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GASFIELDS LIMITED (GFS)

Delisted from ASX 06/11/2019

Former (or subsequent) names

 FROMTO
GASFIELDS LIMITED28/02/2019
RAVEN ENERGY LIMITED02/01/201828/02/2019
MAGNUM GAS & POWER LIMITED09/11/201202/01/2018
ORMIL ENERGY LIMITED16/08/201009/11/2012
GOLDEN TIGER MINING NL16/08/2010

Shareholder links

 

REGISTRY:
Boardroom Pty Ltd, Level 12, 225 George Street, Sydney NSW 2000
Tel : +61 2 9290 9600 or 1300 737 760
Fax : +61 2 9279 0664 or 1300 653 459
RegistryWebsite RegistryEmail

Company details

Address: Level 11, 52 Phillip Street, Sydney NSW 2000
Tel:  +61 2 8188 2554 Fax: +61 2 9425 0099

Date first listed: 24/11/2004
Company Secretary: Kevin Lynn
Sector: Energy
Industry Group: XEJ
Activities: Undertaking and investing directly or indirectly in projects, companies and other entities engaged in or related to the oil, gas and energy sectors both onshore and offshore in Australia and outside Australia, including in Apex Energy NL
OFX Transferring Money Internationally to Free

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

delisted from the commencement of trading on Wednesday, 6 November 2019, pursuant to Listing rule 17.12.

06/11/2019

we understand this company failed and ASX removed the company from listing because its securities have not been quoted for more than three years

06/11/2019

Outstanding payments payable to BSE by Gasfields have now been received by the BSE.

01/11/2019

GFS applied for an urgent interlocutory injunction to restore GFS to the Official List. As a result of its proceedings, it has secured the reinstatement of GFS to the Official List and undertakings from the ASX not to implement its decision to delist GFS before the time when the matter is next in court on 5 November 2019. At that time, GFS anticipates that the undertakings will be extended until the final hearing of its proceedings against the ASX. GFS has been deeply concerned with recent treatment it has received from ASX concerning its decision to remove GFS from the Official List of the ASX and considers that ASX has not afforded it procedural fairness and has acted unconscionably. GFS seeks damages from the ASX as a consequence of its actions.

18/10/2019

Accordingly, and in lieu of the mandatory injunction sought by GFS that ASX restore it to the list, ASX instead proffered an undertaking to GFS that it would not implement its decision to delist GFS, which undertaking would remain extant until the next occasion the matter came before the Court, on 5 November 2019. Orders were made by the Court noting that undertaking to the Court on 17 October 2019. GFS anticipates that on 5 November 2019 the Court will list the matter for final hearing on a date to be fixed, and that the undertaking proffered by ASX will be duly extended until the date of that final hearing. GFS will in the meantime continue to prosecute these proceedings with expedition.

18/10/2019

GFS has commenced proceedings in the NSW Supreme Court seeking orders setting aside the decision of ASX to delist GFS and that GFS be restored to the ASX official list, among others. Pursuant to an interim undertaking given by the ASX until the next case management hearing on 5 November 2019 not to further implement its decision to delist GFS, GFS has been restored to the ASX official list. This undertaking will, if appropriate, be extended on that occasion to a hearing date and delivery of judgment. Notwithstanding the restoration of GFS to the ASX official list, trading in GFS's securities on ASX will remain suspended, as it has been since 7 March 2018.

17/10/2019

delisted from the commencement of trading on Tuesday, 15 October 2019, pursuant to Listing rule 17.12 but subsequently ASX reversed its decision to delist the company pending Court Proceedings

15/10/2019

The company has received $55,000 with respect to the previously announced Convertible Note issue dated 2 October, 2019 and released on 3 October, 2019. The receipt of a further amount of $145,000 is imminent, as part of the first tranche of Convertible Note subscriptions totalling $200,000. The company has agreed to accept further subscriptions from sophisticated investors of up to a total of $300,000 on the same proposed terms, totalling a potential $500,000 raised by way of Convertible Notes, if the full amount is subscribed for. The funds proposed to be raised, will be used to settle previously issued convertible note redemptions of up to $150,000, A further $100,000 approximately will be applied to Audit Fees, ASX Fees and Botswana Stock Exchange Fees. An additional $90,000 is to be expended in respect to the Greenpower Royalty Payment, with any balance applied for general working capital purposes.

09/10/2019

The company has entered into convertible note agreements with sophisticated investors to raise $200,000. The funds must be paid to the company by 7 October 2019 at which time the company will issue the convertible notes. The notes are repayable in 90 days unless converted earlier by the investors. The Investors will each be entitled to a facility fee equal to 2% of the amount invested. The amount to be raised from the issue of the notes will be applied in paying down existing creditors including redeeming outstanding convertible note obligations of $150,000 and providing the company with working capital. The company is engaging with its auditor to ensure that the outstanding financial report for the period ended 31 December 2018 and annual report for the period ended 30 June 2019 are completed by 31 October 2019. The company's Appendix 5B Quarterly Cashflow report for the period ended 30 June 2019 is urgently being prepared and will be lodged with the ASX on or before 9 October 2019. The independent legal review of the consulting arrangement between the comnpany and Ochre Group Holdings Limited, which is a further requirement, has been provided to the ASX.

