30 Sept 2020other● Neutral
Appendix 4G for the year to 30 June 2020, pointing to the corporate governance statement on the website. Compliance filing with no new business information.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
28 Sept 2020annual report▼ Bad
Year to 30 June 2020: net loss $1,095,863 (2019: $209,387), cash $2.9m. Parta farm-in was abandoned on 8 September 2020 and the company is reviewing new projects. 890m shares on issue, market value about $6.23m at 0.7 cents.
16 Sept 2020listing compliance notice● Neutral
ASX temporarily paused trading in Tamaska shares pending a further announcement. No reason is given in the notice.
16 Sept 2020price query● Neutral
ASX queried an 80% price rise (0.5 to 0.9 cents) and heavy volume on 16 September. Tamaska said it knew of no unannounced information or other explanation and confirmed it is complying with the Listing Rules.
8 Sept 2020farm in farm out completion▼ BadMajor
Tamaska will not proceed with the Parta farm-in, ending its path to a 50% interest in the Romanian licence. It says approvals delayed the seismic and the earn-in period expired. Cash is A$2.7m and it is reviewing other projects.
8 Sept 2020joint venture update▼ BadMajor
Partner ADX says Tamaska's Parta Energy told it on 7 September it will not proceed with the farm-in, after refusing a cash call. ADX says it was surprised, rejects Tamaska's legal basis, reserves its rights and cites US$1.3m outstanding.
12 Mar 2020half year report● Neutral
Half-year to 31 December 2019: net loss $236,129 versus $112,744 a year earlier. Tamaska now owns 100% of Parta Energy, which holds rights to earn 50% of the Parta licence; repeats known Parta details.
28 Jan 2020capital raising announcement● Neutral
The 15 January placement is complete: 85 million shares issued at 0.6 cents raising $510,000, and 20 million options issued to Peloton's nominee. Shares on issue are now 890,000,000, with 70 million performance shares.
What it means for a shareholder
85.0m new shares at A$0.006 to raise about A$510,000. That's 9.6% dilution: every existing holder's slice gets 9.6% smaller. If you held A$1,000 of shares (166,667 at the issue price), your slice goes from 0.0207% to 0.0187% of the company. To keep it you'd need 17,598 more shares - about A$106 at the issue price.
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28 Jan 2020other● Neutral
Standard secondary trading notice under section 708A for the 85 million placement shares issued on 28 January 2020. Compliance filing with no new business information.
15 Jan 2020capital raising announcement▲ GoodMajor
Tamaska placed 85 million shares at 0.6 cents to raise $510,000 through Peloton Capital, plus 20 million options at 0.8 cents expiring 30 June 2021 for Peloton. Funds go to Parta drilling-target work and working capital; 3D seismic now due Q1 2020.
What it means for a shareholder
85.0m new shares at A$0.006 to raise about A$510,000. That's 9.6% dilution: every existing holder's slice gets 9.6% smaller. If you held A$1,000 of shares (166,667 at the issue price), your slice goes from 0.0207% to 0.0187% of the company. To keep it you'd need 17,598 more shares - about A$106 at the issue price.
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13 Jan 2020listing compliance notice● Neutral
ASX temporarily paused trading in Tamaska shares pending a further announcement. No reason is given in the notice.
8 Jan 2020other● Neutral
Release of the board-approved Whistleblower Policy. Governance document with no new business information.
5 Dec 2019admin correction● Neutral
Copy of the new constitution approved by special resolution on 29 November 2019. Administrative filing with no new business information.
5 Nov 2019director officer appointment● NeutralMajor
Joseph Graham (Executive Director, petroleum engineer) and Timothy Wise (Non-Executive) joined the board on 4 November 2019, and Alexander Parks resigned. This follows the Parta deal; the board is now four directors including Brett Lawrence and Logan Robertson.
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.
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.
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.
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.
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.
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.
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.