15 July 2020investor presentation● Neutral
Conference presentation repeating the Nomgon-1 results and the second-year program. It lists about 688m shares and pro-forma cash of $3.3m at 30 June. No new results.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
14 July 2020director officer appointment● Neutral
Non-executive director Byambasaikhan Bayanjargal resigned for personal reasons. The board is now Chair Richard Cottee, MD Neil Young and director Stephen Kelemen. He had joined in October 2019.
10 July 2020drilling spud▲ GoodMajor
The Nomgon-2 appraisal core-hole spudded on 9 July, with total depth expected around end-July or early August. Seismic acquisition of 106 km began 30 June in the north-west of the licence. New coal outcrops have also been identified across the licence.
8 July 2020well test result▲ GoodMajor
Adsorption testing on one sample suggests the main Nomgon-1 seam is near fully gas saturated. Elixir says this could mean simpler, cheaper pilot production and less water to remove. A pilot test is aimed for 2021 if appraisal succeeds. Nomgon-2 spud is imminent.
26 June 2020well test result▲ GoodMajor
Final lab work on Nomgon-1 gives an average dry-ash-free gas content of 8.9 m3/t in the main seam, up from the earlier raw figure of over 5 m3/t. The 2020 program is now 106 km of 2D seismic, one core-hole and up to six strat-holes, with a contractor mobilising in July.
12 June 2020material agreement▲ GoodMajor
Elixir signed a non-binding MOU with MT Group, a Mongolian fuel retailer, to develop a small-scale LNG plant fuelling South Gobi coal trucks. It is the company's first offtake project. The MOU is non-binding and the company says initial modelling indicates high profitability.
26 May 2020capital raising announcement▲ GoodMajor
The Share Purchase Plan drew over $2.9m of applications against a $0.25m target, and was capped at about $1.65m. With the placement, total raised rises to $3.35m, assuming director participation is approved, funding more seismic and strat-holes.
11 May 2020capital raising announcement● Neutral
Offer booklet for the Share Purchase Plan: eligible holders can apply for up to $30,000 of shares at 2c, the same price as the placement, targeting $0.25m. Applications close 22 May. Terms follow the 6 May announcement; no new information.
11 May 2020investor presentation● Neutral
Presentation repeating the Nomgon-1 discovery and the planned second-year program: a Nomgon-2 appraisal core-hole plus three low-cost strat-holes, and 2D seismic, starting July. Shows pro-forma cash of $2.9m and about 600m shares assuming $2m raised. No new results.
6 May 2020capital raising announcement● NeutralMajor
Elixir raised $1.75m through a placement of 87.5m shares at 2c, a 20% discount to the 5-day VWAP, with a further $0.25m targeted via a Share Purchase Plan. Funds pay for delineation and exploration drilling from early July, feeding a maiden contingent resource report later in the year.
What it means for a shareholder
87.5m new shares at A$0.020 to raise about A$1.8m. That's 15% dilution: every existing holder's slice gets 15% smaller. If you held A$1,000 of shares (50,000 at the issue price), your slice goes from 0.00998% to 0.0085% of the company. To keep it you'd need 8,735 more shares - about A$175 at the issue price.
Create a free account to see this worked out for your own holding.
18 Mar 2020other● Neutral
Managing Director's COVID-19 letter: the regulator signed off the 2020 plan and drilling and seismic tenders are advanced. Discretionary spending and board pay have been cut or deferred, and cash covers fixed costs well into 2021. Farm-out talks are delayed but live.
12 Mar 2020half year report● Neutral
Half-year to 31 December 2019: net loss $1.21m, cash $2.12m down from $4.35m in June. The French authorities denied the Moselle permit extension after period end, resolving that open thread. Petra subsidiary de-registered.
26 Feb 2020drilling result▲ GoodMajor
Nomgon-1 is declared a coal seam gas discovery, the first in Mongolia, with average raw gas content above 5 m3/t in a 49 m gross seam. Permeability tests met discovery requirements. The well is plugged and abandoned; delineation planning and partner talks follow.
