Past year: ▼ 2%(1.80c – 3.60c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
8 Nov 2012capital raising announcement▲ GoodMajor
Share purchase plan closes heavily oversubscribed, raising $2m at 28c instead of the planned $800,000, after $3.8m of applications were scaled back to about 52%. With the $5m placement, total is about $7m, subject to a 16 November shareholder vote on the second tranche.
26 Oct 2012other● Neutral
Notice that UK broker Peel Hunt has published research on Tangiers. No content or figures are given in the announcement.
3 Oct 2012capital raising announcement● Neutral
Share purchase plan opens 8 October and closes 2 November at A$0.28, up to $15,000 per eligible shareholder, capped at about $800,000. The price is a 13.58% discount to the recent average close. Administrative follow-up to the September raise.
24 Sept 2012capital raising announcement● NeutralMajor
Raise upsized to up to $5.8m: $5m placement of about 18.2m shares at A$0.28 plus an $800,000 share purchase plan. Proceeds are to fund the new board's push into African farm-ins and acquisitions, a shift from the Morocco and Australia focus.
What it means for a shareholder
18.2m new shares at A$0.280 to raise about A$5.0m. That's 15% dilution: every existing holder's slice gets 15% smaller. If you held A$1,000 of shares (3,571 at the issue price), your slice goes from 0.00333% to 0.00285% of the company. To keep it you'd need 606 more shares - about A$170 at the issue price.
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24 Sept 2012investor presentation● Neutral
September 2012 investor presentation. The visible text is disclaimer only and carries no new figures or results.
21 Sept 2012capital raising announcement● NeutralMajor
Plans a $5m raise: a $4.2m placement at 18p (A$0.28) plus a $0.8m share purchase plan. First tranche of 8,120,500 shares (about £1.45m) issues now; about $2m needs shareholder approval at an EGM in late October.
What it means for a shareholder
8.1m new shares at about A$0.5172 to raise about A$4.2m. That's 7.0% dilution: every existing holder's slice gets 7.0% smaller. If you held A$1,000 of shares (1,933 at the issue price), your slice goes from 0.0018% to 0.00168% of the company. To keep it you'd need 146 more shares - about A$76 at the issue price.
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13 Sept 2012half year report▼ Bad
Half-year to 30 June 2012: loss of $4.98m, mostly from $3.68m of share-based payments; cash $0.64m (down from $1.45m at Dec 2011). Capitalised exploration $4.7m. Auditor now listed as Ernst & Young. Tarfaya 3D processing is due late October.
7 Sept 2012director officer appointment● NeutralMajor
Former Woodside executive Eve Howell becomes Executive Chairman and geologist Max de Vietri joins as non-executive director. Mark Ceglinski and Graham Anderson resign. Howell says the aim is to grow Tangiers into an African petroleum company by acquiring and developing African assets.
4 Sept 2012capital raising announcement● NeutralMajor
Placement of 3,562,222 shares at 18 pence to UK investors raises about £641,200, run by Old Park Lane. A second small raise within a month, after A$0.85m in August. Use of funds not stated.
23 Aug 2012director officer appointment● Neutral
Kelvin Tan replaces Graham Anderson as joint company secretary; Anderson stays as non-executive director. The registered office moves to Level 6, 5 Mill Street, Perth. Administrative.
21 Aug 2012investor presentation● Neutral
August 2012 investor presentation. The visible text is disclaimer only and carries no new figures or results.
20 Aug 2012investor presentation● Neutral
Notice of an audio broadcast on 20 August 2012 with the chairman and exploration director about the new NT/P83 permit. No new information.
14 Aug 2012asset acquisition disposition▲ GoodMajor
Tangiers is granted exploration permit NT/P83 in the Arafura Sea, about 15,000 sq km, 100 km north of Darwin, after a work program bid. Initial plans are studies and 500 km of 2D seismic. Adds a third area to the Morocco and Bonaparte portfolio.
8 Aug 2012capital raising announcement● NeutralMajor
Placement of about 2.57m shares at A$0.33 raises about A$0.85m for working capital, from UK and Australian investors. Priced well below the 50c placement of January 2012 (inference: a notably lower price) and a small raise.
What it means for a shareholder
2.6m new shares at A$0.330 to raise about A$850,000. That's 2.5% dilution: every existing holder's slice gets 2.5% smaller. If you held A$1,000 of shares (3,030 at the issue price), your slice goes from 0.00301% to 0.00293% of the company. To keep it you'd need 77 more shares - about A$25 at the issue price.
