ADX Energy Ltd

HOCH-1 Zones 3, 4 and 5 all flowed water-free gas, and commingled with Zone 2 produced 3.15 MMCFPD (548 BOEPD) over 12 hours. The well is shut in for pressure build-up to determine reserves; deeper Phase 2 testing needs a workover rig.

flow test result

ADX applied for two new Sicily Channel permits, d 368 C.R-AU (573.3 km²) and d 369 C.R-AU (213.7 km²), next to its 100% CR 150.AU permit. A three-month competing-application window applies; nothing is granted yet.

regulatory community update

ADX raised A$3.58m through a placement of 179.2m shares at A$0.02, a 16.7% discount to the last price, with one free A$0.03 option per share expiring Dec 2027. Funds go to HOCH-1 testing, more shallow gas drilling, Austrian production and Sicily. Follows the March placement at A$0.027.

capital raising announcement

Perforating existing wells GA-10A and GA-93 added about 75 BOEPD, lifting Vienna Basin output from about 150 to 220 BOEPD. ADX's net Austrian production rises about 35% to roughly 285 BOEPD, up from 200 in the March quarter. Infill and appraisal drilling is planned for 2027.

production update

Independent consultant RISC reviewed ADX's Sicily Channel gas play and found the Terravecchia biogenic gas play valid and ADX's resource methods reasonable. The 619 BCF mean prospective estimate for the 100%-owned permit is unchanged; RISC suggested the high case could be higher.

resource reserve update

HOCH-1's first perforated zone (1,465 m, basin floor fan) cleaned up at an average 2.8 million cubic feet a day (467 boepd) on a small choke, water free. The first flow result for the well; reserves depend on a pressure build-up test.

flow test result

Logs show the main 1,354-1,368 m Hall target is thin sand layers unlikely to be viable, the pre-drill key risk. But seven deeper Base Hall gas zones (1,465-1,617 m, 4-6 m net) look productive. Well deepened to 1,685 m for completion and testing.

drilling result

HOCH-1 hit gas-filled Hall formation sands at about 1,350 metres, matching the pre-drill 3D seismic. ADX will drill to at least 1,550 metres and log before casing. A first positive sign after the earlier mud-loss delays; flow rates are untested.

drilling result

ADX spudded HOCH-1 on 16 April 2026, its first shallow gas well in Upper Austria (50% interest, 8.0 BCF mean prospective). It was drilling at 96 metres, aiming for about 1,430 metres in roughly 14 days. This follows the delayed March start.

drilling spud

ADX raises A$4.4m via a placement of 163m shares at A$0.027, a 15.6% discount to last price, with one free option per two shares (A$0.0405, 24 months, subject to a late-May shareholder meeting). Funds HOCH-1 in April, two more shallow gas wells, Sicily data and the Oslo listing.

capital raising announcement

ADX extends A$750k of its A$1.25m loan notes from 31 March 2026 to 30 September 2027, with new options replacing the lapsing ones. The other A$500k is to be repaid on 31 March. HOCH-1 spud now early April 2026.

debt financing

ADX revises Welchau prospective resources to 387 BCF mean gas and 31 MMBBL mean light oil and condensate, adding updip oil and gas below the well. Reaching the gas target would need deepening Welchau-1 by about 600 metres. These are unrisked prospective resources, not reserves.

resource reserve update

Welchau-1 recovered light oil and gas from the Reifling Formation, with oil density matching deeper samples, supporting ADX's updip oil interpretation. But inflow was too small for stable flow and no reservoir pressure was recorded; a larger coiled-tubing acid job is being evaluated.

well test result

ADX's new Welchau mapping identifies an updip light oil accumulation of 18 MMbbl and gas condensate of 125 BCF (mean, unrisked) above Molln-1, shallower than expected. These are prospective resources; Welchau-1 testing comes first, then a sidetrack or deepening.

resource reserve update

ADX lifts the Sicily Channel C.R150.AU permit's best-case prospective gas resource 31% to 619 BCF (100% ADX), from the 2022 estimate, using nearby analogue fields and three new prospects/leads. This delivers the upgrade expected; an ENI data room visit and a third-party report are planned.

resource reserve update

ADX raises A$3.5m via a placement of 134.6m shares at A$0.026, an 18.8% discount to last price, with one free option per two shares (A$0.039, 24 months, subject to shareholder approval). Funds Welchau-1 testing, shallow gas drilling, Sicily seismic and Oslo listing preparation.

capital raising announcement

ADX set its Upper Austria 2026 programme: Welchau-1 flow testing from January 2026, three shallow gas wells (HOCH-1, GOLD-1, SCHOE-1) from February, and the SGB-1 Anshof oil appraisal well in Q3 2026. It expects to secure a farm-out by the end of 2025.

drilling scheduled

The inactive Parta licence in Romania (held via Danube, ADX 49.2%) has lapsed after the regulator refused an extension amid land access disputes. The regulator has invoiced EUR 4.2m for unperformed work, which ADX will dispute, reserving counterclaims above EUR 10m. Iecea Mare is retained.

regulatory community update

The Upper Austrian State Administrative Court rejects environmental groups' objections to Welchau-1 permits, resolving the suspension in place since early 2025. ADX (75%) can resume testing from 1 October to 31 March, starting with fluid sampling of the Reifling formation. Deepening to Welchau Deep needs further permits.

regulatory community update

ADX updates its Upper Austria prospect inventory: 24 drillable prospects with 374 BCF gas and 31 MMBBL oil mean prospective resource net to ADX, adding eight prospects and removing four since June 2023. Welchau Deep (125 BCF) and Rossberg (19.6 MMBBL, gross) are now matured; GOLD-1 is planned for Q1 2026.

resource reserve update

ADX is formally awarded the C.R150.AU exploration permit in the Sicily Channel, offshore Italy, at 100% interest, resolving the long-pending award. It holds a previously stated 369 BCF best-estimate prospective resource across five prospects; seismic purchase and independent resource report come next.

asset acquisition disposition

ADX publishes a summary of seven drill-ready shallow gas prospects in Upper Austria with 29 Bcf mean prospective resource net to ADX, plus at least four more being matured. Farm-in talks are with multiple parties, targeting Q4 2025 to Q1 2026 drilling, a slight slip from Q4 2025.

resource reserve update

ADX buys Xstate's 20% economic interest in the Anshof field, lifting its stake from 50% to 70% for EUR 547,075, offset against Xstate's unpaid cash calls, so no cash outlay. ADX's Anshof output rises from 58 to 72 BOPD. Needs partner MND's consent.

asset acquisition disposition

David Gilbert, a petroleum geologist with 35+ years including OMV in Vienna, joins as non-executive director; John Begg resigns. Begg had joined while CEO Paul Fink was on medical leave for much of 2024. Gilbert's consultancy is A$1,500 a day, 30% paid in shares.

director officer appointment

The February Upper Austria licence area changes are now formally implemented, with total area unchanged at 1022 km2. ADX reports four drill-ready shallow gas prospects on 100% acreage and seven more being matured; farm-in talks have begun, targeting first drilling in Q4 2025.

regulatory community update

ADX and the Austrian Ministry for Finance agreed changes to the ADX-AT-I and ADX-AT-II licence areas, keeping total area unchanged at no extra cost. ADX says shallow gas targets have more than tripled and Molln-1 and Rossberg are now covered. Final agreement is expected in Q2.

regulatory community update

ADX accepted the Italian Ministry's offer of the Sicily Channel gas exploration permit (d 363 C.R-.AX), at 100% and the maximum 346 km2. Formal award is expected in Q1 2025. Best technical prospective resource is 369 BCF across five prospects. This progresses the April 2024 grant confirmation.

asset acquisition disposition

A court ruling repealing the rule that stopped environmental appeals suspending operations means Welchau-1 testing should be suspended until an NGO objection to the environmental clearance is resolved. The chairman calls earlier test results disappointing but says the play remains compelling.

regulatory community update

Holders of 25 loan notes (A$1.25m) agreed to extend repayment from 11 January 2025 to 31 March 2026, with interest continuing and new options (23m in total) at A$0.05 and A$0.055. Five notes (A$250,000) were repaid on schedule.

debt financing

Anshof-2A, the sidetrack that found a 6.5 m oil column in September, began production at 70 barrels of oil and 134 of water a day. Anshof field output rises to about 170 bopd, 100 bopd net to ADX; the water rate is relatively high.

