Past year: ▲ 5900%(0.20c – 16.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 Oct 2019quarterly activities report● Neutral
September quarter: cash about $2.89m after the roughly $1.39m rights issue. Parta farm-in continues, with US$200,000 of the US$1.5m paid and seismic from Q4 2019. West Klondike remains intermittent, about 20 bbls net for about $900 expected.
29 Oct 2019capital raising announcement▲ GoodMajor
Rights issue closed having raised A$1,394,428, above the $1.2m minimum. Shortfall of 12,595,404 shares ($75,572) can be placed by directors within three months. Shares issue 31 October 2019.
10 Oct 2019capital raising announcement● Neutral
Formal offer document for the 1-for-2 rights issue at 0.6 cents, to raise up to about A$1.47m, closing 24 October 2019. Lists Joseph Graham and Tim Wise as proposed directors. Terms are as already announced.
3 Oct 2019capital raising announcement● Neutral
Shareholder letter repeating the 2 October rights offer: 1 new share for every 2 held at 0.6 cents, raising up to about $1.47m with a $1.2m minimum. No new information.
2 Oct 2019capital raising announcement● NeutralMajor
Tamaska plans to raise up to about $1.47m through a 1-for-2 rights offer at 0.6 cents a share, with a $1.2m minimum and no underwriting. Money funds the Parta work program and working capital. Up to 245m new shares would lift the total to 805m.
What it means for a shareholder
245m new shares at about A$0.006 to raise about A$1.5m. That's 25% dilution: every existing holder's slice gets 25% smaller. If you held A$1,000 of shares (166,667 at the issue price), your slice goes from 0.0227% to 0.017% of the company. To keep it you'd need 55,556 more shares - about A$333 at the issue price.
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27 Sept 2019other● Neutral
Appendix 4G for the year to 30 June 2019, pointing to the governance statement on the website. Compliance filing with no new business information.
26 Sept 2019security holder rights change● Neutral
The 4:1 share consolidation is complete and new holding statements have been sent. Tamaska now has 490,000,026 fully paid ordinary shares on issue.
25 Sept 2019annual report● Neutral
Annual report to 30 June 2019, led by the Parta farm-in for a 50% interest. Notes ADX's adjacent well found a gas and condensate discovery on logs, with a combined 2C contingent resource of 20 bcf, and confirms the 4:1 consolidation to 490m shares. Financials not shown in the text.
19 Sept 2019agm notice▲ Good
All five resolutions carried at the 19 September 2019 general meeting, including the 4-for-1 consolidation, share and performance share issues to Parta Energy holders, and appointing Joseph Graham and Tim Wise as directors. Clears the way for the Parta deal to complete.
18 Sept 2019security holder rights change● Neutral
Notice of a 4-for-1 share consolidation, subject to the 19 September 2019 meeting. Shares fall from 1.96bn to about 490m; the 180m options become 45m with exercise price rising from 0.92c to 3.68c. Effective 23 September.
4 Sept 2019investor presentation● Neutral
Presentation on the Parta project: Tamaska earns 50% of the 1,155 km2 Romanian licence by spending US$1.5m on 100 km2 of 3D seismic, with ADX operating. Seismic from Q4 2019, drilling targeted mid-2020 at about US$3m per well. Repeats known deal terms.
16 Aug 2019farm in farm out agreement▲ GoodMajor
Tamaska agrees to buy 100% of Parta Energy, which can earn 50% of the 1,155 km2 Parta licence in onshore Romania by paying US$1.5m (US$200,000 paid) toward about 100 km2 of 3D seismic. ADX Energy operates. Joseph Graham and Tim Wise to join the board and Alexander Parks to resign. This is the long-sought new project.
31 July 2019quarterly activities report● Neutral
June quarter: cash $1.626m, debt free. West Klondike produces intermittently, with about 20 bbls net and $910 revenue; Hurricane Barry affected road access. Due diligence continues on a prospective exploration opportunity.
