Proactiveinvestors Australia High Peak Royalties Ltd https://www.proactiveinvestors.com.au Proactiveinvestors Australia High Peak Royalties Ltd RSS feed en Wed, 26 Jun 2019 10:02:08 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[Media files - High Peak Royalties leverages 1% interest in prospective gas and helium hydrocarbon discovery ]]> https://www.proactiveinvestors.com.au/companies/stocktube/13701/high-peak-royalties-leverages-1-interest-in-prospective-gas-and-helium-hydrocarbon-discovery-13701.html Wed, 12 Jun 2019 00:13:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/13701/high-peak-royalties-leverages-1-interest-in-prospective-gas-and-helium-hydrocarbon-discovery-13701.html <![CDATA[News - High Peak Royalties achieves significant increase in cash receipts ]]> https://www.proactiveinvestors.com.au/companies/news/219323/high-peak-royalties-achieves-significant-increase-in-cash-receipts-219323.html High Peak Royalties Ltd (ASX:HPR) has achieved an 83% increase in cash receipts from royalties compared to the previous two quarters.

During the March 2019 quarter, cash receipts from royalties were $163,796 compared to about $197,000 over the half year to December 2018.

The surge in royalties is primarily due to the acquisition of Planet Gas USA (completed in the December quarter) and the oil price recovery positively influencing royalty income.

Due to the timing of payments, current strong oil prices will be reflected in the next quarter.

US

High Peak continues to receive revenue from existing multiple royalties in the US.  Oil prices continued to increase over the March 2019 quarter after the low ebb in December.

Gas prices have oscillated throughout the period, however they have remained steady on average overall.

Queensland

High Peak continues to receive royalties on the Peat Gas Field.

Origin Energy Ltd (ASX:ORG) has previously reported that it has drilled and intends to flow test the South Burunga-2 deep gas well that will test the large potential of the Bowen Basin below the currently producing shallow Surat Basin coal seam gas.

Northern Territory

Santos Ltd (ASX:STO) revealed on April 16 that the Dukas-1 well was spudded.

High Peak continues to monitor the progress on this well, as the company holds a 1% royalty on this permit.

It is expected that this well will have a total depth of 3,600 m and is expected to provide Helium and Hydrogen as well as large volumes of hydrocarbons.

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Tue, 30 Apr 2019 14:36:00 +1000 https://www.proactiveinvestors.com.au/companies/news/219323/high-peak-royalties-achieves-significant-increase-in-cash-receipts-219323.html
<![CDATA[News - High Peak Royalties major shareholder increases stake ]]> https://www.proactiveinvestors.com.au/companies/news/218009/high-peak-royalties-major-shareholder-increases-stake-218009.html High Peak Royalties Ltd (ASX:HPR) has had its major shareholder, Noontide Investments Ltd, increase its stake in the company to 28.7% from 24.4%.

Noontide is a boutique investment management company based in Sydney, established in 2008 by David Croll.

The 8.5 million share increase results in a total holding of 48.5 million shares for Noontide.

READ: High Peak Royalties eyes opportunity to increase oil and gas royalty receipts

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Fri, 05 Apr 2019 08:58:00 +1100 https://www.proactiveinvestors.com.au/companies/news/218009/high-peak-royalties-major-shareholder-increases-stake-218009.html
<![CDATA[Media files - High Peak Royalties cashing in on US acquisition, with Australian assets developing ]]> https://www.proactiveinvestors.com.au/companies/stocktube/12146/high-peak-royalties-cashing-in-on-us-acquisition-with-australian-assets-developing-12146.html Fri, 08 Feb 2019 12:37:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/12146/high-peak-royalties-cashing-in-on-us-acquisition-with-australian-assets-developing-12146.html <![CDATA[News - High Peak Royalties eyes opportunity to increase oil and gas royalty receipts ]]> https://www.proactiveinvestors.com.au/companies/news/213776/high-peak-royalties-eyes-opportunity-to-increase-oil-and-gas-royalty-receipts-213776.html High Peak Royalties Ltd (ASX:HPR) is expecting a rise in income from exploration and producing properties where it has royalties rights in the Australian and US oil & gas sector.

Queensland

In Queensland, High Peak holds a 2.25% royal over the Peat Gas Field production licence 101 area where Origin Energy Ltd (ASX:ORG) drilled the South Burunga-2 deep gas well in April 2018.

Origin recently reported a significant increase in gas prices (both LNG and domestic gas) compared to the same period last year.

This will be reflected in High Peak’s future royalty revenues receipts due to the time lag between production and receipt of royalties.

Importantly, Origin revealed that South Burunga-2 encountered hydrocarbons and will be production tested.

This deep well is testing the large potential gas resource in the Bowen Basin that lies below the shallow coal seams in the Surat Basin.

If the well is productive, it could be quickly brought into production through existing infrastructure.

READ: High Peak Royalties’ Australian and US royalties to deliver revenues with low overheads

Origin recently confirmed that the South Burunga-2 well has been cased and suspended, indicating the well drilled merits the cost of casing and has been suspended for future testing and/or production.

Origin also noted significant expenditure ($34 million) on this activity and 3D seismic in the Peat area, together with another deep well drilled to 4000 metres further east.

Northern Territory

Gas is now flowing from the Northern Territory to the Eastern States gas market, where prices are at record high levels, through the recently completed NGP pipeline.

Santos continues to prepare to drill the Dukas well, which is scheduled to start drilling in the next few months.

This well will test the very large hydrocarbon and hydrogen resource potential of the sub-salt zones. HPR has a 1% royalty on this permit and several adjacent permits.