production update

First Welchau-1 flow test of the Steinalm formation produced 240-290 barrels a day of mostly drilling mud, formation water and gas with only traces of oil. ADX calls this disappointing; it undercuts the light-oil expectation, though analysis and Reifling testing continue.

well test result

Lichtenberg-1 reached 3260 m with gas shows but no reservoirs thick enough to be likely commercial, based on drilling data. Logs are still to come. A dry-hole outcome for the new gas play, with cost almost entirely borne by partner MND, per the chairman.

drilling result

Lichtenberg-1 gas exploration well spudded 26 September 2024 in ADX-AT-I, about 30 days to ~2900 m. MND funds the first EUR 4.5m for 50% of the well and its investment area, in addition to a prior EUR 0.4m cash payment. ADX operates and retains 50%.

drilling spud

Welchau-1 is now thought most likely a light oil (43.6° API) and associated gas find, not liquids-rich gas as predicted. Unrisked prospective resources are 12 to 217 MMBOE. Testing is targeted to start 15 October 2024; the early-September revision was replaced by this wide guidance range.

resource reserve update

Anshof-2A hit a 6.5 m net oil column in Eocene sandstone, about 3 times Anshof-3's, with roughly 20% higher porosity; TD 2195 m. It will be completed as a second Anshof producer, with tie-in expected by end October. Positive appraisal result.

drilling result

Anshof-2A sidetrack spudded 7 September 2024, targeting thicker Eocene oil sands up dip of Anshof-3, which produces about 110 bopd. About 14 days to drill to roughly 2160 m; ADX operates with a 60% economic interest. First of a two-well program.

drilling spud

ADX secured firm commitments for a A$13.5m placement of 128.6m shares at A$0.105, with one A$0.15 option (expiring 8 May 2026) per two shares. A$7.5m comes first; A$6.0m needs shareholder approval at the 22 May AGM. Funds Welchau testing, Anshof-2A and an ADX-AT-I gas well.

capital raising announcement

Italian ministry confirmed it will grant ADX's d 363C.R-.AX gas exploration permit in the Sicily Channel, after a capacity check; five gas prospects hold 369 BCF best technical prospective resource. A court annulling the PiTESAI plan (12 Feb 2024) may allow Nilde oil redevelopment if not contested.

asset acquisition disposition

The Anshof permanent production facility (3,000 bbl/day capacity) was commissioned on 3 April, and Anshof-3 restarted at 134 bopd, up 16% from 115 bopd when shut in September 2023. This resolves the restart thread; ADX aims for about 150 bopd.

production update

Logs show fracture networks and vuggy porosity coinciding with hydrocarbon shows over a 356 m gross interval in Welchau-1, and liquids and gas reached surface. Fluid sampling failed because the tool stuck. The well will be cased and tested after 31 March environmental restrictions end.

drilling result

Welchau-1 reached total depth of 1,733 m and found 115 m of condensate-rich gas shows in the Steinalm target (1,452-1,567 m), close to prediction and similar to Molln-1 gas. A 380 m seal was found. Flow rates are not yet known; logging and testing follow.

drilling result

Welchau-1 was spudded on 24 February with the E200 rig and was at 60 m in 17½-inch hole. It targets the Steinalm formation at 1,100-1,800 m, where nearby Molln-1 found gas; total depth is 1,500-1,900 m. This starts the key gas exploration well.

drilling spud

CEO and Technical Director Paul Fink has requested medical leave. ADX is adding an Austrian geotechnical manager (Robert Gruenwald), a board advisor (John Begg) and a communications advisor. Alan Reingruber continues to run the Austrian operating company. No return date is given.

director officer appointment

Welchau-1 well cost estimate rose from EUR 3.8m to EUR 5.1m. MCF will now fund 50% of the well up to the higher cap and earn 25% instead of 20%, cutting ADX to 75%. Drilling is expected to start in late January.

farm in farm out agreement

The MND deal for the ADX-AT-I gas exploration area has completed. MND paid EUR 0.45m of back costs and will fund EUR 4.5m of drilling for 50%. ADX stays operator, with LICHT or IRR drilling targeted for second half 2024.

farm in farm out completion

The share purchase plan raised A$1.578m at A$0.10 per share, above the A$1m target, with all valid applications accepted. Together with the placement, total raised is A$6.378m. About 15.78m new shares and 7.89m A$0.16 options issue on 22 December.

capital raising announcement

Anshof-2 found at least 12 m net of good reservoir (about 20% porosity) but only about 34% oil saturation, near the oil-water contact. It will not be completed as a producer. It is suspended for a sidetrack up-dip after Welchau-1, a mixed result for the Anshof appraisal.

drilling result

MND agreed to repay EUR 0.45m of costs and fund EUR 4.5m of exploration drilling to earn 50% of an investment area in the ADX-AT-I licence. Drilling of the LICHT or IRR gas prospect is targeted for second half 2024. Completion awaits Austrian ministry clearance of the partnership documents.

farm in farm out agreement

Welchau-1 has received its environmental clearance, the last regulatory approval needed to drill the gas prospect (807 BCFE best technical prospective resource). Site construction starts now; drilling is planned for January 2024, resolving the long-awaited permit thread. ADX holds 80%.

regulatory community update

A second placement tranche raises a further A$0.6m (6m shares at A$0.10, with A$0.16 options expiring 31 Dec 2024) from a UK investor, lifting placement total to A$4.8m. The share purchase plan of up to A$1m opens 29 November and closes 18 December.

capital raising announcement

ADX raised A$4.2m through a placement of 42m shares at A$0.10 (about 40% oversubscribed), with one A$0.16 option expiring 31 Dec 2024 per two shares. A share purchase plan of up to A$1m follows on the same terms. Funds Anshof-2, production facilities and Welchau.

capital raising announcement

Anshof-2 appraisal well spudded on 13 November 2023 using the RED E-202 rig. ADX operates with a 60% economic interest, MND 40%. It aims to extend the Anshof field reserves beyond the 5.2 MMBOE 2P base. Weekly updates promised.

drilling spud

Xstate, ADX's 20% partner in Anshof, will not participate in the Anshof-2 well, calling it a non-core asset and citing a strategy review. It keeps its 20% interest in Anshof-3. This lets ADX and MND take up its share of the well.

farm in farm out agreement

The MND deal closed: MND paid EUR 1.932m for past costs and long-lead equipment and holds 30% of Anshof. ADX's interest falls from 80% to 50% as operator, with Xstate 20%. MND still owes EUR 4.683m for wells plus contingent payments.

farm in farm out completion

Austria's finance ministry cleared the Anshof partnership documents, satisfying the condition on the 7 August MND deal (up to EUR 11.52m for 30% economic interest). Anshof-2 drilling is planned for Q4 2023, funded by MND. This resolves the clearance thread.

farm in farm out completion

Austria's mining authority issued the Welchau-1 drilling permit after a public hearing with no major objections. Drilling must occur 1 Oct 2023 to 31 Mar 2024, after a final environmental clearance, expected Q4 2023. Resolves the permit thread; clearance remains outstanding.

regulatory community update

MND Austria will pay EUR 1.335m back costs and fund EUR 5.28m for the Anshof-2 and Anshof-1 wells to earn 30% of the Anshof field area. Up to EUR 11.52m including contingent payments. ADX keeps 50% and operatorship; completion needs Austrian ministry clearance.

farm in farm out agreement

ADX raised A$1.5m through 30 loan notes of A$50,000, 18-month term, 8% or 12% interest, with free options. Funds go to equipment for up to four Upper Austria wells and a permanent Anshof production facility. The loan notes were repaid in full in Nov 2022, so this is new borrowing.

debt financing

GaffneyCline's review, commissioned by MCF, supports ADX's Welchau resource view (gross unrisked gas 332/584/1,018 BCF for low/best/high). Drilling applications are submitted, rig and materials secured, and drilling is expected from September 2023 for 6-8 weeks; the well was slightly delayed.

drilling scheduled

Austria's Ministry of Finance awarded the Anshof oil field production licence, ADX 80% and operator, about a year after the Anshof-3 discovery. Test output is averaging 113 bopd, to rise to about 150 bopd in Q2 2023; Anshof-2 and Anshof-1 wells are planned from Q3 2023.

regulatory community update

MCF Energy declined its option to fund a further 50% of the Welchau-1 well, so it will hold 20% and ADX 80% once MCF funds 50% of the EUR 3.81m well. ADX will seek other farm-in partners for the remaining 50%, targeting Q3 2023 drilling.

