26 Oct 2011material agreement● Neutral
Shore Capital is appointed a broker for the proposed AIM listing, which the company expects to complete this quarter (Q4 2011). Listing is not yet confirmed.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
18 Oct 2011material agreement● Neutral
Casimir Capital is appointed Principal American Liaison to seek a US OTCQX listing, expected to take about 8 weeks and subject to approval. It would add to the ASX listing and the proposed AIM listing; not yet approved.
21 Sept 2011investor presentation● Neutral
Singapore-region investor summit presentation repeating known Tarfaya and Nova/Super Nova content. Updated statistics show 82.23m shares and a 67c price at 13 September, up from 24.5c in early August. No new results.
13 Sept 2011half year report● Neutral
Half-year report to 30 June 2011. The text visible here carries no financial figures. It says advanced farm-out talks are under way with several companies and drilling is expected from 2012. Funding may come from a farm-in, new equity, debt or a part sale.
8 Sept 2011investor presentation● Neutral
Oilbarrel conference presentation repeating the Tarfaya and Nova/Super Nova story and the 2012 plan of 4 wells and 2 seismic campaigns. Shows a 50c share price at 30 August and 82.03m shares. No new results.
8 Sept 2011investor presentation● Neutral
Notice of an audio broadcast on 9 September with Ceglinski and Hildick-Pytte about the Zeus prospect and the Range Resources partnership. No new information.
7 Sept 2011resource reserve update▲ GoodMajor
New seismic interpretation enlarges the Zeus closure at Tarfaya to about 1,030 sq km and maps six more Top Jurassic prospects, about 1,640 sq km in total across eight. These are mapped areas, not volumes; NSAI is to evaluate resources later.
2 Sept 2011capital raising announcement▲ Good
Range Resources confirms its $2m investment, 5 million shares at 40c. It says Tangiers intends to farm down Tarfaya (75%) soon and expects a 3D campaign and two wells there in 2012, plus two Australian wells. These are Range's statements of anticipated plans.
What it means for a shareholder
5.0m new shares at A$0.400 to raise about A$2.0m. That's 5.7% dilution: every existing holder's slice gets 5.7% smaller. If you held A$1,000 of shares (2,500 at the issue price), your slice goes from 0.00305% to 0.00287% of the company. To keep it you'd need 152 more shares - about A$61 at the issue price.
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2 Sept 2011capital raising announcement▲ GoodMajor
Range Resources subscribes for 5,000,000 shares at 40c, a $2m placement, to fund the proposed AIM admission and add working capital. This follows the 24.5c share price in August, and adds cash against the $2.43m held at 30 June.
What it means for a shareholder
5.0m new shares at A$0.400 to raise about A$2.0m. That's 5.7% dilution: every existing holder's slice gets 5.7% smaller. If you held A$1,000 of shares (2,500 at the issue price), your slice goes from 0.00305% to 0.00287% of the company. To keep it you'd need 152 more shares - about A$61 at the issue price.
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30 Aug 2011material agreement● NeutralMajor
RFC Corporate Finance is appointed Nominated Adviser for a proposed AIM (London) listing later this year, advancing the AIM exploration flagged earlier. On admission RFC gets 500,000 options at 50c over 3 years. Listing is not yet confirmed.
11 Aug 2011investor presentation● Neutral
Notice of an audio broadcast on 11 August 2011 with Ceglinski and Hildick-Pytte about the Nova and Super Nova prospects. No new information.
10 Aug 2011resource reserve update▲ GoodMajor
Schlumberger estimates unrisked gas-in-place of 107 Tcf (best estimate; range 71-148 Tcf) for Nova and Super Nova. This delivers the volumes promised on 4 August for the 90%-owned permits. These are unrisked prospect estimates, not discoveries.
10 Aug 2011investor presentation● Neutral
London investor update repeating the Tarfaya oil and Nova/Super Nova gas potential. Shows 82.03m shares, cash of $2.43m at 30 June and a 24.5c share price. It says 4 wells and 2 seismic campaigns are proposed for 2012. No new results.
4 Aug 2011resource reserve update▲ GoodMajor
Schlumberger (WesternGeco) mapping identifies two large deeper gas structures, Nova (crest about 3,425m, 240 sq km) and Super Nova (about 6,085m, 232 sq km), in the 90%-owned Turtle/Barnett permits. Volume estimates are to follow within weeks.
