Past year: ▼ 37%(1.80c – 3.20c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
10 Aug 2010drilling progress report● Neutral
Lambouka-1's 16-inch hole reached 1,476m, deeper than the 1,341m planned, to set casing in solid shale. ADX calls the shale a positive sign as a seal for any hydrocarbons in the Birsa sandstone below. No result yet.
3 Aug 2010drilling progress report▼ Bad
Lambouka-1 lost time to 53 hours of bad weather and difficulty latching the blowout preventer, which needed modification. Drilling out of the 20-inch casing shoe resumed on 2 August. Rig rate is reduced or zero during delays.
27 July 2010drilling progress report● Neutral
At Lambouka-1, 20-inch casing was run and cemented at 922m, but bad weather delayed running the blowout preventer. The report corrects last week's update: the Birsa sandstone is now expected in the 12-1/4 inch section, not the 16-inch.
20 July 2010drilling progress report▼ Bad
Lambouka-1's 26-inch section reached 927m, but running casing was delayed by rig power-unit electronics repairs, with the rig rate at zero until 19 July. Drilling to the first target, the Birsa sandstone, is expected next. XState now named directly as 10% holder.
13 July 2010drilling progress report● Neutral
Lambouka-1 drilled the 36-inch hole to 49.6m subsea and is now running 30-inch conductor casing. Next week's plan is a 26-inch hole to about 280m. No hydrocarbon result yet.
12 July 2010drilling spud● NeutralMajor
Lambouka-1 spudded on 11 July, about three days late because of rig anchor problems. It targets 3,000m, costs about US$22m and takes roughly 35 days. Mean prospective resource is 270 mmboe. Weekly reports every Tuesday.
2 July 2010drilling progress report▲ Good
The Southern Cross rig arrived at Lambouka-1 slightly ahead of schedule; anchoring is under way and spud is expected within a week. Participants: ADX 30% operator, Gulfsands 30%, Carnavale 20%, Bombora 10%, PharmAust 10%.
17 June 2010drilling progress report● Neutral
Rig mobilisation to Lambouka-1 has begun after Tunisian naval approval. The Southern Cross is expected on location within 12 to 15 days, weather permitting. Spud is therefore likely around early July, later than the mid-June target.
7 June 2010farm in farm out agreement● NeutralMajor
Gulfsands exercised its option to lift its Sicily Channel farm-in from 20% to 30%. ADX's Lambouka share falls to 30% (operator), and 60% elsewhere. Well costs about $20m, around 30 days; 270 mmboe mean resource; spud second half of June.
18 May 2010farm in farm out completion▲ GoodMajor
Formal farm-in signed with Gulfsands to earn up to 30% of the Sicily Channel permits (20% initially, option for 10% more), concluding the paperwork funding Lambouka-1. Chorbane farm-in documents still being finalised. Rig contracted with Atwood; mid-June spud expected.
12 May 2010drilling result▲ Good
Interpretation of the fast-track 3D seismic confirmed the Lambouka drilling location within the area originally planned, confirmed structural validity and showed further resource upside. Another large prospect north of Dougga was identified. Lambouka-1 spud expected week of 14 June.
19 Apr 2010drilling progress report▲ Good
Geostreamer 3D acquisition finished 15 April, about a week early. Fast-track cube processing is expected done 1 May to pick the Lambouka well location. Spud still expected 15 June 2010.
12 Apr 2010drilling progress report▲ Good
The 3D survey is about a week ahead of schedule. The fast-track cube over Lambouka finished 1 April and is being processed to select the well location. Onboard quality control looks encouraging; full survey completion is expected 16 April.
12 Apr 2010drilling progress report● Neutral
PharmAust cover note forwarding AuDAX's 12 April 3D seismic update. No new information.
7 Apr 2010farm in farm out agreement▲ GoodMajor
Bombora signed to earn 10% of the Sicily Channel permits. After the Gulfsands deal, AuDAX keeps 30% of Lambouka and 60% of surrounding areas including Dougga, with 87% of well costs funded by farm-ins. At Chorbane AuDAX keeps 50%, with the first well expected fully funded.
24 Mar 2010farm in farm out agreement▲ Good
Carnavale disclosed terms: US$200,000 on signing, refundable if no well within 6 months, plus up to US$5.4m of well costs for 20% of Lambouka. It plans to raise up to $2m at 20c a share. Well cost is about US$20m dry.
