Past year: ▼ 37%(1.80c – 3.20c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
16 Mar 2009half year report▼ Bad
Half-year to December 2008: net loss $1.91m (prior year $1.69m). Reports no bids in Romania's 9th round, Chorbane transfer awaiting PSC signing, and the Sicily Channel P50 potential of about one billion boe. Gillian Evans's resignation is confirmed.
13 Mar 2009regulatory community update▲ Good
PIRSA approved a revised PEL 182 work program, combining permit years 2 and 3 for seismic work and cutting financial exposure. Highlights the Vanessa gas condensate discovery (8 mmscf/d, high skin) and an Emily-1 updip appraisal opportunity. AuDAX holds 49.9%.
27 Feb 2009capital raising announcement● Neutral
Share Purchase Plan documents mailed: offers of $2,000, $3,500 or $5,000 at 90% of the 5-day average price, closing 20 March 2009. Last close was 2.5 cents. Total raise size not stated in the extracted text.
26 Feb 2009farm in farm out agreement● Neutral
Kairiki's cover release forwards AuDAX's PGS MoU. It adds that PGS's 15% would come pro-rata from AuDAX (70%) and Kairiki (30%). Otherwise duplicates the AuDAX announcement.
25 Feb 2009farm in farm out agreement▲ GoodMajor
AuDAX signed a non-binding MoU for seismic contractor PGS to earn 15% of the Pantelleria and Kerkouane permits by paying 30% of a future work program. A farm-in agreement is targeted within three months; it advances the Sicily Channel farm-out sought since 2008.
25 Feb 2009capital raising announcement● NeutralMajor
AuDAX announced a Share Purchase Plan for Australian and New Zealand shareholders, up to $5,000 each at 90% of the recent 5-day average price. Funds are for exploration, working capital and a drilling bond for Tunisia. Total raise size not stated.
18 Feb 2009other● Neutral
Administrative notice of new phone and fax numbers. No substance for shareholders.
1 Dec 2008security holder rights change▼ Bad
Notice that 27.63m listed 20c options expire 31 December 2008, with quotation ceasing 22 December. The shares last traded at 3.6c, well below the 20c exercise price, so exercise looks unlikely (inference). Not underwritten.
29 Oct 2008asset acquisition disposition▲ GoodMajor
AuDAX completed the purchase of the Pantelleria permit (G.R15.PU) offshore Italy on 29 October, adjoining Kerkouane. It operates with 70% and Kairiki holds 30%. The drill-ready Sambuca prospect crosses the border; this resolves the pending Stratic purchase.
29 Oct 2008asset acquisition disposition▲ Good
Kairiki's release confirms the Pantelleria acquisition closed, giving it 30% in both Sicily Channel permits with AuDAX operating at 70%. It attaches AuDAX's announcement and calls Sambuca one of the best undrilled prospects in the Mediterranean. Duplicates AuDAX's news.
27 Oct 2008security holder rights change● Neutral
AuDAX cancelled 3.5m unlisted options: 1.4m at 30c (expiring 2010), 1.05m at 35c (2011) and 1.05m at 40c (2012). These are part of the options issued in April 2008.
24 Oct 2008investor presentation● Neutral
AGM presentation shows 189.8m shares on issue and repeats the Sicily Channel portfolio, with Sambuca at 270 mmboe and drilling in 2009. Notes Italian permit and PEL 182 licence suspensions, the Sud Craiova termination and ongoing farm-out efforts. Mostly known facts.
14 Oct 2008director officer appointment● Neutral
Non-executive director Gillian Evans, appointed in February 2008, resigned effective immediately. No reason is given in the announcement.
25 Sept 2008annual report● Neutral
2008 annual report describes the year's shift to an active oil operator, with Kerkouane (70%) and Pantelleria permits, the Chorbane purchase and PEL 182 operatorship. Plans 2009 drilling of two prospects with combined 370 mmboe most likely resource, and expects to farm down the 70% interest.
1 Sept 2008annual report● Neutral
Full-year 2008 statutory financial report, containing the corporate governance statement, directors' report, financial statements and auditor's report. The extracted text shows no financial figures, so no results can be stated here.
