15 Feb 2016security holder rights change● Neutral
Notice of expiry of options; the 20.5m options at 4c were due to expire 15 February 2016. Text carries only the website address, so no further detail is given.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
29 Oct 2015quarterly activities report● NeutralMajor
September 2015 quarter report: new strategy favours lower-risk appraisal and development assets, led by the Nilde oil field in Italy's d363 permit. ADX will accept a lower retained interest to farm out Parta and Dougga. Cash is $1.044m; fixed salaries are eliminated.
7 Oct 2015director officer appointment● Neutral
Amanda Sparks, a chartered accountant, is appointed joint company secretary alongside Peter Ironside. She will continue to provide part-time accounting and financial management services.
7 Oct 2015material agreement● Neutral
New consultancy terms for CEO Fink (8 days a month) and Executive Chairman Tchacos (4 days), each at A$1,500 a day with no fixed pay, for 12 months to 30 September 2016. Additional days are half cash, half shares, the share portion subject to shareholder approval.
28 Sept 2015director officer appointment● NeutralMajor
Managing Director Dr Wolfgang Zimmer is removed and his consultancy terminated, though he stays as a non-executive director. Paul Fink becomes CEO and Ian Tchacos Executive Chairman, with a revised growth strategy promised.
8 Sept 2015half year report● Neutral
Half-year to 30 June 2015: net loss $1.02m, with $728k exploration now expensed after a voluntary accounting policy change (comparatives restated). Gulfsands US$1.5m was received in February 2015. No significant asset transactions in the period.
19 June 2015regulatory community update▲ GoodMajor
A 30-month extension of the Parta (EX-10) exploration period is signed with Romania's mineral resources agency, subject to government ratification. It resolves the extension sought since land access delays, and lets ADX resume farm-out talks on the permit.
12 June 2015other● Neutral
Share registry Computershare moves its Perth office to 172 St Georges Terrace from 15 June 2015. Administrative notice only, no substance for the company.
26 May 2015investor presentation● Neutral
AGM presentation repeating known facts: 656m shares on issue, market cap about $3.28m at 0.5c, and an 18% Riedel stake. Targets Dougga and d364 farm-outs in Q4 2015 (earlier guidance was Q3 for d364) and Parta farm-out in Q3 2015, with appraisal and exploration wells in 2016.
30 Mar 2015annual report● Neutral
Annual report for calendar 2014. The chairman says the Q4 2014 capital raising and the Gulfsands settlement leave ADX in a strong cash position relative to its low overhead, though lower oil prices have delayed farm-outs. Parta extension is being sought. Text is truncated.
26 Mar 2015other● Neutral
Administrative notice giving new phone and fax numbers for the Subiaco office. No substance beyond contact details.
18 Mar 2015other● Neutral
Administrative notice: ADX's registered office moves to Suite 14, 210 Bagot Road, Subiaco, WA. No impact on operations.
9 Mar 2015regulatory community update▲ Good
Tunisia grants a further six-month extension of the Kerkouane exploration period, to 7 August 2016. ADX is still seeking a partner to fund the next well, and says several North Africa-focused companies are reviewing the asset; no binding offer yet.
3 Mar 2015joint venture update▲ Good
Gulfsands pays the final US$254,648 under the settlement. This completes the payments for the Chorbane dispute.
12 Feb 2015joint venture update▲ Good
Gulfsands pays the first US$1.25m tranche of the US$1.5m settlement. The remainder falls due at the end of February 2015 once certain conditions are met.
4 Feb 2015joint venture update▲ GoodMajor
ADX and Gulfsands settle all claims: Gulfsands agrees to pay US$1.5m, with ADX to provide further documents by end of February 2015. The English court proceedings will be discontinued. Resolves the dispute that began in August 2014 over the Chorbane payment.
10 Nov 2014capital raising announcement▲ Good
The share purchase plan, priced at 0.9 cents and capped at $250,000, closed 5 November oversubscribed by about 40%. Proceeds join the October placement to fund Tunisia and Romania exploration and working capital. Completes the raising begun on 14 October.
