Past year: ▼ 37%(1.80c – 3.20c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
10 Nov 2011resource reserve update▲ GoodMajor
ADX estimates a mean contingent oil in place of 51 million barrels for the Sidi Dhaher discovery. This is oil in place, not recoverable; recoverable volumes depend on a successful well test, with rig selection under way. It follows the 3 October discovery.
3 Nov 2011well test result▲ Good
Lab analysis confirmed the Sidi Dhaher-1 samples are typical live crude oil with mud filtrate and minor water. Tender for a well-test rig went to 5 providers. Commerciality still depends on testing, and a resource range is described as imminent.
31 Oct 2011other▲ Good
Appendix 5B for September 2011 quarter: cash rose to $2.408m from $783k, helped by $1.862m received from JV partners and a $1.021m exploration bond release. Lambouka buybacks from Carnavale and PharmAust completed. Planned outflow next quarter is $855k.
26 Oct 2011drilling progress report● Neutral
The Challenger rig has left Sidi Dhaher-1 and the site is cleared. A cheaper rig is being chosen for oil testing. Oil quality results are expected within a week and a resource range for the discovery in early November.
10 Oct 2011annual report● Neutral
2011 annual report with chairman's review citing a challenging year from Tunisia's political situation and capital market turbulence. Plans include a Dougga appraisal well and farm-out, Lambouka testing and Romania seismic. It mostly repeats known facts; the text is truncated.
3 Oct 2011drilling result▲ GoodMajor
Sidi Dhaher-1 found an interpreted oil column of about 30 m in Upper Cretaceous rock at 2,011 m total depth, but a well test is needed to confirm commercial rates. The well will be suspended and the rig released. This is ADX's first discovery since the Lambouka gas find.
30 Sept 2011annual report● Neutral
Annual financial report for the year to 30 June 2011, lodged with directors and Rothsay as auditor. The provided text is truncated and contains no financial figures, so no results can be stated.
30 Sept 2011other● Neutral
XState Resources, a 10% Sidi Dhaher partner, re-lodged ADX's 30 September statement on the erroneous report. Cover letter only; no new information.
30 Sept 2011regulatory community update● Neutral
ADX says an unsubstantiated, erroneous report speculated on Sidi Dhaher-1 results. It calls premature discussion of hydrocarbons inappropriate and promises to release accurate results when practical. No well results are given.
26 Sept 2011admin correction● Neutral
Re-release of the 26 September Sidi Dhaher update, correcting its number from 7 to 6. All other content is unchanged.
26 Sept 2011drilling progress report● Neutral
Sidi Dhaher-1 was logged to 1,785 m without problems, then deepened to 2,011 m. Logs and pressure tests were run, and sampling (MDT) of zones of interest was being prepared. No result stated. Numbered #7 in error.
22 Sept 2011drilling progress report● Neutral
Sidi Dhaher-1 reached 1,785 m, then a pump failure and a hole obstruction at 1,366 m limited the first logging. Several potential reservoirs were found higher than predicted. Logs are being interpreted; no hydrocarbon result stated.
16 Sept 2011drilling progress report▲ Good
Sidi Dhaher-1 is drilling at about 1,700 m. Two potential reservoirs, Tertiary and Cretaceous, were hit higher than predicted. The next casing point is now planned at about 2,000 m, followed by logging.
12 Sept 2011drilling progress report● Neutral
Sidi Dhaher-1 has set 13 3/8-inch casing and is drilling 12 1/4-inch hole at about 1,300 m. Two potential reservoir zones have been intersected and will be wireline logged before the next casing.
9 Sept 2011farm in farm out agreement▲ GoodMajor
ADX will buy back PharmAust's 10% of Lambouka for 1,000,000 ADX shares, with PharmAust paying US$50,000 and ADX forgiving $400,473 of past costs. ADX would hold 60% of Lambouka, subject to JV pre-emption. This extends the Carnavale buyback.
