Past year: ▼ 37%(1.80c – 3.20c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
17 Sept 2024drilling result▲ GoodMajor
Anshof-2A hit a 6.5 m net oil column in Eocene sandstone, about 3 times Anshof-3's, with roughly 20% higher porosity; TD 2195 m. It will be completed as a second Anshof producer, with tie-in expected by end October. Positive appraisal result.
13 Sept 2024half year report▼ Bad
Half-year to 30 June 2024: net loss A$3.28m (vs A$2.30m), revenue A$4.97m (vs A$7.04m), average Austrian production 227 BOEPD (vs 331). Financing inflow A$13.6m from the A$13.5m placement. Repeats known activities.
9 Sept 2024drilling spud▲ GoodMajor
Anshof-2A sidetrack spudded 7 September 2024, targeting thicker Eocene oil sands up dip of Anshof-3, which produces about 110 bopd. About 14 days to drill to roughly 2160 m; ADX operates with a 60% economic interest. First of a two-well program.
20 Aug 2024investor presentation● Neutral
Operations update presentation dated 20 August 2024. The text provided shows only disclaimers and reserves definitions, noting Welchau resources are under review; no new information is visible.
24 July 2024drilling scheduled● Neutral
Anshof-2A sidetrack is planned for early September 2024 (about 2 weeks), then an ADX-AT-I gas well in early October, with MND funding the first EUR 4.5m. Welchau-1 revised resource now due early September; winter testing permit sought for 1 Oct 2024-31 Mar 2025.
30 May 2024other● Neutral
Athos Capital funds disclosed long cash-settled equity swap positions in ADX shares: about 30.98m shares for the Master Fund (5.5%) and smaller holdings by three other funds. Swaps give economic exposure, not share ownership.
22 May 2024investor presentation● Neutral
AGM presentation dated 22 May 2024. The text provided shows only disclaimers and reserves definitions; no new information is visible.
13 May 2024other● Neutral
Top 20 holder list for the Tranche 1 placement options as at 13 May 2024: 33.28m options across 108 holders, with the top 20 holding 71.95%. Administrative, no new information.
6 May 2024capital raising announcement● Neutral
Prospectus for the free-attaching placement options: about 35.7m Tranche 1 and 28.6m Tranche 2 options at A$0.15, expiring 8 May 2026. Formalises the 2 May placement's option component; no new figures beyond that.
2 May 2024capital raising announcement▲ GoodMajor
ADX secured firm commitments for a A$13.5m placement of 128.6m shares at A$0.105, with one A$0.15 option (expiring 8 May 2026) per two shares. A$7.5m comes first; A$6.0m needs shareholder approval at the 22 May AGM. Funds Welchau testing, Anshof-2A and an ADX-AT-I gas well.
What it means for a shareholder
129m new shares at A$0.105 to raise about A$13.5m. That's 23% dilution: every existing holder's slice gets 23% smaller. If you held A$1,000 of shares (9,524 at the issue price), your slice goes from 0.00217% to 0.00168% of the company. To keep it you'd need 2,791 more shares - about A$293 at the issue price.
Create a free account to see this worked out for your own holding.
24 Apr 2024asset acquisition disposition▲ GoodMajor
Italian ministry confirmed it will grant ADX's d 363C.R-.AX gas exploration permit in the Sicily Channel, after a capacity check; five gas prospects hold 369 BCF best technical prospective resource. A court annulling the PiTESAI plan (12 Feb 2024) may allow Nilde oil redevelopment if not contested.
17 Apr 2024investor presentation● Neutral
Invitation to a shareholder webinar on 18 April 2024 hosted by Ian Tchacos, covering Welchau-1 data, the evaluation programme and upcoming Upper Austria drilling. Administrative notice with no new information.
15 Apr 2024investor presentation● Neutral
Investor presentation dated 15 April 2024 on the Welchau-1 data review. The text provided shows only disclaimers and reserves definitions; no new information is visible.
8 Apr 2024production update▲ GoodMajor
The Anshof permanent production facility (3,000 bbl/day capacity) was commissioned on 3 April, and Anshof-3 restarted at 134 bopd, up 16% from 115 bopd when shut in September 2023. This resolves the restart thread; ADX aims for about 150 bopd.
