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).
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
31 Jan 2012quarterly activities report● Neutral
December quarter report: the 670 sq km Tarfaya 3D survey over Trident, TMA and Assaka is complete, on schedule and budget, with processing tenders to follow. Nova CPR noted; ISIS is preparing a farm-out document for the Bonaparte permits. No wells drilled.
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.
14 Nov 2011agm notice● Neutral
Venue change for the General Meeting on 2 December 2011, now at 235 St Georges Terrace, Perth. Administrative only; the text does not state the meeting's business.
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.
31 Oct 2011quarterly activities report● Neutral
September quarter report: Range's 5,000,000-share investment (about 5.7%) is noted. Fugro Tarfaya reprocessing and Quantum Turtle/Barnett reprocessing are complete. ISIS Petroleum Consultants are engaged for Zeus/Little Zeus (early November) and Nova/Super Nova resource evaluations. No wells drilled.
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.
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.