Past year: ▼ 37%(1.80c – 3.20c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
25 Feb 2008director officer appointment● Neutral
Paul Fink (ex-OMV, Vienna) joins as Technical Director and Gillian Evans (chartered accountant, ex-Nido CFO) as non-executive director. Leith Beal and Peter Barber resign but stay as consultants. Options at 30-40c proposed for directors and adviser, subject to shareholder approval.
11 Jan 2008capital raising announcement▲ GoodMajor
AuDAX placed 16,666,666 shares at 30 cents to raise about $5m from sophisticated investors. Funds go to the Tunisian, Italian and Romanian acquisitions, Cooper Basin and working capital. This is well above the 7c placements of 2007.
What it means for a shareholder
16.7m new shares at A$0.300 to raise about A$5.0m. That's 9.8% dilution: every existing holder's slice gets 9.8% smaller. If you held A$1,000 of shares (3,333 at the issue price), your slice goes from 0.00216% to 0.00195% of the company. To keep it you'd need 360 more shares - about A$108 at the issue price.
Create a free account to see this worked out for your own holding.
9 Jan 2008asset acquisition disposition▲ GoodMajor
Alpine agreed to buy Stratic's 100% of Italian permit GR.15.PU offshore Pantelleria for US$1m cash, subject mainly to government approval. AuDAX plans to mature a drill-ready prospect in months, adding a third country to its portfolio.
7 Jan 2008asset acquisition disposition▲ GoodMajor
Alpine, now a wholly owned AuDAX subsidiary, agreed to buy Stratic's 100% of the offshore Kerkouane permit in Tunisia for US$1m cash. It requires 400km of 2D seismic and one well in two years, and includes the Dougga gas condensate discovery. Conditional on Tunisian approvals.
4 Jan 2008drilling result▼ BadMajor
Jasmine-1 is preparing to set abandonment plugs, effectively a dry hole. This is the final drilling release. It follows Sarahlyn-1 as another unsuccessful PEL-182 oil test after the Vanessa gas find.
3 Jan 2008well test result▼ Bad
Jasmine-1 DST-1 over 2365-2376m in the Merrimellia recovered only rat hole mud with faint oil fluorescence. Sidewall cores come next, so there is no flow.
2 Jan 2008drilling progress report● Neutral
Jasmine-1 reached total depth of 2,450m and is running wireline logs. A drill stem test is planned in the Merrimellia (2365-2376m) to check the fluorescence show.
31 Dec 2007drilling progress report▼ Bad
Jasmine-1 is at 2,389m. No shows were noted in the Patchawarra primary target and only a very poor show in the Merrimellia. Logs will evaluate further; a discouraging early sign.
28 Dec 2007farm in farm out completion▼ BadMajor
Enterprise Energy terminated its PEL-182 farm-in with AOC and AuDAX after failing to satisfy a necessary condition precedent. This ends the 22 November proposal; AuDAX's 49.9% is unchanged.
28 Dec 2007drilling progress report● Neutral
Jasmine-1 drilled to 1,551m, where the bit balled up and was pulled and cleaned. It is being run back in. No new result.
27 Dec 2007drilling progress report● Neutral
Jasmine-1 has cemented 9 5/8in surface casing and is drilling ahead at 1,363m. No new result.
24 Dec 2007drilling progress report● Neutral
Jasmine-1 is at 897m, waiting on cement trucks to run surface casing because rain closed roads. No new result.
20 Dec 2007drilling spud● NeutralMajor
Jasmine-1 spudded 19 December 2007 and was drilling surface hole at 247m. It targets a 29 MMbbl (P10, if oil is present) Patchawarra stratigraphic play.
17 Dec 2007drilling scheduled● Neutral
Jasmine-1, the fourth PEL-182 well, is expected to spud 19 December, targeting Patchawarra oil sands to 2,460m. Pre-drill recoverable oil is 3/11/29 MMbbl (P90/P50/P10), if oil is present. AuDAX holds 49.9%; Michelle-1 is replaced by 3D seismic.
10 Dec 2007director officer appointment● NeutralMajor
Dr Wolfgang Zimmer became managing director on 10 December 2007, completing the leadership change flagged on 9 November. Gary Roper becomes chairman and Dr Peter Barber stays technical director.
26 Nov 2007asset acquisition disposition▲ GoodMajor
Alpine and Kairiki agreed to buy Stratic's 40% of South Craiova (Romania) and 100% of Chorbane (Tunisia), each for US$1m cash split 50/50. Alpine would get 20% of South Craiova. Both deals are conditional; the first projects from the Alpine tie-up.
