Past year: ▼ 37%(1.80c – 3.20c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
18 June 2019drilling progress report● Neutral
Iecea Mica-1 access road work began 10 June after flooding delayed the site; well pad works are planned 19 June to 19 July, with rig mobilisation after. Follows the 30 May approvals. Resource figures unchanged (6.1 bscf 2C).
11 June 2019regulatory community update▲ GoodMajor
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.
3 June 2019admin correction● Neutral
Compliance confirmation under Listing Rule 5.43 that there is no new information changing the previously disclosed Romanian resource estimates. No new data.
31 May 2019investor presentation● Neutral
AGM presentation repeating known facts: 1,213m shares, a market cap of $7.3m at 0.6 cents, and Nilde, Dougga and Parta project summaries. Parta drilling is shown as commencing Q3 2019. No new results or funding.
30 May 2019regulatory community update▲ GoodMajor
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.
10 May 2019capital raising announcement▲ GoodMajor
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.
8 Apr 2019farm in farm out agreement▲ GoodMajor
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.
29 Mar 2019other● Neutral
Corporate governance statement for 2018, approved by the board and current at 29 March 2019. Administrative disclosure against ASX recommendations; no operational or financial news.
29 Mar 2019annual report● Neutral
2018 annual report: the chairman calls ADX 'asset rich but capital poor'. He says the Italian 18-month moratorium delayed Nilde and contributed to a 50% share price fall. At year end ADX held 67% of Danube, with Reabold on 33%. An AIM listing is being prepared.
29 Mar 2019other● Neutral
Appendix 4G governance checklist lodged with the annual report, pointing to the corporate governance statement. Administrative filing with no new information.
26 Mar 2019admin correction● Neutral
Re-release of the 20 March Parta announcement, adding a required cautionary statement on prospective resources to the headline. No other changes; the late June 2019 spud is unchanged.
20 Mar 2019drilling scheduled● NeutralMajor
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.
27 Feb 2019other● Neutral
4,380,018 shares issued to a consultant in lieu of fees will be released from voluntary escrow on 16 March 2019. Administrative notice only.
13 Feb 2019regulatory community update▼ BadMajor
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.
4 Feb 2019regulatory community update▼ BadMajor
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.
11 Dec 2018joint venture update▲ GoodMajor
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.
3 Dec 2018farm in farm out completion● Neutral
Reabold exercised its option, paying £375,940 for more Danube shares, lifting it to 33% and cutting ADX to 67%. ADX is committed to invest or find a third party for a matching £375,940; timing is under discussion.
3 Dec 2018security holder rights change● Neutral
43m unlisted options (exercisable at 1.9c) expired on 1 December 2018, 33m of them held by directors. Administrative notices with no cash or share impact.
3 Dec 2018capital raising announcement● NeutralMajor
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.
What it means for a shareholder
75.0m new shares at A$0.010 to raise about A$750,000. That's 6.2% dilution: every existing holder's slice gets 6.2% smaller. If you held A$1,000 of shares (100,000 at the issue price), your slice goes from 0.00883% to 0.00828% of the company. To keep it you'd need 6,620 more shares - about A$66 at the issue price.
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29 Nov 2018investor presentation● Neutral
Chairman's November presentation repeating known facts: 1,133m shares, cash $2.84m at 30 September, Nilde farm-out, Parta drilling from Q1 2019 and Dougga funding talks. No new results or funding.
31 Oct 2018farm in farm out agreement▲ GoodMajor
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.
25 Oct 2018asset acquisition disposition▲ GoodMajor
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.
24 Sept 2018farm in farm out completion▲ GoodMajor
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.
12 Sept 2018investor presentation● Neutral
Good Oil conference presentation repeating known facts: 1,133m shares, cash $1.4m, 163 mmboe of 2C across assets. Parta wells now shown for Q1 2019 and Dougga Q2 2019. Calls Nilde delay a regrettable setback.
10 Sept 2018half year report● Neutral
Half-year to 30 June 2018: loss of $1.33m versus $1.71m a year earlier, including $862k exploration expense. Operating cash outflow was $1.11m. The Reabold Danube investment is described, with tranche 2 of US$1.5m held in escrow at period end. Nilde remains unratified.
27 Aug 2018joint venture update▲ GoodMajor
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.
16 Aug 2018investor presentation● Neutral
Information memorandum on the Romanian assets, used to approach investors for funding a second Parta appraisal well. ADX, via Danube, intends to keep 50% of a funded two-well program. Repeats known facts; no new result or funding.
16 July 2018resource reserve update● NeutralMajor
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.
11 July 2018resource reserve update▲ GoodMajor
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.
8 June 2018asset acquisition disposition▲ GoodMajor
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.
