Past year: ▲ 75%(4.40c – 10.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
24 Nov 2008director officer appointment● NeutralMajor
Non-executive director John Canaris becomes Executive Director from 26 November 2008 on $220,000 a year, three-year term. This fills the leadership change flagged in October: Chris Matthews moves to Chief Geologist the same day. No new CEO is named.
24 Nov 2008investor presentation● Neutral
AGM presentation covering board, industry background and 2008 achievements. Shows 55.9m shares, cash of $6.84m at September 2008 and $8.8m including grants. Repeats the Parachilna resource and AGL alliance. Nothing materially new.
30 Oct 2008quarterly activities report● Neutral
September quarter report: recaps the 780,000 PJ Parachilna Inferred Resource and the start of 2008-9 drilling at Adelaide Plains and Port Augusta (up to 10 wells, ~5,000m). The first two wells are cost-shared with minerals explorers. Exploration is described as fully funded. No new results.
13 Oct 2008director officer appointment● NeutralMajor
CEO Chris Matthews will step down as CEO from 1 December 2008 and become Chief Geologist. A search for a replacement CEO has begun, with an announcement to come. The company gives no reason beyond freeing his time for technical work.
30 Sept 2008annual report● Neutral
Annual report to 30 June 2008: about $2.1m spent on direct exploration, $4.6m cash at year end, and 21 licences. It highlights the Parachilna resource and the AGL alliance as the year's key events.
11 Sept 2008drilling spud▲ GoodMajor
The first well of the 2008-9 program was spudded in the Adelaide Plains Project. Up to 10 wells (5,000m) are planned over about six months at Adelaide Plains and Port Augusta, with budget up 91% and described as fully funded.
20 Aug 2008resource reserve update▲ GoodMajor
First Inferred Resource for Parachilna: 780,000 PJ (±70,000) of stored heat over 1,200 km2, which the company calls the world's first code-compliant hot rock estimate. Heat flows were revised up for a calibration error. It is the first step toward AGL deep-well testing.
20 Aug 2008investor presentation● Neutral
Conference presentation repeating the AGL alliance, the Parachilna Inferred Resource and the 21-licence holding. It says Torrens aims to find three hot spots in the current program. Nothing materially new.
31 July 2008quarterly activities report▲ Good
June quarter report restating the AGL alliance ($2.2m at $0.40), the four new licences (21 licences, ~10,000 km2) and final Parachilna results up to 260°C modelled. A drilling contract is signed and cash is $6.7m. No new results.
9 July 2008farm in farm out agreement▲ Good
AGL's own release of the same deal: a 9.99% placement at $0.40 ($2.2m) and a Geothermal Alliance Agreement with an option to earn 50% of projects. Duplicates Torrens' announcement; it cites 5.5m shares versus Torrens' 5.6m.
9 July 2008remuneration report● Neutral
Proposed unlisted options for the four directors and company secretary (exercise prices $0.44-$0.99, expiring 30 June 2011), subject to shareholder approval, plus 150,000 options for a key employee. Routine incentive issue.
9 July 2008farm in farm out agreement▲ GoodMajor
Torrens signed a four-year Geothermal Alliance Agreement with AGL Energy. AGL buys 5.6m shares at $0.40 ($2.2m, 9.99%) and can earn 50% of any project by sole-funding a ~$10m deep well. This is the first major partner for the company.
20 June 2008asset acquisition disposition▲ GoodMajor
Four new geothermal licences (GELs 407-410) offered north of Parachilna, lifting the holding to 21 South Australian licences covering about 9,800 km2. They cover ground the heat anomaly extends into. No cost is stated.
15 May 2008drilling result▲ GoodMajor
Final heat flows from Balrog 1 (95 mW/m2) and Gandalf 1 (85 mW/m2) complete the first drilling round. The Parachilna anomaly grows to at least 800 km2 (up from 500+ km2), with up to 234°C modelled at 5,000m, still open to the north.
30 Apr 2008quarterly activities report● Neutral
March quarter report: five holes drilled, with heat flows of 106 mW/m2 at Nazgul and Sauron, and over 200°C modelled at about 4,000m at Parachilna. Edeowie fell to 70 mW/m2. 3D modelling began and 2008 drilling is being planned. Cash is $5.578m.
