Past year: ▼ 37%(1.80c – 3.20c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
31 Oct 2016quarterly activities report▼ Bad
September 2016 quarter Appendix 5B: cash fell to $273k from $592k on $335k operating outflow, with no financing. Next-quarter outflow estimated at $400k, which exceeds cash on hand, so further funding looks needed (inference).
31 Oct 2016quarterly activities report● Neutral
September 2016 quarter report: Nilde 300 mmbo oil-in-place case, reservoir simulation results due mid-November, and formal farm-out to follow. Dougga feasibility study started, Parta permitting continues, five Romanian production opportunities assessed, and Rob Brown joined the board.
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.
29 July 2016quarterly activities report● Neutral
June 2016 quarter Appendix 5B: cash rose to $645k from $311k, helped by $743k net placement proceeds against $418k operating outflow. Next-quarter outflow estimated at $350k. Shares of 5.47m were issued to ex-director Zimmer for waived pay.
29 July 2016quarterly activities report● Neutral
June 2016 quarter report: Nilde data and a first-pass 3D model support Senergy's estimates, with reserves still targeted by end 2016. Placement completed, board down to three, Austrian office closed, and a bid for a Romanian producing oilfield was unsuccessful.
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 2016quarterly activities report● Neutral
March 2016 quarter report: Nilde 34 mmbo 2C resource and the project economics are restated, Austrian office closure completed, and Parta 3D seismic permitting moves to a local team. Reserves are targeted by end 2016. New venture work covered two Romanian oil fields and Italian assets.
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.
28 Apr 2016quarterly activities report▼ Bad
March 2016 quarter Appendix 5B: cash fell to $311k from $622k after $291k of operating outflows and a $20k exchange-rate loss, with no investing or financing inflows. Next-quarter outflow is estimated at $330k.
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.
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.
29 Jan 2016quarterly activities report● Neutral
December 2015 quarter Appendix 5B: cash fell to $621k from $1.044m, with no financing. Next-quarter outflow is estimated at $310k. Shares on issue unchanged at 656,478,273.
29 Jan 2016quarterly activities report● Neutral
December 2015 quarter report: cost cutting is reducing overheads, a Nilde resource review has gone to an independent expert with results due February 2016, and Parta 3D seismic permitting is advancing. Kerkouane 3D seismic design approved by ETAP. Cash $0.621m.
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.
29 Oct 2015quarterly activities report● Neutral
September 2015 quarter Appendix 5B: cash fell to $1.044m from $1.375m, with no financing. Next-quarter outflow is estimated at $365k.
