Past year: ▼ 37%(1.80c – 3.20c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
25 Nov 2010farm in farm out agreement▲ GoodMajor
ADX confirms farming out 10% of Sidi Daher to Verus for US$250k back costs plus US$1.1m by 3 December 2010. ADX says earlier Gulfsands and XState farm-outs already fund its drilling share, so proceeds free cash for other work. ADX falls to 40%.
22 Nov 2010capital raising announcement● Neutral
The Riedel Resources IPO is now open: up to 35m shares at 20c ($7m), with a 10m-share priority offer to ADX holders closing 8 December. Listing is targeted for 23 December 2010, continuing the minerals spin-off lodged on 12 November.
What it means for a shareholder
35.0m new shares at A$0.200 to raise about A$7.0m. That's 9.4% dilution: every existing holder's slice gets 9.4% smaller. If you held A$1,000 of shares (5,000 at the issue price), your slice goes from 0.00148% to 0.00134% of the company. To keep it you'd need 517 more shares - about A$103 at the issue price.
Create a free account to see this worked out for your own holding.
15 Nov 2010asset acquisition disposition▲ GoodMajor
Riedel Resources lodged its prospectus to raise up to $7m by issuing 35m shares at 20c, including a 10m-share priority offer to ADX holders. ADX will receive 25m Riedel shares for its minerals subsidiary and expects to keep at least ~37%. Listing is targeted for 23 December 2010.
15 Nov 2010investor presentation● Neutral
Presentation to the 15 November 2010 AGM, repeating earlier corporate updates: Lambouka and Dougga gas hub, Sidi Daher in Q4, and the Riedel IPO (35m shares at 20c, ADX keeping at least 37%). It describes the minerals IPO as underway.
4 Nov 2010resource reserve update▲ GoodMajor
Remapping with new 3D seismic lifts ADX's inferred Dougga mean contingent resource to 234 bcf sales gas and 50 mmbbls condensate/LPG (89 mmboe), up from the 2009 audited 196 bcf and 42 mmbbls. A well about 300m up-dip is planned for 2011; an independent Tracs review has begun.
29 Oct 2010quarterly activities report● Neutral
Quarterly report to 30 September 2010 reviews Lambouka-1 (drilled to 2,786m, suspended, rig released 15 September) and the 309 Bcf resource. ADX is reviewing farm-in offers for a further 10% of Sidi Daher. Riedel IPO is expected in November; the Romanian Parta agreement awaits final approval.
19 Oct 2010investor presentation● Neutral
A company update presentation restating known facts: Lambouka discovery, Sidi Daher and the minerals IPO in Q4 2010, a Dougga/Lambouka appraisal program in Q3 2011, and 337 million shares on issue. It also lists farm-in opportunities for Dougga, Lambouka, Sidi Daher and Romania.
15 Oct 2010annual report● Neutral
The 2010 annual report restates the year's story: renamed ADX, Lambouka drilled, PEL 182 sale, Romania permit, $6.8m net rights issue, and a plan to demerge the minerals via IPO. It calls Dougga potentially transformational. No new results shown in the available text.
30 Sept 2010admin correction● Neutral
Amended re-lodgement of the full-year accounts to 30 June 2010; the page numbering is shorter than the earlier version, but the reason for the amendment is not stated in the available text. Text is truncated.
30 Sept 2010annual report● Neutral
Full-year statutory accounts for the year to 30 June 2010 were lodged, covering governance, directors' report, financials and audit report. Text is truncated, so no figures are available here.
23 Sept 2010resource reserve update▲ GoodMajor
ADX's first resource estimate for the Lambouka discovery is a mean 309 Bcf recoverable gas (P50 277, P10 528), with about 24 mmbbls of condensate if Dougga-like ratios apply. Fracture porosity is excluded. Reserves need a successful flow test; plan is to re-enter, sidetrack and test, ideally with a Dougga appraisal in 2011.
22 Sept 2010drilling scheduled● Neutral
ADX has sent drilling-service tenders for the onshore Sidi Daher well in the Chorbane permit, now targeting December 2010 (earlier planned for Q4). It cites 80 mmbbls prospective resources and 150 Bcf in a gas-only case. Farmouts fund ADX's share; ADX 50%, Gulfsands 40%, XState 10%.
14 Sept 2010asset acquisition disposition● NeutralMajor
ADX confirms its plan to sell its WA gold, copper and nickel assets into a new company, Riedel Resources, via an IPO raising at least $5m, led by Paterson Securities. ADX expects to keep a significant interest; listing is expected November 2010. Millrose has 309,000 oz inferred gold.
