Past year: ▼ 37%(1.80c – 3.20c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
27 July 2009resource reserve update▲ GoodMajor
Independent consultant Tracs put Dougga gas condensate field (Kerkouane, AuDAX 100%) most likely contingent resources at 74.5 mmboe, including 42 mmbbls liquids; upside 117 mmboe. Project NPV10 is US$1.134bn at assumed prices. Gives the 2008 discovery a formal independent resource figure.
22 May 2009drilling scheduled▲ Good
Tunisia's state agency ETAP approved the bidders list for a semi-submersible rig to drill Sambuca. Tender documents are ready and invitations go out shortly. This advances the open rig-contract thread; no rig is yet contracted.
13 May 2009farm in farm out completion▲ GoodMajor
AuDAX executed all joint venture agreements with World Energy Research for a 40% interest in the Sambuca prospect, in return for paying 100% of the US$23m expected drilling cost. This finalises the 1 April farm-out agreement.
1 Apr 2009farm in farm out agreement▲ GoodMajor
AuDAX agreed to farm out 40% of the Sambuca prospect to private investor World Energy Research, which would pay 100% of the expected US$23m drilling cost. This addresses the open Sicily Channel farm-out and the funding of 2009-10 drilling.
26 Feb 2009farm in farm out agreement● Neutral
Kairiki's cover release forwards AuDAX's PGS MoU. It adds that PGS's 15% would come pro-rata from AuDAX (70%) and Kairiki (30%). Otherwise duplicates the AuDAX announcement.
25 Feb 2009farm in farm out agreement▲ GoodMajor
AuDAX signed a non-binding MoU for seismic contractor PGS to earn 15% of the Pantelleria and Kerkouane permits by paying 30% of a future work program. A farm-in agreement is targeted within three months; it advances the Sicily Channel farm-out sought since 2008.
18 June 2008farm in farm out agreement● Neutral
Kairiki's release says it has signed sale agreements to buy 30% of the Pantelleria and Kerkouane permits from AuDAX. Duplicates AuDAX's announcement; still conditional on AuDAX completing the Stratic purchases by 30 June.
18 June 2008farm in farm out agreement▲ Good
AuDAX signed sale and purchase agreements to sell Kairiki 30% of the Pantelleria and Kerkouane permits, firming up the April letter of intent. Completion still depends on AuDAX closing the Stratic purchases by 30 June 2008.
24 Apr 2008farm in farm out agreement▲ GoodMajor
Kairiki signed a letter of intent to buy 30% of each of the Pantelleria (GR.15.PU) and Kerkouane permits from AuDAX for US$300,000 cash each. Conditional on AuDAX completing the Stratic purchases and a sale agreement by 30 June 2008.
4 Jan 2008drilling result▼ BadMajor
Jasmine-1 is preparing to set abandonment plugs, effectively a dry hole. This is the final drilling release. It follows Sarahlyn-1 as another unsuccessful PEL-182 oil test after the Vanessa gas find.
2 Jan 2008drilling progress report● Neutral
Jasmine-1 reached total depth of 2,450m and is running wireline logs. A drill stem test is planned in the Merrimellia (2365-2376m) to check the fluorescence show.
31 Dec 2007drilling progress report▼ Bad
Jasmine-1 is at 2,389m. No shows were noted in the Patchawarra primary target and only a very poor show in the Merrimellia. Logs will evaluate further; a discouraging early sign.
28 Dec 2007farm in farm out completion▼ BadMajor
Enterprise Energy terminated its PEL-182 farm-in with AOC and AuDAX after failing to satisfy a necessary condition precedent. This ends the 22 November proposal; AuDAX's 49.9% is unchanged.
28 Dec 2007drilling progress report● Neutral
Jasmine-1 drilled to 1,551m, where the bit balled up and was pulled and cleaned. It is being run back in. No new result.
27 Dec 2007drilling progress report● Neutral
Jasmine-1 has cemented 9 5/8in surface casing and is drilling ahead at 1,363m. No new result.
24 Dec 2007drilling progress report● Neutral
Jasmine-1 is at 897m, waiting on cement trucks to run surface casing because rain closed roads. No new result.
20 Dec 2007drilling spud● NeutralMajor
Jasmine-1 spudded 19 December 2007 and was drilling surface hole at 247m. It targets a 29 MMbbl (P10, if oil is present) Patchawarra stratigraphic play.
17 Dec 2007drilling scheduled● Neutral
Jasmine-1, the fourth PEL-182 well, is expected to spud 19 December, targeting Patchawarra oil sands to 2,460m. Pre-drill recoverable oil is 3/11/29 MMbbl (P90/P50/P10), if oil is present. AuDAX holds 49.9%; Michelle-1 is replaced by 3D seismic.
22 Nov 2007farm in farm out agreement● NeutralMajor
Enterprise Energy confirmed a confidential farm-in to PEL-182 with AOC and AuDAX. It is conditional on Eagle Bay's pre-emptive rights (deadline 28 November) and ministerial approval. No terms are given, so the effect on AuDAX's 49.9% is unclear.
28 Aug 2007farm in farm out agreement▲ GoodMajor
View Resources announced a farm-in to AuDAX's Karra tenements at Bronzewing South, Western Australia. View can earn 51% by spending $1.5m over four years, and a further 19% (70% total) by spending another $1m. This adds to the existing View relationship at West Yandal.
28 Aug 2007farm in farm out agreement● Neutral
AuDAX confirms the Karra/Bronzewing South farm-out to View on the same terms: 51% for $1.5m over four years, 70% with a further $1m. It says this lets AuDAX focus on the Cooper Basin and two further oil and gas wells planned for the second half of 2007.
18 July 2007drilling result▲ GoodMajor
Vanessa-1 ST-1 was cased with 7-inch casing and suspended as a future gas producer; the rig was released 17 July. Sidetrack logs show extra Patchawarra gas sands, to be tested later. The operator says the pre-drill 15 Bcf objective appears achieved and may be exceeded.
16 July 2007drilling progress report● Neutral
Vanessa-1 ST-1 finished at 3,157m and open-hole logs were run. Production casing is being run, with the rig expected to be released 17 July. This is the last drilling report for the well.
13 July 2007drilling progress report● Neutral
Vanessa-1 ST-1 has reached 3,144m and is running back in with a new bit, expected to be the last. Drilling should finish late on 14 July, then wireline logs will be run.
12 July 2007drilling progress report● Neutral
Vanessa-1 ST-1 is drilling ahead in the Patchawarra Formation at 3,105m, with planned depth 3,160m. No new result.
11 July 2007drilling progress report● Neutral
The Vanessa-1 sidetrack (ST-1) is drilling ahead at 3,018m against a planned 3,160m, with formation tops and gas shows similar to the original hole. No new result.
10 July 2007drilling progress report● Neutral
Vanessa-1 was plugged back to 2,783m and the sidetrack (ST-1) is being drilled, now at 2,928m with planned depth 3,160m. Total depth is expected by the weekend.
2 July 2007drilling progress report● Neutral
A kick-off plug has been set in Vanessa-1 and crews are running in to start the sidetrack (Vanessa-1A) around the stuck test tools. Plug-back depth is 2,705m.
29 June 2007drilling progress report▼ Bad
The stuck Vanessa-1 test tools could not be freed. A sidetrack around them is being prepared so production casing can be run, expected to take at least a week, extending the well's cost and time.
28 June 2007drilling progress report▼ Bad
Efforts continue to free the stuck test tools at Vanessa-1, with fishing tools being run in the hole.