2 Apr 2024drilling result▲ Good
Welchau-1 was cased and suspended on 28 March, ahead of schedule and below budget, for future flow testing. Samples held small amounts of condensate to light oil mixed with drilling mud; a gas sample was 92% methane. Core and fluid analysis will feed an updated resource range.
28 Mar 2024annual report● Neutral
Annual report for 2023, with John Begg now listed as a non-executive director and the auditor renamed InCorp Audit & Assurance (formerly Rothsay). The chairman calls Welchau-1 a gas-condensate discovery and plans a Contingent Resource announcement before testing the well in October 2024.
28 Mar 2024other● Neutral
Appendix 4G for the year ended 31 December 2023, lodged 28 March 2024 by Amanda Sparks, pointing to where the governance disclosures are found. Administrative filing with no new information.
28 Mar 2024other● Neutral
Corporate governance statement for 2023, current at 28 March 2024 and approved by the board. It is a compliance document; the text shown contains no new operational or financial information.
25 Mar 2024drilling result● NeutralMajor
Logs show fracture networks and vuggy porosity coinciding with hydrocarbon shows over a 356 m gross interval in Welchau-1, and liquids and gas reached surface. Fluid sampling failed because the tool stuck. The well will be cased and tested after 31 March environmental restrictions end.
18 Mar 2024drilling result▲ GoodMajor
Welchau-1 reached total depth of 1,733 m and found 115 m of condensate-rich gas shows in the Steinalm target (1,452-1,567 m), close to prediction and similar to Molln-1 gas. A 380 m seal was found. Flow rates are not yet known; logging and testing follow.
11 Mar 2024drilling progress report▲ Good
Welchau-1 set 9⅝-inch casing and was drilling at 1,028 m on 10 March, about 4 days ahead of plan. Fractured carbonates and minor gas shows were seen; no target-zone result yet. Target remains the Steinalm formation, as at the nearby Molln-1 gas well.
5 Mar 2024director officer appointment● Neutral
Andrew Childs resigns as non-executive director after long service; adviser John Begg joins the board in his place. Begg already consults to ADX at $1,500 per day, 20% payable in shares subject to shareholder approval. Chairman expects CEO Paul Fink to resume duties in the near future.
4 Mar 2024drilling progress report● Neutral
Welchau-1 reached 640 m in 12¼-inch hole on 3 March, after setting 13⅜-inch casing at 120 m. Next it drills to about 1,050 m, then logs and sets 9⅝-inch casing. No gas results yet; next update due 11 March.
26 Feb 2024drilling spud▲ GoodMajor
Welchau-1 was spudded on 24 February with the E200 rig and was at 60 m in 17½-inch hole. It targets the Steinalm formation at 1,100-1,800 m, where nearby Molln-1 found gas; total depth is 1,500-1,900 m. This starts the key gas exploration well.
22 Feb 2024investor presentation● Neutral
General meeting presentation dated 22 February 2024. The text provided shows only disclaimers and reserves definitions; no new information is visible.
19 Feb 2024drilling scheduled● Neutral
The delayed E202 rig has been replaced by sister rig E200, secured from OMV, because of operational difficulties on E202. Mobilisation began 18 February and Welchau-1 spud is expected by 24 February, so drilling can still occur this winter.
12 Feb 2024drilling scheduled● Neutral
Welchau-1 timing slips slightly: the RED E202 rig is now due to be released on 14 February, with spud expected 20 February and about 39 days of drilling. All approvals remain in place; the MCF funding terms are unchanged.
2 Feb 2024drilling scheduled● Neutral
Welchau-1 well site is complete and all approvals are in place. The rig is due to be released the following week, with spud about a week later and roughly 39 days of drilling. MCF funds 50% of the well up to EUR 5.1m for 25%, leaving ADX 75%. Target is 807 BCFE best estimate.
22 Jan 2024investor presentation● Neutral
Investor presentation dated 22 January 2024 focused on Welchau drilling. The text provided shows only disclaimers and reserves definitions; no new information is visible.
18 Jan 2024director officer appointment▼ BadMajor
CEO and Technical Director Paul Fink has requested medical leave. ADX is adding an Austrian geotechnical manager (Robert Gruenwald), a board advisor (John Begg) and a communications advisor. Alan Reingruber continues to run the Austrian operating company. No return date is given.
