Past year: ▼ 37%(1.80c – 3.20c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
4 Jan 2022drilling progress report● Neutral
Anshof-3 reached 2,201m on day 16, on schedule. The Eocene oil target is expected near 2,310m and the Cenomanian near 2,490m. A roughly 20m gas-show zone near 850m will be evaluated after logging. No oil result yet.
29 Dec 2021drilling progress report● Neutral
Anshof-3 reached 1,123m on day 10, on schedule, with total depth now planned at 2,540m. Shallow gas shows from 175m are described as expected and caused a small delay while degassing. Main oil target not yet reached.
20 Dec 2021drilling spud● NeutralMajor
Anshof-3 spudded at 2am CET on 18 December 2021, the first well on the Upper Austria licences. The first 24 hours drilled 17½ inch hole to 37m and cemented casing. This starts the exploration well targeting 6.6 MMBOE best case, with Xstate funding 40% of costs.
14 Dec 2021drilling progress report● Neutral
Anshof well site construction is finished and the RED E-220 rig began mobilising on 13 December 2021, on schedule with the earlier mid-December plan. The first well will be Anshof-3. Forestry approval for two extra locations is now expected by year end, slightly later than the early-December estimate.
8 Dec 2021capital raising announcement● NeutralMajor
ADX raised A$2.847m by placing 284.7m shares at A$0.01, against a last close of A$0.011, with one free A$0.015 option (expiry 30 June 2022) per two shares. Funds go to hydrogen feasibility, the geothermal pilot, Anshof tie-in if successful, and licence fees. It dilutes holders.
What it means for a shareholder
285m new shares at A$0.010 to raise about A$2.8m. That's 9.6% dilution: every existing holder's slice gets 9.6% smaller. If you held A$1,000 of shares (100,000 at the issue price), your slice goes from 0.00372% to 0.00337% of the company. To keep it you'd need 10,605 more shares - about A$106 at the issue price.
Create a free account to see this worked out for your own holding.
6 Dec 2021investor presentation● Neutral
General investor update presenting ADX as a European hydrocarbon and green energy company. The visible text is disclaimers and reserves definitions, with the rest truncated, so no new figures can be reported.
2 Dec 2021investor presentation● Neutral
Investor webinar slides on the Vienna Basin hydrogen project. The visible text is disclaimers and reserves definitions, with the rest truncated, so no new figures can be reported.
30 Nov 2021other● Neutral
Shareholder letter explaining the Vienna Basin green hydrogen plan: ADX's depleted gas reservoirs, land and nearby wind power, with pipeline blending up to 10% hydrogen. It restates the October Windkraft agreement; no new figures, and funding is still to be secured.
24 Nov 2021drilling progress report▲ Good
Final environmental approval was received and Anshof well site construction has begun. Rig mobilisation is expected mid-December, with spud 3–4 days later from the Anshof-3 surface location, and about 17 days to drill. Forestry approval for two extra locations is expected in about two weeks.
22 Nov 2021farm in farm out agreement▲ GoodMajor
Xstate Resources signed a heads of agreement to fund 40% of the Anshof well, capped at EUR 720,000, to earn 20% of the Anshof area, with a possible second-well option. ADX keeps 80%. This starts the Upper Austria farm-out; Xstate also holds a two-month option on the OHO prospect.
10 Nov 2021resource reserve update▲ Good
RISC independently reviewed ADX's Upper Austria prospects and found the estimates reasonable: Anshof mean unrisked 6.6 MMBOE with 43% chance of success, and OHO 17.0 MMBOE (oil case) at 24%. Supports the farm-out effort; these remain unproven prospective resources.
8 Nov 2021drilling scheduled▲ GoodMajor
ADX received Austrian mining approval for up to three wells at the Anshof site and signed a multi-well contract with RED Drilling. Anshof-1 is expected to spud mid to late December, taking 17 days to reach 2,200m at about EUR 2m dry hole, targeting 6.6 MMBOE best case.
4 Nov 2021resource reserve update▲ GoodMajor
An independent RISC audit lifted Austrian developed reserves: 1P to 1.19 MMboe (up 215%) and 2P to 1.85 MMboe (up 154%), versus the November 2020 audit. NPV is EUR 5.7m (1P) and EUR 15.9m (2P). This completes the pending reserves review.