03/10/2019

The company lodges its quarterly activities report.

22/08/2019

The company has not paid their annual listing fees in respect of the year ending 30 June 2020 but the securities are already suspended from official quotation.

22/08/2019

Greenpower provides an update in relation to the sale of Walyering Royalty.

19/06/2019

The parties who have entered into a binding deed of assignment of royalty have mutually agreed to further amend the payment of the transaction consideration as follows: the outstanding Tranche 1 cash consideration element has been amended whereby Gasfields must pay Greenpower $125,000 by 3 July 2019; the Tranche 2 cash consideration element has been amended where provided Gasfields does not choose to withdraw from the Transaction it must pay Greenpower $125,000.00 by 31 October 2019; and the Tranche 3 cash consideration element has been amended whereby Gasfields must pay Greenpower $125,000 by 30 November 2019. Title, ownership and risk in the Wellhead Royalty will pass to the company upon the company completing payment of Tranche 2.

18/06/2019

The company has facilitated further cash repayments of interest coupons and principal note values of the convertible notes, totaling approximately $97,500. The company is intending to redeem up to a further $150,000 of convertible notes and anticipates these payments will be finalised in the September quarter. The company has received confirmation from ASX that the proposed transaction will require shareholder approval and that it must recomply with Listing Rules 1 and 2.

11/06/2019

The company has facilitated further cash repayments of interest coupons and principal note values of the Convertible Notes, totalling approximately $123,000. The company has now made a total of $398,000 cash repayments of interest coupons and principal note values of the Convertible Notes. The Company is intending to redeem up to a further $250,000 of Convertible Notes and the Company anticipates these payments will be finalised in the coming quarter. Based on the share register of Gasfields as at 7pm (Sydney time) on Tuesday 7 May 2019, and a buy-back price of $0.002, a less than marketable parcel of shares is 250,000. Gasfields currently has 320 unmarketable parcel holders comprising 18,162,046 shares. The company now anticipates that the Unmarketable Buy-Back will be formally announced by 17 May 2019. The company has made payment of $10,000 to Green Power Energy Limited as consideration for it agreeing to vary the terms Deed of Assignment of Royalty. The company has made a submission with the ASX seeking comment from the ASX with respect to a significant corporate transaction. The company will remain in voluntary suspension pending an announcement in respect of finalisation of its ongoing negotiations with respect to energy projects in the USA/Sacramento Basin California.

10/05/2019

The company lodges its Quarterly Activities and Cash Flow Report.

09/05/2019

The company lodges its Quarterly Activities and Cash Flow Report.

01/05/2019

Gasfields and Green Power have now agreed to amend the DAR as follows: The Tranche 1 cash consideration element has been amended whereby Gasfields must pay Green Power: $125,000.00 on Monday 13 May 2019 and ) $125,000.00 on Monday 3 June 2019; The Tranche 2 cash consideration element has been amended where provided Gasfields does not choose to withdraw from the Transaction it must pay Green Power $125,000.00 by Thursday 11 July 2019; and The Tranche 3 cash consideration element has been amended whereby Gasfields must pay Green Power $125,000 on Friday 22 October 2019. Gasfields will pay Green Power $10,000 as consideration for Green Power agreeing to the variations. Title, ownership and risk in the Wellhead Royalty will pass to the Company upon the Company completing payment of Tranche 2.

23/04/2019

The company has facilitated further cash repayments of interest coupons and principal note values of the Convertible Notes, totalling $195,000. The company is intending to redeem up to a further $350,000 of Convertible Notes and the Company anticipates this payments will be finalised over April/May 2019. Based on the share register of Gasfields as at 7pm (Sydney time) on Wednesday 10 April 2019, and a buy-back price of $0.002, a less than marketable parcel of shares is 250,000. Gasfields currently has 320 unmarketable parcel holders comprising 18,162,046 shares. The company now anticipates that the Unmarketable Buy-Back will be formally announced on the week commencing 29 April 2019. The company notes that it will remain in suspension pending finalisation of its ongoing discussions and financing requirements with respect to the Sacramento Basin Projects.

12/04/2019

The company has facilitated a cash repayment of interest coupons and principal note value totalling $80,000.00. The Company is intending to redeem up to a further $500,000 of Convertible Notes and the Company anticipates this will occur on or before the week commencing 15 April 2019. The company has comenced its due diligence in relation to the proposed acqiusition.