farm in farm out agreement

Kepis & Pobe met completion conditions for the Welchau farm-in, paying EUR 197,000 pre-drill costs and a EUR 100,000 option fee. ADX also signed a land access agreement for the Welchau-1 site with the Austrian Forestry Ministry, resolving the site-access issue; permits still needed.

farm in farm out completion

Kepis & Pobe Financial Group will fund 50% of the EUR 3.81m (A$5.91m) Welchau-1 well to earn 20% of the Welchau farm-in area, with an option on a further 20% by 21 January 2023. Welchau targets 807 BCFE; this delivers the farmout funding sought.

farm in farm out agreement

RISC audit puts Anshof gross 2P reserves at 5.2 million barrels of oil equivalent, with NPV8 of EUR 42.3m. ADX's 80% share lifts its total Austrian 2P reserves by 239% to 5.90 MMboe. This resolves the reserves assessment awaited since the January discovery. 3P is 12.5 MMboe gross.

resource reserve update

Commercial oil production began at Anshof-3 at a stable 100 barrels per day, lifting ADX's Austrian oil output by 30%. Rate is capped by on-site storage and trucking. This delivers the first Anshof oil targeted since the January 2022 discovery. ADX holds 80%.

production update

ADX signed a lease for an early production system and an oil sales agreement with RAG E&P for Anshof-3. Production is due mid-October 2022 at about 100 bopd, sold at Brent less a small discount, with roughly US$11 per barrel processing and transport charges.

material agreement

Italian authorities offered ADX the chance to ratify its offshore Sicily d363C.R-.AX licence for gas only. Five prospects hold 369 BSCF best-estimate prospective gas. A work programme is due by 10 October 2022. This advances the long-suspended Nilde licence, now reframed from oil to gas.

asset acquisition disposition

ADX raised A$2.55m via a placement of 425m shares at A$0.006, oversubscribed by about 70%, with one free option per two shares (A$0.013 strike, 2 years). Funds go to Welchau and Anshof long-lead items, the Anshof early production facility and renewables. Price is below the A$0.008 prior close.

capital raising announcement

ADX agreed with Austrian authorities to expand its Upper Austria licences from 450 km2 to 1,022 km2, valid up to 16 years from 1 April 2022, with gas storage rights. Adds the Welchau prospect (750 BCF, about 125 MMBOE best technical prospective), plus Gmunden, ZAM (15 MMBOE) and Piberbach.

asset acquisition disposition

Fuller analysis of Anshof-3 testing lifts the maximum flow to 132 barrels per day of water-free oil, up from the 75 announced on 26 April. Pressure data show better reservoir performance and no nearby flow barriers. The well has been acidised and pumped, with a trucked early production facility planned.

well test result

Anshof-3 flowed water-free 32° API oil at about 75 barrels per day from the 6m Eocene zone, within the earlier 40-100 bopd estimate and at the upper end of expectation. This resolves the testing thread; acidising, pump and early production facility are next. No resource revision planned.

flow test result

ADX lifts its Upper Austria drill-ready prospective resources to 72 MMBOE best technical case from 62, mainly from the new Gruenburg prospect (8.5 MMBOE) south of Anshof. Anshof moves to appraisal, and ADX is talking to potential farminees.

resource reserve update

A four-well workover costing about EUR 183,000 lifted Vienna Basin output to 318 BOEPD (281 oil, 37 gas), 25% above the December quarter's 254. That is about 10% above the rate after the December 2019 purchase, with Brent at US$105.

production update

Wireline logs confirm the Anshof-3 discovery: 6m gross Eocene oil (about 2.5-4m net pay) and 20m gross Miocene gas (14m pay). The 11m Cenomanian oil is likely unproductive here. Eocene thickness is at the low end of pre-drill expectations. The well will be cased for testing.

drilling result

Anshof-3 preliminary drilling data indicate an oil discovery: a 9m gross interval at the Eocene target, plus a 20m gross gas-show interval in the Miocene. Formation tops came in as predicted. Wireline logs due week of 10 January will confirm; this is not yet tested or flowed.

drilling result

Anshof-3 spudded at 2am CET on 18 December 2021, the first well on the Upper Austria licences. The first 24 hours drilled 17½ inch hole to 37m and cemented casing. This starts the exploration well targeting 6.6 MMBOE best case, with Xstate funding 40% of costs.

drilling spud

ADX raised A$2.847m by placing 284.7m shares at A$0.01, against a last close of A$0.011, with one free A$0.015 option (expiry 30 June 2022) per two shares. Funds go to hydrogen feasibility, the geothermal pilot, Anshof tie-in if successful, and licence fees. It dilutes holders.

capital raising announcement

Xstate Resources signed a heads of agreement to fund 40% of the Anshof well, capped at EUR 720,000, to earn 20% of the Anshof area, with a possible second-well option. ADX keeps 80%. This starts the Upper Austria farm-out; Xstate also holds a two-month option on the OHO prospect.

farm in farm out agreement

ADX received Austrian mining approval for up to three wells at the Anshof site and signed a multi-well contract with RED Drilling. Anshof-1 is expected to spud mid to late December, taking 17 days to reach 2,200m at about EUR 2m dry hole, targeting 6.6 MMBOE best case.

drilling scheduled

An independent RISC audit lifted Austrian developed reserves: 1P to 1.19 MMboe (up 215%) and 2P to 1.85 MMboe (up 154%), versus the November 2020 audit. NPV is EUR 5.7m (1P) and EUR 15.9m (2P). This completes the pending reserves review.

resource reserve update

ADX signed a Memorandum of Agreement with wind power producer Windkraft Simonsfeld for green power supply and joint development of the Vienna Basin hydrogen production and storage project. This resolves the power-provider selection; definitive agreements are targeted by 1 December 2021, with funding incentives still to be secured.

material agreement

ADX signed a binding agreement with Siemens Energy and RED Drilling to build a CO2-based geothermal power test site at an existing Austrian well, converting July's non-binding letter of intent. ADX is securing permits; engineering starts October 2021. No cost or timing of results given.

material agreement

ADX signed a Letter of Intent with Siemens Energy and RED Drilling for a geothermal-to-power pilot in Austria, with ADX handling permits and subsurface work. First downhole testing could come in Q3 2021 if wells and approvals allow. Non-binding; it adds a green-energy track beside the hydrogen concept.

material agreement

Workovers on five Austrian wells finished 1 April 2021 and a new oil zone was perforated, lifting field output to 430 BOEPD from 240 BOEPD in the December quarter, an 80% rise. The new zone gives about 150 BOEPD but has only about 10 days of history.

production update

ADX raised best-case prospective resources for its 10 drill-ready Upper Austria prospects to 58 MMBOE, from 42 MMBOE announced 30 November 2020, mainly from revising three larger prospects. It is now ready to start a formal farm-out with a data room.

resource reserve update

The share purchase plan drew about A$3.6m of applications against a A$1.0m target, so ADX upsized it to about A$3.0m (500,000,951 shares at A$0.006), scaling back applications pro rata. With the A$1.3m placement, funds go to workovers, Upper Austria expansion and hydrogen, and a possible European dual listing.

capital raising announcement

ADX hired consultants Horváth & Partners to assess using its depleted Gaiselberg and Zistersdorf fields in the Vienna Basin for hydrogen storage. A first phase aims to find renewable-energy partners and funding. It is a study, with no commitment or revenue yet.

material agreement

ADX signed the Upper Austria exploration, production and gas storage concession agreements with Austria's mining ministry on 8 January 2021. Terms are 16 years, a 4-year firm period from 1 January 2021 and a 2-well commitment. Informal farm-out talks have begun, with a data room planned for late January.

regulatory community update

ADX signed a binding memorandum with RAG E&P giving access to RAG's Upper Austria oil and gas processing and transport facilities, with set tariffs. This lowers development cost and time for any discoveries on the new licences and may help the planned farm-out.

material agreement

ADX placed 221.25m shares at A$0.006 to raise A$1.3275m, with one free option per two shares (A$0.008 strike, expiring 15 Jun 2021). A share purchase plan seeks up to A$1.0m on the same terms. Funds go to the Upper Austria bank guarantee, workovers and working capital.

capital raising announcement

ADX finalised two Upper Austria Molasse Basin exploration licences covering 450 km2, effective 1 Jan 2021. They hold 10 drill-ready prospects with 42 MMBOE combined best-case prospective resource. Commitment is two wells over four years plus a EUR 342,828 bank guarantee. A farm-out is planned early 2021.