Western Australia

Exploration activity is picking up, and High Peak expects that in due course there will be more drilling on permits where it has royalties.

United States

HPR continues to receive revenue from existing multiple royalties in the US.

Whilst oil prices fell in October and November 2018, they recovered in December and have stabilised at over US$50 per barrel.

In December 2018, High Peak’s acquisition of Planet Gas USA, Inc was given formal approval by the shareholders of Planet Gas Ltd (ASX:PGS).

READ: High Peak Royalties confirms approval for acquisition of Planet Gas USA

The company’s transformative acquisition of the oil-and-gas royalty recipient for $1 includes the pick-up of a US$2.75 million Macquarie Bank financial facility.

High Peak chairman Andrew Carroll said the company’s Planet acquisition is a “big step in further growing the company”.

“This acquisition provides strong revenue and earnings ahead of the potential for significantly larger revenues from other assets in the portfolio.

“Owning royalties is a proven and highly valued business model and High Peak has enormous potential in the portfolio.”

Financials

During the December 2018 quarter, cash receipts from royalties were $137,782 largely driven by the cash received from the newly acquired Planet Gas USA, Inc.

Unlike other companies setting their caps at exploration project success, High Peak has a relatively-modest cash burn.

High Peak chairman Andrew Carroll recently said that the company has moderate corporate costs as it is only involved in acquiring royalties and is not involved in the expensive business of exploration, development or production.

The company’s balance sheet was strengthened during the last quarter with a successful $1.25 million capital raise in October. The cash balance at the end of 2018 was $1.6 million.

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Fri, 01 Feb 2019 15:56:00 +1100 https://www.proactiveinvestors.com.au/companies/news/213776/high-peak-royalties-eyes-opportunity-to-increase-oil-and-gas-royalty-receipts-213776.html
<![CDATA[Media files - High Peak Royalties chairman discusses US acquisition and upcoming Australian news ]]> https://www.proactiveinvestors.com.au/companies/stocktube/11535/high-peak-royalties-chairman-discusses-us-acquisition-and-upcoming-australian-news Mon, 10 Dec 2018 09:24:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/11535/high-peak-royalties-chairman-discusses-us-acquisition-and-upcoming-australian-news <![CDATA[News - High Peak Royalties confirms approval for acquisition of Planet Gas USA ]]> https://www.proactiveinvestors.com.au/companies/news/210732/high-peak-royalties-confirms-approval-for-acquisition-of-planet-gas-usa-210732.html High Peak Royalties Ltd’s (ASX:HPR) acquisition of Planet Gas USA, Inc has been given formal approval by the shareholders of Planet Gas Ltd (ASX:PGS).

The company’s transformative acquisition of the oil-and-gas royalty recipient for $1 includes the pick-up of a US$2.75 million Macquarie Bank financial facility.

READ: High Peak Royalties halts after announcing snap-up of Planet Gas USA and Macquarie Bank funding

High Peak chairman Andrew Carroll recently said the company’s Planet acquisition is a “big step in further growing the company”.

“This acquisition provides strong revenue and earnings ahead of the potential for significantly larger revenues from other assets in the portfolio.

“Owning royalties is a proven and highly valued business model and High Peak has enormous potential in the portfolio.

READ: High Peak Royalties’ Australian and US royalties to deliver revenues with low overheads

“It also demonstrates High Peak’s technical ability to identify unique opportunities that can be value accretive to shareholders.”

Directors placement

High Peak directors have completed their subscription for shares as approved by members at the annual general meeting held on November 29, 2018.

The subscription by directors completes the full $1.25 million placement revealed to shareholders on October 17, 2018 and demonstrates the confidence that directors have in High Peak’s strategic direction.

 

Notably, High Peak chairman Andrew Carroll subscribed for $80,000 worth of placement shares at a price of 5 cents each.

Completion of the placement also ensures High Peak’s funding capability past the closure of the Planet Gas USA transaction and through to 2019.

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Fri, 07 Dec 2018 13:28:00 +1100 https://www.proactiveinvestors.com.au/companies/news/210732/high-peak-royalties-confirms-approval-for-acquisition-of-planet-gas-usa-210732.html
<![CDATA[News - High Peak Royalties’ Australian and US royalties to deliver revenues with low overheads ]]> https://www.proactiveinvestors.com.au/companies/news/209667/high-peak-royalties-australian-and-us-royalties-to-deliver-revenues-with-low-overheads-209667.html High Peak Royalties Ltd (ASX:HPR) is actively picking up rights to royalties at producing properties and other exploration-and-development landholdings in the oil & gas sector, giving it a unique point of difference to other companies on the ASX.

The company’s chairman Andy Carroll laid out the company’s approach for investors during Proactive’s CEO Sessions.

WATCH: High Peak Royalties chairman discusses acquisition, debt facility, and share placement

The chairman highlighted the adoption of the royalties-acquisition corporate strategy outside Australia, particularly in the US.

Carroll said on Tuesday, “Royalties acquisition is big business in the US but in Australia, the company is only able to secure royalties and some properties owing to most being held by government.

“It has been a slow and steady build for the company to date, steadily accumulating a portfolio of project royalties.

“The royalties are registered on land title, so revenue is ongoing, no matter who the owner of that title is.”

Investors listen to Andy Carroll's presentation at the Melbourne CEO Session this week.

Carroll states that owning royalties is a proven, highly valued business model.

The upside of the portfolio was acknowledged in a recent analyst report.

High Peak’s chairman told the Melbourne audience on Tuesday the company specialised in oil and gas royalty acquisitions but could branch out.

This would diversify the company’s income as the recovering oil price made further gains and more pipeline projects came into development.

