29 Sept 2017other● Neutral
Appendix 4G and corporate governance statement for the year to 30 June 2017, pointing to the website statement. Compliance filing with no new business information.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
20 Sept 2017annual report▼ Bad
Annual report to 30 June 2017. The Managing Director says West Klondike runs at only about 10 bopd versus 100+ bopd test rates, Fusselman production has ended, and no new project has been found yet. Impairment of $243,144 recorded; market cap A$5.88m at 0.3c.
8 Feb 2017half year report● Neutral
Half-year to 31 Dec 2016 net loss was $98,227, down from $355,447 a year earlier. Cash $2.144m, debt free. West Klondike's late-December mini-frac lifted inflow to about 9 bbl/hr; continuous production at 100-200 bopd gross is anticipated. Fusselman was hit by cold weather downtime.
9 Dec 2016admin correction● Neutral
Share registry Automic is moving its Perth office to 267 St Georges Terrace from 9 December 2016. Administrative notice with no effect on the company's business.
28 Oct 2016quarterly activities report● NeutralMajor
September quarter: cash $2.243m. Oleum Operating acquired 76.7% of West Klondike and operatorship after the failed Lario completion, and began work on 18 October to acid-wash the Lario oil zone. Fusselman output dropped considerably, with abandonment possible if profitable production cannot be restored.
28 Sept 2016annual report● Neutral
Annual report to 30 June 2016. The Managing Director says Tamaska has kept its cash and a clean balance sheet while awaiting an industry recovery and a new project, and calls the Montney demerger a solid strategy. Text is truncated, so financial results are not shown.
28 Sept 2016other● Neutral
Appendix 4G and corporate governance statement for the year to 30 June 2016, pointing to the company's website statement. Compliance filing with no new business information.
11 July 2016director officer appointment● NeutralMajor
Logan Robertson joins as Non-Executive Director from Hoperidge Capital, the Jones family office and one of Tamaska's largest shareholders. Justin Norris resigned, and Brett Lawrence moved to non-executive. This brings a major holder's representative onto the board, replacing the Havoc-linked Norris.
16 Mar 2016half year report● Neutral
Half-year to 31 Dec 2015 shows a net loss of $355,447, down from $1,384,098 a year earlier. The review repeats the Montney demerger rationale and Fusselman and West Klondike updates. Text is truncated, so the balance sheet is not shown.
25 Nov 2015other● Neutral
Substantial holder notices from the shortfall placement. Hoperidge Enterprises (Jones Family) rose from 205m shares (15.64%) to 355m (19.89%) after taking 150m shares. A second notice shows Raymond Jepp ceasing to be a substantial holder.
20 Nov 2015capital raising announcement▲ GoodMajor
The 474m-share shortfall is placed, so the full $2.142m was raised at 0.2c before costs, giving 1.785bn shares. A further 175m shares at 0.2c ($350,000) will follow, taking shares to 1.96bn. Unlisted options now stated at 0.92c.
What it means for a shareholder
175m new shares at A$0.002 to raise about A$350,000. That's 8.9% dilution: every existing holder's slice gets 8.9% smaller. If you held A$1,000 of shares (500,000 at the issue price), your slice goes from 0.028% to 0.0255% of the company. To keep it you'd need 49,020 more shares - about A$98 at the issue price.
Create a free account to see this worked out for your own holding.
11 Nov 2015capital raising announcement● Neutral
Entitlement offer closed with holders taking up 596.9m shares ($1.19m, 55.74%). Shortfall is 474m shares, with applications for about 400m received. Tamaska will try to place the rest.
30 Oct 2015capital raising announcement● Neutral
Prospectus for the 3-for-2 entitlement issue at 0.2c, raising up to $2,142,000 before costs, was dispatched to holders on the 27 October record date. Administrative step with no new terms.
26 Oct 2015annual report● Neutral
Printed 2015 annual report repeating the 24 September financial report, including the Managing Director's letter on the Montney demerger. No new substance in the text shown.
21 Oct 2015asset acquisition disposition● NeutralMajor
The demerger of the Canadian assets is complete. Holders on the 8 October record date received one TMK Montney share per 10 Tamaska shares. Tamaska no longer holds the Montney project it built up since 2014. Final ATO ruling expected about 4 November.
