Past year: ▲ 75%(4.40c – 10.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 Oct 2011quarterly activities report● Neutral
September quarter report restates the rights issue (about $900,000 at $0.045, ~62% take-up, cash about $3.7m) and the GDP grant termination. Board is actively seeking alternative resource projects. No new results.
30 Sept 2011annual report● Neutral
Annual financial report for year to 30 June 2011. The text supplied is mostly the corporate directory and governance statement, and is truncated before any financial figures. Board unchanged: Gee, Canaris, Eiszele, McLaughlin; Deloitte still auditor.
27 Sept 2011other● Neutral
Letter to shareholders: the rights issue netted about $900,000, lifting cash to about $3.7m, with over 60% take-up. Geothermal spending is deferred and licences move into new subsidiary TESA. The search for non-geothermal projects continues, with none yet chosen.
13 Sept 2011capital raising announcement▲ GoodMajor
The entitlement issue closed with about 62% take-up, raising about $594,000. The 8,019,424-share shortfall was placed to raise a further $361,000, bringing the total to roughly the targeted $955,000.
12 Aug 2011capital raising announcement● Neutral
Offer document for the 1-for-3 entitlement issue at 4.5 cents, up to $954,943, fully underwritten by Cygnet Capital. Directors Canaris, Eiszele and McLaughlin are partial sub-underwriters. Offer runs 25 Aug to 8 Sep 2011. Details of the already announced raise.
8 Aug 2011material agreement termination▼ BadMajor
Torrens and three other geothermal explorers signed deeds ending their Geothermal Drilling Program grants. For Torrens this ends the $7m Parachilna grant finalised in 2010; the joint statement cites economic conditions and funding difficulty. A new Emerging Renewables program opened.
8 Aug 2011material agreement termination▼ Bad
Re-release of the joint statement: Torrens and three other explorers mutually terminated their Geothermal Drilling Program grants, ending Torrens' $7m Parachilna grant. Duplicate of the other 8 August announcement.
2 Aug 2011capital raising announcement● NeutralMajor
Plans a 1-for-3 non-renounceable entitlement issue at $0.045 per share to raise about $954,942, underwritten by Cygnet Capital (21,220,947 new shares). Funds are for maintaining geothermal projects, reviewing resource opportunities and working capital. Follows cash of $3.29m in March.
What it means for a shareholder
21.2m new shares at about A$0.045 to raise about A$954,942. That's 25% dilution: every existing holder's slice gets 25% smaller. If you held A$1,000 of shares (22,222 at the issue price), your slice goes from 0.0349% to 0.0262% of the company. To keep it you'd need 7,407 more shares - about A$333 at the issue price.
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1 Aug 2011quarterly activities report● Neutral
June quarter report: SA regulator PIRSA approved suspending the Parachilna licence (GEL 230) until January 2012, deferring the 4,500m Elendil-1 well (est. $20m). GELs 227 and 501 surrendered. Board is seeking alternative resource projects.
13 July 2011other▲ Good
Company welcomes the government's carbon price ($23/tonne from July 2012) and says it drove an ~80% share price rise in recent days. Proof-of-concept drilling remains deferred. Promotional; no new company results or funding.
2 May 2011quarterly activities report▼ BadMajor
March quarter report: the company defers Elendil 1 deep drilling until market conditions improve, scales back fieldwork and surrenders non-core licences, citing weak investor sentiment. It is also looking at alternative exploration opportunities, a stated strategy shift. Cash $3.29m.
16 Mar 2011half year report▼ Bad
Half-year report to 31 Dec 2010: operating loss $503,833, up from $307,664 a year earlier. Recaps the finalised $7m grant, Mulgaria and the 850,000 PJ resource. Marcus Gracey shown as resigning 31 July 2010, answering the earlier unexplained departure.
17 Jan 2011quarterly activities report▼ Bad
December quarter report: recaps the 70,000 PJ Port Augusta resource and 850,000 PJ total. It also gives the Barossa result: the company says heat flows were anomalously high but below what is currently viable (47-75 mW/m2 in holes shown), ending that AGL-funded work.
29 Dec 2010other● Neutral
Securities trading policy rules for insiders trading in company shares. Text names Liberty Resources Limited, not Torrens, so it may be a template or misfiled. Administrative; no new company information.
20 Dec 2010security holder rights change● Neutral
2,930,000 unlisted employee options were cancelled under the employee option plan rules. No reason, exercise prices or cash effect are given in the text.
17 Nov 2010investor presentation● Neutral
AGEC conference presentation by the Managing Director recaps known facts: 70,000 PJ Port Augusta resource, 780,000 PJ Parachilna, $7m grant, $3.3m cash at Sept 2010, and Barossa results still pending. Proof-of-concept drilling shown as 'Delayed to 2011'. No new results.
15 Nov 2010resource reserve update▲ GoodMajor
First resource at Port Augusta (GEL 285): a 70,000 PJ Inferred Resource, estimated by Hot Dry Rocks. This is the second resource after Parachilna's 780,000 PJ, taking the total to 850,000 PJ. It sits near the Port Augusta power stations and grid.
10 Nov 2010regulatory community update▲ Good
Geoscience Australia's new OzTemp map of 5,000m temperatures, which for the first time uses company drilling data, shows high temperatures further south than previously thought. The company says this highlights its on-grid position. Promotional; no new company results.
27 Oct 2010quarterly activities report● Neutral
September quarter report: $7m grant finalised, Mulgaria licence acquired, Barossa drilling complete (six holes), results pending. Grant funds are paid on milestones including matched funding. Cash $3.3m. Largely repeats earlier announcements.
26 Oct 2010annual report● Neutral
Shareholder annual report for 2010 recaps the year: 780,000 PJ Parachilna resource, Melkor 1, Nilpena seismic, $7m grant, $1.7m option raise (25% uptake) and Mulgaria. Marcus Gracey no longer appears among directors. No new results.
30 Sept 2010asset acquisition disposition▲ GoodMajor
Granted GEL 559 (Mulgaria), taking SA landholding to 13,846 km2, which the company says is the state's largest. It lies about 70 km northwest of Parachilna. Separately, 26 existing licences were merged into 10, cutting fees and reporting.
30 Sept 2010annual report● Neutral
Annual financial report for year to 30 June 2010; the provided text covers only the contents, directory and governance statement, with no financials visible. Directors now listed as Gee, Canaris (now Managing Director), Eiszele and McLaughlin. Auditor is shown as Deloitte, not PKF.
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.
30 July 2010quarterly activities report● Neutral
June quarter report: Barossa drilling nearly complete (six holes, 1,933m); Port Augusta resource estimate commissioned. AGL's decline of Parachilna is confirmed, with talks continuing on advancing it. Cash $3.3m; net exploration spend $5.69m to date.
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.
30 Apr 2010quarterly activities report● Neutral
March quarter report: Melkor 1 heat flow 115 mW/m2 (~240°C modelled at 4,500m) and Barossa drilling started. Says AGL accepted the Elendil 1 Confirmation Well Notice and was reviewing it. Option exercise and AGL subscription brought in about $1.94m. Mostly repeats known results.
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.
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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.
