30 Apr 2013other● Neutral
March 2013 quarter Appendix 5B: cash fell to $1.920m from $2.126m, with no financing. Next-quarter outflow is estimated at $334k. Shares on issue unchanged at 485,367,175.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
30 Apr 2013quarterly activities report● Neutral
March quarter report: Parta 2D seismic about 90% done; Gulfsands now operates Chorbane and ADX holds 30%. The Rift 15% farm-in is not completed for reasons outside ADX's control. Sicily farm-out data room visits continued; new ventures in Romania and the Caspian pursued.
18 Apr 2013drilling progress report● Neutral
About 90 km of Parta 2D seismic is done, but heavy rain and flooding have suspended the program until about mid July. Early processing shows a possibly large multi-target oil and gas prospect. This delays the earlier Q2 completion target.
28 Mar 2013annual report● Neutral
Annual financial report for the six months to 31 December 2012, the first on the new calendar-year basis. The MD calls 2012 very challenging but sees a bright future, with Chorbane farm-outs funding 2013 seismic and Parta drilling expected late 2013. Sicily farm-out data room to close mid 2013.
13 Feb 2013drilling progress report▲ Good
Seismic acquisition has begun at Parta, Romania: 190 km of 2D and 200 km of 3D, expected done in Q2 2013. This keeps the first of two committed wells possible as early as Q4 2013. ADX holds 50% and operates.
31 Jan 2013other▲ Good
December 2012 quarter Appendix 5B: cash rose to $2.126m from $611k, helped by $2.692m of farm-in proceeds and $752k from share issues (the latter as reported in the text). Next-quarter outflow estimated at $525k. Chorbane interest shown falling from 40% to 30%.
31 Jan 2013quarterly activities report● Neutral
December quarter report: Romanian ratification done and Parta seismic due to start February 2013. Chorbane farm-out to Gulfsands agreed; Rift Basin deal still has conditions. Dougga West is now the lead drilling candidate (230 mmbbl mean, 600 mmbbl upside).
31 Jan 2013other● Neutral
ADX is changing its financial year end from 30 June to 31 December, effective 1 July 2012, to align with affiliated JV companies and expected to save costs. A six-month report to December 2012 will follow, and an AGM is needed by 31 May 2013.
31 Jan 2013price query● Neutral
ASX queried a share price rise from 2.0 cents to an intraday high of 3.9 cents. ADX said it knew of no unannounced information explaining it, noting only commentary by an oil and gas newsletter, and confirmed compliance with Listing Rule 3.1.
3 Jan 2013farm in farm out agreement▲ GoodMajor
ADX signed a definitive farm-in with Rift Basin International (TSXV: RIF), turning the November letter of intent into a deal. Rift can earn 15% of Chorbane by paying US$1.2m in past costs and seismic contributions (US$200k, US$700k, US$300k).
11 Dec 2012regulatory community update▲ Good
The Parta concession ratification was published in the Romanian official gazette, taking effect 4 December 2012. Seismic is to begin within a fortnight and could finish by Q2 2013, allowing a first well in late Q3 2013. 2013 work is stated as fully funded.
29 Nov 2012regulatory community update▲ GoodMajor
The Romanian government ratified the Parta concession agreement, signed in January 2011. This resolves the long-delayed approval. ADX holds 50% and is operator; the work program is 2D/3D seismic and two exploration wells. Prospects are put at 47 mmbbl oil and 480 bcf gas.
28 Nov 2012farm in farm out agreement▲ Good
ADX signed a non-binding letter of intent for Rift Basin to farm into 15% of Chorbane. Rift has paid a non-refundable US$100,000. The LOI lapses on 15 December 2012 unless a definitive agreement is signed; subject to conditions including TSX Venture approval.
26 Nov 2012farm in farm out agreement▲ GoodMajor
ADX agreed to farm out 10% of Chorbane to Gulfsands for US$100,000 cash plus up to US$600,000 of ADX's share of a US$2m seismic programme. Gulfsands becomes operator; ADX will retain 30%, subject to regulatory approvals. This gives up operatorship.
21 Nov 2012investor presentation● Neutral
AGM presentation repeating known facts: Sicily Channel resources of 1.15 billion boe, Parta fully funded with seismic early 2013 and first well Q3 2013. Says Romanian ratification is expected within three weeks. Shows ADX's Riedel stake at 24%.
21 Nov 2012farm in farm out agreement▲ Good
At its AGM, ADX said it is completing two farm-outs of the Chorbane permit, expected to provide material funding and a carry for its retained interest through a seismic programme next year. Terms and partners are not yet named.
