Past year: ▼ 37%(1.80c – 3.20c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
3 Aug 2010drilling progress report▼ Bad
Lambouka-1 lost time to 53 hours of bad weather and difficulty latching the blowout preventer, which needed modification. Drilling out of the 20-inch casing shoe resumed on 2 August. Rig rate is reduced or zero during delays.
27 July 2010asset acquisition disposition● NeutralMajor
ADX completed the sale of its 49.9% of Cooper Basin PEL 182 to Victoria Petroleum and received the A$1.1m cash. This closes the sale announced on 15 June and leaves ADX focused on Tunisia, offshore Italy and Romania.
27 July 2010drilling progress report● Neutral
At Lambouka-1, 20-inch casing was run and cemented at 922m, but bad weather delayed running the blowout preventer. The report corrects last week's update: the Birsa sandstone is now expected in the 12-1/4 inch section, not the 16-inch.
26 July 2010asset acquisition disposition● Neutral
Innamincka Petroleum completed buying 37.6% of PEL-182 from Strategic Energy Resources. It confirms Victoria Petroleum is taking ADX's 49.9% and will hold 49.9% after the restructure. Subject to PIRSA approvals.
20 July 2010drilling progress report▼ Bad
Lambouka-1's 26-inch section reached 927m, but running casing was delayed by rig power-unit electronics repairs, with the rig rate at zero until 19 July. Drilling to the first target, the Birsa sandstone, is expected next. XState now named directly as 10% holder.
13 July 2010drilling progress report● Neutral
Lambouka-1 drilled the 36-inch hole to 49.6m subsea and is now running 30-inch conductor casing. Next week's plan is a 26-inch hole to about 280m. No hydrocarbon result yet.
13 July 2010admin correction● Neutral
XState cover note forwarding ADX's Operations Update #1 on Lambouka-1, where XState holds 10% via Bombora. No new information.
12 July 2010drilling spud● NeutralMajor
Lambouka-1 spudded on 11 July, about three days late because of rig anchor problems. It targets 3,000m, costs about US$22m and takes roughly 35 days. Mean prospective resource is 270 mmboe. Weekly reports every Tuesday.
12 July 2010admin correction● Neutral
XState cover note forwarding ADX's release that Lambouka-1 spudded on 11 July 2010. No new information beyond ADX's own announcement.
5 July 2010admin correction● Neutral
Administrative notice that ADX's website and email addresses changed to adxenergy.com.au. Other contact details unchanged.
5 July 2010admin correction▲ Good
Caspian Oil & Gas confirms the group's award of the Parta block, where Caspian holds 20% and ADX operates. Same facts as ADX's release, including negotiation of the exploration agreement with the regulator.
5 July 2010regulatory community update▲ GoodMajor
ADX was awarded the 1,221 sq km EX-10 Parta block in Romania's Pannonian Basin, as operator with 60% of the partner group (with Caspian and Sibinga). Terms of the exploration agreement with the regulator remain to be negotiated.
2 July 2010drilling progress report▲ Good
The Southern Cross rig arrived at Lambouka-1 slightly ahead of schedule; anchoring is under way and spud is expected within a week. Participants: ADX 30% operator, Gulfsands 30%, Carnavale 20%, Bombora 10%, PharmAust 10%.
17 June 2010admin correction● Neutral
PharmAust cover note acknowledging ADX's 17 June rig mobilisation release. No new information.
17 June 2010drilling progress report● Neutral
Rig mobilisation to Lambouka-1 has begun after Tunisian naval approval. The Southern Cross is expected on location within 12 to 15 days, weather permitting. Spud is therefore likely around early July, later than the mid-June target.
17 June 2010admin correction● Neutral
Carnavale cover note acknowledging ADX's 17 June rig mobilisation release. No new information.
17 June 2010admin correction● Neutral
XState cover note forwarding ADX's 17 June Lambouka rig mobilisation release. No new information.
16 June 2010regulatory community update▲ Good
ADX bid on four Pannonian basin blocks (Voivozi, Tria, Biled, Parta) in Romania's 10th round and is a qualified bidder. It was certified as a Romanian operator on 25 May; winners are due 1 July. ADX holds 60% of the partner group.
15 June 2010asset acquisition disposition● NeutralMajor
ADX agreed to sell its 49.9% operated interest in Cooper Basin PEL 182 to Victoria Petroleum for A$1.1m cash, subject to approvals and co-venturer consent. It resolves the earlier sale offers and fits the stated focus on Tunisia and Romania.
15 June 2010asset acquisition disposition● Neutral
Victoria Petroleum's side of the PEL 182 purchase: A$1.1m cash, plus ADX's share of future plugging and liability for the Emily-1 and Vanessa-1 wells, estimated at $200,000. Same conditions as ADX's release.
9 June 2010admin correction● Neutral
Shareholders approved the name change on 3 June; AuDAX Resources becomes ADX Energy Ltd effective 10 June 2010. ASX code, ABN and contact details unchanged.
8 June 2010admin correction● Neutral
XState cover note forwarding ADX's 7 June Gulfsands release, relevant to its pending Bombora acquisition (shareholder vote 10 June). No new information about ADX.
7 June 2010farm in farm out agreement● NeutralMajor
Gulfsands exercised its option to lift its Sicily Channel farm-in from 20% to 30%. ADX's Lambouka share falls to 30% (operator), and 60% elsewhere. Well costs about $20m, around 30 days; 270 mmboe mean resource; spud second half of June.
3 June 2010investor presentation● Neutral
General meeting presentation restating the oil and gas focus, Lambouka readiness (rig tow imminent), Sicily farm-outs complete and Chorbane near final. Shares on issue 289.2m, rising to about 337.4m after the rights issue. Mostly known facts.
2 June 2010capital raising announcement● Neutral
The rights issue closed 28 May with valid applications for 26.93m of 48.21m shares (about $4.04m at 15c). The 21.27m-share shortfall goes to underwriter Veritas, so the full roughly $7.23m is expected to be raised.
18 May 2010admin correction● Neutral
PharmAust cover note acknowledging AuDAX's 18 May Gulfsands farm-in release. No new information.
18 May 2010admin correction● Neutral
Carnavale cover note acknowledging AuDAX's 18 May Gulfsands farm-in release. No new information.
18 May 2010farm in farm out completion▲ GoodMajor
Formal farm-in signed with Gulfsands to earn up to 30% of the Sicily Channel permits (20% initially, option for 10% more), concluding the paperwork funding Lambouka-1. Chorbane farm-in documents still being finalised. Rig contracted with Atwood; mid-June spud expected.
13 May 2010admin correction● Neutral
PharmAust cover note forwarding AuDAX's 12 May Lambouka 3D interpretation release, highlighting its reflectivity comment. No new information.
13 May 2010admin correction● Neutral
XState cover note forwarding AuDAX's 12 May Lambouka 3D interpretation release, noting its proposed acquisition of Bombora, which is earning 10% of Lambouka. No new information about AuDAX.
