Past year: ▼ 37%(1.80c – 3.20c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
13 Sept 2022half year report▲ Good
Half-year to 30 June 2022: revenue A$6.66m (up from A$4.49m), loss narrowed to A$0.94m from A$1.88m, and production averaged 243 BOEPD (306 a year earlier). Operating cash flow was positive A$2.29m. Anshof-3 production is expected to start in October 2022.
7 Sept 2022investor presentation● Neutral
Presentation at the RIU GoodOil conference on 7 September 2022. The text provided is only disclaimers and reserves definitions; no new announcement is visible.
6 Sept 2022material agreement▲ GoodMajor
ADX signed a lease for an early production system and an oil sales agreement with RAG E&P for Anshof-3. Production is due mid-October 2022 at about 100 bopd, sold at Brent less a small discount, with roughly US$11 per barrel processing and transport charges.
30 Aug 2022asset acquisition disposition▲ GoodMajor
Italian authorities offered ADX the chance to ratify its offshore Sicily d363C.R-.AX licence for gas only. Five prospects hold 369 BSCF best-estimate prospective gas. A work programme is due by 10 October 2022. This advances the long-suspended Nilde licence, now reframed from oil to gas.
15 Aug 2022auditor change● Neutral
The audit firm trading as Rothsay Auditing resigned with ASIC consent, and Rothsay Audit & Assurance Pty Ltd was appointed auditor from 15 August 2022. Shareholders will vote on it at the next AGM. Text gives no reason beyond the resignation.
3 Aug 2022capital raising announcement● NeutralMajor
ADX raised A$2.55m via a placement of 425m shares at A$0.006, oversubscribed by about 70%, with one free option per two shares (A$0.013 strike, 2 years). Funds go to Welchau and Anshof long-lead items, the Anshof early production facility and renewables. Price is below the A$0.008 prior close.
What it means for a shareholder
425m new shares at A$0.006 to raise about A$2.5m. That's 12% dilution: every existing holder's slice gets 12% smaller. If you held A$1,000 of shares (166,667 at the issue price), your slice goes from 0.00545% to 0.00479% of the company. To keep it you'd need 23,175 more shares - about A$139 at the issue price.
Create a free account to see this worked out for your own holding.
20 June 2022investor presentation● Neutral
Notice of a 23 June 2022 webinar and Welchau prospect presentation on Europe's energy crisis and ADX's gas opportunity. Text provided shows no new results or decisions; it repeats the Welchau story announced in May.
31 May 2022material agreement▲ Good
ADX hedged about 50% of forecast proven oil output from June to December 2022 with BP: a zero-cost collar with a US$80.00 floor and US$130.25 cap on 24,600 barrels (about 115 bpd). Gas and the other half of oil stay unhedged. Renews cover that lapsed in April.
27 May 2022investor presentation● Neutral
AGM investor presentation of 27 May 2022 describing ADX as a European energy producer and renewables business. Text provided is mostly disclaimers and reserves definitions; no new announcement is visible.
16 May 2022asset acquisition disposition▲ GoodMajor
ADX agreed with Austrian authorities to expand its Upper Austria licences from 450 km2 to 1,022 km2, valid up to 16 years from 1 April 2022, with gas storage rights. Adds the Welchau prospect (750 BCF, about 125 MMBOE best technical prospective), plus Gmunden, ZAM (15 MMBOE) and Piberbach.
9 May 2022well test result▲ GoodMajor
Fuller analysis of Anshof-3 testing lifts the maximum flow to 132 barrels per day of water-free oil, up from the 75 announced on 26 April. Pressure data show better reservoir performance and no nearby flow barriers. The well has been acidised and pumped, with a trucked early production facility planned.
26 Apr 2022flow test result▲ GoodMajor
Anshof-3 flowed water-free 32° API oil at about 75 barrels per day from the 6m Eocene zone, within the earlier 40-100 bopd estimate and at the upper end of expectation. This resolves the testing thread; acidising, pump and early production facility are next. No resource revision planned.
21 Apr 2022resource reserve update▲ GoodMajor
ADX lifts its Upper Austria drill-ready prospective resources to 72 MMBOE best technical case from 62, mainly from the new Gruenburg prospect (8.5 MMBOE) south of Anshof. Anshof moves to appraisal, and ADX is talking to potential farminees.
21 Apr 2022drilling progress report● Neutral
Testing tubing and perforating guns are in the Anshof-3 well after a casing check showed good cement across hydrocarbon zones. Initial flow results are expected early next week. Up to three gas-assisted flow periods are planned; nothing flowed yet.
