Past year: ▼ 37%(1.80c – 3.20c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
2 Oct 2014resource reserve update▲ GoodMajor
ADX names three drill-ready Parta prospects with best-case gross prospective resources of 15.0 mmboe (7.6 mmboe net to ADX). It now plans to fast-track at least two wells, seeking farminees, with drilling targeted for Q2 2015. This brings the first Parta well forward from earlier timing.
5 Sept 2014director officer appointment● Neutral
Paul Fink steps down as executive technical director to become non-executive director, and continues as a consultant (minimum 110 days at A$1,650 a day, one-year term). The chairman says this contributes to ongoing overhead cost reduction.
3 Sept 2014material agreement▼ BadMajor
Gulfsands missed the 26 August completion date and has not paid the final US$1.5m for Chorbane, giving no legitimate justification, per ADX. The board has instructed lawyers to start recovery proceedings. This escalates the dispute from the 15 August notice.
21 Aug 2014half year report● Neutral
Half-year to 30 June 2014: loss of $315k, versus $3.82m a year earlier. Cash used in operations was $590k. Gulfsands' US$1.5m final Chorbane payment is still expected after approvals. The first Parta well is now possible in Q1 2015.
15 Aug 2014joint venture update▼ BadMajor
Tunisia approves transfer of ADX's remaining Chorbane interest to Gulfsands, triggering the final US$1.5m payment. Gulfsands says it will not pay, citing missing data. ADX disputes this and says it has met its obligations. A dispute over the funds begins.
14 Aug 2014regulatory community update▲ GoodMajor
Tunisia approves a 2-year extension of the Kerkouane exploration period to 21 February 2016, resolving the pending approval. ADX wants to sell part of its interest before the next well; several companies are reviewing the asset but no binding offer yet.
23 July 2014quarterly activities report● Neutral
June 2014 quarter report: d 363 award means ADX holds four Sicily Channel licences, almost 8,000 sq km, all 100%. Tunisian ratification of the Kerkouane extension is pending. Parta seismic permitting continues, with a first well now possible towards end 2014.
23 July 2014quarterly activities report▼ Bad
June 2014 quarter Appendix 5B: cash fell to $665k from $1.090m, with no financing. Next-quarter outflow is estimated at $530k. Shares on issue are 545,367,175. A US$1.5m Chorbane payment from Gulfsands is still expected later in 2014.
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.
30 Apr 2014quarterly activities report● Neutral
March 2014 quarter: ADX is back at 100% of Kerkouane under the Gulfsands agreement, pending Tunisian approvals including a 2-year extension, and has restarted its Sicily farm-out. Further Parta seismic is planned for Q3 2014, with a possible first well spud in Q4 2014.
30 Apr 2014quarterly activities report● Neutral
March 2014 quarterly cash report: cash fell to A$1.09m from A$1.70m, with A$742k net operating outflow and a A$108k refund of the Rift farm-out deposit. The final US$1.5m Chorbane payment from Gulfsands is expected next quarter.
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.
31 Jan 2014quarterly activities report● Neutral
December 2013 quarter: Parta 3D seismic is slower than planned due to land access issues and continues into 2014. The Gulfsands deal gives ADX 100% of Kerkouane; US$250k received and US$1.5m due on approvals. Kerkouane two-year extension requested.
31 Jan 2014quarterly activities report● Neutral
December 2013 quarterly cash report: cash rose to A$1.66m from A$1.07m, helped by A$953k of share proceeds from the October placement. Operating outflow was A$240k. Chorbane interest is shown reduced to nil and Kerkouane raised to 100%, subject to approvals.
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 2013quarterly activities report● Neutral
September 2013 quarterly cash report: cash fell to A$1.07m from A$1.54m, with a net operating outflow of A$521k. No loans or tenement changes. Estimated next-quarter outflow is A$402k.
31 Oct 2013quarterly activities report● Neutral
September 2013 quarter: Parta seismic processing finished and showed a gas-related AVO anomaly, with permitting delays pushing the 2D/3D start back about a month. Dougga West independent estimate of 423 mmbbls oil in place was repeated. ADX holds 50% of Parta, 60% of Kerkouane.
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 2013quarterly activities report● Neutral
June quarter report: no firm Sicily farm-in offers yet, though Dougga West is now promoted as the lead prospect and the permit is likely to be extended two years. Parta 2D (about 90 km) paused; Gulfsands is weighing 2D or 3D seismic at Chorbane.
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.
