Past year: ▼ 2%(1.80c – 3.60c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
22 Nov 2010investor presentation● Neutral
November 2010 company update from Tangiers (TPT) restating its Tarfaya (75%, 15,000 sq km) and Turtle/Barnett story. Shows 71.2m shares rising to 81.9m after the placement and rights issue, and a 17c share price. No new results.
11 Nov 2010director officer appointment● Neutral
Graham Anderson and Krystel Wathelet replace Michael Higginson as joint company secretaries. The registered office moves to West Perth.
2 Nov 2010security holder rights change● Neutral
Proposed grant of 7.5m incentive options at 16 cents, expiring 31 October 2013, to the new directors Villemarette and Ceglinski (3m each) and Burgess (1.5m). Subject to shareholder approval.
1 Nov 2010director officer appointment● NeutralMajor
Mark Ceglinski was appointed Chairman on 1 November 2010, following the board changes.
28 Oct 2010director officer appointment● NeutralMajor
Rowe, Wale and Dawson resigned and Villemarette and Ceglinski were appointed. The board is now Burgess, Villemarette and Ceglinski, and the 9 November general meeting will be cancelled. Settles the requisition without a vote.
21 Sept 2010director officer appointment● Neutral
Company secretary Michael Higginson was appointed alternate director for chairman Chris Rowe. Administrative notice amid the board dispute.
13 Sept 2010half year report● Neutral
Half-year report to 30 June 2010 includes a clean review report from RSM Bird Cameron. Financial figures are not in the text provided. RSM appears as auditor, whereas Ernst & Young audited the prior year.
10 Sept 2010director officer appointment▼ BadMajor
The company received a requisition to remove chairman Rowe and directors Wale and Dawson and appoint Villemarette and Ceglinski. The board also removed Ivan Burgess as Managing Director; he stays as a non-executive director. A boardroom contest.
27 Aug 2010material agreement termination▼ BadMajor
Pancontinental will not proceed with its farm-in to ATP-587-P and Irriculla 2, citing remapping that raised the risk. This reverses its 20 May agreement.
27 Aug 2010asset acquisition disposition▼ BadMajor
Tangiers and Pancontinental will withdraw from ATP-587-P and surrender it, to focus on Tarfaya and Turtle/Barnett. Remapping raised the risk. The original vendors cancel 2.125m shares and escrow 2.125m until 30 June 2011. Ends the Irriculla 2 plan.
23 July 2010security holder rights change● Neutral
Directors propose 2.4m incentive options to the four directors, plus 300,000 to the company secretary, at 20, 25 and 30 cents, expiring 31 August 2013. Director grants need shareholder approval.
23 July 2010admin correction● Neutral
Corrects the split of the July incentive options: Rowe 600,000 and Burgess 1,200,000 (the earlier notice had these reversed). Totals are unchanged at 2.4m for directors.
26 May 2010other● Neutral
Shareholders approved the name change on 24 May 2010. DVM International becomes Tangiers Petroleum (ASX: TPT) from 28 May 2010.
26 May 2010security holder rights change● Neutral
Standard notice that the 20 cent options expire on 30 June 2010. The shares last traded at 8.7 cents, well below the exercise price, so exercise looks unattractive (inference).
20 May 2010farm in farm out agreement▲ GoodMajor
Pancontinental announces it will farm in to ATP-587-P for 20%, funding up to $500,000 of the estimated $1.5m Irriculla 2 well. This answers the search for a partner on that permit. Subject to final regulatory approval.
23 Apr 2010capital raising announcement▲ GoodMajor
The remaining shortfall from the entitlement issue was fully placed: 22.79m shares at 4 cents to Carmichael clients, raising $911,528. This completes the raising, bringing total shares to 71.24m, about double the earlier count.
What it means for a shareholder
22.8m new shares at A$0.040 to raise about A$911,528. That's 24% dilution: every existing holder's slice gets 24% smaller. If you held A$1,000 of shares (25,000 at the issue price), your slice goes from 0.0351% to 0.0266% of the company. To keep it you'd need 7,997 more shares - about A$320 at the issue price.
