Past year: ▼ 37%(1.80c – 3.20c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
18 June 2020well test result● Neutral
Workover rig mobilises 19 June to flow-test Iecea Mica-1, the Romanian gas discovery (20 bscf 2C) drilled in 2019. Testing follows the COVID-delayed schedule and aims to prove well capacity and gas quality. No flow results yet.
30 Apr 2020quarterly activities report● Neutral
March quarter Austrian output averaged 286 BOEPD, about 10% held back by an emulsion problem, with about 320 BOEPD forecast for April quarter. Mica-1 testing slipped about 2 months on COVID-19 border closures; Mica-2 spud late Q3 2020. Reserves audit still due.
30 Apr 2020quarterly activities report▲ Good
March quarter cash was A$4.76m, down from A$4.954m. Operating cash flow was roughly break-even at +A$13k as Austrian receipts of A$1.975m covered costs. It is the first quarter with Austrian production revenue. A$2.88m of the cash sits in 49.2%-owned Danube.
16 Apr 2020production update● Neutral
Austrian output continues at 340 BOEPD, with hedged revenue covering operating costs. Romania's Mica-1 test is delayed about two months by COVID-19 border closures. Parta 3D seismic is now expected from July and Mica-2 spud in late Q3 2020. An Austrian reserves audit is due this quarter.
8 Apr 2020director officer appointment● Neutral
Non-executive director Philip Haydn-Slater resigned, saying he now lives in Portugal rather than London. He had supported UK investor relations and sat on the Danube board. The board is now Tchacos, Fink, Childs and Etienvre.
31 Mar 2020other● Neutral
Appendix 4G governance checklist lodged with the annual report, pointing to the corporate governance statement. It is an administrative filing with no operational or financial substance.
31 Mar 2020other● Neutral
Corporate Governance Statement for 2019, current at 31 March 2020, setting out how ADX follows ASX governance recommendations. It is an administrative document with no financial or operational substance.
31 Mar 2020annual report● Neutral
Annual report for 2019, the year ADX bought Austria's Zistersdorf and Gaiselberg fields and drilled Iecea Mica-1 in Romania. It aims for terms on Upper Austria exploration areas in the second half of 2020. Financial statements are not visible in the extract.
13 Mar 2020material agreement● Neutral
ADX added BP hedging on a further 25% of Austrian proven production, lifting hedged volume to 65%. The collar guarantees a minimum Brent price of US$30 for April to December 2020, with upside kept above US$59. It extends the March hedge amid the coronavirus and OPEC oversupply price weakness.
9 Mar 2020investor presentation● Neutral
March 2020 investor update presenting ADX as a European-focused producer. The extract shown is disclaimers and reserves definitions, and it cites the July 2019 RAG reserves estimates as unchanged. No new figures are visible.
5 Mar 2020material agreement▲ Good
ADX hedged 40% of forecast proven Austrian oil output with BP, using Brent swaps at US$50.64 from March to December 2020. Austrian operations have generated about Euro 1m of net revenue in three months. This protects cash flow from the 2019 acquisition against oil price swings.
31 Jan 2020quarterly activities report▲ Good
Austria acquisition bedded in: first sales proceeds of Euro 497,631 received in January, with 2019 output averaging 330 BOEPD. A closing price adjustment of about Euro 200,000 in ADX's favour is expected. Mica-1 testing and Parta seismic are still planned. No new results.
31 Jan 2020quarterly activities report● Neutral
December quarter cash rose to A$5.018m from A$1.623m, helped by A$2.8m of share proceeds, A$3.5m of loan notes and A$4.8m from subsidiary share issues. A$3.2m sits in the 49.2%-owned Danube. Operating outflow was A$4.267m; A$3.1m went on the Austria acquisition. After quarter end, A$1.05m of convertible loans converted into 150m shares.
