Past year: ▲ 75%(4.40c – 10.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
28 Sept 2010regulatory community update▲ GoodMajor
The $7m Commonwealth Geothermal Drilling Program grant agreement was finalised, resolving the earlier conditional award for Parachilna proof-of-concept drilling. First deep well Elendil 1 is now targeted for 2011.
3 May 2010farm in farm out completion▼ BadMajor
AGL declined its option to earn 50% of Parachilna by funding the first deep well, ending the Elendil 1 funding path awaited since February. AGL stays a 9.99% holder and funds Barossa. Torrens plans talks with another energy company.
16 Apr 2010capital raising announcement▲ Good
AGL subscribed for 776,710 shares at $0.25 ($194,177.50) to keep its 9.99% stake after the March option exercise, lifting cash to over $4m. Follows the ~$1.7m option raise.
What it means for a shareholder
776,710 new shares at A$0.250 to raise about A$194,178. That's 1.2% dilution: every existing holder's slice gets 1.2% smaller. If you held A$1,000 of shares (4,000 at the issue price), your slice goes from 0.00636% to 0.00628% of the company. To keep it you'd need 49 more shares - about A$12 at the issue price.
Create a free account to see this worked out for your own holding.
15 Apr 2010drilling spud▲ Good
Heat flow drilling began at the Barossa Project, 70 km north of Adelaide: five ~300m holes covering about 2,000 km2, funded by AGL under the alliance. AGL can earn 75% of any resource found by funding a confirmation well. Company's fourth SA drilling campaign.
9 Apr 2010capital raising announcement● NeutralMajor
The March 2010 option exercise raised about $1.7m, with roughly 25% of listed $0.25 options exercised; the rest expired on 31 March. Cash is now $3.9m. The $7m grant is described as conditional; AGL retains its first right to earn 50%.
16 Mar 2010half year report● Neutral
Half-year report to 31 December 2009: operating loss $307,664 (prior period $290,172). Text largely repeats the December quarterly: $7m grant, Melkor 1 and Nilpena seismic, new Company Secretary and Exploration Manager. Elendil 1 planned later this year.
9 Mar 2010security holder rights change● Neutral
Notice that listed $0.25 options (TEYO) expire 31 March 2010 unless exercised, with trading ending 24 March. The company has appointed BGF Capital as adviser and RBS Morgans as lead manager to maximise exercise proceeds, and encourages holders to exercise.
17 Feb 2010drilling result▲ GoodMajor
Melkor 1 (1,007m) final heat flow independently verified at 115 mW/m2, with modelled ~240°C at 4,500m. This firms up the Elendil 1 target. Reports went to AGL in February 2010, which has begun assessing its option to earn 50%.
16 Feb 2010drilling result▲ Good
The 30 km Nilpena seismic line north of Parachilna interprets basement at 3,500-5,000m under thick flat insulating sediments, which the company says de-risks the play. Elendil 1 is still planned for later in 2010, with AGL holding its option to earn 50%.
25 Jan 2010admin correction● Neutral
Administrative notice: head office moves to Subiaco, WA, with new phone and fax numbers, effective 22 January 2010. No bearing on projects or finances.
14 Dec 2009regulatory community update▲ GoodMajor
Torrens won the $7m matched Round 2 Geothermal Drilling Program grant for the Parachilna proof-of-concept, resolving the Round 2 bid after the Round 1 rejection. Management cites heat flows up to ~120 mW/m2 and modelled +200°C at ~4,000m.
27 Nov 2009investor presentation● Neutral
AGM presentation by John Canaris is essentially the same slide deck as the November conference presentation: 780,000 PJ resource, Treebeard 1A, Port Augusta, AGL partnership, $3.6m cash at Sept 2009. No new information.
20 Nov 2009director officer appointment● Neutral
Robert Hodby, an accountant with 15+ years' experience, becomes Company Secretary from 23 November 2009, replacing Jade Styants, who resigns effective 30 November after four years. Administrative change.
11 Nov 2009investor presentation● Neutral
November 2009 conference presentation by John Canaris repeating known facts: 780,000 PJ Parachilna resource, Treebeard 1A 98.4°C at 1,807m, Port Augusta results, AGL partnership, cash $3.6m at Sept 2009, ~56m shares. A Port Adelaide drilling is listed for early 2010. No new results.