regulatory community update

ADX agreed with noteholders to defer repayment of the A$3.5m loan notes. The first A$1.75m is repaid in four half-yearly instalments from 26 May 2021, the rest as a bullet on 26 Nov 2022. Interest stays 6%. Holders get new options, subject to shareholder approval. This replaces the 50% due 26 Nov 2020.

debt financing

Independent audit by ERCE of the Austrian fields' developed reserves at 31 Dec 2019 found 0.54 MMboe 1P and 0.89 MMboe 2P, 13% and 4% above ADX's pre-purchase estimates. 3P is 1.51 MMboe. This delivers the reserves report due in Q4.

resource reserve update

Mica-1 was acidised and back-flowed. Gas, mixed methane and nitrogen, reached surface after about 12 hours, but ADX says performance is below expectation. The well is shut in to see if it cleans up. This weakens the commercial case for the 2019 discovery.

well test result

Tamaska's subsidiary has declined to proceed with the Parta farm-in, leaving US$1.3m of obligations unpaid. ADX rejects the legal basis, reserves its rights, and has put the 3D seismic mobilisation on hold. This undoes the Tamaska-funded seismic plan.

farm in farm out completion

ADX secured a Euro 1.13m (A$1.86m) Austrian state-backed loan for ADX VIE at 0.56% interest, with Euro 120k collateral, a 4-year term and repayment holiday to 30 June 2022. It adds low-cost funding beside the A$3.5m loan notes.

debt financing

Mica-1 was perforated in the Pa IV gas zone but no gas has reached surface yet. ADX suspects drilling-mud damage near the wellbore and may acidise to improve flow. This is a setback for the 2019 discovery's commercial case.

well test result

ADX completed the RAG acquisition on 2 December 2019, paying a final Euro 2.26m (before the Euro 400k deposit), below the Euro 2.5m expected. It becomes an Austrian oil producer, with 3D seismic data access and about Euro 190,000 monthly post-tax cash flow.

asset acquisition disposition

Reabold put A$3.65m and ADX A$0.54m into Danube at £1.20 per share, cutting ADX to 49.2% and Reabold to 50.8% (from 58%). Funds Iecea Mica-1 testing from February 2020 and Mica-2 drilling in Q3 2020. ADX loses majority ownership of the Romanian vehicle.

joint venture update

The Share Purchase Plan closed raising $797,018 at 1 cent, below the $1.5m target, including $118,018 from the shortfall offer. 70.3m shares remain in the shortfall offer. It completes the A$5.5m funding package, with options subject to the 6 December meeting.

capital raising announcement

Final Austrian government approval for the Zistersdorf and Gaiselberg licence transfer has been received, meeting all conditions to complete the RAG acquisition. It also unlocks drawdown of the A$3.5m loan notes, resolving the main open condition.

asset acquisition disposition

ADX secured A$5.5m to fund the Austrian RAG acquisition: a A$2.0m placement of 200m shares at 1 cent and A$3.5m of loan notes (6% interest, repaid over 24 months, with options at 1.8c). A Share Purchase Plan of up to A$1.5m will follow; completion is expected late October to mid November.

capital raising announcement

At ASX's request, ADX retracted NPV and resource-value figures from its 6 Sep, 9 Sep and 13 Sep releases, including Iecea Mica value estimates and Austrian flysch and exploration cashflow claims, as lacking a reasonable basis. Shareholders should disregard them, including the earlier US$40m Parta value. An updated presentation was issued.

regulatory community update

ADX expects the Austrian RAG acquisition to close within about 4 weeks. Production has met expectations and oil prices rose, so the final price is expected to be about Euro 2.5m less the Euro 0.4m deposit, down from the Euro 4m headline.

asset acquisition disposition

Reabold will subscribe 810,811 Danube shares and ADX 540,541, both at £1.00, to fund Iecea Mica-1 testing, Mica-2 planning and 2D seismic. ADX's Danube stake falls to 58.4% (Reabold 41.6%). Second-well options at £1.20 are set.

joint venture update

Iecea Mica-1 deepening is suspended below the 2407 m over-pressured zone because of hole problems. Independent petrophysics and remapping give a 20 Bcf 2C contingent resource versus 6.1 Bcf pre-drill, with 14.5 m net pay. The well is plugged back to 2230 m and will be production tested.

drilling result

ADX presented the RAG Austrian acquisition as a shift to an onshore European producer: 350 BOPD, 1 million barrels 2P and about A$10m a year revenue. Tunisia is likely deferred or suspended, with a force majeure suspension of Kerkouane requested; Nilde is expected to resume in Q4 2020.

investor presentation

Drilling at 2407 m hit a highly over-pressured zone and a major kick, with well pressure reaching 387 bar. ADX says the well was brought under control with no injuries; a kill operation was still being prepared. Hydrocarbon gas, CO2 and brine returned. This explains the trading halt.

drilling progress report

Log analysis on Iecea Mica-1 interprets pay in Pa III, Pa IV (8 m gross, ~20% porosity) and Pa V (about 4 m of thin pay). Pa III and Pa V were not in the pre-drill resource estimate and are described as exceeding expectations; Pa VI is tight. Resource update to follow.

drilling result

Iecea Mica-1 reached 2335 m MD in the 8½" hole, with gas shows in the Pa III, Pa IV and Pa V sands. The Pa IV sand was the zone that flowed in the historic well. Analysis is pending; logging is complete and 7" casing is next.

drilling result

Iecea Mica-1 was spudded on 6 August 2019 in Romania. The first target, the previously flow-tested Pa IV sand, is expected in about 13 days, with the full program taking about 27 days. Reabold funds the well (about US$3m).

drilling spud

The Parta Energy farm-in was completed, with conditions satisfied. Parta Energy funds the first US$1.5m of about 100 km2 of 3D seismic for 50% of the Parta Exploration License, excluding the Iecea Mare appraisal area. Seismic is expected to start in November 2019. This resolves the April heads of agreement.

farm in farm out completion

ADX raised A$1.205m through convertible loan notes to fund the Austrian deposit and costs. Terms: 6 months, 10% interest, convertible at the lower of A$0.007 or any later raising price. Directors Tchacos, Fink and Brown contributed $150k in total.

capital raising announcement

ADX signed binding deals on 1 July to buy the Zistersdorf and Gaiselberg fields in Austria from RAG for Euro 4m. The fields produce 350 BOEPD; closing is due about 1 October 2019. A 10% deposit is payable now. A new direction, moving ADX towards production.

asset acquisition disposition

Romania approved a two-year extension of the Parta Exploration License, in return for about Euro 100,000 of reprocessing work. This satisfies the regulatory condition of the Parta Energy US$1.5m 3D seismic farm-in. Remaining contractual conditions are expected by end June 2019.

regulatory community update

All approvals and permits for the Iecea Mica-1 well are now received. Well pad and road construction will take 6 to 8 weeks before spud. The well will be deepened to 2600m. This resolves the earlier open permitting item. Reabold's roughly US$3m funds the well.

regulatory community update

Reabold invested a further £375,940 in Danube at £1 per share. ADX's stake falls to 62.5% and Reabold rises to 37.5%, with Reabold's total at £2.26m. The money goes to the Parta appraisal program, starting with Iecea Mica-1.

capital raising announcement

Parta Energy Pty Ltd signed a binding heads of agreement to fund a US$1.5m 3D seismic program for a 50% interest in the Parta Exploration License. Partner RAG withdrew on 31 March. The Iecea Mare appraisal area is excluded. Conditions include a joint operating agreement and a licence extension.

farm in farm out agreement

ADX received all key statutory and landowner approvals for the Iecea Mica-1 well, now firming up for a late June 2019 spud. This is later than the earlier Q1 target. ERCE puts the well at 6.1 bscf contingent (2C) and 13 bscf best-estimate prospective resource.

drilling scheduled

Italy's Parliament approved the bill suspending oil and gas operations for 18 months pending area reviews. The exact effect on Nilde will be assessed once the law is published. This follows ADX's 4 February warning.

regulatory community update

The Italian Senate passed a bill to suspend exploration in approved or pending permits for up to 18 months while areas are reviewed. This is a setback for Nilde ratification. ADX has asked to cut the permit area by about 55% and expects Nilde to qualify as suitable.

regulatory community update

ADX and Reabold agreed option structures for Danube funding, including ADX's £375,940 commitment by 15 March 2019 and options for second-well funding. If all are exercised, up to about US$7m would be raised, with Reabold at 45% and ADX 55%. Long lead items are being made.

