Past year: ▼ 37%(1.80c – 3.20c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
27 Nov 2009contract award▲ GoodMajor
PGS chosen to acquire about 620 sq km of 3D seismic over Sambuca and Dougga in the first quarter of 2010, using Geostreamer dual-sensor technology. PGS earns no permit interest. Resolves the 3D tender thread; the survey should firm up the Sambuca well location.
16 Nov 2009director officer appointment● Neutral
Amended initial director's interest notice for Andrew Childs: holds 8,252,326 shares directly, a further 594,000 shares held in trust, and options in three series. Administrative follow-up to his appointment.
11 Nov 2009contract award▲ GoodMajor
Atwood Oceanics selected to supply the Atwood Southern Cross semi-submersible for the Sambuca well, with ETAP approval of the evaluation. Subject to final agreement and government approvals; drilling expected in summer 2010. Resolves the rig tender thread; Sambuca is put at 270 mmboe P50.
11 Nov 2009director officer appointment● Neutral
Andrew Childs appointed non-executive director. He is chairman of Australian Oil Company and a director of several other energy companies. Joins Roper and Zimmer on the board.
21 Oct 2009capital raising announcement● NeutralMajor
Placed 28.57m shares at 10.5c to raise $3.0m for working capital, from sophisticated and institutional investors including RAB Energy Fund and Truestone clients. Slightly above August's 10c placement.
What it means for a shareholder
28.6m new shares at A$0.105 to raise about A$3.0m. That's 9.9% dilution: every existing holder's slice gets 9.9% smaller. If you held A$1,000 of shares (9,524 at the issue price), your slice goes from 0.00365% to 0.00329% of the company. To keep it you'd need 1,044 more shares - about A$110 at the issue price.
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20 Oct 2009investor presentation● Neutral
AGM presentation: resolutions on the remuneration report and Paul Fink's re-election drew overwhelming proxy support. Says Sambuca rig recommendation is expected mid November, with drilling in 2010 and 3D seismic planned. Mostly restates known projects.
16 Oct 2009farm in farm out agreement▲ GoodMajor
Non-binding letter of intent with DNO International (Norway) to earn 50% of Chorbane by paying 100% of the first well. Subject to a farm-in agreement and government approvals. Follows the September PSC signing; Sidi Daher estimated at 20 to 80 mmbbls.
13 Oct 2009debt financing▲ GoodMajor
Formal agreement executed for the A$20m committed equity facility with Trafalgar, following the September term sheet. AuDAX may issue shares over 30 months at 95% of the lowest 5-day VWAP. Funding is at AuDAX's discretion; dilution depends on use.
9 Oct 2009drilling scheduled▲ Good
Tender sent to bidders for a high-resolution 3D seismic survey over the Sambuca prospect, the Dougga discovery and other prospects in the Sicily Channel. Completion is targeted by end 2009, subject to vessel availability. Aims to reduce risk before drilling.
25 Sept 2009material agreement▲ GoodMajor
Production sharing contract signed with the Tunisian Government for the 2,428 sq km Chorbane onshore permit, AuDAX 100% and operator. Commitment is 1,000km of 2D seismic reprocessing and one exploration well. Resolves the long-pending PSC signing; Sidi Daher is put at 80 mmbbls prospective.
22 Sept 2009annual report● Neutral
2009 annual report: Sambuca (270 mmboe most likely) is planned as a 3,000 metre well in 2010, Dougga is rated at 74.5 mmboe, and Chorbane is 100% held with its US$1m bond posted. The chairman notes progress was slower than predicted because of the downturn.
17 Sept 2009drilling scheduled▲ Good
Six valid bids were received from rig owners for the Sambuca semi-submersible tender; nine of fifteen declined or did not respond. Evaluation is due by 30 September and contract approval around 20 October. Moves the rig thread forward.
16 Sept 2009annual report● Neutral
Full-year 2009 statutory accounts, with a board of three directors, none independent. The text provided shows only governance material and no financial figures, so results cannot be summarised here.
4 Sept 2009debt financing▲ GoodMajor
Signed a term sheet for a A$20m committed equity facility with Trafalgar Capital: AuDAX may issue shares over 30 months at 95% of the lowest recent daily VWAP. Subject to due diligence and formal agreement. Aims to fund Sambuca drilling; dilution depends on use.
27 Aug 2009capital raising announcement● Neutral
Issued 622,180 shares at 10c in lieu of consulting fees, taking quoted shares to 254.47m. Small non-cash issue.
