Past year: ▼ 37%(1.80c – 3.20c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
9 Jan 2024farm in farm out agreement● NeutralMajor
Welchau-1 well cost estimate rose from EUR 3.8m to EUR 5.1m. MCF will now fund 50% of the well up to the higher cap and earn 25% instead of 20%, cutting ADX to 75%. Drilling is expected to start in late January.
8 Jan 2024farm in farm out completion▲ GoodMajor
The MND deal for the ADX-AT-I gas exploration area has completed. MND paid EUR 0.45m of back costs and will fund EUR 4.5m of drilling for 50%. ADX stays operator, with LICHT or IRR drilling targeted for second half 2024.
21 Dec 2023capital raising announcement▲ GoodMajor
The share purchase plan raised A$1.578m at A$0.10 per share, above the A$1m target, with all valid applications accepted. Together with the placement, total raised is A$6.378m. About 15.78m new shares and 7.89m A$0.16 options issue on 22 December.
What it means for a shareholder
15.8m new shares at about A$0.100 to raise about A$1.6m. That's 3.7% dilution: every existing holder's slice gets 3.7% smaller. If you held A$1,000 of shares (10,000 at the issue price), your slice goes from 0.00246% to 0.00237% of the company. To keep it you'd need 389 more shares - about A$39 at the issue price.
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15 Dec 2023drilling progress report● Neutral
Welchau-1 well site construction began, taking about five weeks and finishing late January 2024. The rig was released from the suspended Anshof-2 well. Further Anshof drilling is expected to resume only after Welchau-1.
11 Dec 2023drilling result▼ BadMajor
Anshof-2 found at least 12 m net of good reservoir (about 20% porosity) but only about 34% oil saturation, near the oil-water contact. It will not be completed as a producer. It is suspended for a sidetrack up-dip after Welchau-1, a mixed result for the Anshof appraisal.
5 Dec 2023drilling progress report▲ Good
Anshof-2 hit the Eocene oil reservoir at about 2,160 m, 40-50 m higher than predicted, with at least 22 m gross thickness against 6 m at Anshof-3. Drilling continues to a revised TD of 2,320 m; logs are due by 12 December.
4 Dec 2023farm in farm out agreement▲ GoodMajor
MND agreed to repay EUR 0.45m of costs and fund EUR 4.5m of exploration drilling to earn 50% of an investment area in the ADX-AT-I licence. Drilling of the LICHT or IRR gas prospect is targeted for second half 2024. Completion awaits Austrian ministry clearance of the partnership documents.
30 Nov 2023investor presentation● Neutral
CEO presentation at a London conference on 30 November. The text provided shows only disclaimers and reserves definitions; no new announcement is visible.
29 Nov 2023regulatory community update▲ GoodMajor
Welchau-1 has received its environmental clearance, the last regulatory approval needed to drill the gas prospect (807 BCFE best technical prospective resource). Site construction starts now; drilling is planned for January 2024, resolving the long-awaited permit thread. ADX holds 80%.
29 Nov 2023capital raising announcement● Neutral
Prospectus issued for the share purchase plan: up to 10m shares at A$0.10 (up to A$1m) with one A$0.16 option per two shares, plus a A$250k shortfall offer. Closes 18 December. It formalises the offer announced on 22 November.
What it means for a shareholder
10.0m new shares at A$0.100 to raise about A$1.0m. That's 2.7% dilution: every existing holder's slice gets 2.7% smaller. If you held A$1,000 of shares (10,000 at the issue price), your slice goes from 0.00275% to 0.00268% of the company. To keep it you'd need 275 more shares - about A$28 at the issue price.
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28 Nov 2023capital raising announcement▲ GoodMajor
A second placement tranche raises a further A$0.6m (6m shares at A$0.10, with A$0.16 options expiring 31 Dec 2024) from a UK investor, lifting placement total to A$4.8m. The share purchase plan of up to A$1m opens 29 November and closes 18 December.
What it means for a shareholder
6.0m new shares at A$0.100 to raise about A$600,000. That's 1.6% dilution: every existing holder's slice gets 1.6% smaller. If you held A$1,000 of shares (10,000 at the issue price), your slice goes from 0.00275% to 0.00271% of the company. To keep it you'd need 165 more shares - about A$17 at the issue price.
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28 Nov 2023drilling progress report● Neutral
Anshof-2 was drilling ahead at 1,108 m in 8½-inch hole on 27 November, after setting 9⅝-inch casing at 730 m. Further elevated gas shows were seen in the Puchkirchen formation. Target total depth is 2,650 m.
22 Nov 2023capital raising announcement▲ GoodMajor
ADX raised A$4.2m through a placement of 42m shares at A$0.10 (about 40% oversubscribed), with one A$0.16 option expiring 31 Dec 2024 per two shares. A share purchase plan of up to A$1m follows on the same terms. Funds Anshof-2, production facilities and Welchau.
