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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
30 Oct 2013quarterly activities report● Neutral
September quarter: Rend Lake 20% interest bought, with the well estimated at up to $1.2m and Tamaska carried to a $500,000 cap. Black Swan sale completed (C$649,630); CPO sale still being finalised. Fusselman steady at about 20 bopd; West Klondike facilities delayed, production expected December quarter.
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.
6 Sept 2013asset acquisition disposition● Neutral
Partner Transerv announced its own letter of intent to sell its 6.8% carried Rimbey interest to Black Swan, mirroring Tamaska's sale. The CPO sale for its remaining interests continues, with CPO still raising funds. It is another party's release.
31 July 2013quarterly activities report▼ Bad
June quarter: cash was $219,628 after a $200,000 shareholder loan. CPO has still not paid the deposit or signed the sale agreement. Fusselman output fell to about 30 bopd; West Klondike gas is now expected in the December quarter. Chairman and executive director fees were cut.
11 July 2013asset acquisition disposition▼ BadMajor
CPO missed the 8 July deposit deadline for the Duvernay and Rock Creek sale. Tamaska will keep supporting the CPO and Mako process for now but will also begin marketing the assets to other buyers. This undercuts the sale expected to bring in about A$3.6m.
11 July 2013asset acquisition disposition▼ Bad
Transerv reports CPO did not pay the deposit due 8 July. Transerv and Tamaska will keep supporting Mako and CPO for now but will also begin marketing the assets to other buyers. It is a partner's release, matching Tamaska's own.
3 July 2013joint venture update● Neutral
Mako, the other Alberta joint venture partner, says its farm-in terms with CPO are agreed but wait on the CPO deal with Transerv and Tamaska. It also closed CAD$3m bridging finance. It is another company's release and gives no new Tamaska terms.
26 June 2013asset acquisition disposition▼ Bad
Partner Transerv says the CPO sale agreements are settled but CPO asked for more time. An extension was agreed if a 10% deposit is paid by 8 July. It is another party's release; it shows the shared sale still unsigned.
26 June 2013debt financing▼ BadMajor
CPO asked for more time on the Duvernay and Rock Creek sale; Tamaska agreed if a 10% deposit is paid by 8 July. Delay led Tamaska to arrange a A$200,000 loan from two major shareholders to cover working capital until the sale completes or other funding is found.
20 May 2013asset acquisition disposition▼ Bad
The formal sale agreements with CPO for Tamaska's Duvernay and Rock Creek interests (about A$3.6m) missed the April target. Signing is now expected shortly, with a CPO deposit to follow. The delay pushes back the cash the company expected.
13 May 2013flow test result▲ GoodMajor
West Klondike's Wilbert Sons #1 flowed over 2 mmcf of gas a day from the Lower Nod Blan. The well is suspended until facilities and pipeline are installed, taking 4-6 months. This answers the flow-test thread; it was issued by partner Grand Gulf.
6 May 2013well test result▲ Good
Grand Gulf, Tamaska's partner, reports oil flowed to surface when the Lario sand at West Klondike was perforated, confirming the log-based oil pay. The well is being readied for testing the Lower Nod Blan. Contingent resource estimates for the three sands are given.
26 Apr 2013quarterly activities report● Neutral
March quarter: Fusselman well on production since 23 Jan at about 50 bopd and 200 bwpd, with a cement squeeze planned to cut water. West Klondike flow testing is due late April. The Alberta sale remains a term sheet, with about A$2.8m cash expected after tax.
24 Apr 2013drilling progress report● Neutral
A rig arrived to complete and production-test West Klondike (10.2%), starting with the Lower Nod Blan. If flow is commercial the well will be suspended, with facilities and pipeline taking 4-6 months. Net pay figures are unchanged.
11 Mar 2013half year report● Neutral
Half-year report to 31 Dec 2012: net loss $455,751, versus $1,304,080 a year earlier. It restates known items: Duvernay well cored, Fusselman well at 9,883 ft with 12.5% earned. Text is truncated, so cash and balance sheet are not shown.
5 Mar 2013asset acquisition disposition● Neutral
Transerv, Tamaska's partner in the Alberta joint venture, signed its own term sheet with Canadian Pan Ocean to sell its Duvernay and Rock Creek interests for A$14.076m. It is another party's announcement, but it shows the same conditional CPO sale.
5 Mar 2013asset acquisition disposition▲ GoodMajor
Tamaska signed a term sheet to sell all its remaining Alberta Duvernay (8%) and Rock Creek (16%) interests and its Black Swan carried interests to Canadian Pan Ocean for about A$3.6m. Completion is subject to a formal agreement in April. Total Alberta proceeds would exceed $5.5m against a cost of about $1.3m.