16 May 2007drilling progress report▼ Bad
Vanessa-1 remains at 1,098m making wiper trips while roads stay closed, with at least one more day expected.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
15 May 2007drilling progress report▼ Bad
Vanessa-1 reached 1,098m, but rain has closed local roads and may delay running surface casing. Roads are expected closed two to three days.
14 May 2007drilling spud▲ GoodMajor
Vanessa-1, the gas prospect with a 3,250m planned depth, spudded 12 May 2007 and was at 770m in surface hole. It follows the Sarahlyn-1 dry hole.
7 May 2007drilling result▼ BadMajor
Sarahlyn-1 is a dry hole: logs show no economic hydrocarbons, with zones water wet or too tight. It was plugged and abandoned. The rig moves to Vanessa-1 around 12 May, and the JV approved a $500,000 ISIS Petroleum review.
4 May 2007drilling progress report● Neutral
Sarahlyn-1 reached total depth of 2,761m and logging showed some anomalous zones. These are being checked with a formation sampling tool (MDT). No result yet.
2 May 2007drilling progress report● Neutral
Sarahlyn-1 is drilling in basement at 2,753m. Wet gas readings peaked at 700 units, higher than expected, to be evaluated by logs.
1 May 2007drilling progress report● Neutral
Sarahlyn-1 is at 2,685m in tight Patchawarra sandstone with no fluorescence. Gas readings of 100-300 units continue from 2,475m, to be evaluated at total depth.
30 Apr 2007drilling progress report● Neutral
Sarahlyn-1 is at 2,585m in the Toolachee Formation. A very poor fluorescence show was noted in the Callamurra Member, to be checked by logs.
27 Apr 2007drilling progress report● Neutral
Sarahlyn-1 is drilling the Tinchoo Formation at 2,364m after a bit change. No shows in the upper Tinchoo.
26 Apr 2007drilling progress report● Neutral
Sarahlyn-1 is at 2,332m. A poor fluorescence show was seen at 2,043-2,052m, to be evaluated by logs after reaching depth. No shows in the Hutton or Poolowanna formations.
24 Apr 2007drilling progress report● Neutral
Sarahlyn-1 is drilling ahead at 1,755m. No new result.
23 Apr 2007drilling progress report● Neutral
Sarahlyn-1 is drilling ahead at 1,585m with no shows reported.
20 Apr 2007drilling progress report● Neutral
Sarahlyn-1 has run and cemented its surface casing at 980m and is waiting on cement. Drilling of the next hole section is expected to start next day.
19 Apr 2007drilling progress report▼ Bad
Hole conditions stopped casing going below 18m, so Sarahlyn-1 is running a second wiper trip at 980m. A minor delay, no result.
18 Apr 2007drilling progress report● Neutral
Sarahlyn-1 finished the surface hole at 980m and is preparing to pull out before running 9 5/8-inch casing. No new result.
17 Apr 2007drilling progress report● Neutral
Sarahlyn-1 is drilling surface hole at 543m, expected to finish the section early next day. No new result.
16 Apr 2007drilling spud▲ GoodMajor
Sarahlyn-1 spudded 16 April 2007, the first PEL-182 well since Emily-1 in January 2006. It is drilling surface hole at 80m toward a planned 2,730m depth.
12 Apr 2007drilling scheduled▲ Good
Century Rig-3 contract for Sarahlyn-1 and Vanessa-1 (option for two more) is signed and the rig is mobilised, with first spud expected 14 April 2007. This ends the flood delay; AuDAX's PEL-182 interest is shown as 49.9%.
20 Mar 2007drilling scheduled▼ Bad
Flooding on Cooper Creek and local roads is delaying the start of PEL-182 drilling. Century Rig 3 is stacked at Moomba, and its option remains in force. Contract signing and mobilisation will follow once site access opens.
15 Mar 2007half year report▼ Bad
Half-year to 31 December 2006: loss of $1.13m. The White Sands receivable was written off after it entered administration. Falcon withdrew from Marymia after spending $200,000, so AuDAX is seeking a new partner. Drilling is awaiting floodwaters to subside.
9 Feb 2007capital raising announcement● NeutralMajor
AuDAX placed 15.5 million shares at 7 cents to raise about $1.085m, to fund its share of the Sarahlyn and Vanessa wells and working capital. Dr Peter Barber joins as technical non-executive director, replacing Ian Chalmers. The price is well below January 2006's 16 cents.
What it means for a shareholder
15.5m new shares at A$0.070 to raise about A$1.1m. 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 0.0136% to 0.0119% of the company. To keep it you'd need 2,110 more shares - about A$148 at the issue price.
Create a free account to see this worked out for your own holding.
27 Dec 2006material agreement termination▼ BadMajor
The White Sands farm-in and drilling deed is terminated and White Sands has appointed an administrator. The operator signed a letter of intent with Century Drilling for two PEL-182 wells plus an option for two more, with Rig 3 available from 25 February 2007. This ends the White Sands rig plan.
16 Oct 2006annual report▼ Bad
Annual report: the White Sands rig has still not completed its shakedown well, and the costly Rig 18 is ruled out for future wells. Emily-1 is called inconclusive but possibly a small producer. SA regulators allowed PEL commitments to be suspended. Company is rationalising gold projects; View is to pay a further $250,000.
3 Oct 2006debt default or forbearance▼ Bad
Operator Eagle Bay announced that partner Australian Oil Company defaulted on its 22 September 2006 cash call in the PEL-182 joint venture. Eagle Bay may terminate its farm-in. This is a partner problem, not AuDAX's own default.
29 Sept 2006annual report● Neutral
Full-year accounts to 30 June 2006, released as a corporate directory and governance statement in the text provided. No financial figures appear in the readable text. Board has three directors, only one independent, with the MD acting as chair.
14 July 2006director officer appointment● Neutral
Exploration Director Glen Edwards resigned. He had joined the board only on 3 March 2006. No reason is given in the announcement.
11 Apr 2006farm in farm out agreement▲ GoodMajor
Falcon Minerals can earn 70% of the nickel and associated base metal rights at the Marymia project by spending $1.75m within 5 years, with at least $150,000 in the first 12 months. AuDAX keeps all gold rights.
15 Mar 2006half year report● Neutral
Half-year to 31 December 2005: loss of $234,751 on revenue of $80,838. Auditor review found no issues. Directors state they believe the company can pay its debts as they fall due.
8 Mar 2006joint venture update● Neutral
In a letter to shareholders, AuDAX called the Emily-1 results encouraging, with small oil recoveries and limited, inconclusive testing, yet still described the discovery as significant. The next drilling awaits White Sands' rig passing its Reid's Dome shakedown wells, due to start mid-March 2006, with timing unconfirmed.
3 Mar 2006director officer appointment● Neutral
Exploration Manager Glen Edwards, a geologist with 17 years' experience, joined the AuDAX board. He has been with the company since 2003.