30 Apr 2008quarterly activities report● Neutral
Quarterly cashflow report: cash fell to $5.578m at 31 March 2008 from $5.695m, with no debt. About $450,000 of exploration spending is estimated for next quarter. Share count is about 50.1m.
7 Apr 2008other● Neutral
Torrens confirmed all shares linked to Opes Prime margin loans were sold in an orderly way, resolving the 3 April overhang concern. A second drilling round is scheduled for mid-2008.
3 Apr 2008other▼ Bad
Torrens said ANZ Nominees holds 1,644,867 shares (about 3.28%), which may be tied to margin loans with the collapsed Opes Prime. The company cannot confirm this; no directors have such loans, and brokers are working on orderly sales.
11 Mar 2008half year report● Neutral
Half-year report to 31 December 2007 restating the Parachilna discovery and results (up to 248°C modelled at 5,000m), the $3m REDI grant and the GEL 293 acquisition. Visible text shows no financial figures.
10 Mar 2008material agreement● Neutral
GulfX's own announcement of the cooperative exploration agreement with Torrens over about 100 km north-west of Adelaide: shared data and costs, and GulfX gets first priority for a production facility site. Duplicates Torrens' own release of the same day.
10 Mar 2008material agreement● Neutral
Torrens signed a cooperative exploration agreement with coal explorer GulfX over an area coinciding with GEL260, about 100 km north of Adelaide. They will share permitting costs and data, and GulfX gets first priority for a future production facility site. No payments are stated.
26 Feb 2008admin correction▼ Bad
Correction to the 25 February release: Gollum 1 is 90 mW/m2 and 202°C at 5,000m, not 111 mW/m2 and 247°C. Nazgul 1 and Sauron 1 stand at 106 mW/m2 and 248°C. This lowers one of the three headline holes to the target level.
25 Feb 2008drilling result▲ GoodMajor
Final heat flows were reported higher than preliminary, with 247-248°C modelled at 5,000m. The 'Parachilna Discovery' is 230m from a 132KV line, with a heat anomaly over at least 500 km2. The Gollum 1 figure was corrected the next day.
11 Feb 2008regulatory community update▲ Good
Torrens was awarded the $100,000 South Australian PACE grant for 2D seismic in the Adelaide Project Area, ahead of drilling planned for the second half of 2008. This follows the grant flagged in August 2007. It is a small amount.
6 Feb 2008other● Neutral
Administrative notice that 6,000,000 25c options (expiring 31 March 2010) are released from escrow on 22 February 2008. No project or funding news.
31 Jan 2008quarterly activities report▲ Good
December quarter report restated heat flow results of Gollum 105, Nazgul 102, Torrens 90 and Edeowie 77 mW/m2, plus the GEL 293 Port Adelaide acquisition and the IPO award. Cash was about $5.7m, with drilling continuing under the $3m REDI grant.
29 Jan 2008drilling result▲ GoodMajor
Early results from the Torrens drilling: Nazgul 1 (102 mW/m2) and Gollum 1 (105 mW/m2) beat the 90 mW/m2 target, with 240°C modelled at 5,000m. This builds on the Torrens 1 result and contrasts with the weak Edeowie 1 reading. Four holes finished, three under way.
15 Jan 2008other● Neutral
Administrative notice that 3,637,500 shares and 1,818,750 25c options (expiring 31 March 2010) leave escrow on 1 February 2008. No new funding or project news.
21 Dec 2007other▲ Good
Company announcement that Resource Stocks magazine named Torrens runner-up in its IPO of the Year awards. It recaps 2007: listing at a 100% premium to the 20c IPO price, the $3m REDI grant, and drilling begun on time and under budget. No new results.
11 Dec 2007asset acquisition disposition▲ GoodMajor
Torrens was offered a 17th licence, GEL 293 at Port Adelaide, lifting its holding to about 7,800 km2. It sits among four power stations (1,960MWe, 56% of SA supply), with desalination and hybrid pre-heating ideas; modelled 200°C+ at 5,000m, not drilled.
