4 June 2009admin correction● Neutral
Adds a competent person statement omitted from the corporate update presentation lodged earlier the same day. No new figures or developments.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
4 June 2009investor presentation● Neutral
Corporate update: 218.8m shares on issue, cash about A$1.5m, and a recent share purchase plan at 3.24c plus a 5c raising of A$880k. Targets a drilling contract, further Sicily farm-out and drilling in Q1 2010. Mostly restates known facts.
22 May 2009drilling scheduled▲ Good
Tunisia's state agency ETAP approved the bidders list for a semi-submersible rig to drill Sambuca. Tender documents are ready and invitations go out shortly. This advances the open rig-contract thread; no rig is yet contracted.
13 May 2009security holder rights change● Neutral
AuDAX cancelled 3.5m unlisted options: 1.4m at 30c, 1.05m at 35c and 1.05m at 40c, expiring 2010 to 2012. Same quantities and prices as the October 2008 cancellation, so may be a repeat notice (inference).
13 May 2009farm in farm out completion▲ GoodMajor
AuDAX executed all joint venture agreements with World Energy Research for a 40% interest in the Sambuca prospect, in return for paying 100% of the US$23m expected drilling cost. This finalises the 1 April farm-out agreement.
30 Apr 2009quarterly activities report▲ Good
March quarter activities: PGS MoU, Kairiki buyback giving 100% of the Sicily Channel, and the World Energy Research 40% Sambuca farm-out (US$23m drilling cost). Chorbane is now 100% AuDAX with a PSC being finalised and farm-out talks advanced. Mostly restates announcements.
30 Apr 2009quarterly activities report● Neutral
March quarter cash report: cash rose to $829k from $689k, helped by $239k from financing. Operating outflow was $100k. Next-quarter spend is estimated at $400k.
1 Apr 2009farm in farm out agreement▲ GoodMajor
AuDAX agreed to farm out 40% of the Sambuca prospect to private investor World Energy Research, which would pay 100% of the expected US$23m drilling cost. This addresses the open Sicily Channel farm-out and the funding of 2009-10 drilling.
1 Apr 2009asset acquisition disposition● NeutralMajor
AuDAX bought back Kairiki's 30% in the Pantelleria and Kerkouane permits, returning to 100% ownership and operatorship. Sambuca is put at 270 mmboe P50 unrisked, with the mapped prospects possibly exceeding one billion boe. This reverses the 70/30 split from 2008.
31 Mar 2009joint venture update▲ GoodMajor
New Zealand Oil & Gas joined the AuDAX-operated Romanian AMI with 33.33%, taking over Kairiki's former interest. AuDAX targets licences relinquished by Petrom and Romgaz, expected to exceed 25,000 sq km. Replaces the exited Kairiki.
31 Mar 2009asset acquisition disposition● Neutral
Kairiki is selling its 30% in Pantelleria and Kerkouane back to AuDAX for US$280,000 per permit, payable when AuDAX disposes of an interest in them. This removes Kairiki's share of the US$47m gross commitments. Kairiki also sold its Romanian AMI stake to NZOG.
17 Mar 2009admin correction● Neutral
Corrects the 13 March PEL 182 release: the joint venture has drilled four exploration wells, not three. Nothing else changes.
16 Mar 2009half year report▼ Bad
Half-year to December 2008: net loss $1.91m (prior year $1.69m). Reports no bids in Romania's 9th round, Chorbane transfer awaiting PSC signing, and the Sicily Channel P50 potential of about one billion boe. Gillian Evans's resignation is confirmed.
13 Mar 2009regulatory community update▲ Good
PIRSA approved a revised PEL 182 work program, combining permit years 2 and 3 for seismic work and cutting financial exposure. Highlights the Vanessa gas condensate discovery (8 mmscf/d, high skin) and an Emily-1 updip appraisal opportunity. AuDAX holds 49.9%.
27 Feb 2009capital raising announcement● Neutral
Share Purchase Plan documents mailed: offers of $2,000, $3,500 or $5,000 at 90% of the 5-day average price, closing 20 March 2009. Last close was 2.5 cents. Total raise size not stated in the extracted text.
