22 June 2022investor presentation● Neutral
June 2022 Gold Coast showcase presentation restating the ~31 TCF prospective resource, a target of over 1 TCF of 2P reserves by end-2023, and $55.4M cash. Quotes a $0.210 share price. No new results.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
26 May 2022other● Neutral
Tamboran launched a sponsored American Depository Receipt program on the US over-the-counter market from 26 May 2022 (ticker TBNNY, 1 ADR to 50 ordinary shares, BNY Mellon as depositary). It aims to widen the US investor base.
17 May 2022other● Neutral
Notice that 2,819,290 unlisted options are released from restricted access on 18 May 2022; the notice states these options have now expired. Administrative notice.
13 May 2022other● Neutral
Notice that 3,095,475 shares will be released from restricted access on 21 May 2022. Issued capital does not change. Administrative notice.
5 May 2022drilling scheduled▲ GoodMajor
Tamboran contracted Ensign Rig 970 to spud Maverick 1H in its 100%-owned EP 136 in Q3 2022, subject to final environmental approval. Seismic cut from 250 km to ~90 km, and a tribunal land access ruling for Tanumbirini Station lets 2022 work proceed. Pastoral appeals continue.
21 Apr 2022quarterly activities report● Neutral
March quarter activities: T2H averaged 1.7 mmscfd over 83 days, declining as expected; T3H is shut in with tubing planned for June. An NSAI study points to possibly ~1 TCF of 2C resource in EP 136 by end-2023. Insiders bought 3.6M shares.
21 Apr 2022quarterly activities report● Neutral
March 2022 quarter cash report: cash fell from $68.2M to $55.4M, with $2.0M operating and $10.7M investing outflows. No debt; the report estimates about 4.35 quarters of funding.
23 Mar 2022investor presentation● Neutral
March 2022 investor presentation restating the ~31 TCF prospective resource, Maverick pilot plans and first gas target of end-2025. Quotes a share price of $0.215 and $68.2M cash. No new results.
21 Mar 2022flow test result▲ Good
Santos recalibrated the flow data after gas sample analysis, lifting reported rates about 17%: T2H to 2.0 mmscfd (3.0 normalised) and T3H to 1.7 mmscfd (2.9). T2H's 60-day average is 1.8 mmscfd; T3H is shut in until tubing is installed in Q2.
14 Mar 2022half year report● Neutral
Half-year report to 31 December 2021: loss of $4.91M, versus $7.99M a year earlier. Reviews the Tanumbirini drilling and Maverick 1H planning; no new information beyond earlier announcements.
7 Mar 2022material agreement▲ GoodMajor
Tamboran's Sweetpea subsidiary won a Commonwealth grant of up to $7.5M, covering up to 25% of drilling, fracture stimulation and flow testing of Maverick 1H in EP 136. Well still planned for mid-2022; funding needs regulatory approvals first.
1 Feb 2022resource reserve update▲ GoodMajor
NSAI-certified EP 161 contingent resources rose: 2C up 428% to 153 BCF net (610 BCF gross) and 1C up 336% to 48 BCF net. This delivers the resource booking flagged for the March quarter; covers about 0.9% of the permit area.
1 Feb 2022flow test result● NeutralMajor
First 30-day flow results from Tanumbirini wells: T2H stabilised at 1.7 mmscfd (2.6 normalised per 1,000 m) and T3H at 1.5 mmscfd (2.5 normalised), peaking at 4.0 and 10.0. Resolves the pending rates; Tamboran's model says over 5 mmscfd per 1,000 m is achievable.
25 Jan 2022quarterly activities report● Neutral
December quarter report: T2H and T3H were fracture stimulated and both flowing gas at quarter end, with a brief weather shut-in in early January. Maverick 1H is expected to spud mid-2022. $35M placement completed; flow rates are still to be announced.
25 Jan 2022quarterly activities report● Neutral
December 2021 quarter cash report: cash rose from $49.1M to $68.2M after the $34.1M equity raise, against $3.1M operating and $10.8M investing outflows. No debt; the report estimates about 4.9 quarters of funding.
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.
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.
8 Dec 2021agm notice● Neutral
AGM addresses and presentation recap FY21 and the Tanumbirini 1 130-day flow test, and say initial T2H/T3H flow results are expected within 30 days. Largely repeats known facts; no new result.
8 Dec 2021agm notice● Neutral
All nine resolutions at the 8 December 2021 AGM were carried on a poll, including the remuneration report and the re-election of six directors. It was an administrative result.
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.
Create a free account to see this worked out for your own holding.
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.
28 Oct 2021quarterly activities report● Neutral
September 2021 quarter cash flow report: cash fell from $63.1M to $49.1M, with operating outflow of $3.2M, investing outflow of $9.1M and $1.7M of capital raising costs. No debt; the report estimates about 4.4 quarters of funding.
28 Oct 2021quarterly activities report● Neutral
September quarter report: T2H reached 4,598 m and T3H drilling began, with fracture stimulation and flow tests to follow and preliminary results expected by end 2021. Cash was about $49M with no debt; AGM set for 8 December. Maverick 1H in EP 136 planned for 2022.
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.
13 Oct 2021agm notice● Neutral
Tamboran will hold its AGM on 8 December 2021, with director re-elections on the agenda. Director nominations from members close on 20 October 2021. Administrative notice only.
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.