Past year: ▼ 2%(1.80c – 3.60c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
29 July 2011quarterly activities report● Neutral
June quarter report: NSAI Tarfaya resource report delivered (867 million barrels best estimate). Fugro reprocessing is 71% (2D) and 80% (3D) complete. Five contractors have bid for the Tarfaya 3D survey. Turtle/Barnett reprocessing is near 90% done. Farm-out and AIM listing efforts continue. No wells drilled.
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.
29 Apr 2011quarterly activities report● Neutral
March quarter report: Fugro Tarfaya and Quantum Turtle/Barnett seismic reprocessing have started. Netherland Sewell is appointed for independent resource assessments, and data rooms are open for farm-outs. The company is also exploring an AIM listing. No wells drilled.
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.
31 Jan 2011quarterly activities report● Neutral
December quarter report: Fugro awarded the Tarfaya seismic reprocessing (2,209 km 2D, 580 sq km 3D), starting March 2011 pending ONHYM data. A data room for finding a Tarfaya partner opens in Q1 2011. Turtle/Barnett evaluation suggests potential economic development. No wells drilled.
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.
Create a free account to see this worked out for your own holding.
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.
28 Oct 2010agm notice● Neutral
Letter to shareholders confirms the 9 November general meeting is cancelled following the board changes on 27 October 2010.
26 Oct 2010quarterly activities report● Neutral
September quarter report: Tarfaya work finds gas chimneys, and Assaka and La Dam prospects are called near drill-ready. Farm-out documents are ready, with data viewing for selected parties from Q4. Turtle/Barnett seismic reprocessing is expected by mid-2011. No wells drilled.
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.