23 Nov 2007investor presentation● Neutral
AGM presentation restates Vanessa-1 (~15 Bcf potential), the Alpine deal and the Enterprise farm-out. New detail: Jasmine-1 is due to spud end November, and the regulator replaced the fifth PEL-182 well commitment with 300 sq km of 3D seismic (approved 14 November).
22 Nov 2007farm in farm out agreement● NeutralMajor
Enterprise Energy confirmed a confidential farm-in to PEL-182 with AOC and AuDAX. It is conditional on Eagle Bay's pre-emptive rights (deadline 28 November) and ministerial approval. No terms are given, so the effect on AuDAX's 49.9% is unclear.
19 Nov 2007joint venture update▼ Bad
Operator Eagle Bay says AOC, a 5% PEL-182 partner, missed a 2 November cash call. AOC disputes default and won NSW court orders restricting Eagle Bay's remedies; hearing set for 21 November. Resolution is open, with AuDAX holding 49.9%.
9 Nov 2007business combination▲ GoodMajor
AuDAX agreed to buy Alpine Oil and Gas for 16m shares, adding a free-carried Romanian study interest and a Tunisian exploration partnership. Dr Wolfgang Zimmer is proposed as managing director, Gary Roper chairman, with Leith Beal leaving. A shift beyond its Cooper Basin and WA base.
23 Oct 2007annual report● Neutral
The 2007 annual report says technical problems caused 'serious cost over-runs' at Vanessa, but the gas find may give important cash flow soon. Sarahlyn was disappointing. The company plans to approach Santos about selling Vanessa gas into its nearby Pennie facility.
28 Sept 2007annual report● Neutral
Full-year statutory accounts for the year to 30 June 2007 were lodged. The extract available shows only the corporate directory and governance statement: three directors, Gary Roper as managing director also acting as chair, and Rothsay as auditor. No financial figures are visible.
28 Aug 2007farm in farm out agreement▲ GoodMajor
View Resources announced a farm-in to AuDAX's Karra tenements at Bronzewing South, Western Australia. View can earn 51% by spending $1.5m over four years, and a further 19% (70% total) by spending another $1m. This adds to the existing View relationship at West Yandal.
28 Aug 2007farm in farm out agreement● Neutral
AuDAX confirms the Karra/Bronzewing South farm-out to View on the same terms: 51% for $1.5m over four years, 70% with a further $1m. It says this lets AuDAX focus on the Cooper Basin and two further oil and gas wells planned for the second half of 2007.
19 July 2007admin correction● Neutral
Corrects the test depths in the 18 July release (Epsilon 2977-2980m, Toolachee 2929-2932m). It also recasts the 15 Bcf figure as a 'resource potential' based on pre-drill mapping, with reserve studies under way. Test rates are 5.1 and 3.9 MMscfd here, versus 4.4 and 2.8 earlier.
18 July 2007drilling result▲ GoodMajor
Vanessa-1 ST-1 was cased with 7-inch casing and suspended as a future gas producer; the rig was released 17 July. Sidetrack logs show extra Patchawarra gas sands, to be tested later. The operator says the pre-drill 15 Bcf objective appears achieved and may be exceeded.
17 July 2007capital raising announcement● NeutralMajor
AuDAX placed 17.35m shares at 7 cents to sophisticated investors, raising about $1.2m with no fees. Funds cover its share of the extra Vanessa completion costs and working capital, the same 7c price as the February placement.
What it means for a shareholder
17.4m new shares at A$0.070 to raise about A$1.2m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (14,286 at the issue price), your slice goes from 0.0118% to 0.0103% of the company. To keep it you'd need 2,054 more shares - about A$144 at the issue price.
Create a free account to see this worked out for your own holding.
16 July 2007drilling progress report● Neutral
Vanessa-1 ST-1 finished at 3,157m and open-hole logs were run. Production casing is being run, with the rig expected to be released 17 July. This is the last drilling report for the well.
13 July 2007drilling progress report● Neutral
Vanessa-1 ST-1 has reached 3,144m and is running back in with a new bit, expected to be the last. Drilling should finish late on 14 July, then wireline logs will be run.
12 July 2007drilling progress report● Neutral
Vanessa-1 ST-1 is drilling ahead in the Patchawarra Formation at 3,105m, with planned depth 3,160m. No new result.
