Past year: ▼ 2%(1.80c – 3.60c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
8 Oct 2013material agreement termination▼ Bad
CWH confirms its agreement to farm into WA-442-P and NT/P81 for 70% has terminated because conditions precedent were not met. Matches Tangiers' same-day notice; it ends the A$35m funding for the Bonaparte permits.
8 Oct 2013material agreement termination▼ BadMajor
Tangiers terminated the CWH farm-out for WA-442-P and NT/P81 because CWH missed the conditions deadline, despite Tangiers winning a six-month work extension. It is seeking new partners; the permits could be cancelled. Tarfaya ministerial signatures are expected shortly.
18 Sept 2013security holder rights change● Neutral
Notice to holders of the 16c listed options (TPTOA), which expire 31 October 2013; 43.9m remain outstanding. Quotation ends 24 October. The shares closed at A$0.22 on 17 September. Required notice, no new terms.
16 Sept 2013regulatory community update● Neutral
Chairman says the Galp farm-out lacks only the Moroccan energy and finance ministers' joint order, delayed by the energy minister's resignation. Tarfaya well planned for first half of 2014. No new venture is yet in advanced negotiation; 3D seismic tenders closed 13 September.
4 Sept 2013investor presentation● Neutral
Good Oil conference presentation repeating known points: Tarfaya 25%, 867m barrels P50 unrisked, CWH farm-out signed, Africa new ventures. Price A$0.24, market cap A$31.3m. No new results.
23 Aug 2013half year report● Neutral
Half-year to 30 June 2013: loss of A$2.138m and cash of A$1.74m (A$4.17m at December 2012). Both farm-outs remain subject to approvals; Galp paperwork has gone to Moroccan ministries. Trident chance of success is stated at 23%.
21 Aug 2013regulatory community update▼ Bad
CWH says ASX requires it to get shareholder approval and re-comply with listing rules to do the Bonaparte deal, with a meeting targeted for 15 November 2013. Adds delay and conditions to the farm-out Tangiers is relying on.
24 July 2013investor presentation● Neutral
July 2013 presentation repeating known points: Tarfaya 25% post-farmout, 867m barrels P50 unrisked recoverable, CWH deal signed. Shows 130.4m shares, A$0.26 price and A$33.9m market cap, down from A$0.30 in February. No new results.
10 July 2013other● Neutral
Foster Stockbroking, appointed joint broker in May, has started research coverage of Tangiers. The announcement carries no content from the report itself.
26 June 2013director officer appointment● Neutral
Krystel Kirou resigned as Joint Company Secretary on 26 June 2013. Iva Stejskal, General Manager Legal and Corporate, replaces her alongside Robert Dalton. Administrative.
30 May 2013investor presentation● Neutral
AGM chairman's address restating known points: 25% of Tarfaya with 867m barrels P50 unrisked recoverable, a well by mid 2014, and the CWH farm-out for the Australian permits (27% retained). Says the company is fully carried for 3D seismic and three wells; Africa focus continues.
27 May 2013other● Neutral
Foster Stockbroking appointed joint Australian broker for corporate advisory and equity capital markets services, with immediate effect. Administrative; no fees or terms given.
22 May 2013farm in farm out completion▲ GoodMajor
Tangiers executed the Bonaparte farm-out with CWH: CWH funds up to A$35m for 70%, Tangiers keeps 27%, Ansbachall 3%. It resolves the December heads of agreement but remains conditional on a work-commitment extension and a joint operating agreement.
22 May 2013farm in farm out completion▲ Good
CWH says the Bonaparte farm-out agreement is executed: 70% CWH, Tangiers 27%, Ansbachall 3%, with up to A$35m of CWH funding. Still conditional on FIRB and CWH approvals, and possibly a CWH shareholder vote in June or July.
21 May 2013other● Neutral
Peel Hunt LLP appointed joint UK broker to Tangiers with immediate effect, which had published research on the company in October 2012. Administrative; no financial terms given.