28 Aug 2008admin correction● Neutral
Corrects the earlier raising release: the placement is up to 22,222,222 shares at 9 cents for up to A$2.0m, not 2,222,222. Rest of the text is unchanged; funds are for completing Pantelleria and working capital.
28 Aug 2008capital raising announcement● NeutralMajor
AuDAX agreed to place up to 2,222,222 shares at 9 cents to raise up to A$2.0m, to complete the Pantelleria acquisition and for working capital. The share count appears to be a typo (corrected in the next release). Placement price is well below January's 30c.
11 Aug 2008investor presentation● Neutral
August corporate update restates the two-pronged strategy: European/North African oil and gas plus Australian assets. Targets Sambuca drilling Q1 2009 and Dougga appraisal Q2 2009, with a rig-share consortium. Mostly repeats known projects; Chorbane 50% with Kairiki.
31 July 2008asset acquisition disposition▲ GoodMajor
AuDAX completed the Kerkouane permit acquisition offshore Tunisia, holding 70% and operating, with Kairiki on 30%. Resource potential could exceed one billion boe. A minimum of 400km of 2D seismic will be acquired; drilling campaign planned next year.
23 July 2008asset acquisition disposition▲ GoodMajor
The Kerkouane permit purchase has gone unconditional, with closing due by 30 July. AuDAX says P50 unrisked recoverable potential could exceed one billion boe. AuDAX and Kairiki dropped the Sud Craiova (Romania) purchase to focus on higher-potential Romanian opportunities.
1 July 2008material agreement● Neutral
Kairiki's release says the closing date for the Stratic acquisitions was extended from 30 June to 31 October 2008. Duplicates AuDAX's announcement; approvals are still pending.
1 July 2008material agreement● Neutral
Closing date for the Stratic purchases of Kerkouane, Pantelleria, Chorbane and Sud Craiova moved from 30 June to 31 October 2008. Final approvals are still being obtained.
18 June 2008farm in farm out agreement● Neutral
Kairiki's release says it has signed sale agreements to buy 30% of the Pantelleria and Kerkouane permits from AuDAX. Duplicates AuDAX's announcement; still conditional on AuDAX completing the Stratic purchases by 30 June.
18 June 2008farm in farm out agreement▲ Good
AuDAX signed sale and purchase agreements to sell Kairiki 30% of the Pantelleria and Kerkouane permits, firming up the April letter of intent. Completion still depends on AuDAX closing the Stratic purchases by 30 June 2008.
24 Apr 2008farm in farm out agreement▲ GoodMajor
Kairiki signed a letter of intent to buy 30% of each of the Pantelleria (GR.15.PU) and Kerkouane permits from AuDAX for US$300,000 cash each. Conditional on AuDAX completing the Stratic purchases and a sale agreement by 30 June 2008.
18 Apr 2008investor presentation● Neutral
General meeting presentation: 167.6m shares on issue. Targets Q4 2008 wells in Romania's South Craiova and the Sambuca prospect off Italy (230 mmboe prospective), plus Dougga appraisal. Mostly repeats known projects, with new drilling timing and resource figures.
19 Mar 2008joint venture update● Neutral
Kairiki's release says Nexus Energy has joined the Tunisian AMI, giving AuDAX, Kairiki and Nexus 33.33% each. Duplicates AuDAX's own release of the same day.
19 Mar 2008joint venture update● Neutral
The Tunisian area of mutual interest widens to include Nexus Energy, so AuDAX, Kairiki and Nexus each hold 33.33%. Previously AuDAX held 25% with Kairiki. AuDAX acts as operator of the study group.
14 Mar 2008half year report▼ Bad
Half-year to 31 December 2007 shows a net loss of $1,692,974. It recaps the Alpine acquisition, Stratic purchases, dry Jasmine-1 and board changes. No new events; mainly restates known history.
10 Mar 2008joint venture update▲ GoodMajor
Eagle Bay announced operatorship of Cooper Basin PEL-182 passes to AuDAX from 30 April 2008, subject to Ministerial approval. AuDAX holds 49.9%; Eagle Bay 37.6%; AOC 12.5% (Dome earning 7.5%). Reflects the new Zimmer-led team.
