Past year: ▼ 37%(1.80c – 3.20c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 Apr 2024quarterly activities report● Neutral
March quarter: Vienna Basin output averaged 177 BOEPD (down 19%) due to corrosion and sand; Anshof-3 restarted 3 April at 134 bopd. Cash A$7.16m. Welchau-1 testing, Anshof-2 sidetrack and an ADX-AT-I gas well are planned for Q4 2024.
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.
21 Feb 2024agm notice● Neutral
Reminder of webcast details for a general meeting on 22 February 2024 at 4:00pm AWST. Administrative notice only; the text does not state what is being voted on.
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.
31 Jan 2024quarterly activities report● Neutral
December quarter: Vienna Basin output fell 33% to 218 BOEPD (revenue A$2.51m) with Anshof-3 shut in. Cash rose to A$7.875m after the A$6.378m raising and A$2.5m MND farm-out funds. Welchau-1 drilling is planned for Q1 2024 and Anshof-2 sidetrack planning has begun.
31 Jan 2024quarterly activities report● Neutral
Appendix 5B for December quarter: cash A$7.875m (from A$5.708m). Operating outflow A$2.811m was offset by A$6.378m raised and A$2.5m of farm-in receipts. Loan facilities of A$2.11m are fully drawn.
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.
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.
Create a free account to see this worked out for your own holding.
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.
