Past year: ▼ 37%(1.80c – 3.20c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
1 May 2017capital raising announcement● NeutralMajor
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.
1 May 2017capital raising announcement● Neutral
Letter to optionholders on the 1-for-5 offer at 1.3c. Options carry no entitlement unless exercised and shares issued before the 10 May record date. Last close was 1.5c. Administrative notice.
31 Mar 2017annual report● Neutral
2016 annual report. Chairman describes the early-2016 management and strategy change toward low-cost appraisal and development, and a base of about 200 mmboe (2C) contingent resources at Nilde and Dougga, both 100% ADX and operated. Repeats known facts.
31 Mar 2017annual report● Neutral
Appendix 4G for the year to 31 December 2016, pointing to the corporate governance statement on ADX's website. Administrative compliance form with no new operational or financial information.
31 Mar 2017annual report● Neutral
Corporate governance statement for 2016, current at 31 March 2017. States no measurable gender diversity objectives were set given company size; 4 of 9 staff are women, none on the four-person board. Administrative, no new business news.
29 Mar 2017investor presentation● Neutral
Re-release of the same 29 March Nilde redevelopment update with an amended presentation. The covering text appears identical; the visible text does not say what was changed.
29 Mar 2017investor presentation▲ GoodMajor
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.
23 Mar 2017contract award▲ Good
ADX engages TechnipFMC to run a development concept study for the Dougga gas condensate discovery, 45 km offshore Tunisia in 330 m of water, via subsea tieback to an onshore plant. ADX aims to attract appraisal-well partners in the second half of 2017. Advances the Dougga feasibility thread; no funding yet.
14 Feb 2017resource reserve update● NeutralMajor
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.
12 Jan 2017regulatory community update▲ GoodMajor
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.
12 Jan 2017price query● Neutral
ASX queried a jump in ADX's share price from 0.8c to 1.6c. ADX said it knew of no undisclosed news, pointing to a new 7.48% substantial holder (Jetosea) and a broker report tipping it as a possible 2017 star oil stock, plus the Parta ratification.
22 Dec 2016material agreement▲ GoodMajor
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.
15 Nov 2016capital raising announcement● Neutral
Required disclosure on Tranche 1 of the placement: 46,014,748 shares issued, taking shares on issue to 844,213,866, with 0.27% dilution on the 7.1A portion. Lead manager QA Capital receives a 5% placement fee plus 1% management fee; placement not underwritten.
9 Nov 2016capital raising announcement● NeutralMajor
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.
8 Nov 2016investor presentation● Neutral
Executive Chairman's investor update repeating known strategy: convert Nilde and Dougga resources to reserves and pursue Romanian production. Cites a 2C base of about 200 mmboe, 798.2m shares, 2,613 holders and $5.5m market cap at 0.7c. No new results in the visible text.
25 Oct 2016resource reserve update▲ GoodMajor
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.
20 Oct 2016director officer appointment▲ GoodMajor
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.
13 Sept 2016investor presentation● Neutral
Good Oil Conference presentation repeating known strategy: convert Nilde and Dougga resources to reserves, and seek Romanian production opportunities. Shares on issue 798.2m, 2,601 holders, market cap $5.5m at 0.7c.
1 Sept 2016half year report● Neutral
Half-year to 30 June 2016: net loss $790k (versus $1.02m a year earlier), exploration spend $427k, with the $800k placement the only significant corporate activity. Restates Nilde 34 mmbo 2C resource and low-oil-price economics.
21 July 2016regulatory community update▲ GoodMajor
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.
30 May 2016director officer appointment● Neutral
Non-executive director Dr Wolfgang Zimmer was not re-elected at the 26 May 2016 AGM, so the board shrinks. Final interest notice shows he holds 8,154,321 shares indirectly through Vasse Group.
26 May 2016investor presentation● Neutral
AGM presentation repeating known facts: Nilde 34 mmbo 2C resource, Parta and Kerkouane strategy, Riedel stake 11.5% valued $624,000 at 25 May. Shares on issue 770.6m, 2,619 holders, market cap $5.4m at 0.7c.
11 May 2016capital raising announcement● Neutral
Placement details: 114.286m shares issued, taking shares on issue to 770,764,273 (8.52% dilution on the 7.1A portion). Lead manager QA Capital gets 5% placement fee plus 1% management fee and 5m options at 2c expiring 28 April 2017.
2 May 2016capital raising announcement▲ GoodMajor
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.
What it means for a shareholder
114m new shares at A$0.007 to raise about A$800,000. That's 15% dilution: every existing holder's slice gets 15% smaller. If you held A$1,000 of shares (142,857 at the issue price), your slice goes from 0.0218% to 0.0185% of the company. To keep it you'd need 24,870 more shares - about A$174 at the issue price.
Create a free account to see this worked out for your own holding.
28 Apr 2016investor presentation● Neutral
April 2016 presentation repeating known facts: Nilde 34 mmbo 2C, Parta and Kerkouane strategy. Market cap $5.3m at 0.8c on 656.48m shares; Riedel stake 11.5%, valued $540,000.
21 Apr 2016resource reserve update▲ GoodMajor
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.
31 Mar 2016other● Neutral
Appendix 4G corporate governance checklist lodged with the annual report for year to 31 December 2015, pointing to pages 20-27. Administrative filing with no new business information.
31 Mar 2016annual report● Neutral
2015 annual report: chairman says ADX has refocused on low-oil-price development assets led by Nilde, cut staff, put management on part-time contracts, closed the Tunisian office and is closing Vienna. Nilde is described as a possible route to cashflow with minimal immediate spend.
25 Feb 2016investor presentation● Neutral
February 2016 presentation repeating known facts: Nilde 34 mmbo 2C resource, strategy of commercialising Nilde, exploring Parta with industry funding and retaining Kerkouane. 656.48m shares, 2,682 holders. Riedel stake shown as 11.5%, down from 17.6%.
17 Feb 2016resource reserve update▲ GoodMajor
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.
