-acquisition-of-drilling-assets--57779.html
Mitchell Services raises funds for acquisition of drilling assets http://www.proactiveinvestors.com.au/companies/news/138977/mitchell-services-raises-funds-for-acquisition-of-drilling-assets--57779.html Mitchell Services (ASX:MSV) has raised $11.7 million through an entitlement offer as part of a broader $20.2 million capital raising to fund the acquisition of Tom Browne Drilling Services.
   
Proceeds will also be used to meet working capital requirements and to retire debt.

The company had received applications for 247.6 million shares priced at $0.035, or a total of $8.7 million, from shareholders and applications for additional shares under the top up facility of about $1.1 million.

The shortfall of 61.1 million shares will be allotted to the sub-underwriters.

This follows the successful completion of the first tranche institutional placement completed on 22 August 2014 raising about $1.5 million. Shareholder approval has also been obtained for the second tranche institutional placement to raise $7 million.

The acquisition of Tom Browne strengthens its market presence by adding 29 drilling rigs to Mitchell’s fleet, bringing it up to 58.

It also increases the number of Tier 1 rigs to 21 from 8.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 24 Sep 2014 17:30:00 +1000 http://www.proactiveinvestors.com.au/companies/news/138977/mitchell-services-raises-funds-for-acquisition-of-drilling-assets--57779.html
IPB Petroleum schedules Pryderi-1 oil well spud http://www.proactiveinvestors.com.au/companies/news/156897/ipb-petroleum-schedules-pryderi-1-oil-well-spud-57697.html IPB Petroleum (ASX:IPB) should trade higher after the WA-424-P Joint Venture (IPB 75%; CalEnergy 25% and Operator) received notice from the rig contractor that the estimated commencement date for the Pryderi-1 rig contract is 17 October, 2014.

Subject to current operations at the Puffin field located 120 kilometres to the north, and based on the estimated mobilisation date, the Stena Clyde semi-submersible rig will arrive on location on or around the 19 October.

Pryderi-1 is a relatively shallow well and could intersect the target reservoir before the end of October. There will then be an additional 3 or 4 days of logging.

The Pryderi prospect is estimated by IPB to have High, Best and Low Prospective Resources of 78 MMbbls, 32 MMbbls, and 12 MMbbls respectively.

It lies in 75 metres of water, 10 kilometres away from the permit’s existing Gwydion oil discovery. If IPB has success at Pryderi, the follow up potential across IPB’s three permits is significant.

That IPB’s farm-in partner CalEnergy Resources, is a subsidiary of MidAmerican Energy Holdings Company is also generating interest, as MidAmerican is 89% owned by Waren Buffett’s Berkshire Hathaway.

CalEnergy has an option to increase their interest in the whole of WA-424 Permit to 60% within 3 months of drilling the Pryderi well by spending an additional $32.4 million, less the cost of drilling the Pryderi well.

IPB's assets have links to other big names also, as they neighbour Shell’s Prelude field and the Woodside-operated Browse project.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 19 Sep 2014 17:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/156897/ipb-petroleum-schedules-pryderi-1-oil-well-spud-57697.html
Mitchell Services to acquire suite of drilling assets http://www.proactiveinvestors.com.au/companies/news/138974/mitchell-services-to-acquire-suite-of-drilling-assets--57101.html Mitchell Services (ASX:MSV) is acquiring the assets of Tom Browne Drilling Services to strengthen its market presence and is raising $20.2 million through a fully underwritten placement and entitlement offer.
   
The acquisition, for $9.5 million, will expand its geographical footprint to position the company as a leading provider in the Eastern States’ drilling market.

According to an independent valuation obtained in July 2014, the replacement value of the material assets being purchased is $52.6 million.

Meanwhile, the company is raising $20.2 million to fund the acquisition, meet working capital requirements and retire debt.

This consists of a $8.5 million placement to institutional investors as well as a 1 for 1 entitlement offer to raise $11.7 million that is fully underwritten by Morgans Corporate.

The offer price for the raising is $0.035, a 12% discount to he closing price of Mitchell Services shares of $0.04 on 19 August 2014.

The Tom Browne assets include 29 drilling rigs and ancillary equipment, which will double the number of rigs in the Mitchell Services fleet to 58, as well as the potential assignment of an 18-month drilling contract with a Tier 1 global mining company.

This acquisition represents a counter-cyclical move to purchase a quality asset base at well below replacement value, following the appointment of receivers to Tom Browne in April 2014.
 