27 Aug 2009capital raising announcement▲ GoodMajor
Placed 25.16m shares at 10c to raise $2.516m from sophisticated and institutional investors, including RAB Energy Fund. Funds go to working capital and the Kerkouane bond, ahead of Sambuca drilling in the first half of 2010. Price is double the 5c raising earlier in 2009.
What it means for a shareholder
25.2m new shares at A$0.100 to raise about A$2.5m. That's 9.9% dilution: every existing holder's slice gets 9.9% smaller. If you held A$1,000 of shares (10,000 at the issue price), your slice goes from 0.00437% to 0.00394% of the company. To keep it you'd need 1,100 more shares - about A$110 at the issue price.
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20 Aug 2009drilling scheduled▲ Good
Tunisia's ETAP approved the bidders list for casing and subsea wellheads needed to drill Sambuca. Tenders will go out shortly. Further preparation step for the planned 2010 well; nothing is yet contracted.
30 July 2009drilling scheduled▲ Good
Tender invitation for a semi-submersible rig to drill Sambuca (270 mmboe P50 unrisked) went to fifteen contractors. Drilling is expected in Q1/Q2 2010, subject to rig availability. Advances the open rig contract thread; no rig is yet contracted.
28 July 2009admin correction● Neutral
Corrects the 27 July release: Sambuca (270 mmboe P50 unrisked) is not part of the Tracs conclusion, which covers Dougga only. The Dougga figures of 74.5 mmboe are unchanged.
27 July 2009resource reserve update▲ GoodMajor
Independent consultant Tracs put Dougga gas condensate field (Kerkouane, AuDAX 100%) most likely contingent resources at 74.5 mmboe, including 42 mmbbls liquids; upside 117 mmboe. Project NPV10 is US$1.134bn at assumed prices. Gives the 2008 discovery a formal independent resource figure.
4 June 2009admin correction● Neutral
Adds a competent person statement omitted from the corporate update presentation lodged earlier the same day. No new figures or developments.
4 June 2009investor presentation● Neutral
Corporate update: 218.8m shares on issue, cash about A$1.5m, and a recent share purchase plan at 3.24c plus a 5c raising of A$880k. Targets a drilling contract, further Sicily farm-out and drilling in Q1 2010. Mostly restates known facts.
22 May 2009drilling scheduled▲ Good
Tunisia's state agency ETAP approved the bidders list for a semi-submersible rig to drill Sambuca. Tender documents are ready and invitations go out shortly. This advances the open rig-contract thread; no rig is yet contracted.
13 May 2009security holder rights change● Neutral
AuDAX cancelled 3.5m unlisted options: 1.4m at 30c, 1.05m at 35c and 1.05m at 40c, expiring 2010 to 2012. Same quantities and prices as the October 2008 cancellation, so may be a repeat notice (inference).
13 May 2009farm in farm out completion▲ GoodMajor
AuDAX executed all joint venture agreements with World Energy Research for a 40% interest in the Sambuca prospect, in return for paying 100% of the US$23m expected drilling cost. This finalises the 1 April farm-out agreement.
1 Apr 2009farm in farm out agreement▲ GoodMajor
AuDAX agreed to farm out 40% of the Sambuca prospect to private investor World Energy Research, which would pay 100% of the expected US$23m drilling cost. This addresses the open Sicily Channel farm-out and the funding of 2009-10 drilling.
1 Apr 2009asset acquisition disposition● NeutralMajor
AuDAX bought back Kairiki's 30% in the Pantelleria and Kerkouane permits, returning to 100% ownership and operatorship. Sambuca is put at 270 mmboe P50 unrisked, with the mapped prospects possibly exceeding one billion boe. This reverses the 70/30 split from 2008.
31 Mar 2009joint venture update▲ GoodMajor
New Zealand Oil & Gas joined the AuDAX-operated Romanian AMI with 33.33%, taking over Kairiki's former interest. AuDAX targets licences relinquished by Petrom and Romgaz, expected to exceed 25,000 sq km. Replaces the exited Kairiki.
31 Mar 2009asset acquisition disposition● Neutral
Kairiki is selling its 30% in Pantelleria and Kerkouane back to AuDAX for US$280,000 per permit, payable when AuDAX disposes of an interest in them. This removes Kairiki's share of the US$47m gross commitments. Kairiki also sold its Romanian AMI stake to NZOG.
17 Mar 2009admin correction● Neutral
Corrects the 13 March PEL 182 release: the joint venture has drilled four exploration wells, not three. Nothing else changes.
