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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
31 Jan 2013quarterly activities report▲ Good
December quarter: Assaka 3D processing finished and confirmed the Trident, Assaka and TMA prospects. A$7.2m raising completed; net cash A$4.2m excluding the US$3m Morocco guarantee. Robert Dalton appointed CFO. Galp deal and CWH heads of agreement still await conditions.
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.
16 Nov 2012agm notice● Neutral
Chairman's address to the general meeting: about $7m raised, Tarfaya extension application lodged, both farm-outs progressing, and a plan to become an Africa-focused company seeking new blocks. Further capital raising is possible in 2013. Repeats known points.
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.
30 Oct 2012quarterly activities report● Neutral
September quarter report: Tarfaya 3D processing now due late November (previously late October), and Tarfaya area is cut to 11,281 sq km after relinquishment. Both farm-outs now expected by end of 2012. Bonaparte 3D tenders are being evaluated. African growth strategy under way.
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 July 2012quarterly activities report● Neutral
June quarter report: CGG Veritas is processing the 677 sq km Tarfaya 3D, due late October 2012. Macquarie held London farm-out presentations in June, and both farm-outs are expected to complete in the second half of 2012. Seismic tenders issued for about 650 sq km over the Bonaparte permits.
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.
30 Apr 2012quarterly activities report● Neutral
March quarter report: Tarfaya 3D processing tenders issued with award expected imminently, and Macquarie appointed to finalise the Tarfaya farm-out. ISIS engaged to run the Bonaparte farm-out. The A$6.35m placement and AIM admission are noted as completed. No drilling.