Past year: ▼ 37%(1.80c – 3.20c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
8 Aug 2011drilling progress report▲ Good
Critical equipment, including the valve set from Libya, has reached the Sidi Dhaher rig site, resolving the delay reported on 3 August. Final testing of the blowout preventer and diverters should begin soon. No spud date given.
3 Aug 2011drilling progress report▼ Bad
Sidi Dhaher spud is delayed again: safety-critical blowout preventer testing equipment, sourced from the contractor's Libya office, is held up by transport and customs problems. ADX cannot accept the rig and gives no spud date. Rig payments start only on acceptance.
25 July 2011drilling progress report● Neutral
Sidi Dhaher rig-up is 95% complete. Minor camp infrastructure delays (sleeping quarters, kitchen) remain before 24/7 operations can start. No spud date is given.
14 July 2011drilling progress report● Neutral
Rig-up at Sidi Dhaher is nearing completion and rig inspection has begun. ADX will accept the rig and start drilling once it is satisfied. No spud date is given.
5 July 2011drilling progress report● Neutral
Sidi Dhaher rig-up is progressing to plan: mast erected and camp fit-out continuing. ADX says the local conditions that initially delayed work have had no material impact. No spud date is given.
28 June 2011drilling progress report▲ Good
Rig mobilisation to Sidi Dhaher finished without incidents, with road safety measures provided by Tunisian authorities. All rig components are on site and some camp loads remain. Drilling could still start early July.
21 June 2011drilling progress report▲ Good
Mobilisation of camp and rig for Sidi Dhaher began on 20 June, as planned after the authorities' approval. Drilling could start early July. Interests unchanged: ADX 40% operator.
9 June 2011drilling scheduled▲ GoodMajor
Tunisian authorities agreed a supervision schedule for safe rig movement, ending the safety-measures standoff. Rig mobilisation is expected from 20 June and drilling could start early July. ADX stays at 40% in Sidi Dhaher-1 (175 bcf gas, 44 mmbbls oil prospective).
11 Apr 2011drilling scheduled▼ Bad
Sidi Dhaher-1 remains delayed: local authorities have not given reliable commitments on supervising the rig move and preventing trespass. The rig move stays suspended pending agreement on road safety measures. ADX says cost impact to the joint venture has been minimal.
14 Mar 2011drilling scheduled▼ Bad
ADX has delayed mobilising the rig for Sidi Dhaher, citing safety of local residents along the access road rather than security concerns. It calls the delay short with no significant cost impact. This pushes spud beyond the February target; no new date is given.
2 Mar 2011resource reserve update▲ GoodMajor
Independent consultant Tracs completed its report on Dougga, resolving the review flagged in November. Mean recoverable contingent resources are 41 mmbbls of liquids and about 191 bcf gas, with gas in place P90 up 20%. The JV aims to drill an appraisal well early 2012.
24 Feb 2011drilling scheduled● Neutral
Sidi Dhaher preparations are running 'slightly slower than expected', with the company moving cautiously. Surface casing is set and approvals obtained; camp then rig will be moved (5 days each). No firm spud date is given, so the February target has effectively slipped.
11 Feb 2011drilling scheduled● Neutral
Sidi Dhaher site preparations are complete and service contracts are in place. Rig testing and repairs are under way, with a mobilisation decision expected the following week and spud still targeted for February. Farm-in partners are expected to fully fund ADX's share.
28 Jan 2011drilling scheduled▲ Good
ADX says civil works at the Sidi Dhaher site are progressing without security issues after the former president's fall. All contractors, including rig provider Challenger, have confirmed availability, and spud is expected in the second half of February 2011.
7 Dec 2010drilling scheduled▲ Good
Tunisia's regulator ETAP approved ADX's rig tender evaluation for Sidi Daher-1, leaving four suitable onshore rigs to choose from. A final rig choice is due within days, with a January 2011 spud still anticipated. Interests: ADX 40%.
25 Nov 2010farm in farm out agreement▲ GoodMajor
Verus Investments (ASX:VIL) will buy 10% of Sidi Daher from ADX, funded by a $2m share placement at 1.225c. Verus pays ADX US$250k back costs plus US$1.1m towards drilling; spud is expected by January 2011. Text is truncated.