23 Mar 2010farm in farm out agreement▲ Good
PharmAust, a partner company, announced it agreed to earn 10% of the Lambouka prospect area by paying a promoted share of the well cost, estimated at about US$20m dry. Subject to PharmAust shareholder approval. Counterparty-side notice of the AuDAX farm-in.
23 Mar 2010farm in farm out agreement▲ GoodMajor
AuDAX signed a farm-in with Carnavale Resources (ASX:CAV), which can earn 20% of the Lambouka prospect area in both Sicily Channel permits by paying a promoted share of the well. Spud expected 15 June 2010.
23 Mar 2010farm in farm out agreement▲ GoodMajor
AuDAX signed a farm-in with private company Bombora Energy, which will earn 10% of Chorbane by paying 20% of the first well. Sidi Daher resources are now quoted at 120 mmboe (AuDAX estimate), up from the 80 mmboe in the Gulfsands release.
23 Mar 2010farm in farm out agreement▲ GoodMajor
AuDAX signed a farm-in agreement with PharmAust (ASX:PAA) to earn 10% of the Lambouka prospect area in both permits by paying a promoted share of the well, due to spud mid June 2010. Adds to the Sicily Channel funding.
22 Mar 2010farm in farm out agreement▲ GoodMajor
AuDAX accepted a farm-in offer from Gulfsands Petroleum to earn up to 30% of both Sicily Channel permits by paying a promoted share of 3D seismic and the Lambouka well costs. Formal documents are not yet signed and need board approvals.
22 Mar 2010farm in farm out agreement▲ GoodMajor
AuDAX accepted a Gulfsands offer to earn 40% of Chorbane by paying 80% of one exploration well. Formal documents are pending board approvals. Sidi Daher resources are described as 80 mmboe (AuDAX estimate), with 175 Bcf gas mean case.
22 Mar 2010drilling progress report● Neutral
The roughly 640 sq km 3D seismic survey is expected to start 23 March with the Atlantic Explorer vessel. Covers Sambuca, now also called Lambouka, and the Dougga gas condensate field. Drilling is still scheduled for Q2 to Q3 2010.
18 Mar 2010farm in farm out agreement▲ Good
AuDAX says it is finalising several farm-outs on its Tunisian offshore and onshore acreage, expected to be a material source of funding for the Sidi Daher and Sambuca wells. Partners and terms to be announced within days. Follows the WERS termination and DNO talks.
10 Dec 2009drilling scheduled▲ GoodMajor
Sidi Daher in Chorbane selected as the first onshore Tunisia drilling target after a seismic flat spot (direct hydrocarbon indicator) was identified. Mean estimates: 175 bcf gas, plus 54 mmbbls oil possible, and 44 mmbbls in the deeper Abiod. Rig tendering and spud date to follow.
16 Oct 2009farm in farm out agreement▲ GoodMajor
Non-binding letter of intent with DNO International (Norway) to earn 50% of Chorbane by paying 100% of the first well. Subject to a farm-in agreement and government approvals. Follows the September PSC signing; Sidi Daher estimated at 20 to 80 mmbbls.
9 Oct 2009drilling scheduled▲ Good
Tender sent to bidders for a high-resolution 3D seismic survey over the Sambuca prospect, the Dougga discovery and other prospects in the Sicily Channel. Completion is targeted by end 2009, subject to vessel availability. Aims to reduce risk before drilling.
17 Sept 2009drilling scheduled▲ Good
Six valid bids were received from rig owners for the Sambuca semi-submersible tender; nine of fifteen declined or did not respond. Evaluation is due by 30 September and contract approval around 20 October. Moves the rig thread forward.
20 Aug 2009drilling scheduled▲ Good
Tunisia's ETAP approved the bidders list for casing and subsea wellheads needed to drill Sambuca. Tenders will go out shortly. Further preparation step for the planned 2010 well; nothing is yet contracted.
30 July 2009drilling scheduled▲ Good
Tender invitation for a semi-submersible rig to drill Sambuca (270 mmboe P50 unrisked) went to fifteen contractors. Drilling is expected in Q1/Q2 2010, subject to rig availability. Advances the open rig contract thread; no rig is yet contracted.