Carroll said High Peak was willing to “look at royalties in other sectors if they represent a compelling opportunity.”

Australian royalties

The company has broad exposure to Australia’s oil and gas basins with its royalties-over-land.

Carroll told investors, “Those projects representing strong potential growth are in the Surat Basin in Queensland in which Shell is involved and has expansion plans.

“Another is in the Amadeus-Dukas Basin of Central Australia in which oil industry major Santos has involvement.

“There is significant upside for investors from the near-term exploration and development projects in which we have royalty interests.”

READ: High Peak Royalties raises $1.25 million to pay down acquisition debt

In Queensland, High Peak holds a 2.25% royal over the Peat Gas Field production licence 101 area where Origin Energy Ltd (ASX:ORG) drilled the South Burunga-2 deep gas well in April.

The well was drilled to test deep gas potential below shallow coal seam gas (CSG) at PL 101.

Origin’s well is also testing a geological trend that continues into Shell’s adjacent land where gas discoveries have already been made, at the CSG-prospective PL 510 (formerly PL 171) and ATP 574P areas over which High Peak holds a 2.5% royalty.

Gas discoveries at the field can be quickly connected to the east coast gas market on production.

The Queensland Government awarded areas east and west of ATP 574 to Central Petroleum Limited (ASX:CTP) (FRA:C9J), stating in tender documents they contained 337 petajoules of gas, with between 150 and 180 petajoules of that being potentially recoverable gas.

In Central Australia, HPR has a 1% royalty over much of the Amadeus basin, much of which is in the Northern Territory.

Once the North Gas Pipeline being built to the east coast is finished, it is expected to offer interstate export opportunities for territory projects and great demand for NT gas.

South Australia and Northern Territory oil-and-natural-gas searcher Santos Ltd (ASX:STO) (OTCMKTS:SSLZY) (BVMF:STBP3) plans to drill the large Dukas prospect in early 2019.

The drilling of the 2 trillion cubic feet (tcf) hydrocarbon and 400 billion cubic feet (bcf) helium sub-salt play is expected to improve geological understanding of Amadeus and the prospectivity of the basin.

 

High Peak has a 0.3% royalty over the Seven Group Holdings Ltd (ASX:SVW) (FRA:9SG) Longtom Gas Field (VIC/L29) in Victoria.

Once an Orbost gas plant upgrade is finished in early 2019, production at Longtom may restart, putting 20 petajoules into the system within 12-18 months and introducing an uncontracted 80 petajoules into the “tight” east coast gas market.

High Peak has noted in Western Australia that Quadrant and Carnarvon Petroleum Limited (ASX:CVN) (FRA:CJB) (OTCMKTS:CVONF) announced large discoveries at the WA-435-P and WA-436-P permits.

High Peak has a 0.2% royalty on a nearby Quadrant-operated permit WA-482-P where Karoon Gas Australia Limited (ASX:KAR) (FRA:LBL) (OTCMKTS:KRNGF) announced 2,795 million barrels (bbls) of unrisked prospective resource estimates.

Carnarvon’s Phoenix South (Caley) had 489 billion cubic feet of gas and 57 million barrels (mmbbls) of oil while Roc Field (Caley) had 332 billion cubic feet of gas and 20 million barrels of oil.

In August 2018, Santos expressed its intention to acquire Quadrant.

Andy Carroll presents at last month's CEO Session in Sydney.

US royalties

Carroll explained the company’s Planet Gas USA Inc acquisition in his Melbourne presentation this week, arguing it offered an “excellent opportunity to enter the large US market.”

Completion of the deal is expected in December 2018.

The royalties are a higher 3%, cover 2,400 producing wells and offer a current cashflow of about $500,000.

High Peak focused on its hunt for US royalties pick-up in the September 2018 quarter and went on to pick up Planet Gas in October 2018 for just $1, a low-cost price that brought with it the balance owing on a financing facility.

Macquarie Bank Limited transferred the facility to High Peak, extending up to $15 million of support.

The amount already drawn down is US$2.75 million.

Financials

Unlike other companies setting their caps at exploration project success, High Peak has a relatively-modest cash burn.

Carroll said, “The company has moderate corporate costs as it is only involved in acquiring royalties and is not involved in the expensive business of exploration, development or production.”

The company has a market capitalisation of $13.02 million and burned only $127,000 in the September 2018 quarter, ending September 30 with $1.1 million cash.

High Peak’s cash balance has improved by $1.2 million in the past seven weeks, to rest at the $2.3 million mark on Wednesday.

Sophisticated and professional investors were the source of extra funds, tipping in $1.24 million so $1.1 million of Planet Gas’ debt can be paid down once the acquisition goes through in about December 2018.

Investors and investments

Tightly-held High Peak had about 186 million shares on issue on Wednesday, with its top-four shareholders controlling 50% of the company.

Its top shareholder was Noontide Investments, with 24.8%, followed by High Peak non-executive director Anthony Wooles’ AEW Holdings Pty Ltd (12.2%), Geoff Loudon (7.4%) and chairman Carroll (5.6%).

The remaining 50% of the company was held by other investors.

High Peak’s stake in its investment Royalco Resources Limited (ASX:RCO) was worth about $1.1 million earlier this week.

The company’s shares added 0.4 cents, or 5.71%, yesterday to close at 7.4 cents.

