Past year: ▼ 37%(1.80c – 3.20c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
19 Jan 2010contract award▲ GoodMajor
Drilling contract signed with Atwood Oceanics for the Atwood Southern Cross semi-submersible to drill Sambuca. Drilling targeted June to September 2010, subject to Tunisian approvals. Converts the November selection into a signed contract.
23 Dec 2009material agreement termination▼ BadMajor
The Sambuca farm-out to World Energy Research Sambuca LP, under which it would have funded drilling for a 40% stake, was mutually terminated. WERS earned no interest. AuDAX keeps 100% of Sambuca but loses the planned carry for its drilling cost.
21 Dec 2009regulatory community update▲ Good
Romania's mineral resources agency awarded eight prospecting licences to AuDAX. They allow detailed studies ahead of upcoming licensing rounds, building on its Romanian AMI work. Exploration-stage access, not yet drilling acreage.
14 Dec 2009admin correction● Neutral
Re-release of the 10 December Sidi Daher announcement to fix a formatting problem with the first-page map. No new information.
10 Dec 2009drilling scheduled▲ GoodMajor
Sidi Daher in Chorbane selected as the first onshore Tunisia drilling target after a seismic flat spot (direct hydrocarbon indicator) was identified. Mean estimates: 175 bcf gas, plus 54 mmbbls oil possible, and 44 mmbbls in the deeper Abiod. Rig tendering and spud date to follow.
27 Nov 2009contract award▲ GoodMajor
PGS chosen to acquire about 620 sq km of 3D seismic over Sambuca and Dougga in the first quarter of 2010, using Geostreamer dual-sensor technology. PGS earns no permit interest. Resolves the 3D tender thread; the survey should firm up the Sambuca well location.
16 Nov 2009director officer appointment● Neutral
Amended initial director's interest notice for Andrew Childs: holds 8,252,326 shares directly, a further 594,000 shares held in trust, and options in three series. Administrative follow-up to his appointment.
11 Nov 2009contract award▲ GoodMajor
Atwood Oceanics selected to supply the Atwood Southern Cross semi-submersible for the Sambuca well, with ETAP approval of the evaluation. Subject to final agreement and government approvals; drilling expected in summer 2010. Resolves the rig tender thread; Sambuca is put at 270 mmboe P50.
11 Nov 2009director officer appointment● Neutral
Andrew Childs appointed non-executive director. He is chairman of Australian Oil Company and a director of several other energy companies. Joins Roper and Zimmer on the board.
30 Oct 2009quarterly activities report● Neutral
September quarter activities: Sambuca rig tender completed with six valid bids, Chorbane PSC signed (100%, 2,428 sq km), Dougga evaluated at 74.5 mmboe, and a 617 sq km 3D seismic design tendered. $2.516m raised. Mostly restates known items.
30 Oct 2009quarterly activities report● Neutral
September quarter cash report: cash ended at $930k (June: $942k). Operating outflow was $698k and a $1.76m exploration bond was paid, offset by $2.46m of financing. Next-quarter spend is estimated at $1.86m. The Trafalgar A$20m facility is noted post quarter.
21 Oct 2009capital raising announcement● NeutralMajor
Placed 28.57m shares at 10.5c to raise $3.0m for working capital, from sophisticated and institutional investors including RAB Energy Fund and Truestone clients. Slightly above August's 10c placement.
What it means for a shareholder
28.6m new shares at A$0.105 to raise about A$3.0m. That's 9.9% dilution: every existing holder's slice gets 9.9% smaller. If you held A$1,000 of shares (9,524 at the issue price), your slice goes from 0.00365% to 0.00329% of the company. To keep it you'd need 1,044 more shares - about A$110 at the issue price.
Create a free account to see this worked out for your own holding.
20 Oct 2009investor presentation● Neutral
AGM presentation: resolutions on the remuneration report and Paul Fink's re-election drew overwhelming proxy support. Says Sambuca rig recommendation is expected mid November, with drilling in 2010 and 3D seismic planned. Mostly restates known projects.
16 Oct 2009farm in farm out agreement▲ GoodMajor
Non-binding letter of intent with DNO International (Norway) to earn 50% of Chorbane by paying 100% of the first well. Subject to a farm-in agreement and government approvals. Follows the September PSC signing; Sidi Daher estimated at 20 to 80 mmbbls.
13 Oct 2009debt financing▲ GoodMajor
Formal agreement executed for the A$20m committed equity facility with Trafalgar, following the September term sheet. AuDAX may issue shares over 30 months at 95% of the lowest 5-day VWAP. Funding is at AuDAX's discretion; dilution depends on use.