5 Feb 2020drilling result▲ GoodMajor
Nomgon-1 reached 491 m total depth with 82 m net coal by geologists' estimate, including a 51 m seam, and visibly better coal quality than Ugtaal-1. Gas bubbled from cores. Gas content and permeability test results are still to come.
3 Feb 2020other● Neutral
ASX paused trading in Elixir pending a further announcement. No reason given in the notice.
20 Jan 2020other● Neutral
Share registry changed from Security Transfer to Automic Group from 20 January 2020. Administrative notice only.
16 Jan 2020well test result▼ BadMajor
Permeability and preliminary gas content at Ugtaal-1 came in at the lower end of expectations, which the company attributes to poorer coal quality. This contrasts with earlier upbeat coal reports. Second core-hole Nomgon-1 spuds today, about 37 km away in a different sub-basin.
20 Dec 2019drilling result● Neutral
Ugtaal-1 logging confirmed 43 m net coal, with a 20 m thickest seam. BO-CH-2 logged only 6 m net coal. All three Ugtaal-area wells are finished. Permeability results due next week, and the next well is expected to spud in about two weeks.
17 Dec 2019other● Neutral
Notice that 3,034,964 fully paid shares were released from voluntary escrow. Administrative notice with no business information.
9 Dec 2019drilling result▲ GoodMajor
Ugtaal-1 core-hole reached total depth of 752 m with an estimated 43 m of net coal and 99% core recovery, gas mainly methane. Gas content and permeability results are still to come. BO-CH-2 has reached the Permian and first coals.
25 Nov 2019drilling progress report● Neutral
Duplicate of the 25 November update: Ugtaal-1 at 324 m with 20.6 m of net coal, gas testing under way, target depth 600 m. BO-CH-2 at 574 m. No new information.
25 Nov 2019drilling progress report▲ Good
Ugtaal-1 at 324 m, with 20.6 m of net coal noted so far and gas visible in cores. Desorption testing has begun, with final numbers about 60 days away. Target depth is 600 m. BO-CH-2 is at 574 m.
18 Nov 2019drilling progress report▲ GoodMajor
Ugtaal-1 core-hole spudded on the night of 11 November, after repeated delays, and was at 122 m with thin coal stringers. BO-CH-2 reached 408 m. Both rigs are winterised and the gas-testing lab is set up.
11 Nov 2019drilling result▲ Good
BO-CH-1 chip-hole finished at 738 m, finding a 490 m coal-prospective Permian section, 7 m of net coal and gas bubbling from samples. Ugtaal-1 core-hole, the main well, spuds later today. BO-CH-2 is at 279 m.
4 Nov 2019drilling progress report▼ Bad
Ugtaal-1 core-hole spud slips again, to the next few days, because of mechanical issues and the rigs being winterised. BO-CH-1 was at 729 m and BO-CH-2 at 198 m. Both chip-holes are drilling slower than planned.
28 Oct 2019drilling progress report● Neutral
BO-CH-1 was at 583 m and is being drilled deeper, through the Permian to basement, because of the coal seams intersected. BO-CH-2 spudded 23 October. Ugtaal-1 spud slips again to the next few days, awaiting the rig.
21 Oct 2019drilling progress report● Neutral
BO-CH-1 is drilling slower than planned; BO-CH-2 spuds 21 October and Ugtaal-1 is due to spud this week after BO-CH-1. Seismic processing is complete, with preliminary results in 30 days. Resource certification is now targeted for early 2020.
18 Oct 2019annual report● Neutral
Re-lodgement of the 2019 annual report, apparently the same document as the 30 September release (same contents and Chairman's letter). No new information is visible in the text provided.
11 Oct 2019drilling spud▲ GoodMajor
2019 drilling starts with the BO-CH-1 chip-hole, a cheap stratigraphic well. The program expands to 2-4 chip-holes plus two firm core-holes, with two rigs and an option for a third core-hole. Ugtaal-1 was expected to spud around end September or early October.
1 Oct 2019director officer appointment▲ Good
Bayanjargal Byambasaikhan, previously the strategic adviser, joins the board as non-executive director from 1 October. He chairs the Business Council of Mongolia and formerly led Erdenes Mongol, adding Mongolian government and financing experience just as drilling begins.