Past year: ▲ 5900%(0.20c – 16.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
30 Apr 2015quarterly activities report▼ Bad
March quarter: Montney holding rose to 19,528 net acres for about A$3.2m (A$164/acre). Cash fell to $1.14m. Fusselman output fell to 99 bbl net after a storm and a downhole problem. Some low-value Alberta acreage was relinquished and the rest is still being marketed.
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%.
2 Feb 2015quarterly activities report● Neutral
December quarter: Montney holding grew to 14,589 net acres for about A$2.7m, now stated as 40% WI. Cash $2m at 31 December. Montney land budget cut and salaries cut 45% because of the oil price. Fusselman fell to about 309 bbl net, with a lower forecast.
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 Nov 2014agm notice● Neutral
All AGM resolutions carried on 27 November 2014, including re-election of Freeman, Norris and Mitchell, the remuneration report and a 10% placement facility. Routine meeting outcome with no new developments.
30 Oct 2014quarterly activities report▲ Good
September quarter: Montney holding grew from 3,000 to 8,900 net acres for about $1.25m, with over 200 potential gross locations. West Klondike started in September. Fusselman averages 44 bopd. Rights issue total is stated as $6.5m. AGM set for 27 November.
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.
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.
31 July 2014quarterly activities report▲ Good
June quarter: 540m shortfall shares placed at 1 cent to raise $5.4m, with 100m more committed. Fusselman now averages 44 bopd after the squeeze. West Klondike first gas slips to August. Cash was $1.5m at 30 June, $4.8m by 30 July.
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.
31 Jan 2014quarterly activities report● Neutral
December quarter: Rend Lake was a dry hole, and Tamaska will decide whether to keep its interest after the operator's evaluation. Black Swan sale proceeds were received; CPO sale is still conditional. West Klondike facilities construction is due from February 2014. Fusselman is steady at about 20 bopd.
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.
