Past year: ▼ 37%(1.80c – 3.20c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
18 Apr 2013drilling progress report● Neutral
About 90 km of Parta 2D seismic is done, but heavy rain and flooding have suspended the program until about mid July. Early processing shows a possibly large multi-target oil and gas prospect. This delays the earlier Q2 completion target.
13 Feb 2013drilling progress report▲ Good
Seismic acquisition has begun at Parta, Romania: 190 km of 2D and 200 km of 3D, expected done in Q2 2013. This keeps the first of two committed wells possible as early as Q4 2013. ADX holds 50% and operates.
3 Jan 2013farm in farm out agreement▲ GoodMajor
ADX signed a definitive farm-in with Rift Basin International (TSXV: RIF), turning the November letter of intent into a deal. Rift can earn 15% of Chorbane by paying US$1.2m in past costs and seismic contributions (US$200k, US$700k, US$300k).
28 Nov 2012farm in farm out agreement▲ Good
ADX signed a non-binding letter of intent for Rift Basin to farm into 15% of Chorbane. Rift has paid a non-refundable US$100,000. The LOI lapses on 15 December 2012 unless a definitive agreement is signed; subject to conditions including TSX Venture approval.
26 Nov 2012farm in farm out agreement▲ GoodMajor
ADX agreed to farm out 10% of Chorbane to Gulfsands for US$100,000 cash plus up to US$600,000 of ADX's share of a US$2m seismic programme. Gulfsands becomes operator; ADX will retain 30%, subject to regulatory approvals. This gives up operatorship.
21 Nov 2012farm in farm out agreement▲ Good
At its AGM, ADX said it is completing two farm-outs of the Chorbane permit, expected to provide material funding and a carry for its retained interest through a seismic programme next year. Terms and partners are not yet named.
7 June 2012drilling progress report● Neutral
The test string is run to about 1,180 m and pressure tested, and a gamma ray log is being run to position the perforating guns. The first attempt will be to flow the well without acid or artificial lift. No flow result yet.
1 June 2012drilling progress report● Neutral
Sidi Dhaher-1 test operations began on 31 May with drilling out of the safety plug, after the rig was accepted. The multi-stage test is expected to take about three weeks. Result will decide whether the 51 mmbbl discovery is commercial.
23 May 2012farm in farm out agreement▲ GoodMajor
ADX farmed out Romania's Parta permit to Austria's RAG, which can earn 50% by paying past costs and a share of future costs. ADX keeps 50% and operatorship and says this secures 3.1m euros for 2012 seismic. Subject to Romanian approval.
22 May 2012drilling progress report▲ Good
The rig is now fully mobilised at the Sidi Dhaher-1 location and final test preparations are under way. Removes the road-access hold-up that had delayed the test since April.
14 May 2012drilling progress report▼ Bad
Support camp at Sidi Dhaher-1 is mobilised and rig mobilisation has begun. Repeated road blockages by locals demanding jobs caused delays, and ADX says it cannot give reliable forecasts or completion dates for the test.
12 Apr 2012drilling progress report▼ Bad
Rig preparation is nearly done, but test start slips to within two weeks of 12 April because critical kill and choke valves must be replaced. Another small delay to the Sidi Dhaher test, still pending the 51 mmbbl oil-in-place proof.
29 Feb 2012drilling scheduled▲ Good
Sidi Dhaher test preparations are complete; the Dietswell rig contract is expected to be signed in days, with testing to start in about three weeks and initial results by end of March 2012. An extended test is also being prepared if successful.
8 Dec 2011drilling scheduled● Neutral
Four bids were received from five invited to supply a rig to test Sidi Dhaher. Evaluation is due by 15 December, with approvals around early January before the rig moves. The test will decide commerciality of the 51 mmbbl oil-in-place discovery.
10 Nov 2011resource reserve update▲ GoodMajor
ADX estimates a mean contingent oil in place of 51 million barrels for the Sidi Dhaher discovery. This is oil in place, not recoverable; recoverable volumes depend on a successful well test, with rig selection under way. It follows the 3 October discovery.