14 Sept 2010production update● Neutral
Lambouka-1 is now secured: approval to suspend was obtained, the well was plugged with five cement plugs and capped, and the rig was preparing to leave. This follows the 8 September decision to suspend for later re-entry. Interests are unchanged (ADX 30% operator).
8 Sept 2010drilling result● NeutralMajor
Lambouka-1 partners agreed to suspend the discovery for future re-entry rather than abandon it. A later drill stem test of the Abiod and a re-drill of the lower section to test the up-dip crest are possible. No timing or cost is given.
7 Sept 2010drilling result▲ GoodMajor
ADX reports hydrocarbon zones discovered in Lambouka-1, with at least two in the Abiod and about 23m net pay, versus 14m at Dougga. Gas, possibly condensate, is likely. Fluid samples and pressure data could not be obtained due to losses and hole deterioration. Total depth is 2,786m.
7 Sept 2010admin correction● Neutral
PharmAust, with a 10% earning interest in the Lambouka area, says the results confirm prospectivity and it looks forward to further progress. No new technical information.
7 Sept 2010admin correction● Neutral
Carnavale forwarded ADX's 7 September announcement that Lambouka-1 reached 2,786m and found at least two hydrocarbon-bearing zones in the Abiod, with about 23m of net pay interpreted. Fluid samples could not be recovered because of drilling fluid losses, and the partners were weighing suspension or abandonment.
31 Aug 2010drilling progress report● Neutral
Lambouka-1 drilled the 8-1/2in section through the Abiod to 2,785m, with fluid losses throughout. Combined with high resistivity, gas and oil shows, ADX will run wireline logs and an MDT fluid test next. No confirmed result yet.
30 Aug 2010drilling result▲ Good
Drilling further through the Abiod at Lambouka-1 (2,691m) showed pinpoint fluorescence and oil stains in the mud. ADX calls it encouraging but not proof of producible hydrocarbons, and plans full wireline logging with fluid sampling.
27 Aug 2010drilling result● Neutral
Lambouka-1 has hit the Abiod limestone at about 2,511m, with circulation losses, higher background gas and unusually high resistivity. ADX says this is preliminary and cannot show whether movable hydrocarbons are present until wireline logs are run.
24 Aug 2010drilling progress report● Neutral
Lambouka-1 finished the 12-1/4in section at 2,216m and cemented 9 5/8in casing. Rig is preparing to switch to a water-based mud before drilling the 8-1/2in section through the Abiod. No hydrocarbon result yet.
19 Aug 2010drilling result▼ Bad
Lambouka-1 drilled the full Ain Grab, a secondary target, finding porous sandstone as expected but interpreted as water bearing. The 12-1/4in hole is at 2,216m, with casing next before the main Abiod target. P50 Abiod case is 370 bcf gas and 30 mmbbls liquids.
19 Aug 2010drilling progress report● Neutral
XState, holding 10% of Lambouka-1 via Bombora, says the well is setting 9 5/8in casing before drilling the Abiod, expected over 4-7 days. It repeats Sidi Daher onshore drilling planned late 2010 (XState 10%). No new ADX result.
18 Aug 2010admin correction● Neutral
Chairman's cover letter attaching a second corrected Operations Update #6, changing the Abiod P50 resource figure. It adds the Birsa water-wet depth of 1,635m and dates the rig position 16 August. Otherwise repeats the earlier correction. Text is truncated.
18 Aug 2010admin correction● Neutral
Corrected re-release of Operations Update #6. It adds that the Birsa was water wet with ~75m of gross sandstone and an excellent seal, and changes the Abiod P50 liquids figure from ~80 mmbbls to 30 mbbls. P50 gas stays 370 bcf; P10 stays 244 mmboe.
17 Aug 2010drilling progress report● Neutral
Lambouka-1 set 13 3/8in casing at 1,469m and is drilling the 12-1/4in hole faster than predicted, at 2,024m in the Ain Grab. The well is deviated to hit the Abiod at the crest. This version quotes a 370 bcf P50 gas and ~80 mmbbls liquids figure, later corrected.
16 Aug 2010drilling result▼ BadMajor
Lambouka-1 hit the first Birsa sandstone at 1,635m, but drilling-time logs show it is water-bearing, which ADX calls disappointing. A good seal and reservoir were found. Drilling continues to deeper targets including the main Abiod target.
10 Aug 2010admin correction● Neutral
XState cover note forwarding ADX's Lambouka-1 Operations Update #5. No new information.
10 Aug 2010drilling progress report● Neutral
Lambouka-1's 16-inch hole reached 1,476m, deeper than the 1,341m planned, to set casing in solid shale. ADX calls the shale a positive sign as a seal for any hydrocarbons in the Birsa sandstone below. No result yet.