11 Nov 2009investor presentation● Neutral
Chief Geologist Chris Matthews' conference presentation explains the company's heat flow and temperature modelling approach for the Torrens Hinge Zone, with basement at 3,200-4,500m in seismic. Largely technical background, repeating earlier results; no new figures of substance.
19 Oct 2009farm in farm out agreement▲ GoodMajor
Treebeard 1A at Parachilna finished at 1,807m with a preliminary 98.4°C bottom temperature. Torrens served AGL a Confirmation Well Notice, giving AGL first right to earn 50% by solely funding the ~4,500m Elendil 1 well. AGL's decision is now the key open item.
30 Sept 2009annual report● Neutral
Annual report for the year to June 2009. The provided text is largely empty, so no figures can be read. Text not readable.
20 Aug 2009director officer appointment▲ Good
Howard McLaughlin joins the board as an independent non-executive director from 1 September 2009. He is CEO of GreenTech Renewables, has 30+ years in petroleum including 19 at BHP Billiton, and was formerly CEO of Antares Energy. Board grows to five.
20 Aug 2009drilling result▲ Good
Port Augusta seismic (~22 km of 2D data) interprets basement at 3,500-4,000m under flat insulating cover over much of GEL 285. Together with the 93-101 mW/m2 drill results, management says a viable geothermal play could exist at 3,500-4,500m. Supports Port Augusta as a second target.
13 Aug 2009regulatory community update● Neutral
Torrens's Round 2 Geothermal Drilling Program application for up to $7m matched funding for Parachilna passed eligibility and goes to full merit assessment, with a decision due mid November 2009. This follows the failed Round 1 bid; no funding is yet secured.
30 July 2009drilling result▲ Good
Thorin 1, seven km north of the Davenport Substation, measured 93 mW/m2, above the 90 target. It extends the Port Augusta high heat flow zone north of Theoden 2 (101). Port Augusta seismic is complete, with basement under insulating sediments seen in early interpretation.
24 July 2009drilling progress report▲ Good
The Parachilna intermediary well (Treebeard 1A) read 94.7°C at 1,653m, described as promising. Final heat flow awaits equilibration. An interim reading from a hole still being drilled, with no new resource figure.
15 July 2009drilling result▲ GoodMajor
The 40 km Parachilna seismic line interpreted heat-producing basement at 3,000-4,500m under thick insulating cover, so the project was upgraded and intermediary drilling began. The Port Augusta seismic line was also completed, and AGL can earn 50% by funding a ~$10-15m confirmation well.
21 Apr 2009regulatory community update▼ BadMajor
Torrens's application for first-round Geothermal Drilling Program funding was rejected; two other companies won $7m each. Projects were judged more advanced. A setback for deep drilling funding; the company plans to apply in Round 2 (expected mid 2009).
14 Apr 2009drilling result▲ GoodMajor
Theoden 2 at Port Augusta recorded a heat flow of 101 mW/m2, above the 90 target, with modelled ~200°C at 4,300m. It sits 400m from the Davenport Substation, and an independent study put grid connection at as little as $10m.
13 Mar 2009other● Neutral
Notice that 9,877,501 shares and 3,131,250 options (25c, expiring 31 March 2010) leave escrow on 30 March 2009. Administrative; those holders become free to sell, which is a supply matter only (inference).
26 Feb 2009half year report● Neutral
Half-year report to 31 December 2008. The review of operations repeats known events: the Parachilna resource, AGL alliance, management changes, Port Pirie licences and TKHD1A result. Financial figures are not visible in the provided text.
2 Feb 2009drilling scheduled● Neutral
The 2009 heat flow drilling program has started at Adelaide Plains, moving to Port Augusta once approvals are in. About 3,000m over six shallow holes (~500m), running to April 2009. Described as fully funded with the $3m REDI match.
28 Jan 2009drilling result▲ GoodMajor
Heat flow from shared 2008 holes: 96 mW/m2 at TKHD1A (Port Augusta), above the 90 target, and 75 at Raitaro 1 (Adelaide Plains). Modelled ~200°C at 4,600m, 6 km from the grid. A promising second hot-spot candidate after Parachilna.
21 Jan 2009drilling progress report● Neutral
Torrens is mobilising a seismic crew for a ~40 km line across the Parachilna resource, to refine the 3D model and site a ~1,500m intermediary hole ahead of deep drilling. Government seismic was also completed at Port Augusta. Seismic is covered by REDI matched funding.