5 Oct 2021material agreement▲ GoodMajor
ADX signed a Memorandum of Agreement with wind power producer Windkraft Simonsfeld for green power supply and joint development of the Vienna Basin hydrogen production and storage project. This resolves the power-provider selection; definitive agreements are targeted by 1 December 2021, with funding incentives still to be secured.
28 Sept 2021material agreement▲ GoodMajor
ADX signed a binding agreement with Siemens Energy and RED Drilling to build a CO2-based geothermal power test site at an existing Austrian well, converting July's non-binding letter of intent. ADX is securing permits; engineering starts October 2021. No cost or timing of results given.
27 Sept 2021material agreement● Neutral
ADX added a BP fixed-price swap at an average US$71.85 Brent for 1 November 2021–31 March 2022, about 100 barrels a day (14,930 barrels), extending cover past the October expiry of the US$71.71 swap. Total hedged is about 200 bpd.
13 Sept 2021half year report● Neutral
Half-year to 30 June 2021: revenue A$4.49m (A$3.70m a year earlier) and net loss A$1.88m (A$2.22m). Production averaged 306 BOEPD. Exploration expense was A$1.17m, mainly in Austria. Financing brought in A$3.73m.
8 Sept 2021investor presentation● Neutral
Presentation for the Good Oil conference in Perth on 8 September 2021, titled 'Embracing the future of energy in Europe!'. The visible text is disclaimers and reserves definitions; the rest is truncated, so no new figures can be reported.
21 July 2021investor presentation● Neutral
Investor presentation at the Resources Roadhouse event in Perth on 21 July 2021. The visible text is disclaimers and reserves definitions; the rest is truncated, so no new figures can be reported.
15 July 2021material agreement▲ GoodMajor
ADX signed a Letter of Intent with Siemens Energy and RED Drilling for a geothermal-to-power pilot in Austria, with ADX handling permits and subsurface work. First downhole testing could come in Q3 2021 if wells and approvals allow. Non-binding; it adds a green-energy track beside the hydrogen concept.
14 July 2021material agreement▲ Good
ADX added a BP swap for 40% of proven Austrian output at US$71.71 Brent for July–October 2021, replacing the expired US$44.34 swap. About 200 barrels a day is now hedged at an average US$68.87, against field costs of about US$29 per barrel.
21 June 2021regulatory community update▲ Good
Romania granted an 18-month extension of the Parta exploration phase with no added work obligations, for a EUR 14,520 fee. This gives ADX time to find new funding for the 100 km2 3D seismic dropped after Tamaska's September 2020 default.
16 June 2021security holder rights change● Neutral
Of 374,358,811 options at A$0.008 expiring 15 June 2021, 167,605,653 were exercised and 206,753,158 lapsed. This closes the placement and SPP option thread; the quarterly report puts exercise proceeds at A$1.06m.
8 June 2021other● Neutral
4,162,409 shares issued on 26 June 2020 to directors and consultants in lieu of fees come out of 12-month voluntary escrow on 26 June 2021. Administrative notice only.
1 June 2021material agreement▲ Good
ADX hedged 40% of Austrian proven production with BP at US$66.03 Brent for 1 July–31 December 2021, about 100 barrels a day, replacing the expired US$41.77 swap. Current output is 340 BOEPD; the US$44.34 swap expires 30 June, leaving over 60% unhedged.
28 May 2021investor presentation● Neutral
AGM slides dated 28 May 2021 under the banner 'A European focussed energy producer'. The visible text is disclaimers and reserves definitions; the rest is truncated, so no new figures can be reported.
4 May 2021investor presentation● Neutral
ADX presented a business case for green hydrogen storage in its Gaiselberg and Zistersdorf fields, with a pilot using a 1 MW electrolyser. It is in talks with renewable energy partners. Still a pre-feasibility concept, with no partner, funding or revenue yet.
13 Apr 2021production update▲ GoodMajor
Workovers on five Austrian wells finished 1 April 2021 and a new oil zone was perforated, lifting field output to 430 BOEPD from 240 BOEPD in the December quarter, an 80% rise. The new zone gives about 150 BOEPD but has only about 10 days of history.
31 Mar 2021annual report● Neutral
ADX's annual report for 2020 describes the Dec 2019 RAG Austrian fields purchase as transformative and notes 2020 sales averaged 285 BOEPD. Hedging and an Austrian government loan helped it through the oil price fall. Content mostly restates known events.
31 Mar 2021other● Neutral
Appendix 4G key to corporate governance disclosures for the year ended 31 December 2020, lodged with the annual report. Administrative filing with no new substance.
