Past year: ▼ 37%(1.80c – 3.20c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
25 May 2018investor presentation● Neutral
AGM presentation repeats known facts: Nilde 34 mmbo 2C pending licence ratification, Dougga 165 mmboe, Parta 35 bcf. Dougga Sud drilling is now expected Q1 2019, later than the earlier Q4 2018 target. Shares on issue are 1,119m, cash $2.0m.
20 Apr 2018investor presentation▲ Good
Tunisia's state oil company ETAP asked ADX to present Dougga to it and the Energy Ministry on 20 April. The slides repeat the 165 mmboe 2C resource, with a capex estimate of US$1,180m and possible first gas in 2021 (company estimates). ETAP and the regulator are described as supportive.
29 Mar 2018annual report● Neutral
Corporate Governance Statement for 2017, current at 29 March 2018, setting out board practices against ASX recommendations. It notes the board has not set measurable gender diversity objectives because of company size. Administrative; no new business information.
29 Mar 2018annual report● Neutral
Appendix 4G governance checklist lodged with the 2017 annual report, pointing to the corporate governance statement on ADX's website. Administrative filing with no new operational or financial information.
29 Mar 2018annual report● Neutral
Annual report for 2017. The chairman says the farm-out market remains slow, so ADX is pursuing private equity and vendor finance. He calls the Italian financial-capability finding an unexpected setback. Reabold's Danube investment funds one Parta well.
28 Mar 2018farm in farm out completion▲ GoodMajor
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.
22 Jan 2018regulatory community update▼ BadMajor
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.
20 Dec 2017investor presentation● NeutralMajor
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.
4 Dec 2017farm in farm out agreement▲ GoodMajor
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.
6 Nov 2017regulatory community update▲ GoodMajor
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.
30 Oct 2017investor presentation● Neutral
London 121 Oil & Gas conference presentation by the chairman, repeating known facts: Nilde, Dougga and Parta, appraisal targeted for 2018, 1.098bn shares, $2.4m cash at 30 September. Goal stated is converting a resource to reserves within 18 months.
27 Oct 2017quarterly activities report● NeutralMajor
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%.
27 Sept 2017asset acquisition disposition▲ GoodMajor
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.
14 Sept 2017investor presentation● Neutral
Good Oil Conference presentation: ADX says Nilde, Dougga and Parta are ready to attract funding, targeting appraisal drilling in 2018. Shows 1.098bn shares, $1.8m cash at 30 June and a 9.5% Riedel stake. Mostly repeats known facts.
7 Sept 2017half year report● Neutral
Half-year to 30 June 2017: net loss $1.71m (2016: $0.79m), including $987k exploration expensed. Financing brought in $1.9m from the entitlement offer. Nilde 2C of 33 mmbbl is restated; nothing new.
8 Aug 2017investor presentation▲ GoodMajor
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.
26 July 2017material agreement● Neutral
Two-year consultancy agreement with a company controlled by non-executive director Robert Brown: $1,500 a day for up to four days a month, no fixed fee. Disclosed under listing rules; low-cost technical support.
24 July 2017director officer appointment▲ Good
London-based Philip Haydn-Slater joins the board as a non-executive director. He has capital markets experience and is meant to draw London and European investors as ADX markets Nilde and Dougga farm-outs.
19 June 2017capital raising announcement● NeutralMajor
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.
31 May 2017capital raising announcement● NeutralMajor
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.
31 May 2017investor presentation● Neutral
AGM presentation largely repeating the May update, adding that entitlement take-up was 86.5m shares ($1.12m). Resource figures and funding priorities for Nilde, Dougga and Parta are unchanged.
25 May 2017capital raising announcement● Neutral
Reminder that the 1-for-5 entitlement offer at 1.3c closes on 26 May 2017 at 3pm WST, with payment by BPAY or cheque. Administrative notice with no new terms.
24 May 2017joint venture update▲ GoodMajor
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.
18 May 2017capital raising announcement● Neutral
ADX extends the closing of its 1-for-5 offer at 1.3c (about $2.4m) from 23 to 26 May 2017, because many Western Australian holders had only just received the prospectus. Allotment moves to 2 June.
17 May 2017investor presentation● Neutral
Asset and corporate update presentation repeating known facts: Nilde 33 mmbo (2C), Dougga 173 mmboe (2C), all Mediterranean permits 100% ADX, and the 1-for-5 offer to raise up to $2.4m at 1.3c. No new results.
15 May 2017capital raising announcement● Neutral
Letter to holders of parcels worth under $500, giving them priority access to shortfall shares at 1.3c to reach a marketable parcel of 38,462 shares. ADX is also considering a sale facility for unmarketable parcels; no decision made.
12 May 2017capital raising announcement● Neutral
ADX confirms the prospectus has been posted and the 1-for-5 offer at 1.3c (about $2.4m) opens today, closing 23 May 2017. Funds cover Nilde, Dougga and Parta work, farm-out talks and general costs. Timetable confirmation only.
3 May 2017capital raising announcement● Neutral
Advance letter to eligible shareholders on the 1-for-5 offer at 1.3c, closing 23 May 2017. Untaken entitlements lapse into the shortfall; no shareholder approval needed. Administrative notice repeating known terms.
3 May 2017capital raising announcement● Neutral
Letter telling shareholders with registered addresses outside Australia, New Zealand and the British Virgin Islands that they cannot take part in the 1.3c entitlement offer. Administrative notice.
1 May 2017capital raising announcement● Neutral
Prospectus for the 1-for-5 entitlement offer at 1.3c, raising up to $2,415,445. It describes the shares as highly speculative. Formal document for the already-announced raising; no new terms in the visible text.
