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FREEDOM OIL AND GAS LTD(FDM)

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ASX, Legal & CGT Status

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(updated at weekends)

Former (or subsequent) names

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Our website ranking of FDM: rating 3
(3 out of 5)

 

REGISTRY:

Link Market Services,Level 21, 10 Eagle Street Brisbane QLD 4000

Tel : +61 7 3320 2200 or 1300 554 474
Fax : +61 2 9287 0303
RegistryWebsite RegistryEmail

Company details

ISIN: AU000000FDM1
Address: C/- McCullough Robertson Lawyers, Central Plaza Two, Level 11, 66 Eagle Street, BRISBANE, QLD, AUSTRALIA, 4000
Tel:  (02) 4925 3800 Fax: (02) 4925 3811

Date first listed: 08/09/2010
Company Secretary: Andrew Crawford
Sector: Energy Industry Group: XEJ
Activities: Diversified oil and gas company with existing cash flows focusing on low cost development of low risk oil and gas prospects

News & Events

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OFX Transferring Money Internationally to Free

The company releases a letter to its securityholders regarding the notice of meeting, explanatory memorandum and independent experts' report for shareholders to consider the proposed share restructure of the company under the DOCA.

19/11/2020

The company releases a notice of general meeting and indpendent expert's report. The meeting will be held on 18 December 2020 at 11:00am (AEST) at Nicols and Brien Chartered Accountants, Level 2, 350 Kent Street, Sydney, New South Wales, Australia.

19/11/2020

On 27 October 2020, the company executed a further DOCA and a creditors trust deed.

28/10/2020

On 21 September 2020, ASIC granted relief to the company such that the company does not have to comply with certain financial reporting obligations under Part 2M.3 of the Act, which includes full-year and half-year results of the company during the deferral period.

23/09/2020

The company lodges its Interim report for the half-year ended 30 June 2019.

23/09/2020

The company announces its intention to rely on teh ASIC Corporations Instrument 2015/251 to enable the company to obtain relief from its Part 2M.3 obligations to preprae and lodge the audited financial statements and directors reports for the period of 6 months from the date of the administrator's appointment.

31/08/2020

The following entity has not paid their annual listing fees in respect of the year ending 30 June 2021 but their securities are already suspended from official quotation.

24/08/2020

Shareholders in this company should consider crystallising a capital loss in 2020/21 by selling their worthless shares, which they can achieve online by entering transaction details here. While this usually makes good economic sense, we recommend you seek professional advice before buying or selling securities, your accountant is probably the best person.

13/08/2020

At the adjourned Sec 439A creditors meeting this morning, creditors passed a resolution accepting the Holding Deed of Company Arrangement. The purpose being to allow sufficient time to explore the possibility of re-capitalising the ASX listed company, via a Deed of Company Arrangement and Creditors Trust mechanism.

25/06/2020

At the Sec 439A creditors meeting this morning, creditors passed a resolution to adjourn the meeting for up to 45 business days, as allowed under the Corporations Act. The purpose being to allow sufficient time to explore the possibility of re-capitalising the ASX listed company, via a Deed of Company Arrangement and Creditors Trust mechanism.

22/04/2020

The company has appointed Mr. Steven Nicols of Nicols + Brien as Administrator to administer the affairs of the company.

23/03/2020

Ramas Capital Management has not funded the initial USD 14 million first tranche of the previously announced USD 30 million convertible note and thus Freedom has not met the 31 January 2020 deadline to repay its senior credit facility.

04/02/2020

The company lodges its Quarterly report for the period ended 31 December 2019.

30/01/2020

The company has agreed to terms with Wells Fargo to repay the senior credit facility (USD 18 million outstanding balance) in full by 31 January 2020, for USD 14 million plus accrued interest and fees. To fund the repayment, Freedom and Freedom Eagle Ford, Inc., a whollyowned subsidiary of Freedom, as guarantor, have entered into a loan note subscription agreement with an affiliate of Ramas Capital Management, pursuant to which RCM will subscribe for loan notes with a face value of USD 30 million. The loan note subscription will be settled in two tranches, with the first tranche settlement occurring on 30 January, 2020 for USD 14 Million and the second settlement of USD 16 Million on 14 February, 2020. Proceeds from the first tranche will be used by Freedom to retire the Wells Fargo senior facility in full. Proceeds from the second tranche will be used to reduce current outstanding accounts payable balances and for general working capital.

28/01/2020

The final stages of the negotiations between Freedom, the potential equity investor and Wells Fargo regarding the underwriting support for a rights issue and the terms of a loan note facility that would be available to Freedom immediately are progressing and details will be provided when available.

22/01/2020

Freedom is in final stages of negotiation with a potential equity investor regarding underwriting support for a rights issue and is negotiating with that same investor, and with Wells Fargo, regarding the terms of a loan note facility that would be available to Freedom immediately to ensure that Freedom has sufficient short-term cash flow prior to settlement of the rights issue.