joint venture update

ADX raised $750,000 through an unconditional placement of 75 million shares at 1.0 cent each, with one free unlisted option (2c, expiring 31 December 2019) for every three shares. Funds go to Nilde ratification work, Dougga funding, Parta planning and working capital.

capital raising announcement

ADX agreed to farm out 50% of the Nilde permit to SDP Services, which funds up to Euro 20.82m of work and gets a 5% net profits royalty. It is conditional on Italian ratification; ADX says it should help overcome the financial-capability objection.

farm in farm out agreement

Romanian authorities approved transfer of the 4.7 km2 Iecea Mare production licence to ADX's subsidiary, making ADX a licensed production operator there. A rig is contracted and long lead items ordered for a Q1 2019 spud. A further US$2.5m is sought for the second well; the Reabold option is extended to 30 November.

asset acquisition disposition

Reabold paid the US$1.5m tranche 2 for Danube, taking it to 29% and ADX to 71%, after well approvals and rig and equipment tenders. This funds the first Parta well, Iecea Mica-1. Reabold has an option over a further US$0.5m by 31 October.

farm in farm out completion

The Noble Globetrotter II rig for Dougga Sud is deferred to April 2019, with the contract extended to end May 2019. Tunisia cut the bank guarantee from US$8m to US$3m, due at spud. ERCE puts Dougga's chance of commercialisation at 70%. Funding still unsecured.

joint venture update

ERCE independently put Dougga 2C contingent resources at 122 mmboe, 63% above the 2011 review but below ADX's own 162 mmboe (company estimate). Dougga Sud drilling is intended for Q1 2019, funding is still being sought, and a London AIM listing is possible.

resource reserve update

Independent evaluator ERCE confirmed Parta 2C contingent resources of 21.6 bscf, in line with ADX's 21 bscf. ERCE's best-estimate prospective resource is 28.3 bscf, 49% above ADX's earlier 19 bscf. The report will support Parta financing efforts.

resource reserve update

ADX's Romanian subsidiary agreed to buy the Iecea Mare production licence next to Parta for Euro 30,000 plus a 5% royalty. It lets one Parta appraisal well be drilled from the licence area and could speed any development. ADX holds 91% of Danube, falling to 71% on tranche 2.

asset acquisition disposition

The Reabold deal for Danube Petroleum is finalised. Reabold paid US$500k for 10% now, and US$1.5m sits in escrow until ADX issues a drilling approval for the first well, taking it to 29%. ADX seeks a further US$2-3m by mid-2018 for the second well.

farm in farm out completion

Italian authorities judged ADX to have insufficient financial capability to operate the Nilde permit, though technical and HSSE capacity was accepted. ADX calls this unreasonable and will file an objection, so Nilde operatorship is further delayed.

regulatory community update

Chairman's letter says Dougga is ready for appraisal drilling in late 2018, aiming for a funding path by end of Q1 2018. 2C is 165 mmboe, and the farm-out has taken longer than expected. Nilde is said not to be abandoned. Figures are company estimates.

investor presentation

Reabold Resources agreed to invest US$2m for 29% of new subsidiary Danube Petroleum, which will hold ADX's Parta interest and fund the first of two 2018 appraisal wells. This values ADX's 71% at US$5m, and follows the search for subsidiary-level funding.

farm in farm out agreement

Tunisia approved changing the Kerkouane work program to drilling and testing Dougga Sud, replacing the 3D seismic and exploration well. The second 3-year renewal is granted after testing. A bank guarantee is required; its size is not yet set. Noble rig contract signed 9 October.

regulatory community update

September 2017 quarter: Nilde peer review actions closed, appraisal location chosen as a twin of Nilde-2, and a formal farm-out with dataroom opens in December quarter. Dougga Sud rig contract signed with Noble; RAG declined Parta appraisal participation, so ADX proceeds at 100%.

quarterly activities report

ADX sold its entire Riedel Resources holding of 35.7m shares for gross proceeds of $1.32m, settling 29 September 2017. The stake, a non-core investment, was valued at $600k in May; the proceeds fund Nilde, Dougga and Parta work.

asset acquisition disposition

Chairman's letter outlines a Parta gas appraisal program: about US$5m for two wells could yield roughly US$80m post-tax NPV10 if all zones succeed, or about US$13m with one zone per well (company estimates). RAG's participation is undecided; ADX seeks subsidiary-level funding.

investor presentation

ADX placed 69.2m shortfall shares for $900,000, bringing the total raised to $2.025m of the $2.415m maximum. Further shortfall will be offered only to strategic investors. Funding is said to cover Nilde and Dougga studies and marketing.

capital raising announcement

The entitlement offer closed with shareholders taking up 86.5m shares for $1.12m, less than half the ~$2.4m sought. About 99.3m shares remain as shortfall, open up to three months. Allotment is due 2 June.

capital raising announcement

New 3D modelling shows Dougga gas in place up 103%, expected to lift the 173 mmboe 2C estimate once simulation is done. Kerkouane work program changed to drill updip Dougga Sud; TechnipFMC favours subsea tie-back; farm-in partner sought from July.

joint venture update

ADX launches a 1-for-5 non-renounceable entitlement offer at 1.3c to raise about $2.4m, with shortfall available, lead managed by QA Capital. Funds go to Nilde and Dougga appraisal planning, Parta seismic and farm-out talks. Shares on issue would rise to about 1.115 billion if fully taken up.

capital raising announcement

ADX presents indicative Nilde economics at US$40 oil: about US$150m a year net cash flow for three years on the 33 mmbo 2C case, post-tax NPV10 of US$200-650m, and payback under one year. These are company projections, not independent. A formal financing and farm-out process is now starting.

investor presentation

ADX's simulation-based Nilde resource: 2C 32.8 mmbo (1C 21.7, 3C 49.8), close to Senergy's 28 mmbo 2C. Oil in place is now 176 to 237 million barrels, below the 300 mmbo ADX cited in October. The 2C is ADX's own estimate, not independent, and the farm-out is next.

resource reserve update

Romania has ratified the 30-month Parta permit extension, resolving the pending ratification thread. ADX (operator, 50%) and partner RAG now have until June 2019 to finish the first phase: 160 km 2D seismic, 150 sq km 3D and two wells, with 100 km 2D and 50 sq km 3D done. Land access permitting is expected by end of February 2017.

regulatory community update

ADX signs a binding MOU with Calm Oceans to jointly plan Nilde redevelopment using Calm Oceans' leased self-installing platform, which ADX says cuts well costs by 60%. A development plan is targeted for submission to Italian authorities by June 2017; ADX expects simulation work to finish in January 2017. Replaces the earlier FPSO/MOPU options under review.

material agreement

ADX raises $802,000 in a two-tranche placement at 0.7c: $322,000 now (46.0m shares) and $480,000 (68.6m shares) subject to shareholder approval at a mid-December meeting. Investors get one free option (2c, expiring 30 Nov 2017) per two shares. Funds go to Nilde and Dougga work, easing the cash shortfall.

capital raising announcement

ADX's own studies point to about 300 million barrels of Nilde oil in place, roughly double Senergy's, implying about 60 mmbo 2C remaining versus Senergy's 28 mmbo for the field. This is ADX's estimate, not independent. A formal farm-out starts in November, targeting two appraisal wells in 2017.

resource reserve update

Rob Brown, a petroleum engineer with 24 years of international project experience including Tullow's Jubilee development, was appointed non-executive director. ADX said his skills suit redeveloping Nilde and commercialising Dougga.

director officer appointment

Tunisia approved a one-year extension of the 100%-owned Kerkouane permit, resolving the August 2016 expiry thread. ADX shifts focus from exploration to appraising the Dougga gas discovery (2C 173 mmboe; 220 mmboe including up-dip), and an appraisal well would meet the work commitment.

regulatory community update

ADX completed a placement of 114.286 million new shares at 0.7 cents to raise $800,000, led by QA Capital. The funds go mainly to Nilde appraisal and feasibility work and to working capital.

capital raising announcement

Nilde project update: indicative capital cost about US$7 a barrel on 2C, profitable down to US$20 (1C) and US$15 (2C) oil. Five new exploration leads in d363 carry 90 million barrels best-estimate prospective resource. ADX targets declaring reserves by end 2016.

resource reserve update

Independent assessor Senergy puts the Nilde area (d363, 100% ADX) at 34 million barrels 2C contingent resource (20.2m 1C, 54.4m 3C). This delivers the review flagged in January and anchors ADX's new focus. ADX's own indicative economics are robust below US$40 a barrel.

