Past year: ▼ 37%(1.80c – 3.20c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
30 July 2018quarterly activities report● Neutral
Cash fell to $1.458m at 30 June from $2.046m, after a $578k operating outflow. No debt and no new funds raised in the quarter. Next-quarter outflow is estimated at $660k, up from the $480k estimated previously.
30 July 2018quarterly activities report● Neutral
June quarter: Italy's Nilde permit ratification remains on hold with no ministry reply; ADX is seeking a farm-in conditional on ratification. ERCE's Dougga 2C of 122 mmboe is repeated, and Parta approvals are expected in Q3. Dougga rig now Q1 2019.
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.
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.
30 Apr 2018quarterly activities report● Neutral
March 2018 quarter: Italy has not responded to ADX's February objection on Nilde, and ADX now seeks a farm-in partner or guarantor. Dougga funding talks widened with an investment advisor hired. Parta rig selection is due May, with drilling targeted for Q4 2018.
30 Apr 2018quarterly activities report● Neutral
Cash rose to $2.05m at 31 March from $1.84m, as $686k received from share issues in a subsidiary (the Danube/Reabold deal) more than offset a $523k operating outflow. Next-quarter outflow is estimated at $480k, with no debt.
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.
31 Jan 2018quarterly activities report● Neutral
Cash fell to $1.83m at 31 December from $2.41m, after a $592k operating outflow. Next-quarter outflow is estimated at $480k. No debt, and no new funds were raised in the quarter.
31 Jan 2018quarterly activities report● Neutral
December 2017 quarter: Nilde farm-out began, but Italy's financial-capability objection is being filed. Dougga Sud costed at US$24.4m with spud expected in Q4 2018. Parta wells now scheduled for Q4 2018 after the Reabold deal. An independent asset report is planned, possibly for an AIM listing.
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● Neutral
Cash rose to $2.41m at 30 September from $1.82m, helped by $1.31m from selling the Riedel stake, against a $687k operating outflow. Next-quarter outflow is estimated at $580k. No debt.
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.
31 July 2017quarterly activities report● Neutral
Cash rose to $1.82m at 30 June from $495k, after $2.025m of share proceeds ($138k costs) against $545k operating outflow. Next-quarter outflow is estimated at $695k. No debt.
