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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
30 Apr 2007quarterly activities report● Neutral
March quarter report: Sarahlyn-1 spudded 16 April and the rig will then move to Vanessa. AuDAX's PEL-182 interest is given as 49.4%. Unrisked prospect estimates are repeated (Vanessa P50 10 Bcf); Emily-1 study continues.
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.
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31 Jan 2007quarterly activities report● Neutral
December quarter report: Century Drilling has agreed to drill two PEL-182 wells with an option for two more, with Rig 3 available from 25 February 2007. The White Sands deed was terminated on 21 December 2006, and AuDAX asked White Sands to repay its US$1m advance plus interest.
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.
24 Nov 2006agm notice● Neutral
Results of the AGM: both resolutions, adopting the remuneration report and re-electing Mr Chalmers, passed unanimously.
31 Oct 2006quarterly activities report● Neutral
September quarter: Falcon's Marymia soil sampling found eleven nickel-copper-PGE anomalies, three high priority. AuDAX received a further $250,000 from View. White Sands has a conditional deal to earn 51% of PEL-182 by funding the next 4 wells, but terms are unsettled and the operator may replace it.
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.
27 July 2006quarterly activities report● Neutral
June quarter report: White Sands' rig spudded its Reid's Dome shakedown hole, WSP-Primero, on 12 June 2006, so PEL-182 drilling has still not started. Falcon began soil sampling at Marymia. View Resources renegotiated its Yandal West option.
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.
28 Apr 2006quarterly activities report▼ Bad
March quarter report: White Sands' rig is now setting up at Reid's Dome, with shakedown drilling expected early May, later than planned. More shakedown holes may follow before PEL-182 drilling. Emily-1 still awaits perforation. Marymia farm-out with Falcon is noted.
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.