resource reserve update

September 2015 quarter report: new strategy favours lower-risk appraisal and development assets, led by the Nilde oil field in Italy's d363 permit. ADX will accept a lower retained interest to farm out Parta and Dougga. Cash is $1.044m; fixed salaries are eliminated.

quarterly activities report

Managing Director Dr Wolfgang Zimmer is removed and his consultancy terminated, though he stays as a non-executive director. Paul Fink becomes CEO and Ian Tchacos Executive Chairman, with a revised growth strategy promised.

director officer appointment

A 30-month extension of the Parta (EX-10) exploration period is signed with Romania's mineral resources agency, subject to government ratification. It resolves the extension sought since land access delays, and lets ADX resume farm-out talks on the permit.

regulatory community update

ADX and Gulfsands settle all claims: Gulfsands agrees to pay US$1.5m, with ADX to provide further documents by end of February 2015. The English court proceedings will be discontinued. Resolves the dispute that began in August 2014 over the Chorbane payment.

joint venture update

In-house study adds prospective resource up-dip of Dougga: best estimate 47 mmboe (low 39, high 65), gross, kept as prospective until drilled. Combined with existing contingent resource, Dougga best case rises to 220 mmboe, 27% higher. Delivers the up-dip estimate promised on 14 October.

resource reserve update

ADX completes a placement of 83.3 million new shares at 0.9 cents to raise $750,000, led by BBY. Funds go to Tunisia and Romania exploration work and working capital. A share purchase plan of up to $250,000 at the same price follows, diluting existing holders.

capital raising announcement

ADX names three drill-ready Parta prospects with best-case gross prospective resources of 15.0 mmboe (7.6 mmboe net to ADX). It now plans to fast-track at least two wells, seeking farminees, with drilling targeted for Q2 2015. This brings the first Parta well forward from earlier timing.

resource reserve update

Gulfsands missed the 26 August completion date and has not paid the final US$1.5m for Chorbane, giving no legitimate justification, per ADX. The board has instructed lawyers to start recovery proceedings. This escalates the dispute from the 15 August notice.

material agreement

Tunisia approves transfer of ADX's remaining Chorbane interest to Gulfsands, triggering the final US$1.5m payment. Gulfsands says it will not pay, citing missing data. ADX disputes this and says it has met its obligations. A dispute over the funds begins.

joint venture update

Tunisia approves a 2-year extension of the Kerkouane exploration period to 21 February 2016, resolving the pending approval. ADX wants to sell part of its interest before the next well; several companies are reviewing the asset but no binding offer yet.

regulatory community update

Italy awards ADX the offshore d 363 C.R-AX permit, 100% held and operated. It sits next to d 364 and on trend with Kerkouane, and contains the Nilde oil field. This resolves the open permit application and extends the Sicily Channel portfolio.

asset acquisition disposition

Gulfsands withdraws from Kerkouane, returning ADX to 100% of Kerkouane and Pantelleria (almost 5,000 sq km), and ADX transfers its remaining 30% of Chorbane to Gulfsands for US$1.75m (US$250k now, US$1.5m on government approval). This ends the Chorbane position.

farm in farm out agreement

ADX raised A$1.02m by placing 60 million shares at 1.7 cents to one institutional investor, for exploration and working capital. Shares on issue rise to 545,367,175 after settlement.

capital raising announcement

Independent review by ISIS puts most likely oil in place for the Upper Birsa reservoir at Dougga West (Kerkouane, Tunisia) at 423 mmbbls, with upside above a billion barrels. ADX is seeking a partner to fund the next well; no binding offer yet.

resource reserve update

ADX signed a definitive farm-in with Rift Basin International (TSXV: RIF), turning the November letter of intent into a deal. Rift can earn 15% of Chorbane by paying US$1.2m in past costs and seismic contributions (US$200k, US$700k, US$300k).

farm in farm out agreement

The Romanian government ratified the Parta concession agreement, signed in January 2011. This resolves the long-delayed approval. ADX holds 50% and is operator; the work program is 2D/3D seismic and two exploration wells. Prospects are put at 47 mmbbl oil and 480 bcf gas.

regulatory community update

ADX agreed to farm out 10% of Chorbane to Gulfsands for US$100,000 cash plus up to US$600,000 of ADX's share of a US$2m seismic programme. Gulfsands becomes operator; ADX will retain 30%, subject to regulatory approvals. This gives up operatorship.

farm in farm out agreement

ADX placed 47,058,825 new shares at 1.7 cents to raise $800,000, mainly for working capital. Shares on issue rise to 485,367,175. Romania is funded by the RAG farm-out; Dougga appraisal and Sicily drilling still depend on future farm-outs.

capital raising announcement

Tunisian authorities renewed the Chorbane exploration permit for three years to 12 July 2015, with 20% of the area relinquished. The work commitment is one exploration well to at least 2500 m. Keeps ADX's 40% operated position after the Sidi Dhaher failure.

regulatory community update

After the failed Sidi Dhaher test, the board says ADX's future remains bright and refocuses on Romania's Parta (now 50%) and offshore Sicily Channel, where Dougga is put at 173 mmboe. Targets a Sicily farm-out by end 2012 and a Romanian well in 2013.

other

Sidi Dhaher-1 test was negative: two Bireno zones flowed good fluid rates but no hydrocarbons, only mud filtrate, spent acid and probable formation water. The well will be plugged and abandoned, ending hopes for the October 2011 discovery's 51 mmbbl oil in place.

well test result

ADX farmed out Romania's Parta permit to Austria's RAG, which can earn 50% by paying past costs and a share of future costs. ADX keeps 50% and operatorship and says this secures 3.1m euros for 2012 seismic. Subject to Romanian approval.

farm in farm out agreement

ADX bought back Caspian's and Sibinga's 20% stakes in Romania's Parta block by reimbursing their past costs, becoming 100% holder and operator. It is negotiating farm-outs to fund 2012 seismic. Ratification of the concession is described as imminent.

asset acquisition disposition

ADX completed a placement of 25,000,000 shares at 8 cents to raise $2.0m, led by Patersons, taking shares to 436m. A share purchase plan of up to $1.0m at 8 cents is to follow. Funds are for Tunisia and Romania work and working capital.

capital raising announcement

ADX estimates a mean contingent oil in place of 51 million barrels for the Sidi Dhaher discovery. This is oil in place, not recoverable; recoverable volumes depend on a successful well test, with rig selection under way. It follows the 3 October discovery.

resource reserve update

Sidi Dhaher-1 found an interpreted oil column of about 30 m in Upper Cretaceous rock at 2,011 m total depth, but a well test is needed to confirm commercial rates. The well will be suspended and the rig released. This is ADX's first discovery since the Lambouka gas find.

drilling result

ADX will buy back PharmAust's 10% of Lambouka for 1,000,000 ADX shares, with PharmAust paying US$50,000 and ADX forgiving $400,473 of past costs. ADX would hold 60% of Lambouka, subject to JV pre-emption. This extends the Carnavale buyback.

farm in farm out agreement

Sidi Dhaher-1 spudded at 07:00 GMT on 27 August 2011 and was drilling the 16-inch hole. It had a planned depth of 2,168 m and about 33 days of drilling, targeting 175 bcf of gas and 44 mmbbls of oil (prospective). ADX held 40% as operator.

drilling spud

ADX will buy back Carnavale's 20% of Lambouka, lifting ADX to 50%, for 11,172,535 ADX shares, with Carnavale paying US$765k of past costs. Carnavale also gets two US$1m payments if Lambouka produces for 6 and 12 months. Subject to JV pre-emption.

farm in farm out agreement

ADX was awarded offshore Italian permit d 364 C.R-.AX at 100% interest as operator, next to its Tunisian Kerkouane permit (Dougga, Lambouka). A second adjacent permit, d 363, is still under application. Plans are seismic purchases and possibly a first well.

asset acquisition disposition

Tunisian authorities agreed a supervision schedule for safe rig movement, ending the safety-measures standoff. Rig mobilisation is expected from 20 June and drilling could start early July. ADX stays at 40% in Sidi Dhaher-1 (175 bcf gas, 44 mmbbls oil prospective).

drilling scheduled

Tunisia extended the Chorbane exploration period a further year to 12 July 2012, and the Ministry told ADX that drilling Sidi Dhaher is a priority with government supervision to be provided. The well is ready to drill, but no mobilisation date has been set.

regulatory community update

Independent consultant Tracs completed its report on Dougga, resolving the review flagged in November. Mean recoverable contingent resources are 41 mmbbls of liquids and about 191 bcf gas, with gas in place P90 up 20%. The JV aims to drill an appraisal well early 2012.

