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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
30 July 2010quarterly activities report● Neutral
June quarter report: Irriculla 2 farm-out of 20% and the Turtle/Barnett award are noted. Unsolicited interest in Tarfaya data is reported, and seismic review has begun. The permits were renamed WA-442-P and NT/P81. No drilling results.
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.
30 Apr 2010quarterly activities report● Neutral
March quarter report restates the Tarfaya acquisition (US$1m spend over 30 months) and the April Turtle/Barnett award. It says a Barnett appraisal well is scheduled in year two and new Turtle 3D seismic is planned. No new results.
23 Apr 2010agm notice● Neutral
Chairman's letter sends the AGM notice for 24 May 2010 and an independent Strachan Corporate report. Resolution 3 proposes renaming DVM to Tangiers Petroleum (code TPT), reflecting the Tarfaya and Turtle/Barnett acquisitions.
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.
23 Apr 2010agm notice● Neutral
Administrative notice that the chairman's letter, AGM notice and the Strachan Corporate report were mailed to shareholders. No new information.
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.
29 Jan 2010quarterly activities report● Neutral
December quarter: cash was $1.645m. DVM applied in December 2009 for a 90% interest in the Turtle and Barnett permits (result expected mid-2010). The overseas permit talks are advancing, and ATP-587-P is still being marketed to a partner.
30 Oct 2009quarterly activities report● Neutral
September quarter: cash fell to $1.862m (from $2.093m). DVM began marketing ATP-587-P for a joint venture partner, hoping for a well in 2010. The overseas offshore permit is still pending, and Turtle/Barnet tenders close in early December.
25 Aug 2009half year report● Neutral
Half-year to 30 June 2009: loss was $484,544 (2008: $969,653). DVM is still weighing a new Irriculla 2 well or a re-entry on ATP-587-P, and says it applied in July 2009 for a significant overseas exploration project. Repeats known facts.
31 July 2009quarterly activities report● Neutral
June quarter: cash was $2.093m. The Bonaparte block bid failed, and Turtle/Barnett were gazetted for new applications. DVM reprocessed 544km of seismic on ATP-587-P and has applied for an unnamed overseas offshore project.