20/01/2020

In relation to the forbearance agreement entered into with Wells Fargo Bank, Wells Fargo has granted an extension in respect of the requirement that Freedom secure an equity commitment letter or subscription agreement for a minimum gross amount of USD 30 million. That extension has been granted to 11:59PM (CT) on January 17, 2020, to allow Freedom to conclude negotiations in respect of a proposed funding arrangement. Freedom is in advanced stages of negotiation with a potential equity investor regarding underwriting support for a rights issue. Freedom is also negotiating terms of a loan note facility with that investor.

16/01/2020

The company has entered into a Forbearance Agreement with Wells Fargo Bank, N.A. governing the Credit Agreement between Freedom and Wells Fargo that currently has an outstanding balance of US$18.5 million.

27/12/2019

The company provides 30-day average production for recent Eagle Ford shale wells. Freedom's 3 Texas A&M University wells averaged a gross rate of 879 barrels of oil equivalent per day per well and 92% liquids with current flowing pressures averaging 759 psi per well. The wells have each flowed an average of 639 barrels of water per day over the initial 30-day period, and currently produce over 407 barrels of water per day each as they continue to recover the fluids used in the hydraulic fracturing.

04/12/2019

The company lodges its Quarterly report for the period ended 30 September 2019.

31/10/2019

The company is still not in a position to make an announcement regarding a proposed capital raising. The company has also completed frac operations on its three Eagle Ford Shale wells drilled on its Eagle Ford acreage in Dimmit County, Texas. A total of 36 frac stages were completed on the TAMU 1H, 37 frac stages on the TAMU 2H and 36 stages on the TAMU 4H. Frac plugs have been drilled out operations and flow back of the wells commenced 28 September. The wells are already producing measurable amounts of crude oil and natural gas.

18/10/2019

Freedom expects that it will be in a position to release an announcement regarding a proposed capital raising by no later than 18 October 2019. The company has completed frac operations on its three Eagle Ford Shale wells drilled on its Eagle Ford acreage in Dimmit County, Texas. A total of 36 frac stages were completed on the TAMU 1H, 37 frac stages on the TAMU 2H and 36 stages on the TAMU 4H. Frac plug drill out operations are underway and flow back on the wells will commence early next week and initial oil and gas production is expected by mid-October 2019.

27/09/2019

The company is not yet in a position to make an announcement regarding a proposed capital raising. The company expects that it will be in a position to do so by no later than 27 September 2019.

13/09/2019

The company has begun completion operations on three Eagle Ford Shale wells drilled on its Eagle Ford acreage in Dimmit County, Texas. Completion operations are expected to take approximately two to three weeks with earliest oil and gas production expected in mid-October 2019. The company is not in a position to make an announcement at this time regarding a proposed capital raising. The announcement is expected to be released by no later than 13 September 2019.

09/09/2019

The company is not in a position to make an announcement regarding a proposed capital raising. Freedom expects that it will be in a position to release the announcement by no later than 9 September 2019.

30/08/2019

The company is not in a position to make an announcement regarding a proposed capital raising. The company expects that it will be in a position to release the announcement by no later than 30 August 2019.

26/08/2019

The company is not in a position to make an announcement regarding a proposed capital raising. It expects to be in a position to release the announcement no later than 26 August 2019.

22/08/2019

The company is not in a position to make an announcement at this time regarding a proposed capital raising. Freedom expects that it will be in a position to release the announcement by no later than 22 August 2019.

15/08/2019

The securities of Freedom Oil and Gas Ltd will be suspended from quotation immediately under Listing Rule 17.2, at the request of FDM, pending the release of an announcement regarding a proposed capital raising.

08/08/2019

name changed from Maverick Drilling & Exploration Limited

10/11/2016

 

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    Click here for free access to this company's:
    ASX, Legal & CGT Status

    Directors' on-market share transactions (last 5)

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    Purchases Sales

    DATEDIRECTORNUMBERPRICEAMOUNT
    11/10/2018Nigel Smith1,000,000$0.183$182,981
    09/08/2018Joseph Camuglia300,000$0.180$54,000
    09/08/2018Roger Clarke333,334$0.180$60,000
    11/07/2016Mike Yeager900,000$0.081$72,768
    07/07/2016Roger Clarke1,500,000$0.068$101,377

    Click here for the last 20 transactions all companies

    Directors & Executives (current)

    NAMETITLEDATE OF APPT
    J. Russell PorterChairman, CEO14/01/2019
    Lee ClarkeVice Chairman28/10/2009
    Winston TalbertIndependent Director01/12/2018
    Heath SumrowNon Exec Director01/04/2019
    David CaseyNon Exec Director01/04/2019

    Date of first appointment, title may have changed.

    Directors & Executives (former)

    NAMETITLEDATE OF APPOINTMENTDATE OF RESIGNATION
    Mike YeagerNon Exec Chairman15/10/201329/05/2019
    Nigel SmithNon Exec Director02/03/201529/05/2019
    Joseph CamugliaNon Exec Director16/04/201201/04/2019
    Roger ClarkeVice Chairman, Independent Director01/12/200731/12/2018
    Howard SelzerCFO05/03/201403/03/2017
    Brad SimmonsExecutive Director12/11/200701/11/2013
    Don HenrichNon Exec Director12/11/200701/03/2013

    Date of first appointment, title may have changed.