Create a free account to see this worked out for your own holding.
22 Apr 2010annual report● Neutral
Annual report for 2009 repeats the chairman's March letter: ATP-587-P is the most advanced project, Tarfaya is 75% held, and the Turtle/Barnett tender was undecided. Financial figures are not in the text provided.
14 Apr 2010asset acquisition disposition▲ GoodMajor
DVM accepts award of the Turtle and Barnett permits (W09-Special, NT09-Special) with a 90% interest as operator; Ansbachall holds 10%. Combined P50 is 44m barrels in place. It reverses the 2008 setback. Wells are planned for 2011 and 2012.
30 Mar 2010director officer appointment● Neutral
Chairman Christopher Rowe took up his full entitlement in the 1-for-1 issue, buying 796,843 shares for $31,873.72 and doubling his indirect holding to 1,593,686 shares. Routine director interest notice.
25 Mar 2010annual report● Neutral
Audited accounts for 2009. The chairman's letter repeats that ATP-587-P is the most advanced project and a well is hoped for in 2010. It notes the Tarfaya interest and the Turtle/Barnet tender, decision not expected before mid-year. Financial figures are not in the text provided.
24 Mar 2010capital raising announcement▼ BadMajor
Shareholders took up only 12.12m of 35.62m shares offered, about 34%, leaving a 23.5m-share shortfall. Carmichael will try to place the shortfall. At 4 cents, the take-up raised about $485,000 before any shortfall placement.
15 Mar 2010capital raising announcement● Neutral
Reminder letter that the 1-for-1 issue at 4 cents closes on 19 March 2010. Funds are for Tarfaya, extra ATP-587 spending and working capital. No new information.
3 Mar 2010capital raising announcement● Neutral
The entitlement issue prospectus, supplementary prospectus and acceptance forms have been posted to shareholders in Australia and New Zealand. Administrative notice only.
2 Mar 2010admin correction● Neutral
Supplementary prospectus retracts the statement that Morocco is the company's major asset, saying it is too early to judge its value. Confirms 35.6m shares would be issued to raise $1.42m, and about $1.6m working capital. Tarfaya funding is about $822k.
11 Feb 2010investor presentation● Neutral
Presentation promoting Tarfaya (15,041 sq km, 23 km from the Cap Juby field) and ATP-587-P. It states Irriculla 2 drilling is planned for mid-2010, with a P50 of 12.8m barrels in place. Mostly repeats known facts.
8 Feb 2010capital raising announcement● Neutral
Cover letter to shareholders for the 1-for-1 entitlement issue at 4 cents, about $1.42m before costs. Funds are for Tarfaya and working capital. Carmichael gets a 1% management fee and 5% on shortfall placed. Repeats the prospectus; no new substance.
8 Feb 2010asset acquisition disposition▲ GoodMajor
DVM agrees to acquire a 75% operated interest in the Tarfaya Offshore Block, Morocco (eight permits, over 15,000 sq km). This is the overseas project it had been pursuing. Commitment is US$1m over 2.5 years and three wells over four years. Targets exceed one billion barrels in place.
8 Feb 2010security holder rights change● Neutral
Notice to optionholders that to take part in the 1-for-1 issue at 4 cents they must exercise options before the 25 February 2010 record date. Administrative notice only.
8 Feb 2010other● Neutral
ASX notice that DVM's trading suspension will be lifted once the company makes an announcement. The text gives no reason. The Tarfaya announcement was made the same day.
8 Feb 2010capital raising announcement● NeutralMajor
DVM launches a 1-for-1 non-renounceable entitlement issue at 4 cents to raise about $1.42m, not underwritten, with DJ Carmichael as broker for any shortfall. The funds are mainly for the new Tarfaya project. The first raising since the 2008 prospectus; it would double the share count.
