Past year: ▼ 37%(1.80c – 3.20c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
1 Sept 2008annual report● Neutral
Full-year 2008 statutory financial report, containing the corporate governance statement, directors' report, financial statements and auditor's report. The extracted text shows no financial figures, so no results can be stated here.
28 Aug 2008admin correction● Neutral
Corrects the earlier raising release: the placement is up to 22,222,222 shares at 9 cents for up to A$2.0m, not 2,222,222. Rest of the text is unchanged; funds are for completing Pantelleria and working capital.
28 Aug 2008capital raising announcement● NeutralMajor
AuDAX agreed to place up to 2,222,222 shares at 9 cents to raise up to A$2.0m, to complete the Pantelleria acquisition and for working capital. The share count appears to be a typo (corrected in the next release). Placement price is well below January's 30c.
11 Aug 2008investor presentation● Neutral
August corporate update restates the two-pronged strategy: European/North African oil and gas plus Australian assets. Targets Sambuca drilling Q1 2009 and Dougga appraisal Q2 2009, with a rig-share consortium. Mostly repeats known projects; Chorbane 50% with Kairiki.
31 July 2008asset acquisition disposition▲ GoodMajor
AuDAX completed the Kerkouane permit acquisition offshore Tunisia, holding 70% and operating, with Kairiki on 30%. Resource potential could exceed one billion boe. A minimum of 400km of 2D seismic will be acquired; drilling campaign planned next year.
31 July 2008quarterly activities report● Neutral
June quarter cash report: cash ended at $1.72m, down from $2.36m, with an operating outflow of $798k. Next-quarter exploration spend is estimated at $700k. Options were issued to directors and staff; shares on issue were 169.6m.
31 July 2008quarterly activities report● Neutral
June quarter report recaps Kerkouane completion, Italian Pantelleria approval received 9 July, Sud Craiova termination, and AuDAX taking over PEL-182 operatorship (49.9%). Chorbane still awaiting approvals. Mostly restates known events.
23 July 2008asset acquisition disposition▲ GoodMajor
The Kerkouane permit purchase has gone unconditional, with closing due by 30 July. AuDAX says P50 unrisked recoverable potential could exceed one billion boe. AuDAX and Kairiki dropped the Sud Craiova (Romania) purchase to focus on higher-potential Romanian opportunities.
1 July 2008material agreement● Neutral
Kairiki's release says the closing date for the Stratic acquisitions was extended from 30 June to 31 October 2008. Duplicates AuDAX's announcement; approvals are still pending.
1 July 2008material agreement● Neutral
Closing date for the Stratic purchases of Kerkouane, Pantelleria, Chorbane and Sud Craiova moved from 30 June to 31 October 2008. Final approvals are still being obtained.
18 June 2008farm in farm out agreement● Neutral
Kairiki's release says it has signed sale agreements to buy 30% of the Pantelleria and Kerkouane permits from AuDAX. Duplicates AuDAX's announcement; still conditional on AuDAX completing the Stratic purchases by 30 June.
18 June 2008farm in farm out agreement▲ Good
AuDAX signed sale and purchase agreements to sell Kairiki 30% of the Pantelleria and Kerkouane permits, firming up the April letter of intent. Completion still depends on AuDAX closing the Stratic purchases by 30 June 2008.
30 Apr 2008quarterly activities report● Neutral
March quarter cash report: cash ended at $2.36m, up from $694k, helped by $3.66m raised from shares. Operating outflow was $1.82m. Next-quarter exploration spending is estimated at $500k.
30 Apr 2008quarterly activities report● Neutral
March quarter report restates Kerkouane and Pantelleria purchases, Tunisian AMI expansion, the PEL-182 operator change and board changes. Notes the January placement as $3.88m from 12.9m shares at 30c. Largely known events.
24 Apr 2008farm in farm out agreement▲ GoodMajor
Kairiki signed a letter of intent to buy 30% of each of the Pantelleria (GR.15.PU) and Kerkouane permits from AuDAX for US$300,000 cash each. Conditional on AuDAX completing the Stratic purchases and a sale agreement by 30 June 2008.
18 Apr 2008investor presentation● Neutral
General meeting presentation: 167.6m shares on issue. Targets Q4 2008 wells in Romania's South Craiova and the Sambuca prospect off Italy (230 mmboe prospective), plus Dougga appraisal. Mostly repeats known projects, with new drilling timing and resource figures.
19 Mar 2008joint venture update● Neutral
Kairiki's release says Nexus Energy has joined the Tunisian AMI, giving AuDAX, Kairiki and Nexus 33.33% each. Duplicates AuDAX's own release of the same day.
19 Mar 2008joint venture update● Neutral
The Tunisian area of mutual interest widens to include Nexus Energy, so AuDAX, Kairiki and Nexus each hold 33.33%. Previously AuDAX held 25% with Kairiki. AuDAX acts as operator of the study group.
14 Mar 2008half year report▼ Bad
Half-year to 31 December 2007 shows a net loss of $1,692,974. It recaps the Alpine acquisition, Stratic purchases, dry Jasmine-1 and board changes. No new events; mainly restates known history.
10 Mar 2008joint venture update▲ GoodMajor
Eagle Bay announced operatorship of Cooper Basin PEL-182 passes to AuDAX from 30 April 2008, subject to Ministerial approval. AuDAX holds 49.9%; Eagle Bay 37.6%; AOC 12.5% (Dome earning 7.5%). Reflects the new Zimmer-led team.
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.
31 Jan 2008quarterly activities report● Neutral
Net cash fell to $466k from $689k in the December quarter. Operating outflows of about $629k were partly offset by $320k of sale proceeds, a combined outflow of $313k, plus $90k from financing; $1m exploration spend was estimated for next quarter, and Alpine was acquired for 16m shares.
31 Jan 2008quarterly activities report● Neutral
December quarter report recaps the Alpine acquisition for 16m shares, Dr Zimmer's appointment, and the Stratic purchases in Romania and Tunisia. It also lists the later Kerkouane and Pantelleria deals. Mostly restates known events.
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.
