Past year: ▼ 37%(1.80c – 3.20c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
18 July 2011asset acquisition disposition▲ GoodMajor
ADX was awarded offshore Italian permit d 364 C.R-.AX at 100% interest as operator, next to its Tunisian Kerkouane permit (Dougga, Lambouka). A second adjacent permit, d 363, is still under application. Plans are seismic purchases and possibly a first well.
14 July 2011drilling progress report● Neutral
Rig-up at Sidi Dhaher is nearing completion and rig inspection has begun. ADX will accept the rig and start drilling once it is satisfied. No spud date is given.
5 July 2011drilling progress report● Neutral
Sidi Dhaher rig-up is progressing to plan: mast erected and camp fit-out continuing. ADX says the local conditions that initially delayed work have had no material impact. No spud date is given.
28 June 2011drilling progress report▲ Good
Rig mobilisation to Sidi Dhaher finished without incidents, with road safety measures provided by Tunisian authorities. All rig components are on site and some camp loads remain. Drilling could still start early July.
21 June 2011drilling progress report▲ Good
Mobilisation of camp and rig for Sidi Dhaher began on 20 June, as planned after the authorities' approval. Drilling could start early July. Interests unchanged: ADX 40% operator.
21 June 2011other● Neutral
Partner XState repeats ADX's news that rig mobilisation began 20 June, adding its own view of over 300 million barrels potential, about $6m cost and a 1 in 3 chance of success. A partner re-release, not new ADX information.
9 June 2011drilling scheduled▲ GoodMajor
Tunisian authorities agreed a supervision schedule for safe rig movement, ending the safety-measures standoff. Rig mobilisation is expected from 20 June and drilling could start early July. ADX stays at 40% in Sidi Dhaher-1 (175 bcf gas, 44 mmbbls oil prospective).
26 May 2011admin correction● Neutral
Addendum adding competent person statements (Dr Zimmer, Paul Fink) to the 24 May company update. Administrative; no new information.
24 May 2011investor presentation● Neutral
May 2011 company update restating known assets: Dougga appraisal (60% for farm-out), Lambouka, Sidi Dhaher 'ready to drill', and Romania seismic planned Q4 2011. Repeats the Dougga GIIP range (P90 384, mean 618 bcf) and Lambouka 220 bcf mean sales gas; Lambouka figure is lower than the earlier 309 bcf.
11 May 2011other● Neutral
Partner XState re-released the news of the Chorbane extension and government support for Sidi Dhaher, adding its own view of the prospect (over 300 mmbbls potential, 1 in 3 chance, about $6m cost). It is a partner's announcement repeating ADX's news, not new ADX information.
11 May 2011regulatory community update▲ GoodMajor
Tunisia extended the Chorbane exploration period a further year to 12 July 2012, and the Ministry told ADX that drilling Sidi Dhaher is a priority with government supervision to be provided. The well is ready to drill, but no mobilisation date has been set.
11 Apr 2011drilling scheduled▼ Bad
Sidi Dhaher-1 remains delayed: local authorities have not given reliable commitments on supervising the rig move and preventing trespass. The rig move stays suspended pending agreement on road safety measures. ADX says cost impact to the joint venture has been minimal.
15 Mar 2011half year report● Neutral
Half-year to 31 December 2010: net loss $1.098m (prior year $868k). Reports Lambouka-1 discovery, Dougga resources, and Sidi Dhaher farm-outs leaving ADX at 40% and fully funded if costs hold. The Chorbane permit now runs to 12 July 2011.
14 Mar 2011drilling scheduled▼ Bad
ADX has delayed mobilising the rig for Sidi Dhaher, citing safety of local residents along the access road rather than security concerns. It calls the delay short with no significant cost impact. This pushes spud beyond the February target; no new date is given.
2 Mar 2011resource reserve update▲ GoodMajor
Independent consultant Tracs completed its report on Dougga, resolving the review flagged in November. Mean recoverable contingent resources are 41 mmbbls of liquids and about 191 bcf gas, with gas in place P90 up 20%. The JV aims to drill an appraisal well early 2012.
2 Mar 2011security holder rights change● Neutral
Notice that ADX's listed options (ADXO, exercisable at 25c) expire 31 March 2011, with trading ceasing 24 March. Shares last closed at 10.5c, so the options are well out of the money; the ASX rules do not allow an extension.