— John Miller, Amanda Ellis

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Wed, 21 Nov 2018 16:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/209667/high-peak-royalties-australian-and-us-royalties-to-deliver-revenues-with-low-overheads-209667.html
<![CDATA[News - High Peak Royalties will outline royalty investment strategy at CEO Session in Melbourne ]]> https://www.proactiveinvestors.com.au/companies/news/208378/high-peak-royalties-will-outline-royalty-investment-strategy-at-ceo-session-in-melbourne-208378.html High Peak Royalties Ltd (ASX:HPR) company generates revenue through royalties on oil & gas exploration, development and producing properties, a strategy that will be outlined at this month’s Proactive CEO Session in Melbourne.

The company’s chairman Andy Carroll will present at the Melbourne event on Tuesday, November 20, explaining how High Peak’s royalty investment model is attractive to investors.

High Peak is unique among ASX-listed companies, actively acquiring high-value royalties from resource projects.

These royalties mean investors benefit from receiving revenues from resource projects without the obligation to fund capital expenditure and no exposure to costs or operational problems.

The expanding and diversified portfolio of more than 20 oil & gas properties encompasses projects in key Australian and USA oil and gas basins.

These are owned and operated by some of the world’s leading oil & gas companies, such as QGC/Shell, Santos Limited (ASX:STO) and Origin Energy Ltd (ASX:ORG).

READ: High Peak Royalties raises $1.25 million to pay down acquisition debt

The company has recently received commitments from sophisticated and professional investors to subscribe for up to 25 million shares at an issue price of 5 cents a share.

The $1.1 million capital raising will be used to pay down a portion of debt assigned to the company as part of its acquisition of Planet Gas USA Inc as well as to strengthen the balance sheet.

Directors of the company have also committed to subscribe for 2.9 million shares at the same issue price for a total of $145,000.

Oil & gas industry experience

Carroll is well qualified to serve as company chairman as he has more than 30 years of international oil and gas experience and is a member of the Society of Petroleum Engineers.

He originally trained with BP and has held a range of board, senior management and consultancy roles with oil and gas companies including BP, Dome Petroleum, Amoco Canada, Ampolex and InterOil.

As well as being High Peak’s chairman, Carroll is a director of Mosman Oil And Gas Limited and Australian Petroleum Portfolio and provides consultancy services through his company, Australasian Energy.

Register for the CEO Session today to find out more.

Melbourne details, Tuesday, November 20, 2018

Also featuring in Melbourne will be Great Boulder Resources (ASX:GBR).

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Fri, 02 Nov 2018 15:26:00 +1100 https://www.proactiveinvestors.com.au/companies/news/208378/high-peak-royalties-will-outline-royalty-investment-strategy-at-ceo-session-in-melbourne-208378.html
<![CDATA[Media files - High Peak Royalties chairman discusses acquisition, debt facility, and share placement ]]> https://www.proactiveinvestors.com.au/companies/stocktube/10873/high-peak-royalties-chairman-discusses-acquisition-debt-facility-and-share-placement-10873.html Wed, 17 Oct 2018 10:17:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/10873/high-peak-royalties-chairman-discusses-acquisition-debt-facility-and-share-placement-10873.html <![CDATA[News - High Peak Royalties raises $1.25 million to pay down acquisition debt ]]> https://www.proactiveinvestors.com.au/companies/news/207234/high-peak-royalties-raises-125-million-to-pay-down-acquisition-debt-207234.html High Peak Royalties Ltd (ASX:HPR) has received commitments from sophisticated and professional investors to subscribe for up to 25 million share at an issue price of 5 cents a share.

The $1.1 million capital raising will be used to pay down a portion of debt assigned to the company as part of its acquisition of Planet Gas USA Inc as well as to strengthen the High Peak's balance sheet.

Directors of the company have also committed to subscribe for 2.9 million shares at the same issue price for a total of $145,000.

Hartley's Limited acted as lead manager to the placement.

Potential additional acquisition opportunities

High Peak chairman Andy Carroll said: “I am very pleased with the support of long-term shareholders and investors shown in this capital raise, which confirms the attractiveness of the HPR royalty portfolio for investors.

“The strong balance sheet is appropriate for the acquisition of Planet Gas USA Inc with the associated US$15 million finance facility with Macquarie Bank.

”This combination of balance sheet strength and a finance facility positions HPR to manage capital allocation and consider additional acquisition opportunities.”

READ: High Peak Royalties halts after announcing snap-up of Planet Gas USA and Macquarie Bank funding

The placement will be undertaken in a single tranche for a total of $1,105,000 and settlement is scheduled for October 24.

Directors’ commitment shares are expected be issued after obtaining shareholder approval at the company’s annual general meeting, scheduled for November 29..

The Planet Gas acquisition includes 3% royalties on more than 2,000 producing wells in Kansas, Pennsylvania and New York State.

The properties are expected to be producing oil and gas for more than 20 years and are mainly operated by Empire Energy Group (ASX:EEG).

High Peak believes there is future revenue potential in an associated Utica shale play which may be developed when the current moratorium in New York State is lifted.

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Tue, 16 Oct 2018 19:53:00 +1100 https://www.proactiveinvestors.com.au/companies/news/207234/high-peak-royalties-raises-125-million-to-pay-down-acquisition-debt-207234.html
<![CDATA[News - High Peak Royalties halts after announcing snap-up of Planet Gas USA and Macquarie Bank funding ]]> https://www.proactiveinvestors.com.au/companies/news/207036/high-peak-royalties-halts-after-announcing-snap-up-of-planet-gas-usa-and-macquarie-bank-funding-207036.html High Peak Royalties Ltd (ASX:HPR) has entered a trading halt after announcing a transformative acquisition of oil-and-gas royalty recipient Planet Gas USA Inc. for $1 and the pick-up of a US$2.75 million Macquarie Bank Limited financial facility.

