Past year: ▼ 37%(1.80c – 3.20c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
11 Dec 2024drilling progress report● Neutral
Welchau-1 stays shut in and the workover rig has left for Vienna Basin work. Pressure monitoring, sampling and lab analysis of the black particles are expected early in the new year before any acidization or further testing decision.
4 Dec 2024well test result▼ Bad
Perforating the upper Reifling formation at Welchau-1 produced under 1 cubic metre (about 6 barrels) of inflow, mostly brine plus black solid particles of unknown composition. The well is shut in; acidization is under consideration. No hydrocarbon flow yet confirmed.
27 Nov 2024well test result● Neutral
Logging of the first Welchau-1 Steinalm test shows flow came from a single point near 1478 m, so the test is not considered diagnostic of hydrocarbons. This softens the 20 November 'disappointing' result. Reifling testing is due by early December.
20 Nov 2024well test result▼ BadMajor
First Welchau-1 flow test of the Steinalm formation produced 240-290 barrels a day of mostly drilling mud, formation water and gas with only traces of oil. ADX calls this disappointing; it undercuts the light-oil expectation, though analysis and Reifling testing continue.
13 Nov 2024drilling progress report● Neutral
Welchau-1 is being completed with tubing, packer and perforating system, and test facilities are being rigged up. Flow testing of the Steinalm formation is expected to start in about a week. No new results.
6 Nov 2024drilling progress report▲ Good
Environmental clearance for Welchau-1 flow testing was received, valid 30 October 2024 to 31 March 2025, and a workover rig mobilised on 4 November. Testing of the Steinalm then Reifling formations is expected in the second half of November. ADX holds 75%.
28 Oct 2024drilling result▼ BadMajor
Lichtenberg-1 reached 3260 m with gas shows but no reservoirs thick enough to be likely commercial, based on drilling data. Logs are still to come. A dry-hole outcome for the new gas play, with cost almost entirely borne by partner MND, per the chairman.
23 Oct 2024quarterly activities report● Neutral
September quarter cash flow: cash rose to A$16.111m from A$12.579m, helped by A$5.282m of farm-in contributions. Operating outflow A$1.017m; investing inflow A$4.665m. Loan facilities remain A$1.804m, with a final Volksbank repayment of EUR 183,333 due by 31 December 2024.
23 Oct 2024quarterly activities report● Neutral
September quarter: Austrian net production averaged 217 BOEPD (A$2.3m revenue), down 7% mainly due to Anshof-3 shut-ins during Anshof-2A drilling. Cash A$16.1m. Anshof-2A tie-in, Lichtenberg-1 and Welchau-1 testing are the next steps, largely repeating known events.
22 Oct 2024drilling progress report● Neutral
Lichtenberg-1 was drilling 6 inch hole at 2140 m on 21 October after logging and running 7 inch casing. Oligocene targets are still ahead and no result is reported yet.
15 Oct 2024drilling progress report● Neutral
Lichtenberg-1 had drilled to 1905 m by 14 October and was preparing to log before running 7 inch casing. Main gas target is still expected from about 2500 m; no result yet.
8 Oct 2024drilling progress report● Neutral
Lichtenberg-1 gas well, spudded 26 September, was at 1288 m on 7 October after setting casing at 400 m, with about 30 days to the ~2900 m target depth. No result yet; ADX keeps 50% of the well after MND's earn-in.
7 Oct 2024investor presentation● Neutral
Activities update presentation by Ian Tchacos, 7 October 2024. The text provided shows only disclaimers and reserves definitions; no new information is visible.
27 Sept 2024drilling spud● NeutralMajor
Lichtenberg-1 gas exploration well spudded 26 September 2024 in ADX-AT-I, about 30 days to ~2900 m. MND funds the first EUR 4.5m for 50% of the well and its investment area, in addition to a prior EUR 0.4m cash payment. ADX operates and retains 50%.
26 Sept 2024resource reserve update● NeutralMajor
Welchau-1 is now thought most likely a light oil (43.6° API) and associated gas find, not liquids-rich gas as predicted. Unrisked prospective resources are 12 to 217 MMBOE. Testing is targeted to start 15 October 2024; the early-September revision was replaced by this wide guidance range.
18 Sept 2024investor presentation● Neutral
RIU Essential Energy Conference presentation, 18 September 2024. The text provided shows only disclaimers and reserves definitions; no new information is visible.
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.
31 July 2024quarterly activities report▲ Good
June quarter: Austrian net production rose 31% to 231 BOEPD (A$2.4m revenue) as Anshof-3 returned via the new permanent facility. Cash A$12.6m after the A$13.5m placement. Anshof-2A and the ADX-AT-I gas well are lined up for September and October.
31 July 2024quarterly activities report● Neutral
June quarter Appendix 5B: cash rose to A$12.579m from A$7.161m, helped by A$13.5m placement proceeds. Operating inflow A$0.1m; investing outflow A$7.016m. Loan facilities fell to A$1.804m after A$0.304m repayments.
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.
21 May 2024agm notice● Neutral
Reminder of the AGM webcast on 22 May 2024, with a shareholder update afterwards. The company says it is now well funded for its work programme. Administrative notice.
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.
29 Apr 2024quarterly activities report● Neutral
Appendix 5B for March quarter: cash fell to A$7.161m from A$8.007m. Operating outflow A$1.217m, investing outflow A$0.953m (after A$5.265m farm-in contributions), financing inflow A$1.248m. Loan facilities A$2.124m fully drawn.
