Past year: ▼ 2%(1.80c – 3.60c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
26 May 2015other● Neutral
88 Energy has updated its Securities Trading Policy after a governance review. It sets closed periods and insider-trading rules for directors and senior staff. Administrative notice with no operational or financial substance.
20 May 2015director officer appointment▲ Good
Erik Opstad, a 35-year industry veteran with North Slope drilling experience, is appointed General Manager of Alaskan Operations. He receives four tranches of 5m listed options tied to Icewine #1 permitting, spud (both by 15 October 2015), safe execution and abandonment, subject to shareholder approval if required.
14 May 2015regulatory community update▲ Good
After meetings with seven Alaska agencies, the company says drilling permits are on track for an Icewine #1 well before year end, rigs are available, and the pad is near rig-ready. Funding/farm-out talks progress. Interest now stated as 87.5%, reducing to 78% on first spud.
24 Apr 2015quarterly activities report▲ Good
March quarter: the placement raised A$6.9m (691m shares at A$0.01), leaving net cash of A$6.235m and 1,139,306,023 shares. Name change completed; Icewine #1 is scheduled to spud before end-2015. Lease award still expected in Q2 2015.
16 Apr 2015contract award▲ Good
88 Energy signed a services agreement with Fairweather Science to speed drilling permits at Icewine, and identified an existing gravel pad for the Icewine #1 well, targeting drilling before end-2015 to capture the 85% rebate. Farm-out talks continue with multiple parties.
30 Mar 2015annual report● Neutral
Annual report for the year to 31 December 2014, the first under the 88 Energy name. The chairman describes a 'landmark year' ending with Icewine and a recapitalised company. It repeats the 492m barrel gross (431m net) unrisked estimate and gives a risked 200m barrels gross.
24 Mar 2015investor presentation● Neutral
March 2015 'Mines and Money' presentation on 88 Energy and Project Icewine. The visible text is only disclaimers; the rest was truncated, so no new substance can be confirmed.
23 Mar 2015capital raising announcement● Neutral
The cleansing offer of up to 1,000 shares at A$0.01 (up to A$200) under the 16 February prospectus has closed. It only removes resale restrictions on placement shares; no new money. An Icewine update is promised soon.
What it means for a shareholder
1,000 new shares at A$0.010 to raise about A$10. That's 0.0000877% dilution: every existing holder's slice gets 0.0000877% smaller. If you held A$1,000 of shares (100,000 at the issue price), your slice goes from 0.00877% to 0.00877% of the company. To keep it you'd need 0 more shares - about A$0 at the issue price.
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17 Mar 2015capital raising announcement● Neutral
Supplementary prospectus adds a cleansing offer of up to 1,000 listed options (A$0.02 strike, A$0.001 each, raising up to A$1) to remove resale restrictions on options issued earlier. Directors say it is not dilutionary; no new money.
26 Feb 2015other● Neutral
Tangiers Petroleum's name change to 88 Energy Limited, approved at the 12 February meeting, was recorded by ASIC on 26 February. The ASX code changes from TPT to 88E around 3 March 2015. Administrative.
18 Feb 2015capital raising announcement▲ GoodMajor
Bookbuild completed for a strongly oversubscribed placement of about 700m shares at A$0.01 (about A$7m), with one free option per two shares at A$0.02, expiring 1 March 2018. Funds completion of Icewine; settlement due 27 February 2015. Resolves the funding gap.
What it means for a shareholder
700m new shares at A$0.010 to raise about A$7.0m. That's 61% dilution: every existing holder's slice gets 61% smaller. If you held A$1,000 of shares (100,000 at the issue price), your slice goes from 0.0221% to 0.00868% of the company. To keep it you'd need 154,858 more shares - about A$1,549 at the issue price.
Create a free account to see this worked out for your own holding.
16 Feb 2015capital raising announcement▲ GoodMajor
Prospectus for a placement of up to 600m shares at A$0.01 to raise A$6m (minimum A$3.5m), plus up to A$0.913m oversubscriptions, with a free option per two shares (A$0.02 strike, 3 years). Funds the Icewine acquisition; company to be renamed 88 Energy.
29 Jan 2015investor presentation● Neutral
February 2015 roadshow presentation repeating Icewine facts and the 492m barrel gross resource estimate. It notes about US$2.98m is due on lease award and a market cap near A$6m at A$0.013 a share. No new announcements.