resource reserve update

ADX signed the Romanian concession agreement for the 1,221 sq km EX-10 PARTA block, 60% ADX-operated with Caspian and Sibinga 20% each. Romanian ratification is expected May 2011, then seismic starts. ADX identifies 12 leads with 47 mmbbls oil and 480 bcf gas mean prospective resources.

regulatory community update

Riedel Resources was admitted to the ASX on 27 January 2011, with trading from 31 January under code RIE. This completes the spin-off of ADX's gold and base metal assets; ADX retains 42.94% of Riedel and is now a focused energy company.

asset acquisition disposition

Tunisia renewed the Kerkouane permit for three years to 22 February 2014, extending the earlier February 2011 expiry. ADX and partners commit to well-test Lambouka, drill a well to at least 2,500m, and relinquish 772 sq km. ADX holds 60%.

regulatory community update

ADX completed its placement of 60,240,964 shares at 8.3c to raise $5m gross, which the chairman says was substantially oversubscribed. Funds go to Tunisia and Romania programs, Lambouka well costs, acquisitions and working capital. This resolves the placement flagged earlier in December.

capital raising announcement

December 2010 presentation announces a planned placement of about $5m (up to 60m shares at 8.3c, roughly a 12.5% discount to the 5-day average price) via Patersons. Proceeds fund Tunisia and Romania work, project acquisitions and 12 months' working capital. Otherwise repeats known plans.

investor presentation

Verus Investments (ASX:VIL) will buy 10% of Sidi Daher from ADX, funded by a $2m share placement at 1.225c. Verus pays ADX US$250k back costs plus US$1.1m towards drilling; spud is expected by January 2011. Text is truncated.

farm in farm out agreement

ADX confirms farming out 10% of Sidi Daher to Verus for US$250k back costs plus US$1.1m by 3 December 2010. ADX says earlier Gulfsands and XState farm-outs already fund its drilling share, so proceeds free cash for other work. ADX falls to 40%.

farm in farm out agreement

Riedel Resources lodged its prospectus to raise up to $7m by issuing 35m shares at 20c, including a 10m-share priority offer to ADX holders. ADX will receive 25m Riedel shares for its minerals subsidiary and expects to keep at least ~37%. Listing is targeted for 23 December 2010.

asset acquisition disposition

Remapping with new 3D seismic lifts ADX's inferred Dougga mean contingent resource to 234 bcf sales gas and 50 mmbbls condensate/LPG (89 mmboe), up from the 2009 audited 196 bcf and 42 mmbbls. A well about 300m up-dip is planned for 2011; an independent Tracs review has begun.

resource reserve update

ADX's first resource estimate for the Lambouka discovery is a mean 309 Bcf recoverable gas (P50 277, P10 528), with about 24 mmbbls of condensate if Dougga-like ratios apply. Fracture porosity is excluded. Reserves need a successful flow test; plan is to re-enter, sidetrack and test, ideally with a Dougga appraisal in 2011.

resource reserve update

ADX confirms its plan to sell its WA gold, copper and nickel assets into a new company, Riedel Resources, via an IPO raising at least $5m, led by Paterson Securities. ADX expects to keep a significant interest; listing is expected November 2010. Millrose has 309,000 oz inferred gold.

asset acquisition disposition

Lambouka-1 partners agreed to suspend the discovery for future re-entry rather than abandon it. A later drill stem test of the Abiod and a re-drill of the lower section to test the up-dip crest are possible. No timing or cost is given.

drilling result

ADX reports hydrocarbon zones discovered in Lambouka-1, with at least two in the Abiod and about 23m net pay, versus 14m at Dougga. Gas, possibly condensate, is likely. Fluid samples and pressure data could not be obtained due to losses and hole deterioration. Total depth is 2,786m.

drilling result

Lambouka-1 hit the first Birsa sandstone at 1,635m, but drilling-time logs show it is water-bearing, which ADX calls disappointing. A good seal and reservoir were found. Drilling continues to deeper targets including the main Abiod target.

drilling result

ADX completed the sale of its 49.9% of Cooper Basin PEL 182 to Victoria Petroleum and received the A$1.1m cash. This closes the sale announced on 15 June and leaves ADX focused on Tunisia, offshore Italy and Romania.

asset acquisition disposition

Lambouka-1 spudded on 11 July, about three days late because of rig anchor problems. It targets 3,000m, costs about US$22m and takes roughly 35 days. Mean prospective resource is 270 mmboe. Weekly reports every Tuesday.

drilling spud

ADX was awarded the 1,221 sq km EX-10 Parta block in Romania's Pannonian Basin, as operator with 60% of the partner group (with Caspian and Sibinga). Terms of the exploration agreement with the regulator remain to be negotiated.

regulatory community update

ADX agreed to sell its 49.9% operated interest in Cooper Basin PEL 182 to Victoria Petroleum for A$1.1m cash, subject to approvals and co-venturer consent. It resolves the earlier sale offers and fits the stated focus on Tunisia and Romania.

asset acquisition disposition

Gulfsands exercised its option to lift its Sicily Channel farm-in from 20% to 30%. ADX's Lambouka share falls to 30% (operator), and 60% elsewhere. Well costs about $20m, around 30 days; 270 mmboe mean resource; spud second half of June.

farm in farm out agreement

Formal farm-in signed with Gulfsands to earn up to 30% of the Sicily Channel permits (20% initially, option for 10% more), concluding the paperwork funding Lambouka-1. Chorbane farm-in documents still being finalised. Rig contracted with Atwood; mid-June spud expected.

farm in farm out completion

A fully underwritten (Veritas) 1-for-6 non-renounceable rights issue at 15c raises about $7.23m, with a free option per two new shares exercisable at 25c by 31 March 2011. Funds target the two Tunisian wells, 3D seismic, Romania studies and working capital. Closes 28 May.

capital raising announcement

AuDAX says it is becoming a focused oil and gas explorer. The minerals demerger is heading to an IPO, with AuDAX retaining a substantial interest, and the company plans to rename itself ADX Energy Ltd. IPO terms to follow.

other

Bombora signed to earn 10% of the Sicily Channel permits. After the Gulfsands deal, AuDAX keeps 30% of Lambouka and 60% of surrounding areas including Dougga, with 87% of well costs funded by farm-ins. At Chorbane AuDAX keeps 50%, with the first well expected fully funded.

farm in farm out agreement

AuDAX signed a farm-in with Carnavale Resources (ASX:CAV), which can earn 20% of the Lambouka prospect area in both Sicily Channel permits by paying a promoted share of the well. Spud expected 15 June 2010.

farm in farm out agreement

AuDAX stopped farm-in negotiations with DNO on Chorbane because the parties could not agree terms. Ends the October 2009 letter of intent under which DNO would have paid for the first well to earn 50%. Gulfsands and Bombora offers replace it.

material agreement termination

AuDAX signed a farm-in with private company Bombora Energy, which will earn 10% of Chorbane by paying 20% of the first well. Sidi Daher resources are now quoted at 120 mmboe (AuDAX estimate), up from the 80 mmboe in the Gulfsands release.

farm in farm out agreement

AuDAX signed a farm-in agreement with PharmAust (ASX:PAA) to earn 10% of the Lambouka prospect area in both permits by paying a promoted share of the well, due to spud mid June 2010. Adds to the Sicily Channel funding.

farm in farm out agreement

AuDAX accepted a farm-in offer from Gulfsands Petroleum to earn up to 30% of both Sicily Channel permits by paying a promoted share of 3D seismic and the Lambouka well costs. Formal documents are not yet signed and need board approvals.

farm in farm out agreement

AuDAX accepted a Gulfsands offer to earn 40% of Chorbane by paying 80% of one exploration well. Formal documents are pending board approvals. Sidi Daher resources are described as 80 mmboe (AuDAX estimate), with 175 Bcf gas mean case.

farm in farm out agreement

Ian Tchacos, former Managing Director of Nexus Energy, replaces Gary Roper as non-executive chairman with immediate effect. Roper moves to a future role in the planned minerals subsidiary. The company calls this a shift to the next growth phase.

director officer appointment

Tunisian authorities approved the Kerkouane work program for one exploration well to 3,000m using the Atwood Southern Cross rig, with spud expected 15 June 2010. Three Sambuca targets were shown, with the shallowest Birsa oil reservoir at 126-595 mmbbls (P50 to P10, unrisked).

