Past year: ▲ 26%(18.5c – 31.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
9 Nov 2022asset acquisition disposition▲ GoodMajor
Acquisition of Origin's Beetaloo permits EP 98, 117 and 76 completed, with operatorship transferring to Tamboran (38.75% interest) and ten Origin staff joining. Tamboran now holds ~1.9M net acres. Resolves the pending Origin deal announced in September.
31 Oct 2022capital raising announcement▲ GoodMajor
Equity raise completed: about $137M from 652.5M placement shares at $0.21, including $30M from Sheffield and $22M from H&P, plus the $3.4M share purchase plan. All conditions for the Origin acquisition, including Ministerial approval, are satisfied. Resolves the funding thread.
31 Oct 2022admin correction● Neutral
Share registry Boardroom notifies a change of its Sydney office address from 1 November 2022. Administrative only; contact details unchanged.
21 Oct 2022quarterly activities report● Neutral
Quarterly report recapping the Origin acquisition, 10-year gas deal, $138M placement, H&P alliance, Tanumbirini flow rates and Maverick 1V reaching 3,050 m. Cash $26.7M, with $98.8M more due after the 25 October vote. Amungee 2H drilling expected by end-October.
21 Oct 2022quarterly activities report● Neutral
September 2022 quarterly cash flow report: cash of $26.7M at quarter end, no debt. Spent $16.6M on exploration and $8.8M on equipment, with $39.2M raised from the first placement tranche. Funding covers about 1.4 quarters before the tranche 2 money arrives.
18 Oct 2022capital raising announcement▲ Good
Share Purchase Plan closed with $3.4M of applications, all met in full for about 16.2M shares at $0.21. Slightly above the $3.0M target. The remaining placement tranche 2 (~$98.8M) still awaits the general meeting vote.
What it means for a shareholder
16.2m new shares at US$0.210 to raise about US$3.4m. 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.
12 Oct 2022farm in farm out agreement▲ GoodMajor
Falcon, holder of the other 22.5% of the Origin permits, agreed not to use its pre-emptive rights on the Origin purchase, in return for a partial extension of the carry under the farm-in, borne equally by Tamboran and Sheffield. Northern Territory approval is expected by end-October.
7 Oct 2022capital raising announcement● Neutral
Share Purchase Plan closing date extended from 7 to 14 October 2022, giving eligible shareholders more time to apply for up to $30,000 at $0.21. Administrative timetable change to the raising launched in September.
7 Oct 2022drilling result▲ GoodMajor
Maverick 1V, Tamboran's first operated Beetaloo well in 100%-owned EP 136, reached 3,050 m in 18.3 days, 54% faster than comparable wells, with strong gas shows in the Mid-Velkerri shales. Logs are next, then the well is suspended to prioritise the Amungee pilot.
29 Sept 2022annual report● Neutral
2022 annual report for the year to 30 June. The chairman's letter says three wells are planned for the rest of 2022: Maverick 1V, then two Amungee horizontals in the Origin-acquired EP 98. Notes four wells flow tested in the year; financial figures are not in the extract.
29 Sept 2022admin correction● Neutral
Appendix 4G confirming the corporate governance statement for the year to 30 June 2022 is accurate as at 28 September 2022 and board-approved. Administrative key to governance disclosures; no new operational or financial information.
29 Sept 2022other● Neutral
2022 Corporate Governance Statement describing the board's practices against ASX principles for the year to 30 June 2022. Administrative; no new operational or financial information.
23 Sept 2022capital raising announcement● Neutral
Share Purchase Plan offer booklet released: eligible shareholders can apply for up to $30,000 of shares, on the terms set out in the 20 September announcement. Offer closes 7 October 2022 unless extended. Follows the placement.
20 Sept 2022asset acquisition disposition▲ GoodMajor
Tamboran and Bryan Sheffield will each take 50% of Origin's 77.5% in Beetaloo permits EP 98, 117 and 76 for $60M plus a royalty, with a 10-year Origin gas sales deal. Funded by a placement of up to $138M at $0.21; second tranche needs a 25 October vote. Resolves the funding need.
20 Sept 2022other● Neutral
Notice of a webcast on 21 September at 9:00am AEST, led by CEO Joel Riddle, on the Origin asset acquisition and ~$195M funding package. Administrative; no new information.
