10 Jan 2022other● Neutral
Notice that 110,926 shares will be released from restricted access on 17 January 2022. Issued capital does not change. Administrative notice.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
30 Dec 2021flow test result▲ GoodMajor
T2H and T3H are flowing gas to surface after fracture stimulation of 11 and 10 stages, but are still cleaning up, so no flow rates yet. A 30-day test result is planned; NSAI is commissioned to certify a possible contingent resource booking in the March 2022 quarter.
23 Dec 2021other● Neutral
Notice that 189,753,415 shares will be released from voluntary escrow on 2 January 2022. Issued capital is unchanged, but more shares become freely tradable. Administrative notice.
17 Dec 2021other● Neutral
Notice that 15,000,000 shares are released from restricted access on 17 December 2021. Issued capital does not change. Administrative notice.
30 Nov 2021director officer appointment▲ Good
Tamboran appointed three executives: David Close (Vice President, Operations & External Affairs, ex-Santos), Chris Morbey (Vice President, Investor Relations, ex-Beach Energy) and Petra Fagerstrom (General Counsel). They add to the management team built since listing.
29 Nov 2021drilling progress report▲ Good
T3H was cased and cemented, the rig demobilised, and the 2021 EP 161 drilling program completed without incident. Fracture stimulation of T2H and T3H (about 10 stages each) has started, with initial flow results expected in December 2021.
23 Nov 2021capital raising announcement▲ GoodMajor
Tamboran raised about $35M in a placement of 94,498,961 shares at $0.37, anchored by US investor Bryan Sheffield with $20M, giving him about 7.4%. Funds will accelerate EP 136 work and working capital; shares on issue rise to 747,359,518.
What it means for a shareholder
94.5m new shares at US$0.370 to raise about US$35.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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8 Nov 2021drilling result▲ GoodMajor
Tanumbirini 3H reached 4,857 metres total depth, again crossing over 1,000 metres of Mid-Velkerri 'B' shale with strong gas shows like T2H. Both wells will now be fracture stimulated and flow tested, with initial results expected by end of 2021.
27 Oct 2021investor presentation● Neutral
Conference presentation in Darwin repeating the company's strategy and the Beetaloo resource estimates first released in the July 2021 prospectus. The company says it is not aware of new information changing them. The visible text shows nothing new.
6 Oct 2021drilling progress report▲ Good
Tanumbirini 3H, Santos-operated in EP 161 (Tamboran 25%), finished its vertical section at about 3,760 metres, with drilling time cut 20% from learnings at T2H. Horizontal drilling to about 4,900 metres is due by end October; fracture stimulation and flow tests follow before end 2021.
30 Sept 2021other● Neutral
The 2021 corporate governance statement describes board practices against ASX principles for the year to 30 June 2021. It is an administrative compliance document with no new business information.
30 Sept 2021annual report● Neutral
Full year results release recaps FY21 milestones: the $61M IPO, the Sweetpea acquisition and the T2H/T3H wells. T3H drilling is expected to finish in October, with initial flow test results before end of 2021. Maverick 1H in EP 136 is expected to spud next season.
30 Sept 2021annual report● Neutral
The 2021 annual report, the first since listing, covers the year to 30 June 2021: $84M raised in FY21, including the $61M IPO, and the Sweetpea acquisition. It cites independent best-estimate prospective resources of about 31 Tcf net (12 Tcf in EP 161, 19 Tcf in EP 136) and a Jemena commercial framework for a pipeline.
30 Sept 2021other● Neutral
The Appendix 4G is a checklist pointing to where governance disclosures are found, approved by the board on 30 September 2021. It is an administrative compliance document with no new business information.
2 Sept 2021drilling spud▲ Good
Tanumbirini 3H, the second horizontal well in EP 161, spudded on 23 August 2021 and is ahead of schedule, with the surface hole done at 1,080 metres. Fracture stimulation and flow testing of T2H and T3H are targeted before the end of 2021.