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31 May 2012investor presentation● Neutral
Annual General Meeting presentation dated 31 May 2012, a 2011/12 review. The visible text is disclaimer only; no new information is shown.
8 May 2012investor presentation● Neutral
Presentation for the Oilbarrel conference on 10 May 2012. The visible text is disclaimer only and carries no new results or figures.
23 Apr 2012annual report● Neutral
Re-lodged 2011 annual report with the same chairman's letter and content as the 30 March version. The visible text shows no new information (the letter is dated 29 March 2011, apparently a typo; inference).
3 Apr 2012resource reserve update▲ GoodMajor
ISIS's independent report on the Milligans Fan oil play (Turtle/Barnett permits, 90% held) identifies 14 leads with 683m barrels mean unrisked oil in place and 218m barrels mean prospective resource. First oil volumes for these permits, following the Nova gas estimate. Undrilled and unrisked.
30 Mar 2012annual report● Neutral
Annual report for year to 31 December 2011. The chairman restates the 867m barrel Tarfaya estimate, the completed 670 sq km 3D survey (data mid-2012), Nova's 3.46 TCF and the 3 Feb 2012 AIM admission, and says a farm-out is sought in 2012. Financial statements not visible in the text.
3 Feb 2012listing compliance notice▲ GoodMajor
Tangiers begins trading on London's AIM on 3 February 2012 under ticker TPET, alongside its ASX listing. This completes the Q4 2011 listing target, delayed to February. The company says the A$6.35m placement will fund Morocco and Australia exploration.
30 Jan 2012capital raising announcement▲ GoodMajor
Placement of about 12.7m shares at 50c (A$0.33 pence-equivalent GBP) raises about $6.35m from US, UK and Australian investors, alongside the AIM listing. Funds go to Morocco and Australia exploration, AIM costs and working capital. Follows $2m raised from Range at 40c.
What it means for a shareholder
12.7m new shares at A$0.500 to raise about A$6.3m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (2,000 at the issue price), your slice goes from 0.00228% to 0.00199% of the company. To keep it you'd need 289 more shares - about A$145 at the issue price.
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16 Jan 2012other● Neutral
New company constitution, adopted 2 December 2011, lodged with ASX. Text visible is standard constitution clauses; the announcement itself carries no new commercial information.
6 Jan 2012listing compliance notice▲ Good
Tangiers lodges its AIM pre-admission announcement, with admission expected around 3 February 2012 under ticker TPET, alongside the ASX listing. Directors and associates agree not to sell for one year from admission. Follows the 2011 AIM plans.
20 Dec 2011investor presentation● Neutral
Notice of an audio broadcast on 20 December 2011 with Chairman Ceglinski about the accelerated Moroccan exploration. No new information.
19 Dec 2011contract award▲ GoodMajor
Agreement with Polarcus Samur to shoot about 677 sq km of 3D seismic at Tarfaya over Assaka, Trident and TMA, about 25 days. Completes the Phase 1 work commitment early. The company says this could speed drilling; the three have NSAI best estimate 758m bbl.
2 Dec 2011investor presentation● Neutral
General Meeting investor briefing presentation, with a disclaimer tied to the AIM process. The visible text is mostly disclaimer and carries no new results or figures.
30 Nov 2011resource reserve update▲ Good
Interpretation of Lower Cretaceous Tan Tan intervals at Tarfaya identifies three new prospects (Apollo, Hermes, Hercules) plus more leads. The company believes potential may rival the four NSAI-validated Jurassic prospects (867m bbl best estimate). No volumes yet; independent assessment to follow.
28 Nov 2011admin correction● Neutral
Share registry services move to Computershare from close of business 30 November 2011. Administrative only; no change to the business.
24 Nov 2011resource reserve update▲ GoodMajor
An ISIS Petroleum Consultants report prepared for the AIM listing put Nova, in the 90%-owned Bonaparte Basin permits, at 6.93 TCF mean unrisked gas in place and 3.46 TCF mean unrisked prospective resource over about 450 sq km. That is far below Schlumberger's earlier 47.3 Tcf estimate, and the prospect is still undrilled.
1 Nov 2011material agreement● Neutral
Old Park Lane Capital is appointed joint AIM broker alongside Shore Capital for the proposed London listing. Listing is not yet confirmed.