19 Oct 2015capital raising announcement● NeutralMajor
Prospectus lodged for a renounceable entitlement issue of 3 new shares for every 2 held at 0.2c, raising up to $2,142,000 before costs. Offer closes 10 November. This is the rights issue flagged with the demerger.
1 Oct 2015regulatory community update▲ Good
Tamaska received the draft ATO class ruling on 30 September, so the demerger proceeds. Record date is 8 October, with completion by 23 October. Final ruling is expected about 4 November. This resolves the earlier timing uncertainty.
28 Sept 2015annual report● Neutral
Annual financial report to 30 June 2015. The Managing Director's letter says the JV holds 92 land sections in the Montney and explains the demerger, which shareholders approved on 15 September. Text is truncated, so financial results are not shown.
21 Sept 2015regulatory community update● Neutral
Shareholders approved the Montney demerger on 15 September. The timetable is revised pending a draft ATO ruling, now targeted for 5 October, with completion and distribution of TMK Montney shares on 23 October 2015.
19 Aug 2015security holder rights change● Neutral
The unmarketable parcel sale finished: 8,805,677 shares sold for $38,028 (average $0.0043). The 32.6m listed $0.50 options expired on 17 August 2015, as flagged earlier. Administrative closure of both items.
10 Aug 2015asset acquisition disposition● NeutralMajor
Tamaska plans to demerge its 40% Montney project into unlisted TMK Montney, giving holders 1 share per 10 held (A$4.86m book value, 0.68c per share), subject to shareholder and ATO approval. A rights issue of up to $2.14m at 0.2c, 3 for 2, is planned afterwards.
31 July 2015quarterly activities report▼ BadMajor
June quarter: cash fell to $0.8m. Montney holding is 20,626 net acres for about A$3.4m. West Klondike was shut in on 15 June due to water encroachment, with a shallower gas zone to be tried in August. Fusselman is about 20 bopd gross.
16 July 2015security holder rights change● Neutral
Notice that 32.6m listed options at $0.50 expire on 17 August 2015. The options last traded at $0.001 and shares are at $0.005, so exercise is far out of the money. This closes the listed option series from the 2014 capital structure.
10 June 2015security holder rights change● Neutral
Tamaska sets up a sale facility for holders of unmarketable parcels (under $500); 736 of about 854 holders qualify. Shares closed at $0.003 on the record date. Aims to cut registry costs. Holders can keep their shares by returning a form by 29 July 2015.
17 Mar 2015half year report▼ Bad
Half-year to 31 December 2014: net loss $1,438,148, against $343,030 a year earlier. Board changes noted: Mitchell and Freeman resigned, Norris and Lawrence joined. Fusselman forecast falls to about 200 bbl next quarter. Montney interest shown as 40%.
28 Jan 2015director officer appointment▼ BadMajor
Brett Lawrence joins as part-time executive director on 1 February 2015. Chairman Mitchell and Freeman resign, and the Managing Director takes a 50% pay cut. Costs fall about 45%, citing the oil price. Cash was about $2m at 31 December 2014, down from $4.8m.
28 Oct 2014annual report● Neutral
Printed 2014 annual report, repeating the financial report of 24 September. Chairman's letter is the same: debt free after the $6.4m raise, Montney entry, Rend Lake exit under way. Adds a tenement schedule. No new substance in the text shown.
24 Oct 2014director officer appointment● Neutral
Justin Norris, a founding partner of Havoc Partners, joins as Non-Executive Director. Havoc holds 11.4% of Tamaska, so a significant holder now has a board seat. Havoc partners together hold 80m shares and 24m options at 1.6c; Norris's share is one-eighth.
24 Sept 2014annual report● Neutral
Year to 30 June 2014 report. Chairman says the $6.4m raise cleared all debts and funded Montney acreage: 34% interest in 16,257 acres (5,527 net). Rend Lake withdrawal under way; CPO deal abandoned. Cash about $4m. Text is truncated, so no financials shown.
9 Sept 2014asset acquisition disposition▲ GoodMajor
Tamaska buys about 3,000 net acres of Montney play in British Columbia for A$262,000, plus a 1% royalty. It plans more acreage purchases over six months. This is the new lead project the rights issue was raised to find.