1 May 2019quarterly activities report▼ Bad
March quarter: cash $1.685m, debt free. No West Klondike oil was sold, with flooding-related downtime described as typical. The company again says a multi-prospect exploration opportunity proved less prospective than first indicated, and continues reviewing projects.
13 Mar 2019half year report● Neutral
Half-year to 31 Dec 2018 net loss $112,744 versus $91,338 a year earlier. Cash $1.711m, 1.96bn shares, no change in state of affairs. West Klondike still weak; Fusselman is depleted with production facilities removed and sold.
1 Feb 2019quarterly activities report● Neutral
December quarter: cash $1.71m, debt free. West Klondike sold 13 bbls net (about $1,216 revenue) at roughly 5 bopd. The company is doing due diligence on an exploration/appraisal oil project next to producing oilfields, its next possible new venture.
12 Dec 2018director officer appointment● NeutralMajor
Brett Lawrence, a Non-Executive Director since February 2015 with 14 years' oil and gas experience, becomes Managing Director. Alexander Parks stays on as Non-Executive Director. Director fees are unchanged: $60,000 a year executive, $6,000 non-executive.
29 Nov 2018agm notice● Neutral
All resolutions carried unanimously on a show of hands at the 29 November 2018 AGM, including the remuneration report, re-election of Brett Lawrence and the 10% placement facility. Routine outcome.
30 Oct 2018quarterly activities report▼ Bad
September quarter: cash $1.766m, debt free. A multi-prospect exploration project, after detailed due diligence, proved less prospective than first indicated, so the search for a new project continues. No West Klondike oil was sold; the well is making about 5 bopd.
28 Sept 2018other● Neutral
Appendix 4G for the year to 30 June 2018, pointing to the website governance statement. Compliance filing with no new business information.
28 Sept 2018annual report● Neutral
Annual report to 30 June 2018: net loss $190,787 (2017: $427,879), cash $1.822m. West Klondike makes only about 10 bopd versus 100+ bopd in tests. Calima's acquisition of TMK Montney is called a successful outcome. Market cap A$3.92m at 0.2c.
31 July 2018quarterly activities report● Neutral
June quarter: cash $1.822m, debt free. West Klondike sold about 0 bbls net; a July pressure survey suggests flow into the well is constrained, possibly by frac sand, and the operator is assessing treatment. Still advancing a couple of new project deals.
29 May 2018other▲ GoodMajor
Notice that Calima Energy made an off-market takeover offer on 2 May 2018 for TMK Montney, the Canadian Montney business Tamaska demerged in 2015: 2.1 Calima shares per TMK Montney share, or 0.21 per original Tamaska share. Its directors recommend acceptance. Affects holders of the demerged shares, not Tamaska itself.
30 Apr 2018quarterly activities report● Neutral
March quarter: cash $1.891m, debt free. Flooding kept West Klondike on production only about 30% of the quarter, giving about 10 bbls net. Company says it is advancing a couple of new projects toward potential deals, the first sign of progress on its search.
16 Mar 2018half year report● Neutral
Half-year to 31 Dec 2017 net loss $91,338 versus $98,227 a year earlier. Cash $1.917m, 1.96bn shares unchanged. West Klondike makes 4 to 8 bbl a day; Fusselman is depleted and awaiting abandonment.
1 Feb 2018quarterly activities report● Neutral
December quarter: cash $1.917m, debt free. West Klondike produced about 36 bbls net for the quarter, running 4 to 8 bbl of oil a day. Fusselman surface equipment sold for a $11,700 credit. Still seeking a new project.
29 Nov 2017agm notice● Neutral
All resolutions carried unanimously on a show of hands at the 29 November 2017 AGM, including the remuneration report, re-election of Logan Robertson and the 10% placement facility. Routine outcome.
31 Oct 2017quarterly activities report● Neutral
September quarter: cash $1.982m, debt free. West Klondike yields 4 to 10 bbl of oil a day, with the operator aiming for about 20 bopd; another well depends on improved performance. Fusselman abandonment proposed. Still seeking a new project.
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.
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.
