13 May 2010admin correction● Neutral
XState cover note forwarding AuDAX's 12 May Lambouka 3D interpretation release, noting its proposed acquisition of Bombora, which is earning 10% of Lambouka. No new information about AuDAX.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
13 May 2010admin correction● Neutral
Carnavale cover note acknowledging AuDAX's 12 May Lambouka 3D interpretation release. No new information.
12 May 2010drilling result▲ Good
Interpretation of the fast-track 3D seismic confirmed the Lambouka drilling location within the area originally planned, confirmed structural validity and showed further resource upside. Another large prospect north of Dougga was identified. Lambouka-1 spud expected week of 14 June.
4 May 2010capital raising announcement● NeutralMajor
A fully underwritten (Veritas) 1-for-6 non-renounceable rights issue at 15c raises about $7.23m, with a free option per two new shares exercisable at 25c by 31 March 2011. Funds target the two Tunisian wells, 3D seismic, Romania studies and working capital. Closes 28 May.
3 May 2010quarterly activities report● Neutral
March quarter report: Lambouka-1 spud now scheduled 18 June, 3D survey under way, four farm-ins signed or accepted, DNO talks ended, and the minerals IPO planned for Q2. Also notes AuDAX received two offers for its operated share of PEL 182. Mostly restates known items.
20 Apr 2010other● NeutralMajor
AuDAX says it is becoming a focused oil and gas explorer. The minerals demerger is heading to an IPO, with AuDAX retaining a substantial interest, and the company plans to rename itself ADX Energy Ltd. IPO terms to follow.
19 Apr 2010drilling progress report▲ Good
Geostreamer 3D acquisition finished 15 April, about a week early. Fast-track cube processing is expected done 1 May to pick the Lambouka well location. Spud still expected 15 June 2010.
12 Apr 2010drilling progress report▲ Good
The 3D survey is about a week ahead of schedule. The fast-track cube over Lambouka finished 1 April and is being processed to select the well location. Onboard quality control looks encouraging; full survey completion is expected 16 April.
12 Apr 2010drilling progress report● Neutral
PharmAust cover note forwarding AuDAX's 12 April 3D seismic update. No new information.
7 Apr 2010farm in farm out agreement▲ GoodMajor
Bombora signed to earn 10% of the Sicily Channel permits. After the Gulfsands deal, AuDAX keeps 30% of Lambouka and 60% of surrounding areas including Dougga, with 87% of well costs funded by farm-ins. At Chorbane AuDAX keeps 50%, with the first well expected fully funded.
24 Mar 2010farm in farm out agreement▲ Good
Carnavale disclosed terms: US$200,000 on signing, refundable if no well within 6 months, plus up to US$5.4m of well costs for 20% of Lambouka. It plans to raise up to $2m at 20c a share. Well cost is about US$20m dry.
23 Mar 2010farm in farm out agreement▲ Good
PharmAust, a partner company, announced it agreed to earn 10% of the Lambouka prospect area by paying a promoted share of the well cost, estimated at about US$20m dry. Subject to PharmAust shareholder approval. Counterparty-side notice of the AuDAX farm-in.
23 Mar 2010farm in farm out agreement▲ GoodMajor
AuDAX signed a farm-in with Carnavale Resources (ASX:CAV), which can earn 20% of the Lambouka prospect area in both Sicily Channel permits by paying a promoted share of the well. Spud expected 15 June 2010.
23 Mar 2010material agreement termination▼ BadMajor
AuDAX stopped farm-in negotiations with DNO on Chorbane because the parties could not agree terms. Ends the October 2009 letter of intent under which DNO would have paid for the first well to earn 50%. Gulfsands and Bombora offers replace it.
23 Mar 2010farm in farm out agreement▲ GoodMajor
AuDAX signed a farm-in with private company Bombora Energy, which will earn 10% of Chorbane by paying 20% of the first well. Sidi Daher resources are now quoted at 120 mmboe (AuDAX estimate), up from the 80 mmboe in the Gulfsands release.
23 Mar 2010farm in farm out agreement▲ GoodMajor
AuDAX signed a farm-in agreement with PharmAust (ASX:PAA) to earn 10% of the Lambouka prospect area in both permits by paying a promoted share of the well, due to spud mid June 2010. Adds to the Sicily Channel funding.