28/03/2019

The Company advises that it will initiate and commence dialogue with ASX to confirm a requotation timetable. The Company is currently finalising negotiations and terms with respect to another royalty acquisition over an Australian based natural gas project. Based on the share register of Gasfields as at 7pm (Sydney time) on Friday 22 March 2019, and a buy-back price of $0.002, a less than marketable parcel of shares is 250,000. Gasfields currently has 320 unmarketable parcel holders comprising 18,162,046 shares. The unmarketable buyback is anticipated to occur in the week commencing 15 April 2019.

26/03/2019

Gasfields to acquire 1.5% wellhead royalty payable over 50% of any production from EP447. Gasfields has signed a binding Deed of Assignment of Royalty with ASX listed Green Power Energy Limited to acquire Green Power Limited's Wellhead Royalty, being the proportionate share of the tenement held by GCC Methane Pty Ltd. EP447 makes up the Walyering Project and is located in the Perth Basin.

19/03/2019

The company is proposing to conduct an unmarketable parcels buyback. The directors of the Company are proposing to provide eligible shareholders with the opportunity to sell their small shareholdings of Gasfields shares at no cost to the Gasfields shareholder. Shares purchased by the Company under the Unmarketable Buy-Back will be cancelled. Based on the share register of Gasfields as at 7pm (Sydney time) on Monday 11 March 2019, and a buy-back price of $0.002, a less than marketable parcel of shares is 250,000. Gasfields currently has 320 unmarketable parcel holders comprising 18,162,046 shares. Shareholders who hold more than 250,000 shares will not be eligible to participate in the Unmarketable Parcel Buy-Back. On 4 March 2019, 325,000,000 Convertible Notes were converted into shares in the Company after a number of noteholders elected to convert their Convertible Notes. This results in the issue of 328,750,000 shares in Gasfields at an issue price of $0.001 per share and included accrued interest. The Company is currently finalising negotiations and documentation with respect to a royalty acquisition over a Western Australian natural gas project. The Company anticipates that it will be in a position to confirm and announce the material terms of this proposed acquisition, along with a timetable with respect to potential re-quotation of the Company in the week commencing 18 March 2019.

12/03/2019

name changed from Raven Energy Limited

28/02/2019

ASX Announcements (courtesy of ASX)

 

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teach me to invest in aussie stocks. think these remained listed for a few days after accepting my cash then that was it.

 Australia\'s a lemon and I want my money back

19/05/2020 23:04:25

What is happening with GFS do we still hold onto the shares or are we written off.  Why has the company done nothing for its shareholders, the Directors & Executives were still being paid so why was nothing comming forward.  Is the company being sold to someone else, or was it just a ruse?

12/11/2019 00:12:27

It is gone, consider some recovery via a capital gains tax loss at Worthless Shares on this site. 


11/11/2019 08:24:18

How do I get my money back that I invested in GFS?!

08/11/2019 10:24:57

Is there any chance I can recover my GFS shares and monitized it even partial? Thanks.

08/11/2019 10:04:54

Is Gasfields Limited going into liquidation?

07/11/2019 17:16:44

Looking to sell my shares in the delisted company 

06/11/2019 16:32:20

Delisted as of trading 6th November 2019.

05/11/2019 22:18:35

Delisted 15/10/2019

15/10/2019 16:08:35

Company Updates

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    Directors' on-market share transactions (last 5)

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    Purchases Sales

    DATEDIRECTORNATURENUMBERPRICEAMOUNT
    21/06/2012Edward EllyardOn market2,000,000$0.020$40,440

    Click here for the last 20 transactions all companies

    Directors & Executives (current)

    NAMETITLEDATE OF APPT
    Dato' YusoffNon Exec Chairman01/08/2016
    Michael PoveyNon Exec Chairman29/07/2019
    Anthony GianottiCFO01/07/2017
    Mark PittsCFO04/09/2012
    David SuttonNon Exec Director19/07/2019
    David ScogginNon Exec Director21/12/2016
    Saxon BallNon Exec Director09/11/2016
    Charles StrawDirector18/01/2019

    Date of first appointment, title may have changed.

    Directors & Executives (former)

    NAMETITLEDATE OF APPOINTMENTDATE OF RESIGNATION
    Nathan FeatherbyExecutive Chairman29/09/201629/07/2019
    Nicholas HallidayNon Exec Director21/12/201618/01/2019
    Thomas FontaineNon Exec Director05/08/201021/12/2016
    Trent WheelerManaging Director06/08/201209/11/2016
    Raalin WheelerNon Exec Director06/08/201209/11/2016
    Brett MontgomeryNon Exec Director09/10/200801/08/2016
    Edward EllyardChairman21/11/201117/06/2013
    Peter CurryNon Exec Director21/01/200427/09/2012

    Date of first appointment, title may have changed.