18 Aug 2021investor presentation● Neutral
Conference presentation at Developing Northern Australia, restating the company's strategy and Beetaloo resource estimates previously released in the IPO prospectus. The company states it is not aware of new information changing those estimates. No new announcements evident.
17 Aug 2021drilling result▲ GoodMajor
Tanumbirini 2H reached 4,598 metres total depth with over 1,000 metres of horizontal section in Mid-Velkerri 'B' shale. Strong gas shows and pressures were reported, consistent with Tanumbirini 1. Flow test results are still pending, expected before end of 2021.
6 Aug 2021director officer appointment▲ GoodMajor
Tamboran appointed Faron Thibodeaux, formerly of APA Corporation (Apache), as Chief Operating Officer, with five technical staff from Pioneer Natural Resources. He will oversee the EP 161 wells and the operated Maverick 1H well and 2D seismic planned within 12 months in EP 136.
5 July 2021drilling progress report▲ Good
Santos, operator of EP 161, finished the vertical and build section of Tanumbirini 2H at about 3,800 metres after reaching the Mid-Velkerri 'B' shale. The horizontal section is imminent, with total depth expected by end July; Tamboran holds 25%. T2H/T3H flow results are expected in Q4 2021.
1 July 2021other● Neutral
Tamboran Resources Limited, a Victorian natural gas explorer incorporated in 2009, lodged its ASX listing application form. It lists Richard Stoneburner as Chairman and Joel Riddle as Managing Director. This is the start of its path to ASX listing.
1 July 2021other● Neutral
A supplementary prospectus replaced the 'Market Opportunity' section of the IPO prospectus with updated AEMO east coast gas demand and price commentary. Directors state the changes are not materially adverse. No new offer terms.
1 July 2021capital raising announcement▲ GoodMajor
Tamboran issued a replacement prospectus for an ASX IPO of up to 165 million shares at $0.40 each, raising up to $66 million. It begins the company's move from unlisted gas explorer to ASX-listed company.
What it means for a shareholder
165m new shares at US$0.400 to raise about US$66.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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1 July 2021annual report● Neutral
Tamboran's 30 June 2019 annual report was lodged as a listing document, showing Patrick Elliott as then Chairman and Joel Riddle as Managing Director. It is historical information released ahead of the IPO.
1 July 2021other● Neutral
Tamboran's constitution, approved by shareholders on 14 May 2021, was lodged as part of listing documents. It is standard governance rules for a public company, including proportional takeover provisions. No new business information.
1 July 2021other▲ GoodMajor
Tamboran (ASX: TBN) was admitted to the ASX official list on 1 July 2021, with quotation of its shares starting 2 July. The IPO raised $61,004,205.60 at $0.40 per share, with 422,332,923 shares quoted.
1 July 2021capital raising announcement▲ GoodMajor
Tamboran closed its IPO, issuing 152,510,514 shares at $0.40 to raise $61 million gross, and converted preferred shares into 237,088,597 ordinary shares. About $40.4 million is earmarked for the Maverick #1H well and $13.6 million for Tanumbirini wells.
1 July 2021other● Neutral
Shareholder distribution schedule at 25 June 2021 shows 652,860,557 securities across 581 holders, with 98.55% held in parcels above 100,000. It is an administrative listing document.
1 July 2021other● Neutral
Tamboran's securities trading policy was lodged as a listing document. It bars insider trading and sets blackout periods around results and AGMs. It is an administrative governance document with no business news.
1 July 2021half year report▼ Bad
Half-year report to 31 December 2020 for the then-unlisted company shows a loss of $7,993,426, up from $5,134,050 a year earlier. Board changes in March 2021 added Ann Diamant and David Siegel. Released ahead of the IPO.
1 July 2021annual report● Neutral
Tamboran's 30 June 2020 annual report was lodged as a listing document, showing Dick Stoneburner as Chairman and Joel Riddle as Managing Director. It is historical information released ahead of the IPO.