MSV is currently capitalised at around $12 million.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 22 Aug 2014 14:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/138974/mitchell-services-to-acquire-suite-of-drilling-assets--57101.html
Mitchell Services to acquire suite of drilling assets http://www.proactiveinvestors.com.au/companies/news/138975/mitchell-services-to-acquire-suite-of-drilling-assets--57101.html Mitchell Services (ASX:MSV) is acquiring the assets of Tom Browne Drilling Services to strengthen its market presence and is raising $20.2 million through a fully underwritten placement and entitlement offer.
   
The acquisition, for $9.5 million, will expand its geographical footprint to position the company as a leading provider in the Eastern States’ drilling market.

According to an independent valuation obtained in July 2014, the replacement value of the material assets being purchased is $52.6 million.

Meanwhile, the company is raising $20.2 million to fund the acquisition, meet working capital requirements and retire debt.

This consists of a $8.5 million placement to institutional investors as well as a 1 for 1 entitlement offer to raise $11.7 million that is fully underwritten by Morgans Corporate.

The offer price for the raising is $0.035, a 12% discount to he closing price of Mitchell Services shares of $0.04 on 19 August 2014.

The Tom Browne assets include 29 drilling rigs and ancillary equipment, which will double the number of rigs in the Mitchell Services fleet to 58, as well as the potential assignment of an 18-month drilling contract with a Tier 1 global mining company.

This acquisition represents a counter-cyclical move to purchase a quality asset base at well below replacement value, following the appointment of receivers to Tom Browne in April 2014.
 
MSV is currently capitalised at around $12 million.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 22 Aug 2014 14:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/138975/mitchell-services-to-acquire-suite-of-drilling-assets--57101.html
Mitchell Services to accelerate growth with acqusition http://www.proactiveinvestors.com.au/companies/news/138973/mitchell-services-to-accelerate-growth-with-acqusition-57039.html Mitchell Services (ASX:MSV) is already on a rapid growth path, and is looking to accelerate this with an acquisition and subsequent capital raising.

MSV will look to acquire the unencumbered assets of Tom Browne Drilling Services (in receivership) for $9.5 million.

The company will also raise around $20 million through a placement to sophisticated investors and a pro-rata non-renounceable issue of ordinary shares.

Last month MSV revealed that it had won contracts for six rigs over a 30 day period, with an active tender submission pipeline extending to 22 rigs.

In difficult operating conditions, the company has won more than $30 million in contracts since December 2013.

The halt will remain in place until the opening of trade on Friday 22nd August 2014, or earlier if an announcement is made to the market.

 

Proactive Investors Australia is the market leader in producing news,articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 20 Aug 2014 12:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/138973/mitchell-services-to-accelerate-growth-with-acqusition-57039.html
IPB Petroleum closer to spudding Pryderi-1 oil exploration well http://www.proactiveinvestors.com.au/companies/news/156896/ipb-petroleum-closer-to-spudding-pryderi-1-oil-exploration-well-53722.html IPB Petroleum (ASX: IPB) continues to draw closer to spudding its highly anticipated Pryderi-1 oil exploration well in WA-424-P offshore northwestern Australia.

Negotiations for the drill rig are expected to conclude within the coming weeks and if successful, the company will then be in position to provide an estimated spud date.

The company and its partner CalEnergy , a fully-owned subsidiary of Berkshire Hathaway’s MidAmerican Energy Holdings Company, are targeting Best Estimate Prospective Resources of 32 million barrels of oil at Pryderi-1.

Notably, IPB’s share of costs of between $15 million and $20 million will be free carried by CalEnergy. IPB has a 75% interest in WA-424-P while CalEnergy holds 25%.

The company expects Pryderi-1 take around 12-15 days to drill.

CalEnergy, the operator, has also placed an  order for a subsea wellhead that will be rented; secured third party liability insurance associated with the planned Pryderi-1 drilling activities; and completed the necessary pre-drill geophysical site survey over the proposed Pryderi-1 spud location.

IPB has also continued its geophysical and geological studies along with associated regional studies activities and has also continued reprocessing of 900 kilometres of 2D seismic.

The latter aims to achieve a better understanding and improved confidence in the interpreted continuation of the M.australis exploration plays identified in WA-424-P into WA-471-P, and WA-485-P.

These two projects combined with future results from the planned Pryderi-1 well are aimed at improving the confidence and predictability of a continuation of the M.australis oil exploration play in the company’s Browse Basin permits. 

They are also aimed at assisting with the planned location of future 3D seismic activity and provide supporting information in any future potential farmout activities in the permits.

IPB’s permits are located in one of the most prospective oil and gas basins in Australia. The last couple of years have seen in excess of A$40 billion of gas condensate development projects reaching final investment decision approval in the Browse Basin.