31 Oct 2012other● Neutral
September 2012 quarter Appendix 5B: cash rose to $611k from $534k, helped by the $752k raised from the placement. Next-quarter outflow planned is $427k; a $2.5m RAG inflow is still expected. Shares on issue 485,367,175.
31 Oct 2012quarterly activities report● Neutral
September quarter report: Chorbane renewed to July 2015, $800k placement done, and Parta seismic contract signed. Chorbane focus shifts east, with seismic planned 2013 and next well by 2014. ADX hired ENVOI to market the Sicily farm-out.
23 Oct 2012annual report● Neutral
Printed 2012 annual report, repeating the annual financial report released in September. Highlights include the $2.184m raised, the Romania buy-back and RAG farm-in, and an independent review calling Dougga potentially viable. No new information evident.
28 Sept 2012annual report● Neutral
Annual report for year to 30 June 2012. The chairman calls the Sidi Dhaher result a significant disappointment, noting farm-outs funded most of its cost, and expects Sicily farm-out to fund Dougga appraisal. Records the buy-back restoring ADX to 60% of Kerkouane.
26 Sept 2012investor presentation● Neutral
September 2012 investor presentation restating strategy and assets: Sicily Channel farm-out efforts for Dougga appraisal, Chorbane exploration shifting to lower-risk western areas, Parta fully carried with drilling in 2013. Mentions a Dougga resource upgrade; largely repeats known facts.
12 Sept 2012contract award▲ Good
ADX signed a 2D and 3D seismic acquisition contract with Romania's Prospectiuni for the Parta permit. Work can start within a month of government ratification, which is still delayed. Prospects are now put at 112 mmbbl oil and 300 bcf gas.
22 Aug 2012capital raising announcement● NeutralMajor
ADX placed 47,058,825 new shares at 1.7 cents to raise $800,000, mainly for working capital. Shares on issue rise to 485,367,175. Romania is funded by the RAG farm-out; Dougga appraisal and Sicily drilling still depend on future farm-outs.
What it means for a shareholder
47.1m new shares at A$0.017 to raise about A$800,000. That's 9.7% dilution: every existing holder's slice gets 9.7% smaller. If you held A$1,000 of shares (58,824 at the issue price), your slice goes from 0.0134% to 0.0121% of the company. To keep it you'd need 6,316 more shares - about A$107 at the issue price.
Create a free account to see this worked out for your own holding.
31 July 2012quarterly activities report● Neutral
June quarter report: Sidi Dhaher-1 flowed water due to very low oil saturations and was plugged and abandoned. The Parta farm-in to RAG is executed. ADX cites four 3D Sicily prospects of about 1.2 billion boe most likely and 438.3m shares on issue.
31 July 2012quarterly activities report● Neutral
June 2012 quarter Appendix 5B: cash fell to $534k from $1.033m after a $486k outflow. Next-quarter outflow planned is $510k, with $2.5m expected from the RAG farm-out. The Parta farm-out to RAG (50%) is recorded as completed.
23 July 2012regulatory community update▲ GoodMajor
Tunisian authorities renewed the Chorbane exploration permit for three years to 12 July 2015, with 20% of the area relinquished. The work commitment is one exploration well to at least 2500 m. Keeps ADX's 40% operated position after the Sidi Dhaher failure.
3 July 2012other● NeutralMajor
After the failed Sidi Dhaher test, the board says ADX's future remains bright and refocuses on Romania's Parta (now 50%) and offshore Sicily Channel, where Dougga is put at 173 mmboe. Targets a Sicily farm-out by end 2012 and a Romanian well in 2013.
25 June 2012well test result▼ BadMajor
Sidi Dhaher-1 test was negative: two Bireno zones flowed good fluid rates but no hydrocarbons, only mud filtrate, spent acid and probable formation water. The well will be plugged and abandoned, ending hopes for the October 2011 discovery's 51 mmbbl oil in place.
7 June 2012drilling progress report● Neutral
The test string is run to about 1,180 m and pressure tested, and a gamma ray log is being run to position the perforating guns. The first attempt will be to flow the well without acid or artificial lift. No flow result yet.
1 June 2012joint venture update● Neutral
Partner XState (10%) restates that Sidi Dhaher testing began 31 May and may run up to four stages, including acid clean-up and artificial lift. Cautions timing cannot be reliably predicted. No new results; repeats ADX's announcement.