14 July 2011director officer appointment● Neutral
Margaret Hildick-Pytte, previously Manager - New Ventures and Senior Geological Consultant, is appointed Director of Exploration to drive the Morocco and Australia programmes, with drilling targeted for 2012. She receives 2m options at 22c, half vesting immediately and half in 12 months.
2 June 2011investor presentation● Neutral
Notice of an audio broadcast of the 31 May 2011 AGM presentation by Chairman Ceglinski and Margaret Hildick-Pytte. No new information.
31 May 2011investor presentation● Neutral
AGM presentation repeating the NSAI Tarfaya resource (867 million barrels best estimate), the Zeus prospects and open data rooms. Shows cash of $2.46m at 31 March 2011 and a 25c share price. No new results.
27 May 2011resource reserve update▲ GoodMajor
Independent consultant NSAI puts unrisked prospective oil at 867 million barrels (best estimate; high case 4,959m) across four Tarfaya prospects. This delivers the report due in the June quarter. Tangiers holds 75% and expects to drill at least one well in 2012.
3 May 2011annual report● Neutral
Financial report for the year to 31 December 2010, re-lodged with the directors' report. It lists the board (Ceglinski, Villemarette, Anderson) and Ceglinski's and Villemarette's appointments on 28 October 2010. The visible text has no financial figures.
31 Mar 2011annual report● Neutral
Annual report for the year to 31 December 2010, audited by RSM Bird Cameron. The visible text covers the board (Ceglinski, Villemarette, Anderson) and corporate details; financial figures are not in the text provided.
15 Mar 2011investor presentation● Neutral
Notice of an audio broadcast of Chairman Mark Ceglinski's 15 March 2011 conference presentation. No new information.
1 Mar 2011investor presentation● Neutral
Sydney conference presentation repeating known Tarfaya and Turtle/Barnett material. Shows the share price at 35c (market cap $29m) and $2.8m cash, up from 24c a month earlier. No new results.
1 Feb 2011investor presentation● Neutral
London investor briefing repeating the Tarfaya and Turtle/Barnett story. Shows 82.0m shares, 45.2m options at 16c, a 24c share price and $3.1m cash. No new results.
27 Jan 2011capital raising announcement▲ GoodMajor
Rights issue closed on 21 January 2011 fully subscribed. Shareholders took up 79% of entitlements (32.2m options); underwriters take the remaining 8.76m. It raised about $819,000 before costs, completing the pending raising.
10 Jan 2011capital raising announcement● Neutral
Re-release of the 22 December rights issue prospectus with the revised timetable (record date 6 January 2011). It covers 40.96m options at 2c, raising about $819,000, underwritten by Carmichael. No new terms.
24 Dec 2010other● Neutral
Company publishes its securities trading policy on insider trading and closed periods for directors and employees. Administrative document with no new business information.
23 Dec 2010admin correction● Neutral
Rights issue timetable revised again: ex date 30 December 2010, record date 6 January 2011. Closing date (21 January) and option issue date (28 January) are unchanged.
22 Dec 2010capital raising announcement● Neutral
The underwritten rights issue prospectus is lodged. ASX required a later record date (4 Jan 2011), so the issue grows to 40.96m rights at 2c, raising about $819,000 rather than about $712,000. This updates the 22 November terms; the extra rights come from the 10.69m placement shares.
21 Dec 2010director officer appointment● Neutral
Graham Anderson, already joint company secretary, becomes a non-executive director. Ivan Burgess, the former Managing Director removed in September, resigns as a director but stays as a consultant. His 1m proposed options resolution is withdrawn and he is paid two months in lieu of notice.
22 Nov 2010capital raising announcement▲ GoodMajor
Raised $1.7m via a placement of 10.69m shares at 16 cents, the maximum under its 15% capacity. A fully underwritten rights issue (1 for 2, 2 cents per right, exercisable at 16 cents to Oct 2013) targets about $712,000. Shares would reach 81.9m.
What it means for a shareholder
10.7m new shares at A$0.160 to raise about A$1.7m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (6,250 at the issue price), your slice goes from 0.00877% to 0.00763% of the company. To keep it you'd need 938 more shares - about A$150 at the issue price.
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