24 Feb 2011drilling scheduled● Neutral
Sidi Dhaher preparations are running 'slightly slower than expected', with the company moving cautiously. Surface casing is set and approvals obtained; camp then rig will be moved (5 days each). No firm spud date is given, so the February target has effectively slipped.
11 Feb 2011drilling scheduled● Neutral
Sidi Dhaher site preparations are complete and service contracts are in place. Rig testing and repairs are under way, with a mobilisation decision expected the following week and spud still targeted for February. Farm-in partners are expected to fully fund ADX's share.
31 Jan 2011regulatory community update▲ GoodMajor
ADX signed the Romanian concession agreement for the 1,221 sq km EX-10 PARTA block, 60% ADX-operated with Caspian and Sibinga 20% each. Romanian ratification is expected May 2011, then seismic starts. ADX identifies 12 leads with 47 mmbbls oil and 480 bcf gas mean prospective resources.
28 Jan 2011drilling scheduled▲ Good
ADX says civil works at the Sidi Dhaher site are progressing without security issues after the former president's fall. All contractors, including rig provider Challenger, have confirmed availability, and spud is expected in the second half of February 2011.
28 Jan 2011asset acquisition disposition▲ GoodMajor
Riedel Resources was admitted to the ASX on 27 January 2011, with trading from 31 January under code RIE. This completes the spin-off of ADX's gold and base metal assets; ADX retains 42.94% of Riedel and is now a focused energy company.
28 Jan 2011admin correction● Neutral
Re-release of the 28 January Tunisia update because the original was wrongly headed 'Draft ASX Release'. The company says all other information is unchanged.
18 Jan 2011regulatory community update▲ GoodMajor
Tunisia renewed the Kerkouane permit for three years to 22 February 2014, extending the earlier February 2011 expiry. ADX and partners commit to well-test Lambouka, drill a well to at least 2,500m, and relinquish 772 sq km. ADX holds 60%.
18 Jan 2011regulatory community update▼ Bad
After assessing Tunisia's security situation, ADX is continuing Sidi Dhaher site preparations, but expects delay from contractor precautions and customs. A spud in late February is now possible, slipping from the early February target set on 12 January.
12 Jan 2011contract award▲ Good
ADX signed a letter of intent with Challenger for its Rig 37 to drill Sidi Dhaher, with spud targeted for the first week of February 2011, subject to Tunisian approvals. Farm-outs to Gulfsands, XState and Verus are expected to fund ADX's share.
29 Dec 2010capital raising announcement▲ Good
ADX reports the Riedel Resources offer of up to 35m shares at 20c ($7m) has closed successfully. Riedel (to trade as ASX:RIE) will advise its listing timetable, continuing the minerals spin-off.
What it means for a shareholder
35.0m new shares at A$0.200 to raise about A$7.0m. That's 8.1% dilution: every existing holder's slice gets 8.1% smaller. If you held A$1,000 of shares (5,000 at the issue price), your slice goes from 0.00125% to 0.00115% of the company. To keep it you'd need 439 more shares - about A$88 at the issue price.
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29 Dec 2010other● Neutral
ADX published its new Securities Trading Policy, effective 1 January 2011 under Listing Rule 12.9. It is a compliance document with no operational or financial news. Text is truncated.
10 Dec 2010capital raising announcement▲ GoodMajor
ADX completed its placement of 60,240,964 shares at 8.3c to raise $5m gross, which the chairman says was substantially oversubscribed. Funds go to Tunisia and Romania programs, Lambouka well costs, acquisitions and working capital. This resolves the placement flagged earlier in December.
What it means for a shareholder
60.2m new shares at A$0.083 to raise about A$5.0m. That's 15% dilution: every existing holder's slice gets 15% smaller. If you held A$1,000 of shares (12,048 at the issue price), your slice goes from 0.00356% to 0.00302% of the company. To keep it you'd need 2,143 more shares - about A$178 at the issue price.
Create a free account to see this worked out for your own holding.
8 Dec 2010investor presentation● NeutralMajor
December 2010 presentation announces a planned placement of about $5m (up to 60m shares at 8.3c, roughly a 12.5% discount to the 5-day average price) via Patersons. Proceeds fund Tunisia and Romania work, project acquisitions and 12 months' working capital. Otherwise repeats known plans.
7 Dec 2010drilling scheduled▲ Good
Tunisia's regulator ETAP approved ADX's rig tender evaluation for Sidi Daher-1, leaving four suitable onshore rigs to choose from. A final rig choice is due within days, with a January 2011 spud still anticipated. Interests: ADX 40%.