The company revealed Macquarie had agreed to assign Planet’s $US15 million facility to High Peak and would fund its acquisition from cash reserves.

READ: High Peak Royalties chairman to explain benefits of royalties to investors at CEO Sessions

High Peak then halted until pre-open this Wednesday, October 17 or until it makes an announcement about capital raising.

High Peak chairman Andrew Carroll called the company’s Planet acquisition a “big step in further growing the company”.

“This acquisition provides strong revenue and earnings ahead of the potential for significantly larger revenues from other assets in the portfolio.

“It also demonstrates High Peak’s technical ability to identify unique opportunities that can be value accretive to shareholders.”

READ: High Peak Royalties' unique model offers low-risk exposure to energy sector

Carroll highlighted the importance of Macquarie’s finance facility, saying: “The Macquarie Bank facility empowers us to consider acquisition of additional revenue-generating additional assets.

“Owning royalties is a proven and highly valued business model and High Peak has enormous potential in the portfolio.

“I appreciate the patient shareholders’ support while enduring the low oil prices and look forward to growth in scale and revenue with stronger prices, and more activity in this phase of the commodity cycle.”

High Peak chief financial officer and company secretary Jarrod White ceased being a director in the company today and held 42,812 fully paid ordinary shares worth $2269.04 at the last-traded price of 5.3 cents.

High Peak Royalties’ chairman Andy Carroll will outline the company’s strategy of securing high-value resource royalties at this month’s Proactive CEO Session in Sydney next Monday, October 22. To register, click here.

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Sun, 14 Oct 2018 23:48:00 +1100 https://www.proactiveinvestors.com.au/companies/news/207036/high-peak-royalties-halts-after-announcing-snap-up-of-planet-gas-usa-and-macquarie-bank-funding-207036.html
<![CDATA[News - High Peak Royalties chairman to explain benefits of royalties to investors at CEO Sessions ]]> https://www.proactiveinvestors.com.au/companies/news/206726/high-peak-royalties-chairman-to-explain-benefits-of-royalties-to-investors-at-ceo-sessions-206726.html High Peak Royalties Ltd’s (ASX:HPR) chairman Andy Carroll will outline the company’s strategy of securing high-value resource royalties at this month’s Proactive CEO Session.

The company is unique among ASX-listed companies, actively acquiring royalties on exploration, developing and producing properties.

These royalties mean investors benefit from receiving revenues from resource projects without the obligation to fund capital expenditure and no exposure to costs or operational problems.

Royalty investment model

Carroll will explain at the Sydney CEO Session on Monday, October 22, that High Peak’s royalty investment model is particularly attractive to investors.

The expanding and diversified portfolio of more than 20 oil and gas properties encompasses projects in key Australian and USA oil and gas basins.

Expanding portfolio

These are owned and operated by some of the world’s leading oil and gas companies, such as QGC/Shell, Santos Limited (ASX:STO), and Origin Energy Ltd (ASX:ORG).

The portfolio includes:

- Surat Basin CSG Project, 2.5% overriding royalty interest, operated by Queensland Gas/Shell; - Peat Gas Field, 2.125% overriding royalty interest, operated by Origin Energy; - Surprise Oil Field, 1.0% overriding royalty interest, operated by Central Petroleum; - Longtom Gas Field, 0.3% overriding royalty interest, operated by Nexus Energy; - Poseidon LNG, 0.103125% overriding royalty interest, operated by ConocoPhillips; - Amadeus Basin, 1.0% overriding royalty interest in Southern Amadeus JV operated by Santos; - North Carnarvon Basin, 0.2% overriding royalty interest, operated by Santos(Quadrant); and - Multiple royalties in USA producing properties.

High Peak also holds five geothermal energy licences covering 21,681 square kilometres in South Australia and one geothermal tenement area under application in the Northern Territory.

Oil and gas industry experience

Carroll is well qualified to serve as company chairman as he has over 30 years of international oil and gas experience and is a member of the Society of Petroleum Engineers.

He originally trained with BP and has held a range of board, senior management and consultancy roles with oil and gas companies including BP, Dome Petroleum, Amoco Canada, Ampolex and InterOil.

As well as being High Peak’s chairman, Carroll is a director of Mosman Oil And Gas Limited and Australian Petroleum Portfolio and provides consultancy services through his company, Australasian Energy.

Register for the CEO Session today to find out more.

Sydney details, Monday, October 22, 2018

Also featuring will be Yandal Resources Limited (ASX:YRL), Minotaur Exploration Ltd (ASX:MEP), MMJ PhytoTech Ltd (ASX:MMJ) and The Hydroponics Company Ltd (ASX:THC).

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Wed, 10 Oct 2018 08:13:00 +1100 https://www.proactiveinvestors.com.au/companies/news/206726/high-peak-royalties-chairman-to-explain-benefits-of-royalties-to-investors-at-ceo-sessions-206726.html
<![CDATA[Media files - High Peak Royalties' unique model offers low-risk exposure to energy sector ]]> https://www.proactiveinvestors.com.au/companies/stocktube/10777/high-peak-royalties-unique-model-offers-low-risk-exposure-to-energy-sector-10777.html Mon, 08 Oct 2018 23:20:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/10777/high-peak-royalties-unique-model-offers-low-risk-exposure-to-energy-sector-10777.html <![CDATA[News - High Peak Royalties gains New Zealand oil and gas exposure ]]> https://www.proactiveinvestors.com.au/companies/news/137076/high-peak-royalties-gains-new-zealand-oil-and-gas-exposure-65008.html High Peak Royalties (ASX:HPR), formerly Torrens Energy, has entered into a joint acquisition of producing New Zealand oil and gas properties  with an aim to establish a long-term royalty interest.