26 Feb 2009farm in farm out agreement● Neutral
Kairiki's cover release forwards AuDAX's PGS MoU. It adds that PGS's 15% would come pro-rata from AuDAX (70%) and Kairiki (30%). Otherwise duplicates the AuDAX announcement.
25 Feb 2009farm in farm out agreement▲ GoodMajor
AuDAX signed a non-binding MoU for seismic contractor PGS to earn 15% of the Pantelleria and Kerkouane permits by paying 30% of a future work program. A farm-in agreement is targeted within three months; it advances the Sicily Channel farm-out sought since 2008.
25 Feb 2009capital raising announcement● NeutralMajor
AuDAX announced a Share Purchase Plan for Australian and New Zealand shareholders, up to $5,000 each at 90% of the recent 5-day average price. Funds are for exploration, working capital and a drilling bond for Tunisia. Total raise size not stated.
18 Feb 2009other● Neutral
Administrative notice of new phone and fax numbers. No substance for shareholders.
29 Jan 2009quarterly activities report● Neutral
December quarter report: Pantelleria completed 29 October, and Kairiki withdrew from Chorbane (AuDAX moves to 100%) and from the Tunisian AMI. Drilling tender documents are done and farm-out talks continue. Perenco is drilling a nearby structure that extends into Chorbane.
29 Jan 2009quarterly activities report▼ Bad
December quarter cash report: cash fell to $689k from $2.40m at September. Operating outflow was $503k and investing outflow $1.15m. Next-quarter spend is estimated at $400k, down from the $1.3m forecast earlier, with no loan facilities.
1 Dec 2008security holder rights change▼ Bad
Notice that 27.63m listed 20c options expire 31 December 2008, with quotation ceasing 22 December. The shares last traded at 3.6c, well below the 20c exercise price, so exercise looks unlikely (inference). Not underwritten.
31 Oct 2008quarterly activities report● Neutral
September quarter cash report: cash ended at $2.40m, up from $1.72m, helped by $1.97m raised from shares. Operating outflow was $455k and investing outflow $847k. Next-quarter spend is estimated at $1.3m, up from $700k.
31 Oct 2008quarterly activities report● Neutral
September quarter report: drilling design completed for the Sicily Channel prospects, with suspensions granted for Pantelleria and PEL 182. Chorbane and the Romanian 9th round still pending. Mostly restates known events.
29 Oct 2008asset acquisition disposition▲ GoodMajor
AuDAX completed the purchase of the Pantelleria permit (G.R15.PU) offshore Italy on 29 October, adjoining Kerkouane. It operates with 70% and Kairiki holds 30%. The drill-ready Sambuca prospect crosses the border; this resolves the pending Stratic purchase.
29 Oct 2008asset acquisition disposition▲ Good
Kairiki's release confirms the Pantelleria acquisition closed, giving it 30% in both Sicily Channel permits with AuDAX operating at 70%. It attaches AuDAX's announcement and calls Sambuca one of the best undrilled prospects in the Mediterranean. Duplicates AuDAX's news.
27 Oct 2008security holder rights change● Neutral
AuDAX cancelled 3.5m unlisted options: 1.4m at 30c (expiring 2010), 1.05m at 35c (2011) and 1.05m at 40c (2012). These are part of the options issued in April 2008.
24 Oct 2008investor presentation● Neutral
AGM presentation shows 189.8m shares on issue and repeats the Sicily Channel portfolio, with Sambuca at 270 mmboe and drilling in 2009. Notes Italian permit and PEL 182 licence suspensions, the Sud Craiova termination and ongoing farm-out efforts. Mostly known facts.
14 Oct 2008director officer appointment● Neutral
Non-executive director Gillian Evans, appointed in February 2008, resigned effective immediately. No reason is given in the announcement.
25 Sept 2008annual report● Neutral
2008 annual report describes the year's shift to an active oil operator, with Kerkouane (70%) and Pantelleria permits, the Chorbane purchase and PEL 182 operatorship. Plans 2009 drilling of two prospects with combined 370 mmboe most likely resource, and expects to farm down the 70% interest.