Past year: ▼ 37%(1.80c – 3.20c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
21 May 2014asset acquisition disposition▲ GoodMajor
Italy awards ADX the offshore d 363 C.R-AX permit, 100% held and operated. It sits next to d 364 and on trend with Kerkouane, and contains the Nilde oil field. This resolves the open permit application and extends the Sicily Channel portfolio.
20 May 2014admin correction▼ Bad
ADX re-lodges its 8 May AGM slides, saying some were not meant for release. One slide wrongly said reserves rather than resources, and a mean-estimate reference breached new ASX rule 5.26.6 and was removed. Corrects the earlier presentation.
8 May 2014investor presentation● Neutral
AGM presentation repeating known themes: 1.2 billion boe Sicily Channel resources, Dougga West at 226 mmboe, and a farm-out-funded strategy. Forecasts Dougga farm-out in Q3 2014 and a Romanian well in Q4 2014. Later withdrawn and reissued.
27 Mar 2014annual report● Neutral
2013 annual report (calendar year basis). Management says the focus is Romania's Parta permit and 100% of Kerkouane after the Gulfsands deal, with a farm-out still sought. 2014 plans: finish Parta seismic and prepare Dougga West and Dougga drilling.
23 Dec 2013farm in farm out agreement▲ GoodMajor
Gulfsands withdraws from Kerkouane, returning ADX to 100% of Kerkouane and Pantelleria (almost 5,000 sq km), and ADX transfers its remaining 30% of Chorbane to Gulfsands for US$1.75m (US$250k now, US$1.5m on government approval). This ends the Chorbane position.
31 Oct 2013drilling progress report● Neutral
Second-phase seismic (190 km 2D, 200 sq km 3D) has started in the Parta permit, due to finish by year end. ADX holds 50% as operator; the work program requires two exploration wells before May 2015. This shows the stake as 50%, not the 60% stated at award.
16 Oct 2013capital raising announcement● NeutralMajor
ADX raised A$1.02m by placing 60 million shares at 1.7 cents to one institutional investor, for exploration and working capital. Shares on issue rise to 545,367,175 after settlement.
What it means for a shareholder
60.0m new shares at A$0.017 to raise about A$1.0m. That's 11% dilution: every existing holder's slice gets 11% smaller. If you held A$1,000 of shares (58,824 at the issue price), your slice goes from 0.0121% to 0.0108% of the company. To keep it you'd need 7,272 more shares - about A$124 at the issue price.
Create a free account to see this worked out for your own holding.
11 Sept 2013half year report▼ Bad
Half-year to 30 June 2013: loss of A$3.8m, versus A$10.3m a year earlier, including A$2.8m exploration write-down mainly on Kerkouane. Operating cash outflow was A$1.0m. No significant asset transactions; farmout efforts continued without a binding offer.
6 Sept 2013resource reserve update▲ GoodMajor
Independent review by ISIS puts most likely oil in place for the Upper Birsa reservoir at Dougga West (Kerkouane, Tunisia) at 423 mmbbls, with upside above a billion barrels. ADX is seeking a partner to fund the next well; no binding offer yet.
5 Sept 2013farm in farm out completion▼ Bad
ADX's Alpine subsidiary terminated the Chorbane farm-in with Rift Basin International, which would have earned 15% but failed to meet its obligations despite extensions. ADX resumes seeking farm-out partners for part or all of its remaining 30% interest.
27 Aug 2013drilling progress report▲ Good
Special processing of ~90 km of 2D seismic shows gas-related AVO anomalies at about 1,000 m in the Parta permit. More 2D seismic is planned, and drilling preparations could start by mid-October. Leads are estimated at 47 mmbls oil and 480 bcf gas (mean prospective).
12 Aug 2013drilling progress report▼ Bad
Parta seismic restart slips to about mid September after environmental and administrative delays. Extra 2D data will target a new large prospect with a possible hydrocarbon indicator; drilling preparations could start by mid October. Another delay to a program first due in Q2.
31 July 2013other● Neutral
June 2013 quarter Appendix 5B: cash fell to $1.537m from $1.920m, with no financing. Next-quarter outflow is estimated at $432k. Shares on issue unchanged at 485,367,175.
30 May 2013investor presentation● Neutral
AGM presentation repeating known themes: Sicily Channel resources of about 1.2 billion boe, farm-out efforts to fund Dougga appraisal, Parta fully carried with first 2D results promising. Drilling at Parta is now shown as 2014. Riedel stake 24%.