The deal will involve High Peak and Mosman Oil & Gas (AIM:MSMN) jointly purchasing Origin Energy’s (ASX:ORG) onshore NZ oil and gas assets, allowing Origin to focus on its Queensland export LNG project.

The South Taranaki Energy Project (STEP) will be 30% owned by High Peak and 70% owned by Mosman. Current production is about 150-300 barrels per day of oil, 2.6  million cubic feet of gas and some LPG, equating to about 603 barrels of oil equivalent per day.

This output generates around NZ$8 million (A$7.3 million) in revenue per annum.

The asset comprising STEP have historically produced about 25 picojoules of gas and 1.94 million barrels of oil.

High Peak’s payment obligation in the $10 million deal will total $2.1 million paid upon completion in December and $900,000 six months after completion, plus joint venture costs.

The acquisition is consistent with the company’s strategy of building a royalty portfolio without the obligation of funding capital expenditure because it will separate STEP from its royalty portfolio before possibly recycling the investment and retaining the royalty interest.


Analysis

The STEP investment is a positive for High Peak as it offers a pathway to a long-term royalty and draws on the company’s strengths (energy assets, legal and structuring experience) during an opportunity to leverage its balance sheet. 

There is scope to expand production and revenues at STEP, with Mosman already having identified a number of potential optimisation initiatives.

 

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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Fri, 09 Oct 2015 14:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/137076/high-peak-royalties-gains-new-zealand-oil-and-gas-exposure-65008.html
<![CDATA[News - High Peak Royalties gains New Zealand oil and gas exposure ]]> https://www.proactiveinvestors.com.au/companies/news/137075/high-peak-royalties-gains-new-zealand-oil-and-gas-exposure--65012.html High Peak Royalties (ASX:HPR), formerly Torrens Energy, has entered into a joint acquisition of producing New Zealand oil and gas properties  with an aim to establish a long-term royalty interest.

The deal will involve High Peak and Mosman Oil & Gas (AIM: MSMN) jointly purchasing Origin Energy’s (ASX:ORG) onshore NZ oil and gas assets, allowing Origin to focus on its Queensland export LNG project.

The South Taranaki Energy Project (STEP) will be 30% owned by High Peak and 70% owned by Mosman. Current production is about 150-300 barrels per day of oil, 2.6  million cubic feet of gas and some LPG, equating to about 603 barrels of oil equivalent per day.

This output generates around NZ$8 million (A$7.3 million) in revenue per annum.

The asset comprising STEP have historically produced about 25 picojoules of gas and 1.94 million barrels of oil.

High Peak’s payment obligation in the $10 million deal will total $2.1 million paid upon completion in December and $900,000 six months after completion, plus joint venture costs.

The acquisition is consistent with the company’s strategy of building a royalty portfolio without the obligation of funding capital expenditure because it will separate STEP from its royalty portfolio before possibly recycling the investment and retaining the royalty interest.

Analysis

The STEP investment is a positive for High Peak as it offers a pathway to a long-term  royalty and draws on the company’s strengths (energy assets, legal and structuring experience) during an opportunity to leverage its balance sheet. 

There is scope to expand production and revenues at STEP, with Mosmon already having identified a number of potential optimisation initiatives.


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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Fri, 09 Oct 2015 12:46:00 +1100 https://www.proactiveinvestors.com.au/companies/news/137075/high-peak-royalties-gains-new-zealand-oil-and-gas-exposure--65012.html
<![CDATA[News - High Peak Royalties to reveal details of material agreement ]]> https://www.proactiveinvestors.com.au/companies/news/137074/high-peak-royalties-to-reveal-details-of-material-agreement-64962.html High Peak Royalties (ASX:HPR) has been granted a trading halt by the ASX this morning, pending details of a material agreement.

The company said that overnight it signed an agreement with Mosman Oil & Gas (AIM.MSMN) to participate in 30% working interest over New Zealand base oil and gas permits in the South Taranaki Region.

Last month the company appointed Simon Fyfe as its chief executive officer.

Fyfe will target royalty acquisitions in the oil and gas & mining industries, with resulting increases in cash flow.

The halt will remain in place until the opening of trade on Friday 9th October 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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Wed, 07 Oct 2015 16:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/137074/high-peak-royalties-to-reveal-details-of-material-agreement-64962.html
<![CDATA[News - Torrens Energy raises $6M, close to completing takeover of Phoenix Oil and Gas ]]> https://www.proactiveinvestors.com.au/companies/news/137073/torrens-energy-raises-6m-close-to-completing-takeover-of-phoenix-oil-and-gas-54222.html Torrens Energy (ASX: TEY) has raised $6 million, satisfying one of the key defeating conditions of its takeover offer for unlisted company Phoenix Oil and Gas Limited.

The company has already received acceptances in respect of 97.6% of the Phoenix shares on issue, which is another key condition, and is now waiting on the ASX granting conditional approval for readmission.

It had offered one Torrens share for every Phoenix share in its all-scrip takeover offer.

The funds were raised through a prospectus offer of 16 million shares priced at $0.25 each with two attaching options for every five shares subscribed. The company also issued a further 8 million shares, or $2 million, in over subscription shares.

Phoenix has royalties in 18 oil and gas projects covering a total of 130,000 square kilometres across Australia’s major oil & gas basins.

Five of these are expected to generate earnings in 2014. These include two covering large coal seam gas to liquefied natural gas projects.

