Past year: ▼ 37%(1.80c – 3.20c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
1 June 2012drilling progress report● Neutral
Sidi Dhaher-1 test operations began on 31 May with drilling out of the safety plug, after the rig was accepted. The multi-stage test is expected to take about three weeks. Result will decide whether the 51 mmbbl discovery is commercial.
23 May 2012farm in farm out agreement▲ GoodMajor
ADX farmed out Romania's Parta permit to Austria's RAG, which can earn 50% by paying past costs and a share of future costs. ADX keeps 50% and operatorship and says this secures 3.1m euros for 2012 seismic. Subject to Romanian approval.
22 May 2012drilling progress report▲ Good
The rig is now fully mobilised at the Sidi Dhaher-1 location and final test preparations are under way. Removes the road-access hold-up that had delayed the test since April.
14 May 2012drilling progress report▼ Bad
Support camp at Sidi Dhaher-1 is mobilised and rig mobilisation has begun. Repeated road blockages by locals demanding jobs caused delays, and ADX says it cannot give reliable forecasts or completion dates for the test.
9 May 2012joint venture update● Neutral
Partner Verus (10% of Sidi Dhaher) reports the well test has been delayed by local issues and rig equipment delays, with the rig expected on site shortly. Repeats the 51 mmbbl mean oil in place. Mostly Verus's own business.
30 Apr 2012other▼ Bad
March 2012 quarter Appendix 5B: cash fell to $1.033m from $2.945m, with operating and investing outflow of $1.864m including Romania buyback. Next-quarter net outflow planned is $238k. The $20m Trafalgar facility, never used, expired in April 2012.
30 Apr 2012quarterly activities report● Neutral
March quarter report: Sidi Dhaher rig contract signed and test approved; Romania buyback gave ADX 100% of Parta; independent review supports a large increase in Dougga upside; Sicily Channel farm-out campaign started. Test not yet run.
23 Apr 2012regulatory community update▼ Bad
Local people blocked roads to the Sidi Dhaher-1 site demanding jobs during testing, temporarily disrupting camp mobilisation. ADX says authorities support finding a solution. Adds a further delay risk to the long-awaited well test.
12 Apr 2012drilling progress report▼ Bad
Rig preparation is nearly done, but test start slips to within two weeks of 12 April because critical kill and choke valves must be replaced. Another small delay to the Sidi Dhaher test, still pending the 51 mmbbl oil-in-place proof.
26 Mar 2012contract award▲ Good
Dietswell rig contract for the Sedlar-160 signed and ETAP approved the test programme. Operations are expected to start in about 16 days, with initial results by mid April, later than the end-March target. Extended test is planned only if flow is successful.
13 Mar 2012half year report▼ Bad
Half-year to 31 Dec 2011: net loss $2.802m (prior year $1.098m) after $1.512m exploration writedowns. Restates Sidi Dhaher's 51 mmbbl oil in place, still unproven pending a test, and Sicily Channel prospects of about 409 mmboe (3D) and 572 mmboe (2D).
29 Feb 2012drilling scheduled▲ Good
Sidi Dhaher test preparations are complete; the Dietswell rig contract is expected to be signed in days, with testing to start in about three weeks and initial results by end of March 2012. An extended test is also being prepared if successful.
3 Feb 2012asset acquisition disposition▲ GoodMajor
ADX bought back Caspian's and Sibinga's 20% stakes in Romania's Parta block by reimbursing their past costs, becoming 100% holder and operator. It is negotiating farm-outs to fund 2012 seismic. Ratification of the concession is described as imminent.
1 Feb 2012investor presentation● Neutral
Investor presentation largely repeats known facts: 438m shares, 254 mmboe most likely across three discoveries, and Sidi Dhaher testing to start February 2012. It cites a new depth-conversion upgrade of Dougga's most likely figure to 173 mmboe.
31 Jan 2012quarterly activities report● Neutral
December quarter report: Sidi Dhaher oil confirmed by lab, 51 mmbbl oil in place, Dietswell rig LOI signed. The $2.0m placement and a $270k share plan (3,375,000 shares at 8c) completed. Dougga depth conversion review started with an independent expert; Romania seismic tender completed.
31 Jan 2012other● Neutral
Appendix 5B for December 2011 quarter: cash rose to $2.945m from $2.408m, helped by the capital raising. Operating outflow was $1.453m. Planned spending next quarter is $1.17m. The Trafalgar facility remains unused and expires April 2012.
9 Jan 2012contract award▲ Good
ADX signed a letter of intent with Dietswell SA for the Sedlar-160 rig to test Sidi Dhaher-1, subject to final contract. Test timing is not stated. The 51 mmbbl oil-in-place estimate still awaits proof of commercial flow rates.
8 Dec 2011drilling scheduled● Neutral
Four bids were received from five invited to supply a rig to test Sidi Dhaher. Evaluation is due by 15 December, with approvals around early January before the rig moves. The test will decide commerciality of the 51 mmbbl oil-in-place discovery.
22 Nov 2011investor presentation● Neutral
Notice of an audio broadcast of the 2011 AGM, with updates from the Managing Director and Technical Director. It contains no new information.
18 Nov 2011capital raising announcement● NeutralMajor
ADX completed a placement of 25,000,000 shares at 8 cents to raise $2.0m, led by Patersons, taking shares to 436m. A share purchase plan of up to $1.0m at 8 cents is to follow. Funds are for Tunisia and Romania work and working capital.
What it means for a shareholder
25.0m new shares at A$0.080 to raise about A$2.0m. That's 5.7% dilution: every existing holder's slice gets 5.7% smaller. If you held A$1,000 of shares (12,500 at the issue price), your slice goes from 0.00304% to 0.00287% of the company. To keep it you'd need 760 more shares - about A$61 at the issue price.
Create a free account to see this worked out for your own holding.
15 Nov 2011listing compliance notice● Neutral
ADX replied to an ASX query about the 3 October Sidi Dhaher release, made after Gulfsands' release appeared. ADX says its interpretation was unfinished, with pressure data supporting oil but wireline logs not, and confirms it complied with listing rules. The ASX's view is not in the text.
10 Nov 2011investor presentation● Neutral
AGM presentation repeats known points: 411m shares, 31m options, ~$41m market value at 10c, about 254 mmboe of most likely resource across three Sicily Channel discoveries, and the Sidi Dhaher oil discovery. No new results stated in the readable text.
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.
31 Oct 2011quarterly activities report● Neutral
Quarterly report for September 2011 recaps the Sidi Dhaher-1 well drilled to 2,011 m, the Italian d 364 permit awarded at 100%, and Shell's 104 km seismic. Lambouka buybacks would lift ADX to 60% of Kerkouane. Largely repeats known facts.
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.