1 May 2013annual report● Neutral
Published version of the December 2012 annual report, repeating the financial report released in March. It describes ADX as operating four oil and gas permits plus its stake in Riedel Resources. No new information evident.
30 Apr 2013other● Neutral
March 2013 quarter Appendix 5B: cash fell to $1.920m from $2.126m, with no financing. Next-quarter outflow is estimated at $334k. Shares on issue unchanged at 485,367,175.
18 Apr 2013drilling progress report● Neutral
About 90 km of Parta 2D seismic is done, but heavy rain and flooding have suspended the program until about mid July. Early processing shows a possibly large multi-target oil and gas prospect. This delays the earlier Q2 completion target.
28 Mar 2013annual report● Neutral
Annual financial report for the six months to 31 December 2012, the first on the new calendar-year basis. The MD calls 2012 very challenging but sees a bright future, with Chorbane farm-outs funding 2013 seismic and Parta drilling expected late 2013. Sicily farm-out data room to close mid 2013.
13 Feb 2013drilling progress report▲ Good
Seismic acquisition has begun at Parta, Romania: 190 km of 2D and 200 km of 3D, expected done in Q2 2013. This keeps the first of two committed wells possible as early as Q4 2013. ADX holds 50% and operates.
31 Jan 2013other▲ Good
December 2012 quarter Appendix 5B: cash rose to $2.126m from $611k, helped by $2.692m of farm-in proceeds and $752k from share issues (the latter as reported in the text). Next-quarter outflow estimated at $525k. Chorbane interest shown falling from 40% to 30%.
31 Jan 2013other● Neutral
ADX is changing its financial year end from 30 June to 31 December, effective 1 July 2012, to align with affiliated JV companies and expected to save costs. A six-month report to December 2012 will follow, and an AGM is needed by 31 May 2013.
31 Jan 2013price query● Neutral
ASX queried a share price rise from 2.0 cents to an intraday high of 3.9 cents. ADX said it knew of no unannounced information explaining it, noting only commentary by an oil and gas newsletter, and confirmed compliance with Listing Rule 3.1.
3 Jan 2013farm in farm out agreement▲ GoodMajor
ADX signed a definitive farm-in with Rift Basin International (TSXV: RIF), turning the November letter of intent into a deal. Rift can earn 15% of Chorbane by paying US$1.2m in past costs and seismic contributions (US$200k, US$700k, US$300k).
11 Dec 2012regulatory community update▲ Good
The Parta concession ratification was published in the Romanian official gazette, taking effect 4 December 2012. Seismic is to begin within a fortnight and could finish by Q2 2013, allowing a first well in late Q3 2013. 2013 work is stated as fully funded.
29 Nov 2012regulatory community update▲ GoodMajor
The Romanian government ratified the Parta concession agreement, signed in January 2011. This resolves the long-delayed approval. ADX holds 50% and is operator; the work program is 2D/3D seismic and two exploration wells. Prospects are put at 47 mmbbl oil and 480 bcf gas.
28 Nov 2012farm in farm out agreement▲ Good
ADX signed a non-binding letter of intent for Rift Basin to farm into 15% of Chorbane. Rift has paid a non-refundable US$100,000. The LOI lapses on 15 December 2012 unless a definitive agreement is signed; subject to conditions including TSX Venture approval.
26 Nov 2012farm in farm out agreement▲ GoodMajor
ADX agreed to farm out 10% of Chorbane to Gulfsands for US$100,000 cash plus up to US$600,000 of ADX's share of a US$2m seismic programme. Gulfsands becomes operator; ADX will retain 30%, subject to regulatory approvals. This gives up operatorship.
21 Nov 2012investor presentation● Neutral
AGM presentation repeating known facts: Sicily Channel resources of 1.15 billion boe, Parta fully funded with seismic early 2013 and first well Q3 2013. Says Romanian ratification is expected within three weeks. Shows ADX's Riedel stake at 24%.
21 Nov 2012farm in farm out agreement▲ Good
At its AGM, ADX said it is completing two farm-outs of the Chorbane permit, expected to provide material funding and a carry for its retained interest through a seismic programme next year. Terms and partners are not yet named.
31 Oct 2012other● Neutral
September 2012 quarter Appendix 5B: cash rose to $611k from $534k, helped by the $752k raised from the placement. Next-quarter outflow planned is $427k; a $2.5m RAG inflow is still expected. Shares on issue 485,367,175.