Analysis

With no costs to IPB Petroleum, and a 45% chance of finding oil, investors are closely watching the lead up to the upcoming Pryderi-1 exploration well.

That a rig contract is expected to be finalised within weeks points to more news ahead for the company in the near-term.

The Pryderi prospect is around 5 kilometres away from proven oil producing Gwydion-1, which encountered a 14.5 metre gas column in poor quality glauconitic sand above a 10 metre oil column in good quality clean sand.

It is deemed to have a 75% chance of hydrocarbon discovery with 60% chance of this being oil, or an overall 45% chance of an oil discovery.

Success at Pryderi – assuming 40 MMbbls recoverable resource – has estimated NPV10 of $765m (100%) or unit NPV of an estimated A$18.30 / BBL. 

Value to to IPB estimated (assuming residual 40% interest) is significant at $306m, + 11 other M.australis leads at the same level in WA-424-P alone + 13 in WA-485-P.

A success at Pryderi would catapult IPB's share price and market valuation.  Pryderi will be one of the most anticipated well to be spudded in recent times.

Once a rig contract has been signed the Joint Venture will have a clearer view of the most likely spud date for Pryderi-1. 

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 17 Mar 2014 18:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/156896/ipb-petroleum-closer-to-spudding-pryderi-1-oil-exploration-well-53722.html
IPB Petroleum newest oil and gas player to IPO on the ASX http://www.proactiveinvestors.com.au/companies/news/156895/ipb-petroleum-newest-oil-and-gas-player-to-ipo-on-the-asx-41919.html IPB Petroleum (ASX: IPB) is in the IPO phase as it prepares to list on the ASX on 3 May 2013.

The Australian oil and gas player is offering 5 million shares at $0.50 to raise a minimum of $2.5 million.

Oversubscriptions of up to an additional 5 million shares at the same price to raise a further $2.5 million will also be accepted.

IPB has established a strategic position along the southern margin of the Browse Basin, offshore northwestern Australia.

The Browse Basin is home to some of the biggest offshore energy developments in Australia. The last two years have seen in excess of A$40 billion of gas condensate development projects reaching final investment decision approval.

IPB’s two exploration permits, WA-424-P and WA-471-P, hold promise as potential hosts to a new Australian offshore oil fairway.

Following completion of the company’s Gwydion MC3D seismic survey in WA-424-P during 2011, IPB has selected the Pryderi oil prospect for drilling by mid-July 2013.

The cost of this well will be paid by CalEnergy Resources (Australia), IPB’s joint venture partner.

The Pryderi prospect lies only several kilometres from the permit’s existing Gwydion oil discovery.

The Gwydion-1 well is one of only two wells drilled on the WA-424-P block. Hydrocarbons were discovered (gas and oil) in Lower Cretaceous (Barremian) sandstones.

The only other well in the block, Caspar-1, was a non-commercial gas discovery drilled 8 kilometres west of Gwydion-1.

ISIS Petroleum Consultants estimates that there is a 75% chance of a hydrocarbon discovery at the Pryderi prospect.

Quantitative seismic interpretation work on the 3D seismic concluded that in the event of a discovery, there is a 60% probability that the hydrocarbon phase would be oil, giving an overall 45% chance of an oil discovery.

ISIS has concluded that the WA-424-P block contains Mean Contingent Resources, in the Gwydion discovery, of 6 million barrels of oil recoverable and Unrisked Mean Prospective Resources of 679 million barrels of oil in prospects and leads.


CalEnergy farm-out

Under the farm-out agreement, Cal Energy will fund 100% of the cost of drilling the Pryderi Prospect exploration well in the WA-424-P permit to earn a 25% interest in the whole permit.

CalEnergy will earn a 60% interest in the permit’s current Gwydion discovery and the neighbouring Mathonwy/ Gilfaethwy structures Area.

Under the permit terms the well must be drilled before 12 July 2013 and CalEnergy is the operator of WA-424-P.

CalEnergy can increase its interest in the balance of the WA-424-P permit to 60% by spending further funds on exploration, appraisal and or development activities up to $32.4 million, less the costs expended on the Pryderi well.

The company also has the option to participate at a 25% interest in IPB’s WA-471-P permit, which can be exercised for a nominal cost within three months of the date of the Pryderi well being drilled.

IPB will remain the operator of the WA-471-P permit.


Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 12 Apr 2013 08:30:00 +1000 http://www.proactiveinvestors.com.au/companies/news/156895/ipb-petroleum-newest-oil-and-gas-player-to-ipo-on-the-asx-41919.html