13 Apr 2022investor presentation● Neutral
Investor presentation of 13 April 2022 on ADX's Austrian production, Upper Austria exploration and green energy plans. Based on the text provided, it is a general update repeating known facts, with no new announcement visible.
11 Apr 2022drilling progress report● Neutral
The RED W-101 workover rig is now on site at Anshof-3. Perforation and first oil inflow are expected in the week of 18 April 2022, with testing finishing by end-April. This follows the earlier one-week Covid delay; no results yet.
31 Mar 2022drilling scheduled▼ Bad
Anshof-3 flow testing slips about a week after a Covid-19 event affecting a rig contractor's crew. The workover rig is now due around 8 April 2022, with first oil inflow expected by the week of 18 April. Testing should finish by end-April.
31 Mar 2022other● Neutral
Appendix 4G, the checklist pointing to ADX's 2021 corporate governance statement on its website. Administrative filing only, with no new information.
31 Mar 2022other● Neutral
Annual corporate governance statement for the year to 31 December 2021, current at 31 March 2022. It describes board policies and compliance with ASX recommendations. No new operational or financial information.
31 Mar 2022annual report▲ Good
2021 annual report: oil and gas sales revenue rose 69% to A$9.10m from A$5.38m, with production averaging 285 BOEPD. Brent averaged US$70.73 against US$43.10 in 2020. Romania and Italy remain stalled; Austria is the stated focus.
25 Mar 2022other▲ Good
ADX's Austrian subsidiary received a COVID fixed-cost subsidy of EUR 782,157 (about A$1.15m) from Austria's COFAG, covering September 2020 to February 2021. It adds to an earlier A$158k subsidy and low-cost loans. It is non-dilutive funding.
15 Mar 2022drilling scheduled● Neutral
Flow testing of Anshof-3's Eocene oil zone starts in late March 2022 using a workover rig. ADX estimates 40-100 barrels of oil per day, based on nearby wells. If it works, interim trucked production could begin before a production licence is granted.
1 Mar 2022production update▲ GoodMajor
A four-well workover costing about EUR 183,000 lifted Vienna Basin output to 318 BOEPD (281 oil, 37 gas), 25% above the December quarter's 254. That is about 10% above the rate after the December 2019 purchase, with Brent at US$105.
28 Jan 2022drilling scheduled● Neutral
A workover rig is due at Anshof-3 the week of 1 March 2022 to test the 6m Eocene oil zone at 2,302m, then the 20m Miocene gas zone at 800m. ADX says first commercial production could come within 6 months of a successful test and does not plan to revise pre-drill Eocene resources.
17 Jan 2022drilling progress report● Neutral
Drilling at Anshof-3 is finished. 7 inch casing was cemented to 2,499m and the rig was released on 15 January 2022 after 28 days. The well is suspended awaiting a workover rig for completion and testing. No new results.
14 Jan 2022drilling result▲ Good
Partner Xstate reported wireline results for Anshof-3: a 9m gross Eocene oil interval with about 2.5 to 4m of expected net pay, and a 20m Miocene gas interval with about 14m of expected gas pay. The 11m Cenomanian zone was not expected to be productive. Xstate said its farm-in was complete, giving it a 20% working interest funded from cash.
14 Jan 2022drilling result▲ GoodMajor
Wireline logs confirm the Anshof-3 discovery: 6m gross Eocene oil (about 2.5-4m net pay) and 20m gross Miocene gas (14m pay). The 11m Cenomanian oil is likely unproductive here. Eocene thickness is at the low end of pre-drill expectations. The well will be cased for testing.
11 Jan 2022drilling progress report● Neutral
Anshof-3 reached total depth of 2,499m in crystalline basement on 6 January 2022. Logging was delayed by hole instability. An extra 11m gross Cenomanian interval with oil and gas shows was found. Logs are due this week; nothing is yet tested.
10 Jan 2022material agreement▲ Good
ADX added a BP zero-cost collar for Brent: floor US$73.00, cap US$82.60, covering 11,210 barrels from January to April 2022. With the US$71.85 swap, about 170 bpd (~80% of 1P oil) is hedged. It protects revenue while keeping some upside.
5 Jan 2022drilling result▲ GoodMajor
Anshof-3 preliminary drilling data indicate an oil discovery: a 9m gross interval at the Eocene target, plus a 20m gross gas-show interval in the Miocene. Formation tops came in as predicted. Wireline logs due week of 10 January will confirm; this is not yet tested or flowed.
