Past year: ▼ 2%(1.80c – 3.60c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
5 Dec 2013business combination● NeutralMajor
Tangiers launches a recommended off-market takeover of Jacka Resources at 0.468 Tangiers shares per Jacka share, valuing Jacka at about A$0.112 a share (approx. A$37m). Tangiers holders would own about 53% of the combined company; Bob Cassie becomes Managing Director.
5 Dec 2013agm notice● Neutral
Tangiers cancels the general meeting set for 11 December and will reschedule it in early 2014, to give shareholders more time to consider the Jacka takeover information.
4 Dec 2013other● NeutralMajor
Tangiers requested a voluntary trading suspension from 4 December 2013, pending an announcement about a potential corporate transaction. No details given.
29 Nov 2013joint venture update▲ Good
Tarfaya update: the site survey vessel has reached Morocco and Galp is screening for a rig. The Joint Order assigning 50% to Galp has been signed by the Energy Minister, with the Finance Ministry signature expected shortly. Closer to completing the farm-out.
19 Nov 2013regulatory community update▼ Bad
Letter explains the CWH termination: 176 companies were approached and only CWH offered a significant A$35m against a work commitment over A$60m. The 3D seismic would cost about A$10m. Tangiers has asked for another extension and awaits a government reply.
28 Oct 2013quarterly activities report● Neutral
September quarter: the CWH deal lapsed and was terminated on 8 October; a suspension application for WA-442-P was met by a request for a seismic vessel contract. Net cash A$1.62m excluding the US$3m guarantee. Galp ministerial order still awaited; Tarfaya well targeted for first half 2014.
10 Oct 2013capital raising announcement▲ GoodMajor
Foster Stockbroking has fully underwritten the 16c options expiring 31 October, securing about A$7.1m before fees (5% underwriting, 1% management, 2.5m options at 45c). With Galp proceeds, Tangiers expects about A$19m cash. Chairman discounts media reports of Moroccan approval delays.
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.
18 July 2013quarterly activities report● Neutral
June quarter: Galp assignment documents finalised for Moroccan ministerial approval, expected to close in Q3. Net cash fell to A$1.7m excluding the US$3m guarantee (net outflow A$1.013m). Well design and environmental contract (ERM) progressed; Africa new-venture screening continues.
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.
29 Apr 2013quarterly activities report▲ Good
March quarter: Morocco granted the Tarfaya extension to August 2014, meeting one condition for the Galp deal. Net cash fell to A$2.7m excluding the US$3m guarantee after an A$1.421m outflow. Rig tender and site survey have begun, and African new-venture screening continues.
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.
