Past year: ▲ 5900%(0.20c – 16.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
4 Sept 2014production update▲ GoodMajor
West Klondike began producing on 2 September at about 1.4 MMcf/d from the Lower Nod Blan, with output to be raised slowly. Tamaska holds 11.4%. This is first production from the 2012 discovery and resolves long delays.
4 Sept 2014production update▲ Good
Partner Grand Gulf Energy reports West Klondike began producing on 2 September at about 1.4 MMcf/d. Tamaska is shown with 11.4% and Grand Gulf with 11.7%. Duplicate of Tamaska's own announcement, via a partner.
27 Aug 2014capital raising announcement▲ GoodMajor
The last 100.6m shortfall shares were placed at 1 cent for about $1m, completing the $6.4m raise before costs. Convertible notes and loans are repaid, so Tamaska is debt free with about $4.8m cash. Shares on issue are about 704m.
30 May 2014capital raising announcement▼ BadMajor
The entitlement offer closed with shareholders taking up only 39,436,406 shares ($394,364), leaving a shortfall of 600,166,085 shares. Major holders Burton and Morgan say they are willing to fund at least the prospectus amount via the shortfall placement.
23 May 2014other▲ Good
Company update: 5.5 sections of Rock Creek acreage sold for C$80,000. Fusselman oil rate rose to over 60 bopd after the workover, ending the water-squeeze question positively. West Klondike production is now due late June. The rights issue is to fund a new lead project.
15 May 2014capital raising announcement● Neutral
Administrative notice that the entitlement issue prospectus has been dispatched to shareholders. Terms are unchanged: 10 shares for every 1 held at 1 cent, up to about $6.4m.
9 May 2014capital raising announcement● Neutral
Replacement prospectus lodged 9 May 2014 for the same 10-for-1 entitlement issue at 1 cent, up to $6,396,024.90. It replaces the 5 May document; the timetable is unchanged. The text shown does not say what changed.
7 May 2014capital raising announcement● Neutral
Shareholder letter on the 10-for-1 entitlement issue at 1 cent, up to $6.4m. Offer is open 15 to 26 May 2014 and needs no shareholder approval. Repeats the prospectus, with no new terms.
6 May 2014capital raising announcement● Neutral
Letter tells option holders of a 10-for-1 renounceable entitlement issue at 1 cent to raise up to $6,396,024.90. It would clear $1.23m of creditors and debt and lift cash to about $4.7m. Options must be exercised before 12 May to participate.
6 May 2014capital raising announcement● NeutralMajor
Prospectus for a 10-for-1 renounceable entitlement issue at 1 cent, raising up to $6,396,024.90, partly underwritten. Funds would repay $1.23m of debt and creditors and fund a new project. Shares would rise from about 64m to 703.6m. Detail is in the next notice.
1 May 2014quarterly activities report▼ BadMajor
March quarter: the CPO sale of Alberta acreage is now unlikely, so Tamaska is seeking other buyers. Fusselman fell to about 15 bopd, then was squeezed in late April. West Klondike construction is under way, with interest raised to 11.4%. Cash $146,000.
7 Apr 2014security holder rights change● Neutral
The 100:1 share consolidation is complete, leaving 63,960,249 shares. Listed options are now exercisable at $0.50 (32.6m) and 3,000,000 unlisted options at $0.15. This follows the earlier roughly 6,396m share count.
25 Mar 2014director officer appointment● Neutral
Mark Freeman joins as Non-Executive Director and Sylvia Moss becomes Company Secretary, both from 24 March 2014. Brian Ayers resigns as director after six years but stays as consultant; Rachel Jelleff resigns as secretary. Continues the board reshuffle.
7 Mar 2014half year report● Neutral
Half-year to 31 Dec 2013 shows a net loss of $343,030 (prior year $455,751). Restates the Rend Lake dry hole and the retain-or-exit decision. Board changed: Mitchell now Chairman, Parks Managing Director, Morgan resigned 17 Feb 2014.
24 Dec 2013drilling result▼ BadMajor
The Rend Lake Lawrence Farms #1 well reached 6,400ft but did not intersect the target dolomite reservoir and found no commercially significant hydrocarbons. It is being abandoned. This ends the main hope for the 20% interest, bought for A$320,000.
