Past year: ▼ 37%(1.80c – 3.20c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 July 2017quarterly activities report● Neutral
June 2017 quarter: Nilde peer review slowed planning, with appraisal well design due in the September quarter. Dougga Sud location agreed with ETAP, and a rig agreement is targeted by end August. Parta 3D seismic tender is done; farm-out talks are intensifying.
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.
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.
28 Apr 2017quarterly activities report● Neutral
March 2017 quarter: Nilde 2C of 32.8 mmbo and economics (NPV10 US$200-650m, payback under 12 months, break-even below US$30/bbl) are company estimates already announced. TechnipFMC Dougga study due end May; Parta seismic award expected Q3, with acquisition in Q4 2017.
28 Apr 2017quarterly activities report▼ Bad
March 2017 quarter cash fell to $495k from $734k on $289k operating outflow, with no financing raised. Next-quarter outflow is estimated at $430k, so funding is tight, which the entitlement offer then addresses.
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.
31 Jan 2017quarterly activities report● Neutral
December 2016 quarter: $802,000 placement completed, Calm Oceans MOU signed, and Nilde simulation results pushed to early February 2017. Dougga concept and geomechanical study scopes prepared; Parta extension ratified with a seismic tender planned for Q1 2017. Formal Nilde farm-out now due next quarter.
31 Jan 2017quarterly activities report● Neutral
December 2016 quarter Appendix 5B: cash rose to $737k from $273k, helped by $758k net financing from the placement against $312k operating outflow. Next-quarter outflow is estimated at $410k.
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.