 

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, 09 Apr 2014 13:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/137073/torrens-energy-raises-6m-close-to-completing-takeover-of-phoenix-oil-and-gas-54222.html
<![CDATA[News - Torrens Energy to make acquisition, raise funds ]]> https://www.proactiveinvestors.com.au/companies/news/137072/torrens-energy-to-make-acquisition-raise-funds-51337.html Torrens Energy (ASX: TEY) has some interesting news on the horizon in the form of a material acquisition, with the company also heading to market with a capital raising.

This morning the Australian Stock Exchange granted the company a trading halt, with its shares placed in pre-open.

Torrens has not yet alluded to what the new acquisition might entail, but in the September 2013 quarterly the company said that it is currently reviewing several potential opportunities focused on delivery of gas into the Western Australia market along with international upstream energy sector opportunities.

The halt will remain in place until the opening of trade on Tuesday 24th December 2013, 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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Fri, 20 Dec 2013 13:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/137072/torrens-energy-to-make-acquisition-raise-funds-51337.html
<![CDATA[News - Torrens Energy drops acquisition of Carnarvon Basin gas assets ]]> https://www.proactiveinvestors.com.au/companies/news/137071/torrens-energy-drops-acquisition-of-carnarvon-basin-gas-assets-43248.html Torrens Energy (ASX: TEY) has decided not to proceed with acquiring four offshore and onshore Carnarvon Basin petroleum exploration permits from Strike Energy (ASX: STX).

The decision was made after the company completed due diligence on the permits.

As a result, Torrens is not required to pay to Strike the $350,000 deposit or other consideration under the 18 April 2013 agreement to acquire Strike’s wholly owned subsidiary Strike Energy Western Australia.

The permits had included the Rivoli discovery is assessed to have a contingent resources of 9-15 billion cubic feet of gas.

Torrens will continue to evaluate new opportunities within the energy and resources sector while continuing to manage its existing geothermal assets at a pace appropriate for the sector as a whole.

 

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, 14 May 2013 15:50:00 +1000 https://www.proactiveinvestors.com.au/companies/news/137071/torrens-energy-drops-acquisition-of-carnarvon-basin-gas-assets-43248.html
<![CDATA[News - Torrens Energy to acquire Carnarvon Basin gas assets from Strike Energy ]]> https://www.proactiveinvestors.com.au/companies/news/137070/torrens-energy-to-acquire-carnarvon-basin-gas-assets-from-strike-energy-42193.html Torrens Energy (ASX:TEY) has signed a binding agreement to acquire Strike Energy's (ASX: STX) wholly owned subsidiary Strike Energy Western Australia for a cash consideration of $3.5 million.

Via the deal, Torrens will acquire Strike WA's four Carnarvon offshore and onshore permits including the existing undeveloped Rivoli gas field, located in the shallow water where there is substantial near-field exploration potential for both oil and gas.

The Rivoli discovery is assessed to have a contingent resources of 9-15 billion cubic feet of gas with near field exploration potential, which could be tested by inexpensive near term drilling.

Several other prospects and leads have been identified, within the four permits, with significant potential in what is a prolific oil and gas producing basin.

Torrens will have large working interests of between 44.5% to 61.5% and assume the operatorship on three of the four permits.

Strike has already identified many leads across the four permits with gross prospective resources in excess of 250 billion cubic feet of gas.

As part of the deal, Torrens will undertake a capital raising of between $4.5 million and $6 million to fund the acquisition and the forward work plan.


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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Thu, 18 Apr 2013 11:10:00 +1000 https://www.proactiveinvestors.com.au/companies/news/137070/torrens-energy-to-acquire-carnarvon-basin-gas-assets-from-strike-energy-42193.html
<![CDATA[News - Torrens Energy to make acquisition, raise capital ]]> https://www.proactiveinvestors.com.au/companies/news/137069/torrens-energy-to-make-acquisition-raise-capital-42065.html Torrens Energy (ASX: TEY) is preparing to announce details of an acquisition, along with a capital raising, with the ASX granting the company a trading halt - with its shares placed in pre-open.

The company is focused on geothermal exploration, and said in the latest quarterly that it remains committed to the geothermal space. Whilst major expenditures are deferred, the board is actively investigating new opportunities for alternative resource projects.

Torrens had around $3 million in cash at the end of December 2012.

The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Thursday 18th April 2012.

 

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, 16 Apr 2013 09:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/137069/torrens-energy-to-make-acquisition-raise-capital-42065.html
<![CDATA[News - Torrens Energy acquires new geothermal exploration licence in South Australia ]]> https://www.proactiveinvestors.com.au/companies/news/137068/torrens-energy-acquires-new-geothermal-exploration-licence-in-south-australia-10448.html Geothermal energy company Torrens Energy (ASX: TEY) progressed its land acquisition strategy further today with the granting of GEL 559 at Mulgaria in the Torrens Project Area of South Australia.

The acquisition brings the company’s extensive landholding to 13,846km2, representing the largest geothermal licence holding in the state.

The new Mulgaria Project Area captures the northern extension of the geology hosting the Parachilna Geothermal Play, the company’s most advanced project containing Australia’s largest code compliant geothermal resource of 780,000PJ.

Drilling at Parachilna since 2007 has established the highest recorded heat flows and modelled temperatures on the grid in Australia, located proximal to the National Electricity Market (NEM).

GEL 559 is situated within the highly prospective Torrens Hinge Zone (THZ), covering a section of thermally anomalous basement geology. It is interpreted as being overlain by a thick sequence of insulating sediments, effectively de-risking this highly prospective geothermal prospect.

Torrens Energy has also implemented recent changes to the Petroleum and Geothermal Energy Act 2000, allowing the consolidation of its existing GELs providing a substantial cost and administrative saving.

