7 Dec 2007admin correction● Neutral
Re-release of the 10 December heat flow announcement, apparently correcting the date to 7 December. The text is otherwise identical, with the same 90 mW/m2 Torrens 1 and 77 mW/m2 Edeowie 1 results.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
7 Dec 2007drilling result● NeutralMajor
First heat flow results: Torrens 1, about 15km from the power grid, measured 90 mW/m2, meeting target. Re-logging Edeowie 1 gave 77 mW/m2, 25% below the 1981 figure, contradicting the earlier 106-108 modelling basis. Seven more holes are under way.
20 Nov 2007investor presentation● Neutral
AGM presentation repeating known facts: first heat flow wells spudded, results to follow, about 50 million shares, and cash of $5.658m plus the $3m REDI grant. No new results.
31 Oct 2007quarterly activities report● Neutral
September quarter report: drilling started in October, permitting is complete, and cash is about $5.7m. It restates the $3m REDI grant matching Torrens' $3m, forming a $6m program, plus $400,000 of federal seismic work. No results yet.
24 Oct 2007drilling spud▲ GoodMajor
Drilling began north of Port Augusta: a nine-hole heat flow program over 2,000 km2, the first stage of a $6m program including the $3m REDI grant. This starts the drilling promised since listing.
18 Oct 2007annual report● Neutral
Annual report for the year to 30 June 2007, adding a chairman's report to the earlier accounts. It cites more than 1,100 shareholders, the $3m REDI grant, and the second-largest geothermal holding in Australia. No new results.
28 Sept 2007annual report● Neutral
Statutory accounts for the year to 30 June 2007, with the corporate directory and governance statement. The visible text carries no financial figures; the same report was re-issued with additions on 18 October.
27 Aug 2007regulatory community update▲ GoodMajor
Torrens was offered a $3 million federal REDI grant to speed drilling and 3D temperature modelling, alongside about $5.8m cash. This resolves the pending grant application and nearly doubles the money available for exploration.
13 Aug 2007regulatory community update▲ Good
The Federal Government's planned $59m Onshore Energy Security Programme will include seismic surveys across Torrens licences worth over $400,000, done by Geoscience Australia. This is government-funded work, not cash to the company.
9 Aug 2007contract award▲ Good
Torrens signed a drilling contract with Underdale Drillers, with drilling to start early October 2007 in the Torrens and Barossa-Clare areas. The $100,000 PACE grant will fund Barossa-Clare drilling. Approvals are under way.
2 Aug 2007investor presentation● Neutral
Conference presentation repeating known facts: ~$6m cash, ~$50m market capitalisation, restructured board, and modelled 200-240°C at 5,000m. Edeowie 1 heat flow is quoted at 108 mW/m2. No new results.
31 July 2007quarterly activities report● Neutral
June quarter cash report: cash fell to $5.881 million from $6.155 million, with operating and investing outflow of $214,000. GEL 278, GEL 285 and GEP 5 were added at 100%. Planned outflow next quarter is $400,000.
31 July 2007quarterly activities report● Neutral
June quarter report restating GEL 278 and 285 additions (16 licences), acceptance of Victorian permit GEP 5, Edeowie 1 modelling of ~230°C at depth, and drilling now scheduled for October. Drilling date slips from the earlier September plan.
10 July 2007director officer appointment● NeutralMajor
Board reshuffle: David Eiszele (ex-Western Power) and Marcus Gracey (lawyer) joined as non-executive directors. Dr Dennis Gee became chairman, replacing Mal James, who stays on as a strategic adviser under a service agreement.
25 June 2007asset acquisition disposition▲ Good
Torrens was offered GEL 285 at Port Augusta, covering the Northern and Playford power stations, bringing its holding to 16 licences and about 7,700 km2. It opens possible hybrid coal-geothermal and desalination uses, which are unproven concepts.
25 June 2007asset acquisition disposition● Neutral
Media release repeating the GEL 285 Port Augusta licence offer and its potential for hybrid power and geothermal desalination. It adds no new figures beyond the earlier announcement the same day.
31 May 2007regulatory community update● Neutral
Torrens commented on Labor's proposed $50 million dollar-for-dollar geothermal drilling matching fund, saying it is well placed to benefit. This is an opposition policy proposal, not a funding award; drilling is still planned for September 2007.
30 Apr 2007drilling result▲ Good
Modelling using an old 1981 petroleum well (Edeowie 1) at GEL 278 predicts about 230°C at 5,000m, with heat flow of 106 mW/m2 versus the 90 target. This is a prediction, to be tested by shallow core drilling from September 2007.
26 Apr 2007quarterly activities report● Neutral
March quarter report: the $6m IPO completed and listing occurred on 30 March; 14 South Australian licences (about 6,700 km2) held. Modelling suggests 200°C+ below 5,000m. $100,000 PACE grant awarded; shallow heat-flow drilling planned for September-October.
26 Apr 2007quarterly activities report● Neutral
March quarter cash report: cash at quarter end was $6.155 million after $6.067 million raised from share issues. Operating and investing outflow was $66,000 for the quarter. Planned exploration spending next quarter is $400,000.
26 Apr 2007asset acquisition disposition▲ Good
Torrens was offered two geothermal exploration permits in Victoria in a government tender, located near Melbourne. This adds a second state to its South Australian-focused portfolio; no size or cost was given.
17 Apr 2007asset acquisition disposition▲ Good
Torrens accepted an offer of a 15th geothermal licence, GEL 278, north of Port Augusta, lifting its 100%-owned South Australian holding to 7,200 km2. Grant is scheduled for early July, with drilling still planned from September.
30 Mar 2007capital raising announcement▲ GoodMajor
Torrens Energy listed on the ASX after closing its $6 million IPO (30 million shares at 20c) early and heavily oversubscribed. It holds 14 geothermal licences near Adelaide, with exploration drilling planned for the September 2007 quarter.
What it means for a shareholder
30.0m new shares at A$0.200 to raise about A$6.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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5 Mar 2007capital raising announcement● NeutralMajor
Torrens Energy issued a prospectus to raise $6 million by offering 30 million shares at 20 cents, with one free listed option per two shares. It is a hot fractured rock geothermal explorer; this is the IPO that precedes its ASX listing.
What it means for a shareholder
30.0m new shares at A$0.200 to raise about A$6.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.