9 Oct 2009drilling scheduled▲ Good
Tender sent to bidders for a high-resolution 3D seismic survey over the Sambuca prospect, the Dougga discovery and other prospects in the Sicily Channel. Completion is targeted by end 2009, subject to vessel availability. Aims to reduce risk before drilling.
25 Sept 2009material agreement▲ GoodMajor
Production sharing contract signed with the Tunisian Government for the 2,428 sq km Chorbane onshore permit, AuDAX 100% and operator. Commitment is 1,000km of 2D seismic reprocessing and one exploration well. Resolves the long-pending PSC signing; Sidi Daher is put at 80 mmbbls prospective.
22 Sept 2009annual report● Neutral
2009 annual report: Sambuca (270 mmboe most likely) is planned as a 3,000 metre well in 2010, Dougga is rated at 74.5 mmboe, and Chorbane is 100% held with its US$1m bond posted. The chairman notes progress was slower than predicted because of the downturn.
17 Sept 2009drilling scheduled▲ Good
Six valid bids were received from rig owners for the Sambuca semi-submersible tender; nine of fifteen declined or did not respond. Evaluation is due by 30 September and contract approval around 20 October. Moves the rig thread forward.
16 Sept 2009annual report● Neutral
Full-year 2009 statutory accounts, with a board of three directors, none independent. The text provided shows only governance material and no financial figures, so results cannot be summarised here.
4 Sept 2009debt financing▲ GoodMajor
Signed a term sheet for a A$20m committed equity facility with Trafalgar Capital: AuDAX may issue shares over 30 months at 95% of the lowest recent daily VWAP. Subject to due diligence and formal agreement. Aims to fund Sambuca drilling; dilution depends on use.
27 Aug 2009capital raising announcement● Neutral
Issued 622,180 shares at 10c in lieu of consulting fees, taking quoted shares to 254.47m. Small non-cash issue.
27 Aug 2009capital raising announcement▲ GoodMajor
Placed 25.16m shares at 10c to raise $2.516m from sophisticated and institutional investors, including RAB Energy Fund. Funds go to working capital and the Kerkouane bond, ahead of Sambuca drilling in the first half of 2010. Price is double the 5c raising earlier in 2009.
What it means for a shareholder
25.2m new shares at A$0.100 to raise about A$2.5m. That's 9.9% dilution: every existing holder's slice gets 9.9% smaller. If you held A$1,000 of shares (10,000 at the issue price), your slice goes from 0.00437% to 0.00394% of the company. To keep it you'd need 1,100 more shares - about A$110 at the issue price.
Create a free account to see this worked out for your own holding.
20 Aug 2009drilling scheduled▲ Good
Tunisia's ETAP approved the bidders list for casing and subsea wellheads needed to drill Sambuca. Tenders will go out shortly. Further preparation step for the planned 2010 well; nothing is yet contracted.
31 July 2009quarterly activities report● Neutral
June quarter cash report: cash rose to $942k from $829k, helped by $1.9m raised from financing against a $536k operating outflow and $1.25m exploration bond paid. Next-quarter spend is estimated at $250k.
31 July 2009quarterly activities report● Neutral
June quarter activities: Sambuca well design completed and rig tender sent to fifteen contractors, Dougga independently evaluated at 74.5 mmboe, Chorbane US$1m bond posted with PSC agreed, and $1.98m raised. Seeks a further 10-15% Sambuca farm-out. Mostly restates known items.
30 July 2009drilling scheduled▲ Good
Tender invitation for a semi-submersible rig to drill Sambuca (270 mmboe P50 unrisked) went to fifteen contractors. Drilling is expected in Q1/Q2 2010, subject to rig availability. Advances the open rig contract thread; no rig is yet contracted.
29 July 2009agm notice● Neutral
General meeting presentation: shareholders ratified issue of 29.6m shares and approved a future issue of up to 30m shares, with proxies overwhelmingly in favour. Outlines plan to sign a rig letter of intent in Q4 2009, farm out a further 15% of Sambuca and drill in Q1-Q2 2010.
28 July 2009admin correction● Neutral
Corrects the 27 July release: Sambuca (270 mmboe P50 unrisked) is not part of the Tracs conclusion, which covers Dougga only. The Dougga figures of 74.5 mmboe are unchanged.
27 July 2009resource reserve update▲ GoodMajor
Independent consultant Tracs put Dougga gas condensate field (Kerkouane, AuDAX 100%) most likely contingent resources at 74.5 mmboe, including 42 mmbbls liquids; upside 117 mmboe. Project NPV10 is US$1.134bn at assumed prices. Gives the 2008 discovery a formal independent resource figure.
