Past year: ▼ 37%(1.80c – 3.20c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
2 Sept 2019drilling progress report● Neutral
Iecea Mica-1 has 7" casing cemented, a high-pressure 10,000 psi blowout preventer installed and heavier mud in use. The shoe is drilled out to 2342 m, and drilling to about 2500 m total depth is next. The ~2400 m 'blow out' horizon is the next zone of interest.
29 Aug 2019drilling result▲ GoodMajor
Log analysis on Iecea Mica-1 interprets pay in Pa III, Pa IV (8 m gross, ~20% porosity) and Pa V (about 4 m of thin pay). Pa III and Pa V were not in the pre-drill resource estimate and are described as exceeding expectations; Pa VI is tight. Resource update to follow.
26 Aug 2019drilling result▲ GoodMajor
Iecea Mica-1 reached 2335 m MD in the 8½" hole, with gas shows in the Pa III, Pa IV and Pa V sands. The Pa IV sand was the zone that flowed in the historic well. Analysis is pending; logging is complete and 7" casing is next.
19 Aug 2019drilling progress report● Neutral
Iecea Mica-1 reached 1346 m on day 13 after running 9⅝" casing; drilling continues. The first target, the Pa IV gas sand, is expected in about 4 days, and the program is now about 29 days after spud. No hydrocarbon results yet.
12 Aug 2019drilling progress report● Neutral
Iecea Mica-1 reached 808 m on day 5 and is preparing to run 9⅝" casing. The first target is now expected in about 8 days. No hydrocarbon results yet.
7 Aug 2019drilling spud▲ GoodMajor
Iecea Mica-1 was spudded on 6 August 2019 in Romania. The first target, the previously flow-tested Pa IV sand, is expected in about 13 days, with the full program taking about 27 days. Reabold funds the well (about US$3m).
29 July 2019drilling progress report● Neutral
Iecea Mica-1 is ready: road built, equipment delivered and conductor pipe installed. Rig mobilisation was to start 29 July, with spud expected the week of 4 August. Resource figures are unchanged.
17 July 2019farm in farm out completion▲ GoodMajor
The Parta Energy farm-in was completed, with conditions satisfied. Parta Energy funds the first US$1.5m of about 100 km2 of 3D seismic for 50% of the Parta Exploration License, excluding the Iecea Mare appraisal area. Seismic is expected to start in November 2019. This resolves the April heads of agreement.
18 June 2019drilling progress report● Neutral
Iecea Mica-1 access road work began 10 June after flooding delayed the site; well pad works are planned 19 June to 19 July, with rig mobilisation after. Follows the 30 May approvals. Resource figures unchanged (6.1 bscf 2C).
8 Apr 2019farm in farm out agreement▲ GoodMajor
Parta Energy Pty Ltd signed a binding heads of agreement to fund a US$1.5m 3D seismic program for a 50% interest in the Parta Exploration License. Partner RAG withdrew on 31 March. The Iecea Mare appraisal area is excluded. Conditions include a joint operating agreement and a licence extension.
20 Mar 2019drilling scheduled● NeutralMajor
ADX received all key statutory and landowner approvals for the Iecea Mica-1 well, now firming up for a late June 2019 spud. This is later than the earlier Q1 target. ERCE puts the well at 6.1 bscf contingent (2C) and 13 bscf best-estimate prospective resource.
3 Dec 2018farm in farm out completion● Neutral
Reabold exercised its option, paying £375,940 for more Danube shares, lifting it to 33% and cutting ADX to 67%. ADX is committed to invest or find a third party for a matching £375,940; timing is under discussion.
31 Oct 2018farm in farm out agreement▲ GoodMajor
ADX agreed to farm out 50% of the Nilde permit to SDP Services, which funds up to Euro 20.82m of work and gets a 5% net profits royalty. It is conditional on Italian ratification; ADX says it should help overcome the financial-capability objection.
24 Sept 2018farm in farm out completion▲ GoodMajor
Reabold paid the US$1.5m tranche 2 for Danube, taking it to 29% and ADX to 71%, after well approvals and rig and equipment tenders. This funds the first Parta well, Iecea Mica-1. Reabold has an option over a further US$0.5m by 31 October.
16 July 2018resource reserve update● NeutralMajor
ERCE independently put Dougga 2C contingent resources at 122 mmboe, 63% above the 2011 review but below ADX's own 162 mmboe (company estimate). Dougga Sud drilling is intended for Q1 2019, funding is still being sought, and a London AIM listing is possible.
11 July 2018resource reserve update▲ GoodMajor
Independent evaluator ERCE confirmed Parta 2C contingent resources of 21.6 bscf, in line with ADX's 21 bscf. ERCE's best-estimate prospective resource is 28.3 bscf, 49% above ADX's earlier 19 bscf. The report will support Parta financing efforts.