What it means for a shareholder
42.0m new shares at A$0.100 to raise about A$4.2m. That's 1.1% dilution: every existing holder's slice gets 1.1% smaller. If you held A$1,000 of shares (10,000 at the issue price), your slice goes from 0.000275% to 0.000272% of the company. To keep it you'd need 116 more shares - about A$12 at the issue price.
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21 Nov 2023drilling progress report● Neutral
Anshof-2 was drilling at 458 m in 12¼-inch hole on 20 November. Expected shallow gas shows of up to 4.2% were met below the 13⅜-inch casing. No oil target reached yet; next report 28 November.
16 Nov 2023investor presentation● Neutral
Investor webinar presentation of 16 November 2023 by the Executive Chairman, CEO and Chief Geologist. The text provided is only disclaimers and reserves definitions; no new announcement is visible.
15 Nov 2023admin correction● Neutral
Corrected webinar notice: the date is 16 November 2023, not 16 October. Otherwise identical to the earlier notice, with no new substance.
15 Nov 2023investor presentation● Neutral
Notice of shareholder webinars on ADX's Austrian operations and a four-well program over the next twelve months. The notice carries an incorrect date of 16 October; no new operational information.
14 Nov 2023drilling spud▲ GoodMajor
Anshof-2 appraisal well spudded on 13 November 2023 using the RED E-202 rig. ADX operates with a 60% economic interest, MND 40%. It aims to extend the Anshof field reserves beyond the 5.2 MMBOE 2P base. Weekly updates promised.
6 Nov 2023farm in farm out agreement● NeutralMajor
Xstate, ADX's 20% partner in Anshof, will not participate in the Anshof-2 well, calling it a non-core asset and citing a strategy review. It keeps its 20% interest in Anshof-3. This lets ADX and MND take up its share of the well.
6 Nov 2023drilling scheduled▲ Good
Rig-up began for Anshof-2 with spud planned for 11 November. ADX now holds a 60% economic interest and MND 40% after Xstate opted out; Xstate can buy back in at 400% of well cost. Success case expected to add about 300 bopd.
9 Oct 2023investor presentation● Neutral
Investor update presentation by the Executive Chairman dated 9 October 2023. The text provided is only disclaimers and reserves definitions; no new announcement is visible.
4 Oct 2023drilling scheduled▼ Bad
Welchau-1 drilling is delayed to December 2023 because environmental clearance is still awaited, now expected by 30 October. MCF Energy agreed to extend its drilling start deadline to 1 January 2024. Slips the earlier Q4 target; the drilling permit is already held.
4 Oct 2023security holder rights change● Neutral
The 10-for-1 consolidation is complete: about 363.1m securities on issue afterwards in the capital table. Options were consolidated too, with exercise prices scaled up tenfold (for example, A$0.10 and A$0.14 for the January 2025 loan note options).
28 Sept 2023security holder rights change● Neutral
Shareholders approved the 10-for-1 consolidation at the 28 September 2023 General Meeting, covering shares and options. This resolves the proposal; the share price should trade at about ten times the earlier price, with no change in underlying value.
27 Sept 2023security holder rights change● Neutral
Formal ASX notice of the 10-for-1 consolidation: 3,621,367,519 shares become 362,136,752, with options also consolidated. Deferred trading starts 2 October, record date 3 October. Fractions are rounded up.
18 Sept 2023farm in farm out completion▲ GoodMajor
The MND deal closed: MND paid EUR 1.932m for past costs and long-lead equipment and holds 30% of Anshof. ADX's interest falls from 80% to 50% as operator, with Xstate 20%. MND still owes EUR 4.683m for wells plus contingent payments.
13 Sept 2023admin correction● Neutral
Administrative notice: Computershare's Perth share registry office moves to Level 17, 221 St Georges Terrace from 18 September 2023. No substance for shareholders beyond the new lodgement address.
13 Sept 2023half year report▼ Bad
Half-year to 30 June 2023: net loss A$2.30m versus A$0.94m a year earlier, on revenue and other income of A$7.7m. Production averaged 331 BOEPD (243 previously), including Anshof-3 test oil. Operating cash flow was -A$55k, versus +A$2.38m.
11 Sept 2023investor presentation● Neutral
Investor update presentation by the Executive Chairman dated 11 September 2023. The text provided is only disclaimers and reserves definitions; no new announcement is visible.
5 Sept 2023farm in farm out completion▲ GoodMajor
Austria's finance ministry cleared the Anshof partnership documents, satisfying the condition on the 7 August MND deal (up to EUR 11.52m for 30% economic interest). Anshof-2 drilling is planned for Q4 2023, funded by MND. This resolves the clearance thread.
