Past year: ▼ 37%(1.80c – 3.20c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 July 2021quarterly activities report▲ Good
June quarter Austrian output averaged 348 BOEPD, up 33%, and sales revenue rose 51% to EUR 1.61m, after hedging losses of EUR 235k. Anshof-1 drilling in Upper Austria is being prepared for Q4 2021, and an independent reserves review is under way.
29 July 2021quarterly activities report● Neutral
June quarter cash fell to A$4.157m from A$4.672m. Operating outflow was A$783k despite A$2.51m of receipts, and A$1.06m of equity was raised. Facilities of A$4.803m are fully drawn, with loan note repayments due from November 2021.
21 July 2021investor presentation● Neutral
Investor presentation at the Resources Roadhouse event in Perth on 21 July 2021. The visible text is disclaimers and reserves definitions; the rest is truncated, so no new figures can be reported.
15 July 2021material agreement▲ GoodMajor
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.
14 July 2021material agreement▲ Good
ADX added a BP swap for 40% of proven Austrian output at US$71.71 Brent for July–October 2021, replacing the expired US$44.34 swap. About 200 barrels a day is now hedged at an average US$68.87, against field costs of about US$29 per barrel.
21 June 2021regulatory community update▲ Good
Romania granted an 18-month extension of the Parta exploration phase with no added work obligations, for a EUR 14,520 fee. This gives ADX time to find new funding for the 100 km2 3D seismic dropped after Tamaska's September 2020 default.
16 June 2021security holder rights change● Neutral
Of 374,358,811 options at A$0.008 expiring 15 June 2021, 167,605,653 were exercised and 206,753,158 lapsed. This closes the placement and SPP option thread; the quarterly report puts exercise proceeds at A$1.06m.
8 June 2021other● Neutral
4,162,409 shares issued on 26 June 2020 to directors and consultants in lieu of fees come out of 12-month voluntary escrow on 26 June 2021. Administrative notice only.
1 June 2021material agreement▲ Good
ADX hedged 40% of Austrian proven production with BP at US$66.03 Brent for 1 July–31 December 2021, about 100 barrels a day, replacing the expired US$41.77 swap. Current output is 340 BOEPD; the US$44.34 swap expires 30 June, leaving over 60% unhedged.
28 May 2021investor presentation● Neutral
AGM slides dated 28 May 2021 under the banner 'A European focussed energy producer'. The visible text is disclaimers and reserves definitions; the rest is truncated, so no new figures can be reported.
4 May 2021investor presentation● Neutral
ADX presented a business case for green hydrogen storage in its Gaiselberg and Zistersdorf fields, with a pilot using a 1 MW electrolyser. It is in talks with renewable energy partners. Still a pre-feasibility concept, with no partner, funding or revenue yet.
29 Apr 2021quarterly activities report▲ Good
March quarter cash rose to A$4.672m from A$2.144m, helped by A$3.377m of equity raised. Operating outflow was A$544k and investing outflow A$305k. Facilities are A$5.259m, fully drawn.
29 Apr 2021quarterly activities report▲ Good
March quarter Austrian production averaged 260 BOEPD, up 9%, with March at 309 BOEPD; Brent averaged US$60.90. A reserves update is planned for 2H 2021. A hydrogen pilot business case is done, and Parta 3D remains unstarted after the Tamaska default.
13 Apr 2021production update▲ GoodMajor
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.
31 Mar 2021annual report● Neutral
ADX's annual report for 2020 describes the Dec 2019 RAG Austrian fields purchase as transformative and notes 2020 sales averaged 285 BOEPD. Hedging and an Austrian government loan helped it through the oil price fall. Content mostly restates known events.
31 Mar 2021other● Neutral
Appendix 4G key to corporate governance disclosures for the year ended 31 December 2020, lodged with the annual report. Administrative filing with no new substance.
31 Mar 2021other● Neutral
Corporate governance statement for year to 31 December 2020, current at 31 March 2021, setting out ADX's compliance with ASX governance recommendations. Administrative; no new operational or financial information.
30 Mar 2021resource reserve update▲ GoodMajor
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.
19 Feb 2021investor presentation● Neutral
Investor update slides dated 19 February 2021, issued for the general meeting. The visible text is disclaimers and reserves definitions; the remainder is truncated, so no new figures can be reported here.
19 Feb 2021security holder rights change● Neutral
ADX cancelled 135,000,005 loan note options (A$0.018 strike, expiring 26 Nov 2021) under an ASX waiver, to be replaced by 135,000,040 new options approved by shareholders on 19 February 2021. This completes the option reissue flagged earlier.
18 Feb 2021price query● Neutral
ASX queried a jump in ADX's share price from A$0.008 to A$0.012 on heavy volume on 18 February 2021. ADX replied it knew of no unannounced information and no explanation for the trading, and said it complies with the Listing Rules.
4 Feb 2021capital raising announcement● Neutral
ADX issued a prospectus offering 250,000,473 free options (A$0.008 strike, expiring 15 June 2021) to share purchase plan participants, one per two shares. Issue depends on shareholder approval at the general meeting expected around 19 February 2021.
3 Feb 2021capital raising announcement▲ GoodMajor
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.
What it means for a shareholder
500m new shares at A$0.006 to raise about A$3.0m. That's 20% dilution: every existing holder's slice gets 20% smaller. If you held A$1,000 of shares (166,667 at the issue price), your slice goes from 0.00851% to 0.00678% of the company. To keep it you'd need 42,554 more shares - about A$255 at the issue price.
Create a free account to see this worked out for your own holding.
29 Jan 2021quarterly activities report▼ Bad
Austrian production averaged 240 BOEPD in the December quarter, down 22%, after October flooding caused pump failures in five wells. Workovers began mid-December and aim to restore output by end of January. Iecea Mare and Parta 3D seismic remain stalled by the Tamaska default.
29 Jan 2021quarterly activities report● Neutral
December quarter cash rose to A$2.335m from A$2.062m. Operating outflow was A$685k and investing outflow A$797k, offset by A$1.33m of equity raised (the placement) and A$287k of borrowings. Facilities total A$5.298m, with A$4.82m drawn.
20 Jan 2021material agreement● NeutralMajor
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.
13 Jan 2021capital raising announcement● Neutral
ADX explained how holders can download the share purchase plan application form because COVID postal delays may hold up the mailed copies. Payment is due by 29 January 2021. No change to the offer terms.
11 Jan 2021regulatory community update▲ GoodMajor
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.
23 Dec 2020material agreement▲ GoodMajor
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.
16 Dec 2020capital raising announcement● Neutral
ADX opened its share purchase plan to Australian and NZ holders: A$1,500-30,000 each at A$0.006, a 12% discount to the 5-day average price, with one free option per two shares. Capped at A$1.0m, it follows the 15 December placement. SPP options need shareholder approval.
