Past year: ▼ 2%(1.80c – 3.60c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
22 May 2014drilling scheduled▲ Good
The Ralph Coffman jack-up rig has mobilised and TAO-1 is on track to start mid-late June. The announcement restates 190m barrels net unrisked prospective resource (758m gross, 25% interest), a 2011 NSAI estimate. Corrected in the next release.
1 May 2014farm in farm out completion▲ GoodMajor
Morocco's ONHYM signed the amended association contract, satisfying the last condition of the Galp farm-out. Galp now owes Tangiers US$7.5m back costs and the US$3m guarantee is returned. TAO-1 is on track for June, resolving the open approval thread.
24 Mar 2014drilling scheduled▲ GoodMajor
Galp has signed a novation to secure the Ralph Coffman jack-up rig for TAO-1 offshore Morocco, with the site survey complete and spud scheduled for Q2 2014. NOPTA confirmed cancellation of WA-442-P and NT/P81, ending Australian acreage. New directors are being selected.
20 Dec 2013farm in farm out completion▲ GoodMajor
Morocco's energy and finance ministries approved the assignment of 50% of Tarfaya to Galp, which becomes operator; Tangiers keeps 25%. Galp must spend US$40.5m, including up to US$7.5m back costs to Tangiers. Completes the long-pending farm-out; TAO-1 targeted first half 2014.
22 May 2013farm in farm out completion▲ GoodMajor
Tangiers executed the Bonaparte farm-out with CWH: CWH funds up to A$35m for 70%, Tangiers keeps 27%, Ansbachall 3%. It resolves the December heads of agreement but remains conditional on a work-commitment extension and a joint operating agreement.
22 May 2013farm in farm out completion▲ Good
CWH says the Bonaparte farm-out agreement is executed: 70% CWH, Tangiers 27%, Ansbachall 3%, with up to A$35m of CWH funding. Still conditional on FIRB and CWH approvals, and possibly a CWH shareholder vote in June or July.
10 May 2013farm in farm out agreement● Neutral
CWH's own notice of the same final terms: A$35m cap, about A$4m needed in the first 12 months, debt-funded. Conditions include FIRB approval and possibly CWH shareholder approval. Signing is due the week of 20 May.
10 May 2013farm in farm out agreement▲ GoodMajor
Tangiers' board approved final terms of the Bonaparte farm-out: CWH funds up to A$35m of seismic and drilling for 70%, leaving Tangiers 27% and Ansbachall 3%. Signing is due the week of 20 May. This firms up the December non-binding heads of agreement.
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.
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.
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 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.
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.
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.
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.
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.
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.
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.
12 Nov 2008drilling progress report▼ Bad
Report 19: wireline logs have been run at 894m with no hydrocarbon indications, and the rig is being rigged down. Next step is to plug and abandon the well. Formation tops were revised slightly (Nannyarra now 713m).
12 Nov 2008drilling result▼ BadMajor
DVM confirms Lake MacLeod 1 reached 894m and logs show no commercial hydrocarbons; the well is being plugged and abandoned. This is DVM's second dry hole after Star Finch 1, ending its 10% farm-in with no discovery.
11 Nov 2008drilling progress report● Neutral
Report 18: Lake MacLeod-1 reached 894m in Nannyarra Sandstone with no hydrocarbon indications. The crew is pulling out of the hole to run electric wireline logs to evaluate the reservoir sections.
10 Nov 2008drilling progress report● Neutral
Report 17: Lake MacLeod-1 drilled from 747m to 873m in Nannyarra Sandstone with no hydrocarbon indications. Proposed total depth is now 900m, down from the earlier 1,000m. Wireline logging to follow.
7 Nov 2008drilling progress report● Neutral
Report 16: Lake MacLeod-1 was at 747m on 6 November and 750m next morning, in Nannyarra Sandstone, with no hydrocarbon indications. Bit change and blow-out equipment test completed; wireline logging is next. Release shows proposed depth as 760m, against 1,000m earlier.
6 Nov 2008drilling progress report● Neutral
Report 15: Lake MacLeod-1 reached 745m, now in Nannyarra Sandstone (top 708m, revised), with no hydrocarbon indications. The rig is testing blow-out equipment after a bit change, then will drill a little further and run wireline logs.
4 Nov 2008drilling progress report● Neutral
Report 13: Lake MacLeod-1 at 697m, reported as in the Nannyarra Sandstone (top 668m). No hydrocarbons in the Gneudna limestones. Empire corrected this the next day. Wireline logging is being prepared.
4 Nov 2008drilling progress report▼ Bad
DVM says Lake MacLeod 1 drilled the primary Gneudna objective with no hydrocarbon indications, and reported the top Nannyarra at 668m. Drilling continues to 1,000m, then logging. Negative so far; Empire later corrected this depth call.
3 Nov 2008drilling progress report● Neutral
Report 12: Lake MacLeod-1 drilled from 568m to 657m over three days, reaching 666m on 3 November in Gneudna limestones. No hydrocarbons reported in the Gneudna so far.
31 Oct 2008drilling progress report● Neutral
Report 11: Lake MacLeod-1 passed through the Birdrong Sandstone (542m) with no shows, and Gneudna Formation top came at 559m, near prediction. Drilling at 573m; reservoir evaluation continues, no hydrocarbons in top Gneudna limestones.