28 Mar 2018farm in farm out completion▲ GoodMajor
The Reabold deal for Danube Petroleum is finalised. Reabold paid US$500k for 10% now, and US$1.5m sits in escrow until ADX issues a drilling approval for the first well, taking it to 29%. ADX seeks a further US$2-3m by mid-2018 for the second well.
4 Dec 2017farm in farm out agreement▲ GoodMajor
Reabold Resources agreed to invest US$2m for 29% of new subsidiary Danube Petroleum, which will hold ADX's Parta interest and fund the first of two 2018 appraisal wells. This values ADX's 71% at US$5m, and follows the search for subsidiary-level funding.
14 Feb 2017resource reserve update● NeutralMajor
ADX's simulation-based Nilde resource: 2C 32.8 mmbo (1C 21.7, 3C 49.8), close to Senergy's 28 mmbo 2C. Oil in place is now 176 to 237 million barrels, below the 300 mmbo ADX cited in October. The 2C is ADX's own estimate, not independent, and the farm-out is next.
25 Oct 2016resource reserve update▲ GoodMajor
ADX's own studies point to about 300 million barrels of Nilde oil in place, roughly double Senergy's, implying about 60 mmbo 2C remaining versus Senergy's 28 mmbo for the field. This is ADX's estimate, not independent. A formal farm-out starts in November, targeting two appraisal wells in 2017.
21 Apr 2016resource reserve update▲ GoodMajor
Nilde project update: indicative capital cost about US$7 a barrel on 2C, profitable down to US$20 (1C) and US$15 (2C) oil. Five new exploration leads in d363 carry 90 million barrels best-estimate prospective resource. ADX targets declaring reserves by end 2016.
17 Feb 2016resource reserve update▲ GoodMajor
Independent assessor Senergy puts the Nilde area (d363, 100% ADX) at 34 million barrels 2C contingent resource (20.2m 1C, 54.4m 3C). This delivers the review flagged in January and anchors ADX's new focus. ADX's own indicative economics are robust below US$40 a barrel.
4 Nov 2014resource reserve update▲ GoodMajor
In-house study adds prospective resource up-dip of Dougga: best estimate 47 mmboe (low 39, high 65), gross, kept as prospective until drilled. Combined with existing contingent resource, Dougga best case rises to 220 mmboe, 27% higher. Delivers the up-dip estimate promised on 14 October.
2 Oct 2014resource reserve update▲ GoodMajor
ADX names three drill-ready Parta prospects with best-case gross prospective resources of 15.0 mmboe (7.6 mmboe net to ADX). It now plans to fast-track at least two wells, seeking farminees, with drilling targeted for Q2 2015. This brings the first Parta well forward from earlier timing.
23 Dec 2013farm in farm out agreement▲ GoodMajor
Gulfsands withdraws from Kerkouane, returning ADX to 100% of Kerkouane and Pantelleria (almost 5,000 sq km), and ADX transfers its remaining 30% of Chorbane to Gulfsands for US$1.75m (US$250k now, US$1.5m on government approval). This ends the Chorbane position.
31 Oct 2013drilling progress report● Neutral
Second-phase seismic (190 km 2D, 200 sq km 3D) has started in the Parta permit, due to finish by year end. ADX holds 50% as operator; the work program requires two exploration wells before May 2015. This shows the stake as 50%, not the 60% stated at award.
6 Sept 2013resource reserve update▲ GoodMajor
Independent review by ISIS puts most likely oil in place for the Upper Birsa reservoir at Dougga West (Kerkouane, Tunisia) at 423 mmbbls, with upside above a billion barrels. ADX is seeking a partner to fund the next well; no binding offer yet.
5 Sept 2013farm in farm out completion▼ Bad
ADX's Alpine subsidiary terminated the Chorbane farm-in with Rift Basin International, which would have earned 15% but failed to meet its obligations despite extensions. ADX resumes seeking farm-out partners for part or all of its remaining 30% interest.
27 Aug 2013drilling progress report▲ Good
Special processing of ~90 km of 2D seismic shows gas-related AVO anomalies at about 1,000 m in the Parta permit. More 2D seismic is planned, and drilling preparations could start by mid-October. Leads are estimated at 47 mmbls oil and 480 bcf gas (mean prospective).
12 Aug 2013drilling progress report▼ Bad
Parta seismic restart slips to about mid September after environmental and administrative delays. Extra 2D data will target a new large prospect with a possible hydrocarbon indicator; drilling preparations could start by mid October. Another delay to a program first due in Q2.