27 Jan 2015quarterly activities report● Neutral
December quarter: net cash A$0.799m after the placement's A$1.123m net proceeds and A$0.707m Icewine payment. Shares on issue now 452,026,723. Icewine award is expected Q2 2015; a general meeting is set for 12 February 2015.
19 Jan 2015resource reserve update▲ GoodMajor
DeGolyer and MacNaughton estimate Icewine unconventional prospective resource at 492m barrels recoverable (gross mean, unrisked), 431m net to Tangiers at 87.5%, with 41% chance of geologic success. These are undiscovered, unrisked prospective volumes, not reserves.
7 Jan 2015investor presentation● Neutral
January 2015 Icewine update repeating known facts: 99,360 acres to be awarded Q1/Q2 2015, 87.5% interest, rebates up to 85%. An independent resource report is still under way. No new substance.
28 Nov 2014investor presentation● Neutral
Presentation on Project Icewine repeating the 20 November announcement: 87.5% interest, about 100,000 acres, up to 85% cash rebate on 2015 exploration spend, and a plan to drill and seek a farm-in partner. No new facts.
20 Nov 2014asset acquisition disposition▲ GoodMajor
Tangiers entered binding agreements for Project Icewine, onshore Alaska: up to 86,940 net acres (87.5% interest, operator) after apparent high bid at the 19 November lease sale. Upfront cost is a US$520,000 deposit, with about US$3m more due around Q2 2015. This is the first new venture after TAO-1.
23 Oct 2014quarterly activities report▼ Bad
September quarter: net cash fell A$13.4m to A$1.266m after the US$18.56m TAO-1 settlement. Shareholders approved the A$1.2m placement at A$0.006 on 20 October. Tarfaya exit continues; overheads cut over A$2.5m a year; new ventures not yet binding.
22 Oct 2014capital raising announcement● Neutral
Cleansing prospectus for the A$1.2m placement at A$0.006: nominal offer of 1,000 shares to raise A$6, plus 12 million options (A$0.01 exercise, 3 years) to brokers and advisers. It removes trading restrictions on placement shares; no new money.
24 Sept 2014half year report▼ Bad
Half-year report to 30 June 2014, filed late. TAO-1 costs were written off after the dry hole. The settlement with Galp fixes the TAO-1 obligation at US$18,563,979, including recovery of a US$7.74m back-cost receivable; US$10.56m paid by signing.
24 Sept 2014asset acquisition disposition▼ BadMajor
Tangiers paid US$18.56m for TAO-1, leaving about A$1.25m cash. It will exit Tarfaya (25%) by assigning to Galp for US$3.4m or withdrawing by Feb 2015; Galp can claim US$3.4m if not done. It plans a A$1.2m placement at A$0.006, overheads cut by over A$2.5m a year.
24 Sept 2014listing compliance notice● Neutral
ASX will lift Tangiers' trading suspension from the start of trading on 25 September 2014, after the half-year report and a company update. This ends the suspension running since 6 August over the TAO-1 funding dispute.
17 Sept 2014listing compliance notice▼ Bad
Third extension of the suspension: the TAO-1 funding announcement and half-year report are now expected before trading on 24 September 2014. AIM suspension continues.
15 Sept 2014listing compliance notice▼ Bad
Tangiers acknowledged the 15 September deadline for its half-year report and said it will be lodged after the TAO-1 funding announcement, expected by 17 September. The company missed the filing date.
8 Sept 2014listing compliance notice▼ Bad
Second extension of the voluntary suspension: the TAO-1 funding announcement is now expected before trading on 17 September 2014. AIM suspension also continues.
1 Sept 2014director officer appointment● Neutral
Company Secretary Robert Dalton resigned; Sarah Smith and Amy Just were appointed Joint Company Secretaries, effective 1 September 2014. Administrative.
12 Aug 2014listing compliance notice▼ Bad
Tangiers extended its voluntary suspension to await an announcement on its TAO-1 funding obligation, now expected by 8 September 2014. Shares also remain suspended on AIM.
6 Aug 2014listing compliance notice▼ BadMajor
Tangiers was suspended again from 6 August 2014 at its request, pending an announcement on its funding obligation for TAO-1, expected by 12 August. This follows the dry hole and earlier cost-overrun risk.
4 Aug 2014drilling result▼ BadMajor
TAO-1 was a dry hole. Drilled to 3,518m, it found no favourable reservoir at Trident and no shows at Assaka, and will be plugged and abandoned. This ends the high-impact test of the 190m barrel net prospective resource for the 25% holder.
