Past year: ▼ 2%(1.80c – 3.60c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
28 July 2014drilling progress report▼ Bad
TAO-1 reached the shallow secondary target Assaka with no hydrocarbon shows so far; full evaluation at section total depth. Drilling continues to the main Trident target, which Tangiers interprets as not dependent on Assaka.
21 July 2014other● Neutral
Unlisted option movements: 409,091 options at A$0.22 expired, 1.5m at A$0.28 cancelled, and 430,000 at A$0.16 exercised into shares. Administrative; the Appendix 3B lists 252,026,723 shares quoted.
14 July 2014drilling progress report● Neutral
No major operational issues at TAO-1; Assaka and Trident still expected within 60 days of spud. Because the well is designated 'tight', no depth or formation details will be released during drilling beyond what disclosure rules require.
27 June 2014drilling spud▲ GoodMajor
TAO-1 spud on 26 June 2014, offshore Morocco, with the Ralph Coffman rig. Assaka and the main Trident target are due within about two months; deepening to TMA is contingent on results. No flow testing planned. Tangiers holds 25%.
13 June 2014capital raising announcement● Neutral
Cleansing prospectus covering 1.54m shares at A$0.29 and new options (6.2m at A$0.16, 1m at A$0.30, 1m at A$0.42, 2m at A$0.28), so shares can be on-sold freely. Administrative; the text does not show new money being raised.
What it means for a shareholder
1.5m new shares at A$0.290 to raise about A$446,600. That's 0.771% dilution: every existing holder's slice gets 0.771% smaller. If you held A$1,000 of shares (3,448 at the issue price), your slice goes from 0.00174% to 0.00173% of the company. To keep it you'd need 27 more shares - about A$8 at the issue price.
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13 June 2014director officer appointment● Neutral
Joint Company Secretary Dr Iva Stejskal resigned on 13 June 2014. Robert Dalton continues as sole Company Secretary. Administrative.
10 June 2014investor presentation● Neutral
Roadshow presentation for June 2014 investors, mainly disclaimers in the readable text. The text is truncated, so no new facts can be confirmed here.
10 June 2014admin correction● Neutral
Re-issue of the June 2014 roadshow presentation with a revised disclaimer. The readable text shows no new company information.
6 June 2014other● Neutral
Foster Stockbroking began research coverage of Tangiers on 4 June 2014; the report is on the company website. No new company information.
3 June 2014drilling progress report▲ Good
Tangiers says TAO-1 dry-hole cost is about US$73m, covered by cash and receivables. The rig is arriving nearby, with spud around 15 June. The US$3m guarantee has been replaced by Galp, and the US$7.5m back costs are being transferred.
2 June 2014other● Neutral
Edison Group began research coverage of Tangiers on 30 May 2014; the report is on the company website. No new company information.
27 May 2014capital raising announcement● NeutralMajor
Tangiers raised a further A$4m via 25m shares at A$0.16, bringing the total to A$9m against the A$10m originally sought. This placement needs AGM approval in early June. Funds cover its share of TAO-1 costs above the US$33m carry.
What it means for a shareholder
25.0m new shares at A$0.160 to raise about A$4.0m. That's 11% dilution: every existing holder's slice gets 11% smaller. If you held A$1,000 of shares (6,250 at the issue price), your slice goes from 0.00315% to 0.0028% of the company. To keep it you'd need 788 more shares - about A$126 at the issue price.
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23 May 2014director officer appointment● Neutral
Tangiers appointed RFC Ambrian as its AIM broker, replacing Peel Hunt, which resigned on 29 April. RFC Ambrian remains Nominated Adviser too.
22 May 2014admin correction● Neutral
Corrected re-issue of the 22 May rig mobilisation release, adding the cautionary statement and competent person disclosure for the 190m barrel net prospective resource. Substance is unchanged.
22 May 2014drilling scheduled▲ Good
The Ralph Coffman jack-up rig has mobilised and TAO-1 is on track to start mid-late June. The announcement restates 190m barrels net unrisked prospective resource (758m gross, 25% interest), a 2011 NSAI estimate. Corrected in the next release.
21 May 2014other● Neutral
Tangiers notes a media article by The Next Oil Rush and links to it. No new company information is given in the announcement.
19 May 2014capital raising announcement● Neutral
Cleansing prospectus for 100 shares at A$0.16 (A$16), issued so shares from the recent placement can be on-sold without trading restrictions. Administrative; no new money raised. Text is truncated.
16 May 2014other● Neutral
Link to an audio interview with managing director Dave Wall on the Morocco well. No new information in the announcement itself.
13 May 2014capital raising announcement● NeutralMajor
Tangiers placed A$5m of shares (31.25m at A$0.16) to institutions, in two tranches; the second (about 7.5m shares) needs AGM approval. Funds go to its share of TAO-1 costs above the US$33m carry. The US$7.5m back costs go into a joint account for the same purpose.
13 May 2014listing compliance notice● Neutral
ASX lifted Tangiers' trading suspension immediately after the capital raising announcement, ending the voluntary suspension that began 28 April.
9 May 2014listing compliance notice● Neutral
Tangiers again extended its voluntary suspension; the capital raising announcement is now expected before trading on 13 May 2014. AIM suspension continues.
8 May 2014listing compliance notice● Neutral
Tangiers extended its voluntary trading suspension, now expecting to announce the proposed capital raising before trading on 12 May 2014. AIM trading stays suspended.
1 May 2014farm in farm out completion▲ GoodMajor
Morocco's ONHYM signed the amended association contract, satisfying the last condition of the Galp farm-out. Galp now owes Tangiers US$7.5m back costs and the US$3m guarantee is returned. TAO-1 is on track for June, resolving the open approval thread.
29 Apr 2014director officer appointment● Neutral
Peel Hunt has resigned as Tangiers' AIM broker, effective 28 May 2014. RFC Ambrian stays as Nominated Adviser, and a new broker is to be appointed by then.
28 Apr 2014annual report● Neutral
2013 annual report, now with the new board listed. The chair says the Jacka bid lapsed and TAO-1 is expected in Q2 2014, with Tangiers paying 33.33% beyond the US$33m carry. Text truncated; financials not shown.
28 Apr 2014capital raising announcement▼ BadMajor
Tangiers asked for a trading halt after Galp put the TAO-1 well budget at about US$75m (±25%). Tangiers pays 33% above the US$33m carry; it flags a possible US$6m shortfall in the high case, risking its interest, and plans a capital raising.
28 Apr 2014investor presentation● Neutral
April 2014 investor roadshow presentation. Text is truncated after the disclaimer, so no content is visible; no new figures can be reported.
15 Apr 2014director officer appointment● NeutralMajor
David Wall, a former oil and gas equity analyst, is appointed Managing Director from 14 April 2014 on a A$300,000 base salary plus 4.5m performance shares. An operations update is expected in the near term.
9 Apr 2014director officer appointment▲ GoodMajor
Michael Evans (founding chair of FAR Limited) becomes non-executive chairman and Dr Stephen Staley a non-executive director, restoring a valid board after the February resignations. Shares resume on AIM today; ASX suspension continues pending the 2013 accounts.
9 Apr 2014annual report● Neutral
Tangiers' 2013 annual financial report. It notes the Galp farm-out (25% retained; US$40.5m Galp spend), TAO-1 scheduled for Q2 2014, and the Australian permits cancelled. Text is truncated, so the financial figures are not shown.