16 Dec 2013drilling progress report● Neutral
Rend Lake well drilling at 5,600ft toward the primary objective, with 6,500ft expected within a week. No new result.
10 Dec 2013drilling progress report● Neutral
Rend Lake well drilling at 4,455ft in the New Albany Shale, heading towards the main targets. Target depth of about 6,500ft expected within 7 days. No new result.
9 Dec 2013investor presentation● Neutral
Re-release of the presentation to meet new ASX resource rules. The 67.5 MMbbl is now labelled gross prospective resource, with 10.1 MMbbl net to Tamaska at 15% NRI; volumes are unchanged. Risked gross figure is 7.4 MMbbl.
3 Dec 2013drilling progress report● Neutral
Rend Lake well was drilling at 1,532ft, with casing set at 786ft. Target depth of about 6,500ft is expected before 25 December. No new result.
2 Dec 2013investor presentation● Neutral
Presentation promotes Rend Lake, claiming success could be worth over 40 times Tamaska's market cap. It shows 6,396m shares plus 1,200m note shares. West Klondike production is now put in early 2014. Mostly repeats known facts.
25 Nov 2013drilling spud▲ GoodMajor
The Lawrence Farms #1 well at Rend Lake spudded 22 November, targeting 6,500ft over about 30 days. Cost estimate rose to about US$1.5m; the amended carry now covers the first US$1m. Target is 67.5 MMbbl recoverable (13.5 net to Tamaska) on success.
31 Oct 2013annual report● Neutral
Annual report repeats the financial report: Black Swan sale completed 11 October and CPO still expected to close. West Klondike facilities construction is now expected to start November 2013, with production by end-2013, after wetlands approvals took many months.
25 Oct 2013other● Neutral
Tamaska is moving its share register to Automic Registry Services from 11 November 2013. Administrative notice only, with no effect on projects or finances.
11 Oct 2013asset acquisition disposition● Neutral
Partner Transerv reports the same Black Swan sale completed, receiving C$2.72m for its 6.8% Rimbey interest. The CPO sale of remaining interests still depends on CPO funding. It is another party's release; no new Tamaska figures.
11 Oct 2013asset acquisition disposition▲ GoodMajor
The sale of Tamaska's 3.2% carried Rimbey interest to Black Swan completed, bringing in net C$649,630 (about A$662,000) before tax. The larger CPO sale of about A$3.6m remains unsigned and depends on CPO funding; a Canadian agent is ready if CPO fails.
27 Sept 2013debt financing● NeutralMajor
Tamaska restructured shareholder loans into two A$300,000 convertible notes, convertible at 0.05 cents per share subject to shareholder approval, with 8% interest if repaid after 3 years. The notes are held by entities related to chairman Charles Morgan and major shareholder Craig Burton. The Black Swan sale completes 30 Sept; CPO funding is still unresolved. CEO Parks gets 300m options.
27 Sept 2013annual report● Neutral
Full-year accounts to 30 June 2013. The chairman calls it a good year, citing two modest discoveries (Clayton Johnson, West Klondike) and the Rend Lake purchase. Convertible notes at $0.0005 await shareholder approval. The CPO sale is still to close; Black Swan sale expected by end September.
26 Sept 2013asset acquisition disposition▲ GoodMajor
Tamaska bought a 20% interest in the Rend Lake oil prospect in Illinois from Jupiter Oil and Gas for A$320,000, free-carried through the first well, to be drilled by operator Anschutz by 31 Dec 2013. Potential recoverable is 67.5m barrels. The seller is partly owned by chairman Charles Morgan and major shareholder Craig Burton.
23 Sept 2013other● Neutral
Tamaska published a new Securities Trading Policy setting when directors, staff and consultants may deal in company shares and banning insider trading. Governance document only, with no effect on projects, finances or the sale.
6 Sept 2013asset acquisition disposition▲ GoodMajor
Tamaska signed a letter of intent to sell its 3.2% carried Rimbey interest to Black Swan, to close in two to three weeks. This is carved out of the CPO sale, which stays at A$3.6m, with CPO still securing funds and given more time. No price was stated for the Black Swan sale.