26 Oct 2011drilling progress report● Neutral
The Challenger rig has left Sidi Dhaher-1 and the site is cleared. A cheaper rig is being chosen for oil testing. Oil quality results are expected within a week and a resource range for the discovery in early November.
3 Oct 2011drilling result▲ GoodMajor
Sidi Dhaher-1 found an interpreted oil column of about 30 m in Upper Cretaceous rock at 2,011 m total depth, but a well test is needed to confirm commercial rates. The well will be suspended and the rig released. This is ADX's first discovery since the Lambouka gas find.
26 Sept 2011drilling progress report● Neutral
Sidi Dhaher-1 was logged to 1,785 m without problems, then deepened to 2,011 m. Logs and pressure tests were run, and sampling (MDT) of zones of interest was being prepared. No result stated. Numbered #7 in error.
22 Sept 2011drilling progress report● Neutral
Sidi Dhaher-1 reached 1,785 m, then a pump failure and a hole obstruction at 1,366 m limited the first logging. Several potential reservoirs were found higher than predicted. Logs are being interpreted; no hydrocarbon result stated.
16 Sept 2011drilling progress report▲ Good
Sidi Dhaher-1 is drilling at about 1,700 m. Two potential reservoirs, Tertiary and Cretaceous, were hit higher than predicted. The next casing point is now planned at about 2,000 m, followed by logging.
12 Sept 2011drilling progress report● Neutral
Sidi Dhaher-1 has set 13 3/8-inch casing and is drilling 12 1/4-inch hole at about 1,300 m. Two potential reservoir zones have been intersected and will be wireline logged before the next casing.
9 Sept 2011farm in farm out agreement▲ GoodMajor
ADX will buy back PharmAust's 10% of Lambouka for 1,000,000 ADX shares, with PharmAust paying US$50,000 and ADX forgiving $400,473 of past costs. ADX would hold 60% of Lambouka, subject to JV pre-emption. This extends the Carnavale buyback.
9 Sept 2011farm in farm out agreement● Neutral
PharmAust's side of the Lambouka buyback: it exits its 10% and cancels its Italian-waters option, citing the likely cost of a sidetrack and removal of abandonment liabilities. Same terms as ADX's release.
6 Sept 2011drilling progress report● Neutral
Sidi Dhaher-1 has drilled to 1,001 m and is running 13 3/8-inch casing. The first potential hydrocarbon target, the Eocene reservoir, is expected to be reached later this week.
30 Aug 2011drilling progress report● Neutral
ADX corrects the spud time to 6pm GMT on Friday 26 August, not 27 August. The 16-inch hole is drilled to 652 m, with casing to be run next week.
29 Aug 2011drilling spud▲ GoodMajor
Sidi Dhaher-1 spudded at 07:00 GMT on 27 August 2011 and was drilling the 16-inch hole. It had a planned depth of 2,168 m and about 33 days of drilling, targeting 175 bcf of gas and 44 mmbbls of oil (prospective). ADX held 40% as operator.
25 Aug 2011drilling progress report▲ Good
The Egyptian choke line arrived and passed testing, resolving the 22 August delay. Spud is described as imminent, with a pre-spud meeting set for 26 August. The rig goes on day rate once ADX accepts it.
22 Aug 2011drilling progress report▼ Bad
Sidi Dhaher rig systems are tested, but ADX will not allow drilling until all critical spares are on site. A choke line must come from Egypt, causing another incremental spud delay. No new date given.
15 Aug 2011drilling progress report● Neutral
Sidi Dhaher blowout preventer failed initial pressure tests but was repaired and now passes; the diverter is installed and awaiting testing. This follows the 8 August equipment arrival. No spud date yet. ADX keeps 40% as operator.
12 Aug 2011farm in farm out agreement● NeutralMajor
ADX will buy back Carnavale's 20% of Lambouka, lifting ADX to 50%, for 11,172,535 ADX shares, with Carnavale paying US$765k of past costs. Carnavale also gets two US$1m payments if Lambouka produces for 6 and 12 months. Subject to JV pre-emption.