20 Sept 2022material agreement▲ GoodMajor
Helmerich & Payne takes a $22M (US$15M) stake in the placement and signs a two-year contract for a super-spec FlexRig for the 2023 drilling campaign, with a right of first refusal on later rigs until 2033. Supports sanction of the Amungee pilot by end-2023.
20 Sept 2022listing compliance notice● Neutral
ASX notice that the trading suspension will lift once Tamboran releases its announcement on the capital raise and Origin asset acquisition. Administrative; ends the 19 September suspension.
20 Sept 2022investor presentation● Neutral
Presentation supporting the Origin asset acquisition and up to ~$195M funding package, restating the 38.75% interest in the new permits, ~1.9M net acres and ~1.5 TCF net 2C. Repeats the same-day announcement; no new terms are evident in the extract.
19 Sept 2022listing compliance notice● NeutralMajor
Tamboran's shares were suspended at its own request on 19 September pending announcement of a capital raising, after a 15 September trading halt. Suspension is to end on the outcome announcement, expected by 21 September.
6 Sept 2022investor presentation● Neutral
Good Oil Conference presentation restating strategy of reaching ~1 BCFD by 2028-30, ~31 TCF net prospective resource, and sanction of the 100 mmscfd pilot by end-2023. Quotes a $0.245 share price and $26.8M cash. No new results.
5 Sept 2022resource reserve update▲ GoodMajor
NSAI-certified EP 161 net contingent resources rose: 2C up 164% to 404 BCF (from 153 BCF) and 1C up 73% to 83 BCF. Gross 2C is 1.6 TCF. Builds on the February 2022 upgrade, driven by the extended flow tests and updated development plan.
5 Sept 2022flow test result▲ GoodMajor
Tanumbirini 3H averaged 3.1 mmscfd and 2H 2.1 mmscfd over 30 days after tubing (5.2 and 3.3 normalised per 1,000 m), which Tamboran says exceed its commerciality threshold. Both are declining as expected; 90-day rates due Q4 2022. Resolves the 30-day results thread.
24 Aug 2022investor presentation● Neutral
SEAAOC conference presentation restating the Tanumbirini results (4.3 and 7.4 mmscfd normalised), which the company says exceed its 3.0 mmscfd per 1,000 m commerciality threshold. Maverick 1H still due to spud early September; fracture stimulation planned Q1 2023. No new results.
15 Aug 2022flow test result▲ GoodMajor
After production tubing was installed, Tanumbirini 3H averaged 4.4 mmscfd over eight days (7.4 normalised per 1,000 m, peak 9.1) and 2H 2.8 (4.3 normalised). Up from January rates, and T3H is the highest sustained rate in the basin so far. Resolves the shut-in thread.
12 Aug 2022regulatory community update▲ GoodMajor
Northern Territory approved Tamboran's Environmental Management Plan for up to seven wells in EP 136, the final approval needed for Maverick 1H, due to spud in early September. Resolves the pending approval; Maverick 2H and 3H are planned for 2023.
3 Aug 2022regulatory community update▲ GoodMajor
The NT Supreme Court dismissed Rallen's stay application, so Tamboran can continue its 2022 drilling plans; it will seek legal cost recovery. Rig mobilising, Maverick 1H spud expected early September, with 30-day flow rates expected by end of Q1 2023.
29 July 2022quarterly activities report▼ Bad
June 2022 quarter cash report: cash fell from $55.4M to $26.8M, with $2.8M operating and $25.5M investing outflows. No debt; the report estimates about 2.09 quarters of funding.
29 July 2022quarterly activities report● Neutral
June quarter report: 85 km seismic completed, Maverick 1H spud expected first week of September, and Jemena MOU signed. Paid a US$10M deposit for a modern US drilling rig for 2023. Cash $26.8M. T2H and T3H shut in for tubing; injunction ruling pending.
27 June 2022material agreement▲ GoodMajor
Binding MOU with Jemena for ~100 TJ/day of firm Northern Gas Pipeline capacity for the Maverick Pilot Development, advancing the earlier Jemena framework. Sanction is planned end-2023 if three EP 136 wells deliver ~1 TCF of 2C resource; first production targeted end-2025.
27 June 2022regulatory community update● Neutral
Tamboran started 85 km of 2D seismic and civil works in EP 136, with Maverick 1H still targeted for Q3 2022. Pastoral leaseholder Rallen's Supreme Court appeal was heard 21 June, and Rallen has now sought an injunction; work continues.