8 Jan 2020director officer appointment● Neutral
London-based Edouard Etienvre joins the board, replacing Robert Brown who stepped down for overseas work commitments. He is meant to help raise European debt and equity funding. Brown stays as a consultant, potentially useful once Italy's moratorium lifts.
24 Dec 2019other● Neutral
ADX released its updated Whistleblower Policy, dated 23 December 2019. It is a governance document with no financial or operational substance.
23 Dec 2019drilling scheduled▲ Good
ADX set out its 2020 Romania program under a A$6.2m funding package: Iecea Mica-1 production test from late February, seismic from late Q1, Mica-2 drilling in Q3, reserves booking and development by mid-2020. Mica-1 2C is 20 bscf, as before.
23 Dec 2019other● Neutral
ASX temporarily paused trading in ADX securities pending a further announcement. No reason is given in the notice.
3 Dec 2019asset acquisition disposition▲ GoodMajor
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.
2 Dec 2019joint venture update● NeutralMajor
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.
22 Nov 2019capital raising announcement● Neutral
ADX issued 79.7m shares at 1 cent from the Share Purchase Plan and shortfall, lifting shares on issue to about 1.525bn (5.23% dilution). A 4% management fee is payable to the brokers.
What it means for a shareholder
79.7m new shares at A$0.010 to raise about A$797,000. That's 6.0% dilution: every existing holder's slice gets 6.0% smaller. If you held A$1,000 of shares (100,000 at the issue price), your slice goes from 0.00807% to 0.00758% of the company. To keep it you'd need 6,428 more shares - about A$64 at the issue price.
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20 Nov 2019capital raising announcement● NeutralMajor
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.
What it means for a shareholder
70.3m new shares at about A$0.0113 to raise about A$797,018. That's 5.4% dilution: every existing holder's slice gets 5.4% smaller. If you held A$1,000 of shares (88,204 at the issue price), your slice goes from 0.00711% to 0.00673% of the company. To keep it you'd need 5,001 more shares - about A$57 at the issue price.
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18 Nov 2019asset acquisition disposition▲ GoodMajor
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.
11 Nov 2019material agreement▲ Good
Austrian foreign-trade approval for the RAG asset transfer is received. Mining Authority approval is expected by end November. Output of 346 BOEPD in late October beat the 269 BOEPD forecast, and ADX has applied for Upper Austria exploration licences, expected early 2020.
31 Oct 2019investor presentation● Neutral
Presentation at the Oil Capital Conference in London repeating the RAG acquisition case, with closing still estimated mid October to late November 2019. The readable text shows no new terms.
31 Oct 2019quarterly activities report● Neutral
Quarter report covering the Iecea Mica-1 gas results in Romania, the Parta Energy US$1.5m seismic farm-out, and progress toward closing the RAG Austrian acquisition (~350 bopd), backed by A$5.5m funding. Italy's Nilde stays frozen by the moratorium. No new results.
31 Oct 2019quarterly activities report▼ Bad
September quarter cash fell to A$1.623m from A$2.635m, with operating outflow of A$2.228m. A$1.205m of convertible loans was drawn and a A$789k Austrian deposit paid. About A$0.8m of the cash sits in the 42%-owned Danube subsidiary.
29 Oct 2019investor presentation● Neutral
Presentation at the 121 Oil & Gas London conference on ADX as a European producer, developer and explorer. It repeats the RAG acquisition story, with closing estimated mid October to late November 2019; no new terms are evident in the readable text.
28 Oct 2019capital raising announcement● Neutral
The Share Purchase Plan closing date was extended to 15 November 2019 after shareholders reported delayed documents. Shares are now expected to be issued around 22 November.
22 Oct 2019capital raising announcement● Neutral
Share Purchase Plan documents were mailed. Eligible shareholders can buy up to $30,000 of shares at 1 cent, with one free option per three shares, closing 1 November 2019.
18 Oct 2019capital raising announcement● Neutral
The placement prospectus closing date was extended to 21 October 2019. The Share Purchase Plan closing date is unchanged.