25 Nov 2010farm in farm out agreement▲ GoodMajor
ADX confirms farming out 10% of Sidi Daher to Verus for US$250k back costs plus US$1.1m by 3 December 2010. ADX says earlier Gulfsands and XState farm-outs already fund its drilling share, so proceeds free cash for other work. ADX falls to 40%.
4 Nov 2010resource reserve update▲ GoodMajor
Remapping with new 3D seismic lifts ADX's inferred Dougga mean contingent resource to 234 bcf sales gas and 50 mmbbls condensate/LPG (89 mmboe), up from the 2009 audited 196 bcf and 42 mmbbls. A well about 300m up-dip is planned for 2011; an independent Tracs review has begun.
23 Sept 2010resource reserve update▲ GoodMajor
ADX's first resource estimate for the Lambouka discovery is a mean 309 Bcf recoverable gas (P50 277, P10 528), with about 24 mmbbls of condensate if Dougga-like ratios apply. Fracture porosity is excluded. Reserves need a successful flow test; plan is to re-enter, sidetrack and test, ideally with a Dougga appraisal in 2011.
22 Sept 2010drilling scheduled● Neutral
ADX has sent drilling-service tenders for the onshore Sidi Daher well in the Chorbane permit, now targeting December 2010 (earlier planned for Q4). It cites 80 mmbbls prospective resources and 150 Bcf in a gas-only case. Farmouts fund ADX's share; ADX 50%, Gulfsands 40%, XState 10%.
8 Sept 2010drilling result● NeutralMajor
Lambouka-1 partners agreed to suspend the discovery for future re-entry rather than abandon it. A later drill stem test of the Abiod and a re-drill of the lower section to test the up-dip crest are possible. No timing or cost is given.
7 Sept 2010drilling result▲ GoodMajor
ADX reports hydrocarbon zones discovered in Lambouka-1, with at least two in the Abiod and about 23m net pay, versus 14m at Dougga. Gas, possibly condensate, is likely. Fluid samples and pressure data could not be obtained due to losses and hole deterioration. Total depth is 2,786m.
31 Aug 2010drilling progress report● Neutral
Lambouka-1 drilled the 8-1/2in section through the Abiod to 2,785m, with fluid losses throughout. Combined with high resistivity, gas and oil shows, ADX will run wireline logs and an MDT fluid test next. No confirmed result yet.
30 Aug 2010drilling result▲ Good
Drilling further through the Abiod at Lambouka-1 (2,691m) showed pinpoint fluorescence and oil stains in the mud. ADX calls it encouraging but not proof of producible hydrocarbons, and plans full wireline logging with fluid sampling.
27 Aug 2010drilling result● Neutral
Lambouka-1 has hit the Abiod limestone at about 2,511m, with circulation losses, higher background gas and unusually high resistivity. ADX says this is preliminary and cannot show whether movable hydrocarbons are present until wireline logs are run.
24 Aug 2010drilling progress report● Neutral
Lambouka-1 finished the 12-1/4in section at 2,216m and cemented 9 5/8in casing. Rig is preparing to switch to a water-based mud before drilling the 8-1/2in section through the Abiod. No hydrocarbon result yet.
19 Aug 2010drilling result▼ Bad
Lambouka-1 drilled the full Ain Grab, a secondary target, finding porous sandstone as expected but interpreted as water bearing. The 12-1/4in hole is at 2,216m, with casing next before the main Abiod target. P50 Abiod case is 370 bcf gas and 30 mmbbls liquids.
19 Aug 2010drilling progress report● Neutral
XState, holding 10% of Lambouka-1 via Bombora, says the well is setting 9 5/8in casing before drilling the Abiod, expected over 4-7 days. It repeats Sidi Daher onshore drilling planned late 2010 (XState 10%). No new ADX result.
17 Aug 2010drilling progress report● Neutral
Lambouka-1 set 13 3/8in casing at 1,469m and is drilling the 12-1/4in hole faster than predicted, at 2,024m in the Ain Grab. The well is deviated to hit the Abiod at the crest. This version quotes a 370 bcf P50 gas and ~80 mmbbls liquids figure, later corrected.
16 Aug 2010drilling result▼ BadMajor
Lambouka-1 hit the first Birsa sandstone at 1,635m, but drilling-time logs show it is water-bearing, which ADX calls disappointing. A good seal and reservoir were found. Drilling continues to deeper targets including the main Abiod target.