4 Nov 2014resource reserve update▲ GoodMajor
In-house study adds prospective resource up-dip of Dougga: best estimate 47 mmboe (low 39, high 65), gross, kept as prospective until drilled. Combined with existing contingent resource, Dougga best case rises to 220 mmboe, 27% higher. Delivers the up-dip estimate promised on 14 October.
21 Oct 2014admin correction● Neutral
Required disclosure on the placement: 83,333,333 shares issued, 54,536,717 under the 7.1A capacity (9.1% dilution) and 28,796,616 under 7.1. Not underwritten; lead manager fees are $35,000.
17 Oct 2014capital raising announcement● Neutral
Offer documents for the share purchase plan sent to eligible shareholders: up to A$15,000 each at 0.9 cents, capped at $250,000. Each director intends to apply for their full 1,666,666 shares. Administrative follow-up to the 14 October announcement.
14 Oct 2014capital raising announcement● Neutral
ADX offers eligible Australian and New Zealand shareholders up to A$15,000 each of shares at 0.9 cents, capped at A$250,000 (27.8 million shares). The price is a stated 17% discount to the recent average. Closes 5 November; follows the placement.
14 Oct 2014investor presentation● Neutral
Revised version of the 8 October activity update, adding detail on the Dougga gas condensate discovery. ADX says it will soon announce extra prospective resource estimates for up-dip potential, based on its revised seismic interpretation. Farm-out and drilling timetable otherwise unchanged.
14 Oct 2014capital raising announcement● NeutralMajor
ADX completes a placement of 83.3 million new shares at 0.9 cents to raise $750,000, led by BBY. Funds go to Tunisia and Romania exploration work and working capital. A share purchase plan of up to $250,000 at the same price follows, diluting existing holders.
What it means for a shareholder
83.3m new shares at A$0.009 to raise about A$750,000. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (111,111 at the issue price), your slice goes from 0.0204% to 0.0177% of the company. To keep it you'd need 16,971 more shares - about A$153 at the issue price.
Create a free account to see this worked out for your own holding.
8 Oct 2014investor presentation● Neutral
October 2014 activity update repeating known assets and plans: Dougga farm-out targeted Q4 2014, Parta farm-out Q4 2014 and two Romanian wells in Q2 2015. Shows 545 million shares, market cap of about $5.45m at 1 cent, and a recent cost-cutting restructure.
2 Oct 2014resource reserve update▲ GoodMajor
ADX names three drill-ready Parta prospects with best-case gross prospective resources of 15.0 mmboe (7.6 mmboe net to ADX). It now plans to fast-track at least two wells, seeking farminees, with drilling targeted for Q2 2015. This brings the first Parta well forward from earlier timing.
5 Sept 2014director officer appointment● Neutral
Paul Fink steps down as executive technical director to become non-executive director, and continues as a consultant (minimum 110 days at A$1,650 a day, one-year term). The chairman says this contributes to ongoing overhead cost reduction.
3 Sept 2014material agreement▼ BadMajor
Gulfsands missed the 26 August completion date and has not paid the final US$1.5m for Chorbane, giving no legitimate justification, per ADX. The board has instructed lawyers to start recovery proceedings. This escalates the dispute from the 15 August notice.
21 Aug 2014half year report● Neutral
Half-year to 30 June 2014: loss of $315k, versus $3.82m a year earlier. Cash used in operations was $590k. Gulfsands' US$1.5m final Chorbane payment is still expected after approvals. The first Parta well is now possible in Q1 2015.
15 Aug 2014joint venture update▼ BadMajor
Tunisia approves transfer of ADX's remaining Chorbane interest to Gulfsands, triggering the final US$1.5m payment. Gulfsands says it will not pay, citing missing data. ADX disputes this and says it has met its obligations. A dispute over the funds begins.
14 Aug 2014regulatory community update▲ GoodMajor
Tunisia approves a 2-year extension of the Kerkouane exploration period to 21 February 2016, resolving the pending approval. ADX wants to sell part of its interest before the next well; several companies are reviewing the asset but no binding offer yet.