10 May 2013farm in farm out agreement● Neutral
CWH's own notice of the same final terms: A$35m cap, about A$4m needed in the first 12 months, debt-funded. Conditions include FIRB approval and possibly CWH shareholder approval. Signing is due the week of 20 May.
10 May 2013farm in farm out agreement▲ GoodMajor
Tangiers' board approved final terms of the Bonaparte farm-out: CWH funds up to A$35m of seismic and drilling for 70%, leaving Tangiers 27% and Ansbachall 3%. Signing is due the week of 20 May. This firms up the December non-binding heads of agreement.
30 Apr 2013annual report● Neutral
Formal annual report for the year to 31 December 2012, with the same chairman's message as the statutory accounts released 22 March. It repeats the farm-outs, the crisis turn-around and the Africa strategy. No new figures in the visible text.
22 Mar 2013annual report● Neutral
Year-end 2012 accounts. The chairman says cash was under $1m in August 2012 against over $70m of obligations, and calls the new board's work a 'crisis turn-around'. About $14m cash is expected once the farm-outs close. Repeats known points; the financial statements are not visible in the text.
1 Mar 2013investor presentation● Neutral
March 2013 presentation restating known points: 25% of Tarfaya, 27% of the Australian permits, four Morocco prospects at 867m barrels P50 unrisked recoverable, and an Africa focus. Shows 130.4m shares and A$39.1m market cap at A$0.30. No new results.
21 Feb 2013director officer appointment● Neutral
CFO Robert Dalton became Joint Company Secretary from 20 February 2013, replacing Kelvin Tan, who resigned. Administrative follow-up.
15 Feb 2013director officer appointment● Neutral
Joint Company Secretary Kelvin Tan resigned effective 15 February 2013. Krystel Kirou continues as sole company secretary until a replacement is appointed. Administrative.
4 Feb 2013resource reserve update▲ GoodMajor
New 3D seismic confirms the Trident prospect, with Assaka and TMA, at up to 750m barrels recoverable. Tangiers lifts Trident's chance of success to 23% from 14%. Galp still carries the first well, due before mid-2014, with Tangiers holding 25% once Moroccan approval comes.
20 Dec 2012other▲ Good
Chairman's year-end letter: farm-outs with Galp (Morocco) and CWH (Australia) cover most commitments, and about $15m cash is expected once they close. Market cap is said to be $42m at 32c, versus $28m in early September. Africa onshore/shallow-water acquisitions are the next step. Repeats known deals.
20 Dec 2012security holder rights change● Neutral
Tangiers cancelled 2,125,000 shares after shareholder approval at the 16 November meeting and a special meeting of the affected holders. Shares on issue fall to 130,429,576. Administrative; the text does not say why they were cancelled.
12 Dec 2012investor presentation● Neutral
December 2012 investor presentation. The visible text is disclaimer only and carries no new figures or results.
3 Dec 2012farm in farm out agreement● Neutral
CWH's own notice of the same non-binding heads of agreement: $35m of exploration funding for 70% of WA-442-P and NT/P81. The heads run to 31 May 2013, with a definitive agreement hoped for before 31 December 2012. May need CWH shareholder approval.
3 Dec 2012farm in farm out agreement▲ GoodMajor
Non-binding heads of agreement: CWH Resources would fund $35m of work to earn 70% of the Bonaparte permits WA-442-P and NT/P81, take over as operator, and leave Tangiers with 27% (Ansbachall 3%). Subject to a full agreement, due diligence and approvals. Follows the ISIS-run farm-out process.
3 Dec 2012farm in farm out agreement▲ GoodMajor
Farm-out agreement with Galp Energia for 50% of Tarfaya Offshore; Galp becomes operator, Tangiers drops from 75% to 25%, ONHYM stays at 25%. Galp spends US$41m, including up to US$7.5m of back costs repaid to Tangiers, and a well before mid-2014. Needs Moroccan approval.
27 Nov 2012asset acquisition disposition● Neutral
Tangiers withdraws from and relinquishes ATP 587, an onshore Queensland Cooper-Eromanga permit, calling it a legacy asset with little exploration progress. Consistent with the shift to African opportunities.
