Past year: ▼ 37%(1.80c – 3.20c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
31 Jan 2022quarterly activities report● Neutral
Vienna Basin production averaged 254 BOEPD, down 7%, from well downtime. Revenue was A$2.33m, up 9%. Workovers are expected to add 80-100 BOEPD by end-February. Anshof-3 testing is planned for early March, and hydrogen definitive agreements are still pending.
31 Jan 2022quarterly activities report● Neutral
Dec 2021 quarter cash flow: cash rose from A$4.236m to A$5.939m, helped by the A$2.847m placement and A$985k Xstate farm-in contributions. Operating cash outflow was A$1.275m. The second A$437.5k loan note repayment was made, so A$3.062m of notes remain.
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.
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.
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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.
29 Oct 2021quarterly activities report● Neutral
September quarter cash rose slightly to A$4.236m from A$4.157m, with operating inflow of A$254k on A$2.635m receipts. No equity was raised. Facilities of A$4.88m remain fully drawn, with a A$437.5k loan note repayment due 26 November 2021.
29 Oct 2021quarterly activities report● Neutral
September quarter Austrian output fell 20% to 275 BOEPD on well failures, while revenue held at about A$2.2m on higher prices. Workovers began in October, expected to add 100–150 BOEPD by November. Anshof-1 spud is now scheduled for December 2021; the reserves review is still pending.
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.
