Tamaska Oil and Gas : January 29,2021December Quarterly Activity ReportDownload PDF

ASX Release

29 January 2021

December Quarterly Activity Report

Summary

• The Company is actively seeking and evaluating new prospective projects
• Production continues intermittently from the West Klondike project in Louisiana
• Tamaska had cash holdings of approximately A$2.67 million, and no debt at 31 December 2020

New Ventures

The Company's main focus is working on the identification and acquisition of a new project that has sound technical and commercial merit, and is expected to have significant recognition in the Australian market.

TMK is in a strong position to seek new projects that can generate value for the Company, with an experienced team of directors, and cash on hand of approximately A$2.67 million.

Existing Projects

West Klondike Project, Wilbert Sons LLC #1 well, Iberville Parish, Louisiana (11.36% Working Interest)

Tamaska participated in the drilling of the West Klondike discovery well in late 2012. The well commenced producing gas from the lower Nod Blan on 4 September 2014. Once the lower gas zones were produced, the Operator commenced production of the remaining Lario oil zone.

In 2017, the Operator performed a small hydraulic frac in the Lario, with encouraging results of over 100 bopd in short term testing. The well was put on jet pump to assist with oil lift, and placed back on production. In July 2018, the Operator ran a pressure survey on the well and the reservoir appeared to be close to initial pressure, indicating constrained flow into the well, potentially due to frac sand over the completion. Plans to treat the well in an endeavor to improve production are subject to economic conditions. At the present, the field is producing intermittently and sales occur once the tanks fill.

The field is potentially large enough for another production well, but the decision to drilll is contingent on improved production performance from the Lario, and improved economic conditions.

	March 2020	June 2020	September 2020	December 2020
	Quarter	Quarter	Quarter	Quarter
	Actual	Estimate*	Estimate*	Estimate*
Net Produced Oil	14 bbls	5 bbls	5 bbls	5 bbls
Revenue net of sales tax and royalty	~$625	~$175	~$175	~$200

*The Company is awaiting final sales off take figures from the Operator.

1 See Cash Position section at the end of this report

1

ASX Release

Tenement Summary

At 31 December 2020 the Company held the following interests in tenements:

Project	Percentage Interest	Number of Tenements
Fusselman Project	12.5%	7
West Klondike	11.36%	6

Related Party Payments

During the quarter ended 31 December 2020, the Company made payments of $20,000 to related parties and their associates. These payments relate to Directors fees.

Cash Position

TMK has approximately A$2.67 million of working capital at 31 December 2020.

For and on behalf of the Board

Brett Lawrence

Managing Director

Tamaska Oil and Gas Limited

For further information, please contact:	This announcement was authorised for release by:
Brett Lawrence	Brett Lawrence
Managing Director	Managing Director
Tel: [phone]
Email: [e-mail]

102 Forrest Street, Cottesloe WA 6011 | PO Box 453,	West Perth WA 6872	2
Tel: [phone] Email: [e-mail]	| www.tamaska.com.au

Rule 5.5

Appendix 5B

Mining exploration entity or oil and gas exploration entity

quarterly cash flow report

Name of entity

Tamaska Oil & Gas Limited

ABNQuarter ended ("current quarter")

66 127 735 442	31 December 2020

Consolidated statement of cash flows	Current quarter	Year to date
			$A'000	(3 months)
				$A'000
1.	Cash flows from operating activities
1.1	Receipts from customers	-	-
1.2	Payments for
	(a)	exploration & evaluation (if expensed)	-	-
	(b)	development	-	-
	(c)	production	-	-
	(d)	staff costs	(29)	(68)
	(e)	administration and corporate costs	(50)	(65)
1.3	Dividends received (see note 3)	-	-
1.4	Interest received	-	-
1.5	Interest and other costs of finance paid	-	-
1.6	Income taxes paid	-	-
1.7	Government grants and tax incentives	-	-
1.8	Other (provide details if material)
1.9	Net cash from / (used in) operating	(79)	(133)
	activities
2.	Cash flows from investing activities
2.1	Payments to acquire:
	(a)	entities
	(b)	tenements
	(c)	property, plant and equipment
	(d)	exploration & evaluation (if capitalised)	-	-
	(e)	investments
	(f)	other non-current assets

ASX Listing Rules Appendix 5B (01/12/19)	Page 1
+ See chapter 19 of the ASX Listing Rules for defined terms.

Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Consolidated statement of cash flows	Current quarter	Year to date
			$A'000	(3 months)
				$A'000
2.2	Proceeds from the disposal of:
	(a)	entities
	(b)	tenements
	(c) property, plant and equipment
	(d)	investments
	(e) other non-current assets
2.3	Cash flows from loans to other entities
2.4	Dividends received (see note 3)
2.5	Other (provide details if material)
2.6	Net cash from / (used in) investing	-	-
	activities
3.	Cash flows from financing activities
3.1	Proceeds from issues of equity securities	-	-
	(excluding convertible debt securities)

3.2 Proceeds from issue of convertible debt securities

3.3	Proceeds from exercise of options
3.4	Transaction costs related to issues of equity
	securities or convertible debt securities
3.5	Proceeds from borrowings
3.6	Repayment of borrowings
3.7	Transaction costs related to loans and
	borrowings
3.8	Dividends paid
3.9	In-specie Capital Distribution	-	-
3.10	Net cash from / (used in) financing	-	-
	activities

4. Net increase / (decrease) in cash and cash equivalents for the period

4.1	Cash and cash equivalents at beginning of	2,814	2,907
	period
4.2	Net cash from / (used in) operating	(79)	(133)
	activities (item 1.9 above)
4.3	Net cash from / (used in) investing activities	-	-
	(item 2.6 above)
4.4	Net cash from / (used in) financing activities	-	-
	(item 3.10 above)

ASX Listing Rules Appendix 5B (01/12/19)	Page 5
+ See chapter 19 of the ASX Listing Rules for defined terms.