9 Sept 2011farm in farm out agreement● Neutral
PharmAust's side of the Lambouka buyback: it exits its 10% and cancels its Italian-waters option, citing the likely cost of a sidetrack and removal of abandonment liabilities. Same terms as ADX's release.
7 Sept 2011investor presentation● Neutral
Good Oil conference presentation restating known facts: 398m shares, $43.8m market cap at 11 cents, ~254 mmboe most likely discovered resource across three Sicily Channel discoveries, and Sidi Dhaher drilling. Lambouka is shown at 50%. No new information.
6 Sept 2011drilling progress report● Neutral
Sidi Dhaher-1 has drilled to 1,001 m and is running 13 3/8-inch casing. The first potential hydrocarbon target, the Eocene reservoir, is expected to be reached later this week.
1 Sept 2011investor presentation● Neutral
Notice of an audio broadcast by the chairman on the Sidi Dhaher spud, the earlier delays, Tunisia's political situation and Sicily Channel acreage. No new results or figures are in the notice itself.
30 Aug 2011drilling progress report● Neutral
ADX corrects the spud time to 6pm GMT on Friday 26 August, not 27 August. The 16-inch hole is drilled to 652 m, with casing to be run next week.
29 Aug 2011drilling spud▲ GoodMajor
Sidi Dhaher-1 spudded at 07:00 GMT on 27 August 2011 and was drilling the 16-inch hole. It had a planned depth of 2,168 m and about 33 days of drilling, targeting 175 bcf of gas and 44 mmbbls of oil (prospective). ADX held 40% as operator.
25 Aug 2011drilling progress report▲ Good
The Egyptian choke line arrived and passed testing, resolving the 22 August delay. Spud is described as imminent, with a pre-spud meeting set for 26 August. The rig goes on day rate once ADX accepts it.
22 Aug 2011drilling progress report▼ Bad
Sidi Dhaher rig systems are tested, but ADX will not allow drilling until all critical spares are on site. A choke line must come from Egypt, causing another incremental spud delay. No new date given.
22 Aug 2011joint venture update▲ Good
Shell has finished 2D seismic over ADX's Kerkouane-1 gas discovery offshore Tunisia under a data exchange deal, giving ADX and partners 104 km of new data. ADX says Kerkouane's potential could be on the order of Dougga and Lambouka (ADX's expectation, not a measured resource).
15 Aug 2011drilling progress report● Neutral
Sidi Dhaher blowout preventer failed initial pressure tests but was repaired and now passes; the diverter is installed and awaiting testing. This follows the 8 August equipment arrival. No spud date yet. ADX keeps 40% as operator.
12 Aug 2011farm in farm out agreement● NeutralMajor
ADX will buy back Carnavale's 20% of Lambouka, lifting ADX to 50%, for 11,172,535 ADX shares, with Carnavale paying US$765k of past costs. Carnavale also gets two US$1m payments if Lambouka produces for 6 and 12 months. Subject to JV pre-emption.
12 Aug 2011asset acquisition disposition● Neutral
Carnavale's side of the Lambouka buyback: it sells its 20% to ADX for 11,172,535 ADX shares plus two US$1m production-linked payments. It cites the high cost of a sidetrack and test after the well could not be flowed. Same deal as ADX's release.
8 Aug 2011drilling progress report▲ Good
Critical equipment, including the valve set from Libya, has reached the Sidi Dhaher rig site, resolving the delay reported on 3 August. Final testing of the blowout preventer and diverters should begin soon. No spud date given.
3 Aug 2011drilling progress report▼ Bad
Sidi Dhaher spud is delayed again: safety-critical blowout preventer testing equipment, sourced from the contractor's Libya office, is held up by transport and customs problems. ADX cannot accept the rig and gives no spud date. Rig payments start only on acceptance.
25 July 2011drilling progress report● Neutral
Sidi Dhaher rig-up is 95% complete. Minor camp infrastructure delays (sleeping quarters, kitchen) remain before 24/7 operations can start. No spud date is given.