regulatory community update

Caspian Oil & Gas and Sibinga Petroleum join the Romanian AMI with 20% each, replacing NZOG and Nexus who withdrew. AuDAX keeps 60% and operatorship. The new partners reimbursed a large share of back costs.

joint venture update

Plans to spin off about 20 gold and base metal assets, including Millrose, Marymia and Mt Webb, into a new ASX-listed company. Aims to separate minerals from the core oil and gas focus. Full terms to follow.

other

Drilling contract signed with Atwood Oceanics for the Atwood Southern Cross semi-submersible to drill Sambuca. Drilling targeted June to September 2010, subject to Tunisian approvals. Converts the November selection into a signed contract.

contract award

The Sambuca farm-out to World Energy Research Sambuca LP, under which it would have funded drilling for a 40% stake, was mutually terminated. WERS earned no interest. AuDAX keeps 100% of Sambuca but loses the planned carry for its drilling cost.

material agreement termination

Sidi Daher in Chorbane selected as the first onshore Tunisia drilling target after a seismic flat spot (direct hydrocarbon indicator) was identified. Mean estimates: 175 bcf gas, plus 54 mmbbls oil possible, and 44 mmbbls in the deeper Abiod. Rig tendering and spud date to follow.

drilling scheduled

PGS chosen to acquire about 620 sq km of 3D seismic over Sambuca and Dougga in the first quarter of 2010, using Geostreamer dual-sensor technology. PGS earns no permit interest. Resolves the 3D tender thread; the survey should firm up the Sambuca well location.

contract award

Atwood Oceanics selected to supply the Atwood Southern Cross semi-submersible for the Sambuca well, with ETAP approval of the evaluation. Subject to final agreement and government approvals; drilling expected in summer 2010. Resolves the rig tender thread; Sambuca is put at 270 mmboe P50.

contract award

Placed 28.57m shares at 10.5c to raise $3.0m for working capital, from sophisticated and institutional investors including RAB Energy Fund and Truestone clients. Slightly above August's 10c placement.

capital raising announcement

Non-binding letter of intent with DNO International (Norway) to earn 50% of Chorbane by paying 100% of the first well. Subject to a farm-in agreement and government approvals. Follows the September PSC signing; Sidi Daher estimated at 20 to 80 mmbbls.

farm in farm out agreement

Formal agreement executed for the A$20m committed equity facility with Trafalgar, following the September term sheet. AuDAX may issue shares over 30 months at 95% of the lowest 5-day VWAP. Funding is at AuDAX's discretion; dilution depends on use.

debt financing

Production sharing contract signed with the Tunisian Government for the 2,428 sq km Chorbane onshore permit, AuDAX 100% and operator. Commitment is 1,000km of 2D seismic reprocessing and one exploration well. Resolves the long-pending PSC signing; Sidi Daher is put at 80 mmbbls prospective.

material agreement

Signed a term sheet for a A$20m committed equity facility with Trafalgar Capital: AuDAX may issue shares over 30 months at 95% of the lowest recent daily VWAP. Subject to due diligence and formal agreement. Aims to fund Sambuca drilling; dilution depends on use.

debt financing

Placed 25.16m shares at 10c to raise $2.516m from sophisticated and institutional investors, including RAB Energy Fund. Funds go to working capital and the Kerkouane bond, ahead of Sambuca drilling in the first half of 2010. Price is double the 5c raising earlier in 2009.

capital raising announcement

Independent consultant Tracs put Dougga gas condensate field (Kerkouane, AuDAX 100%) most likely contingent resources at 74.5 mmboe, including 42 mmbbls liquids; upside 117 mmboe. Project NPV10 is US$1.134bn at assumed prices. Gives the 2008 discovery a formal independent resource figure.

resource reserve update

AuDAX executed all joint venture agreements with World Energy Research for a 40% interest in the Sambuca prospect, in return for paying 100% of the US$23m expected drilling cost. This finalises the 1 April farm-out agreement.

farm in farm out completion

AuDAX agreed to farm out 40% of the Sambuca prospect to private investor World Energy Research, which would pay 100% of the expected US$23m drilling cost. This addresses the open Sicily Channel farm-out and the funding of 2009-10 drilling.

farm in farm out agreement

AuDAX bought back Kairiki's 30% in the Pantelleria and Kerkouane permits, returning to 100% ownership and operatorship. Sambuca is put at 270 mmboe P50 unrisked, with the mapped prospects possibly exceeding one billion boe. This reverses the 70/30 split from 2008.

asset acquisition disposition

New Zealand Oil & Gas joined the AuDAX-operated Romanian AMI with 33.33%, taking over Kairiki's former interest. AuDAX targets licences relinquished by Petrom and Romgaz, expected to exceed 25,000 sq km. Replaces the exited Kairiki.

joint venture update

AuDAX signed a non-binding MoU for seismic contractor PGS to earn 15% of the Pantelleria and Kerkouane permits by paying 30% of a future work program. A farm-in agreement is targeted within three months; it advances the Sicily Channel farm-out sought since 2008.

farm in farm out agreement

AuDAX announced a Share Purchase Plan for Australian and New Zealand shareholders, up to $5,000 each at 90% of the recent 5-day average price. Funds are for exploration, working capital and a drilling bond for Tunisia. Total raise size not stated.

capital raising announcement

AuDAX completed the purchase of the Pantelleria permit (G.R15.PU) offshore Italy on 29 October, adjoining Kerkouane. It operates with 70% and Kairiki holds 30%. The drill-ready Sambuca prospect crosses the border; this resolves the pending Stratic purchase.

asset acquisition disposition

AuDAX agreed to place up to 2,222,222 shares at 9 cents to raise up to A$2.0m, to complete the Pantelleria acquisition and for working capital. The share count appears to be a typo (corrected in the next release). Placement price is well below January's 30c.

capital raising announcement

AuDAX completed the Kerkouane permit acquisition offshore Tunisia, holding 70% and operating, with Kairiki on 30%. Resource potential could exceed one billion boe. A minimum of 400km of 2D seismic will be acquired; drilling campaign planned next year.

asset acquisition disposition

The Kerkouane permit purchase has gone unconditional, with closing due by 30 July. AuDAX says P50 unrisked recoverable potential could exceed one billion boe. AuDAX and Kairiki dropped the Sud Craiova (Romania) purchase to focus on higher-potential Romanian opportunities.

asset acquisition disposition

Kairiki signed a letter of intent to buy 30% of each of the Pantelleria (GR.15.PU) and Kerkouane permits from AuDAX for US$300,000 cash each. Conditional on AuDAX completing the Stratic purchases and a sale agreement by 30 June 2008.

farm in farm out agreement

Eagle Bay announced operatorship of Cooper Basin PEL-182 passes to AuDAX from 30 April 2008, subject to Ministerial approval. AuDAX holds 49.9%; Eagle Bay 37.6%; AOC 12.5% (Dome earning 7.5%). Reflects the new Zimmer-led team.

joint venture update

AuDAX placed 16,666,666 shares at 30 cents to raise about $5m from sophisticated investors. Funds go to the Tunisian, Italian and Romanian acquisitions, Cooper Basin and working capital. This is well above the 7c placements of 2007.

capital raising announcement

Alpine agreed to buy Stratic's 100% of Italian permit GR.15.PU offshore Pantelleria for US$1m cash, subject mainly to government approval. AuDAX plans to mature a drill-ready prospect in months, adding a third country to its portfolio.

asset acquisition disposition

Alpine, now a wholly owned AuDAX subsidiary, agreed to buy Stratic's 100% of the offshore Kerkouane permit in Tunisia for US$1m cash. It requires 400km of 2D seismic and one well in two years, and includes the Dougga gas condensate discovery. Conditional on Tunisian approvals.

asset acquisition disposition

Jasmine-1 is preparing to set abandonment plugs, effectively a dry hole. This is the final drilling release. It follows Sarahlyn-1 as another unsuccessful PEL-182 oil test after the Vanessa gas find.

drilling result

Enterprise Energy terminated its PEL-182 farm-in with AOC and AuDAX after failing to satisfy a necessary condition precedent. This ends the 22 November proposal; AuDAX's 49.9% is unchanged.

farm in farm out completion

Jasmine-1 spudded 19 December 2007 and was drilling surface hole at 247m. It targets a 29 MMbbl (P10, if oil is present) Patchawarra stratigraphic play.

drilling spud

Dr Wolfgang Zimmer became managing director on 10 December 2007, completing the leadership change flagged on 9 November. Gary Roper becomes chairman and Dr Peter Barber stays technical director.

director officer appointment