22 Mar 2010farm in farm out agreement▲ GoodMajor
AuDAX accepted a farm-in offer from Gulfsands Petroleum to earn up to 30% of both Sicily Channel permits by paying a promoted share of 3D seismic and the Lambouka well costs. Formal documents are not yet signed and need board approvals.
22 Mar 2010farm in farm out agreement▲ GoodMajor
AuDAX accepted a Gulfsands offer to earn 40% of Chorbane by paying 80% of one exploration well. Formal documents are pending board approvals. Sidi Daher resources are described as 80 mmboe (AuDAX estimate), with 175 Bcf gas mean case.
22 Mar 2010drilling progress report● Neutral
The roughly 640 sq km 3D seismic survey is expected to start 23 March with the Atlantic Explorer vessel. Covers Sambuca, now also called Lambouka, and the Dougga gas condensate field. Drilling is still scheduled for Q2 to Q3 2010.
18 Mar 2010farm in farm out agreement▲ Good
AuDAX says it is finalising several farm-outs on its Tunisian offshore and onshore acreage, expected to be a material source of funding for the Sidi Daher and Sambuca wells. Partners and terms to be announced within days. Follows the WERS termination and DNO talks.
16 Mar 2010half year report● Neutral
Half-year to 31 December 2009 net loss was $867,644, down from $1,913,427 a year earlier. Restates Sambuca (270 mmboe P50), Chorbane/DNO letter of intent, Romania and PEL-182 progress. Confirms Tchacos replaced Roper on 2 March 2010.
2 Mar 2010director officer appointment● NeutralMajor
Ian Tchacos, former Managing Director of Nexus Energy, replaces Gary Roper as non-executive chairman with immediate effect. Roper moves to a future role in the planned minerals subsidiary. The company calls this a shift to the next growth phase.
26 Feb 2010regulatory community update▲ GoodMajor
Tunisian authorities approved the Kerkouane work program for one exploration well to 3,000m using the Atwood Southern Cross rig, with spud expected 15 June 2010. Three Sambuca targets were shown, with the shallowest Birsa oil reservoir at 126-595 mmbbls (P50 to P10, unrisked).
26 Feb 2010contract award▲ Good
Contract signed with PGS to acquire 670 sq km of 3D seismic over the Kerkouane permit using Geostreamer technology, starting about 15 March 2010. Firms up the November 2009 selection of PGS into a signed contract and should help fix the Sambuca well location.
25 Feb 2010regulatory community update▲ Good
Tunisian authorities extended the Chorbane exploration period by one year to 12 July 2011. AuDAX remains 100% operator, and farm-out activities are said to be being finalised. Remaining commitment is one exploration well.
22 Feb 2010agm notice● Neutral
General meeting presentation: shareholders ratified a past issue of 35.27m shares by large proxy majority. Recaps Sidi Daher, Sambuca and the planned minerals spin-off, and says Chorbane drilling is planned for late 2010. Mostly restates known items.
3 Feb 2010joint venture update▲ GoodMajor
Caspian Oil & Gas and Sibinga Petroleum join the Romanian AMI with 20% each, replacing NZOG and Nexus who withdrew. AuDAX keeps 60% and operatorship. The new partners reimbursed a large share of back costs.
29 Jan 2010quarterly activities report● Neutral
December quarter activities: Sidi Daher flat spot upgraded to ready-to-drill, DNO offer for 50% of Chorbane, Atwood rig secured for June-September 2010, PGS 3D awarded, Trafalgar facility signed, and eight Romanian licences won. Also notes the WERS farm-out termination. Mostly restates known items.
29 Jan 2010quarterly activities report● Neutral
December quarter cash report: cash rose to $1.68m from $930k, helped by $2.87m from financing against a $762k operating outflow. A 5m-share (A$600k) fee was paid to Trafalgar for the equity facility. Next-quarter spend is estimated at $1.14m.
21 Jan 2010other▲ GoodMajor
Plans to spin off about 20 gold and base metal assets, including Millrose, Marymia and Mt Webb, into a new ASX-listed company. Aims to separate minerals from the core oil and gas focus. Full terms to follow.