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Thu, 30 Sep 2010 14:03:00 +1000 https://www.proactiveinvestors.com.au/companies/news/137068/torrens-energy-acquires-new-geothermal-exploration-licence-in-south-australia-10448.html
<![CDATA[News - Torrens Energy announces outstanding result from Nilpena Seismic Survey ]]> https://www.proactiveinvestors.com.au/companies/news/137067/torrens-energy-announces-outstanding-result-from-nilpena-seismic-survey-4989.html Geothermal energy company Torrens Energy (ASX: TEY) has announced the results of its recently completed 2D Nilpena Seismic Survey immediately north of recent drilling activity at the Parachilna Geothermal Play in South Australia.

The survey has been an outstanding success, with key geological formations identified; a thick sequence of flat-lying insulating sediments is present overlying interpreted heat producing basement at optimal depths, significantly de-risking the Parachilna Geothermal Play north of Port Augusta in South Australia.

Shares in the company increased to 23.5c during the afternoon trade.

This coupled with the outstanding heat flow values returned from drilling in 2007 points to the Parachilna Geothermal Play as having all technical attributes required for geothermal temperatures of +200ºC at less than 4,000m.

The Nilpena seismic survey completed for ~30 kilometres to +5,000m depth, with insulating cover and heat producing basement interpreted at optimal depths.

The result expands the prospectivity and de-risks the Parachilna Geothermal Play.

There is also an excellent electricity connection point for Far North Transmission Network Parachilna Geothermal Play location diagram in South Australia.

This result follows the completion of intermediary drill hole Melkor 1 (10 kilometres south), designed to improve the geological understanding and refine the siting of the Company’s first deep geothermal well, Elendil 1, scheduled to commence later this year.

Under the terms of a Geothermal Alliance Agreement with development partner AGL Energy Limited, AGL has a first right to earn a 50% participating interest in the Project by sole funding the completion of “Confirmation Well” Elendil 1 to a target depth of approximately 4,500m.

Executive Director John Canaris said the company could not have hoped for a better result from this seismic work, which not only tied the prospectivity of the Play to the north, but also perfectly complemented the detailed geological interpretation derived from drilling and seismic on the Parachilna Line in the south.

“These technical successes combined with the commercial benefits of being under the wires give the Parachilna Geothermal Play all the hallmarks of a world class EGS geothermal play," Mr Canaris said.

“Now that we have closed off the northern end of the Play our efforts can be re-focussed on advancing the Geothermal Alliance Agreement with development partner AGL and their participation on Elendil 1 to a target depth of approximately 4,500m.”

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Tue, 16 Feb 2010 12:50:00 +1100 https://www.proactiveinvestors.com.au/companies/news/137067/torrens-energy-announces-outstanding-result-from-nilpena-seismic-survey-4989.html
<![CDATA[News - Torrens Energy reports high geothermal temperatures from drilling at Port Augusta Project ]]> https://www.proactiveinvestors.com.au/companies/news/137066/torrens-energy-reports-high-geothermal-temperatures-from-drilling-at-port-augusta-project--1220.html Torrens Energy (ASX:TEY) has advised of significant results from heat flow drilling completed in February 2009, at its wholly owned Port Augusta Project, South Australia.

Final heat flows calculated from diamond drill hole Theoden 2 recorded 101mW/m2. This result is well above the Company’s target of 90mW/m2. Modelled temperature estimates from this hole are approximately 200°C at 4300m depth, well within the range required for geothermal power production, and above geothermal production temperatures being deployed overseas.

Results were recorded from a diamond drill hole completed by Watson Drilling Pty Ltd, in February 2009. A combination of rotary mud and diamond core drilling was undertaken at Theoden 2 for a total depth of 372m, to enable temperature measurements to be taken from intervals where rock core was obtained.

In addition Theoden 2 is located just 400 metres from the Davenport Substation, the distribution node for the nearby Port Augusta Power Stations - an ideal connection point to access the National Grid. An independent study concluded that the connection cost to the National Power Grid may be as little as $10m. Ongoing exploration activity is supported by a matching $3m Federal Government grant under the Federal Government REDI programme.

An independent study completed by transmission experts John Thomson Inclusive Pty Ltd (JTIPL) concluded that network access for geothermal power production can be made via the Davenport Substation.

The projected customer demand growth within the Upper North Transmission Network is around 3.0%, and current upgrades are underway to the Substation that will result in transmission capacity to accommodate about 100MWe of new generation in the near future.

The study completed by JTIPL confirms that connection via the 33kV network can be completed for approximately $10m for the first 50MWe of geothermal power production, and an additional $22m for up to 200MWe production.

Executive Director John Canaris said, “Port Augusta has been one of South Australia’s most important power generation centres since the large coal-fired power stations were first commissioned in the 1950’s. The power stations use water drawn from Spencer Gulf, and low-grade coal from the Leigh Creek coalfield to the north, to supply around 20% of the State’s electricity.”

“The discovery of high heat flow at Port Augusta represents an exciting new development in Torrens Energy’s heat mapping programme; The predicted temperatures are well above those currently being exploited overseas, which when combined with commercial benefits created by seawater cooling and market access, make for a leading Australian geothermal play.”

“It’s clear that the next challenge faced by the rapidly advancing geothermal industry in Australia will be to cross the nexus from “proof-of-concept” to commercial development. Torrens Energy believes that the commercial drivers at locations like the Port Augusta will have far reaching benefits in this respect”

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Tue, 14 Apr 2009 11:07:00 +1000 https://www.proactiveinvestors.com.au/companies/news/137066/torrens-energy-reports-high-geothermal-temperatures-from-drilling-at-port-augusta-project--1220.html