9 Apr 2019investor presentation● Neutral
QUPEX presentation in Brisbane comparing Mongolian CBM to Queensland, repeating the 7.6 Tcf risked estimate, seismic tender with 8 bidders and 2H 2019 drilling. No new information.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
27 Mar 2019investor presentation● Neutral
Conference presentation repeating known points: 100% of Nomgon IX, ERCE's 40.1 Tcf unrisked and 7.6 Tcf risked, seismic in Q2 and drilling in 2H 2019. Notes Ferguson leaves Elixir on completion. No new results.
21 Mar 2019material agreement● Neutral
Timetable for the Entek sale: Elixir meeting 29 March, Entek 3 April, completion 10 April, record date 12 April. Holders get about 1 Entek share per 2 Elixir shares. Net cash about US$850,000 after repaying the US$500,000 loan. Board recommends voting in favour.
19 Mar 2019director officer appointment▲ Good
Elixir appoints Mongolia-based B. Byambasaikhan, through NovaTerra LLC, as strategic and financial adviser for Nomgon IX. He previously led Erdenes Mongol's financing for Rio Tinto's Oyu Tolgoi. An adviser role, not a board seat; no fee terms given.
15 Mar 2019half year report● Neutral
Half-year to 31 Dec 2018: loss of $978,642 (prior year $411,566), cash $1,594,305 and no debt. Covers the Golden Horde and Alaska acquisitions and Entek option already known. Meetings set for 29 March and 3 April, completion about 10 April.
7 Mar 2019regulatory community update▲ Good
Mongolian seismic planning is finished: about 200 km of lines, with 8 valid tenders received for the survey. Baseline environmental assessment is approved and a detailed assessment is under way. Seismic is still scheduled for the second quarter, ahead of two core holes in 2H 2019.
1 Mar 2019capital raising announcement▲ GoodMajor
The full 76.3m-option shortfall was placed, raising $762,525 and taking the option offer total to $934,625 before costs. Entek deal now expected to complete about 10 April 2019, returning about US$1.34m, or about US$840,000 net of the loan, for Mongolia.
27 Feb 2019security holder rights change● Neutral
Short form prospectus for the planned in-specie distribution of up to 200m Entek convertible preference shares to Elixir holders via a capital reduction, per a 27 February 2019 notice of meeting. Says Elixir is to be renamed Elixir Energy Limited. Offer documents; no new commercial terms.
18 Feb 2019debt financing● NeutralMajor
Elixir accepted all 10 new Alaskan leases (114,167 acres), owing about US$1.25m by 26 February. Entek is lending US$500,000, secured over all Elixir assets at 12% interest payable only if the deal fails. On default Entek could convert the loan into a 17.5% Alaska interest.
18 Feb 2019material agreement● Neutral
Entek's view of the same events: it lends Elixir US$500,000 so all 10 extra Alaskan leases can be taken up. ASX approved the preference share terms and granted a waiver, restricting related parties for 12 months. All directors of both companies intend to vote in favour.
12 Feb 2019investor presentation● Neutral
February presentation repeating known facts: the 100% Nomgon IX permit, ERCE's 40.1 TCF unrisked and 7.6 TCF risked estimates, 2D seismic in Q2 and two wells in the second half of 2019. Alaska to go to Entek, with shares distributed in March.
1 Feb 2019farm in farm out completion▲ GoodMajor
Elixir confirms Entek exercised its option to buy the Alaskan subsidiary for about 185m Entek shares. Elixir plans to distribute them, roughly 1 Entek share per 2 Elixir shares, after a capital reduction vote. Meetings in March; record date late March.
1 Feb 2019farm in farm out completion▲ GoodMajor
Entek says it exercised its option on 31 January 2019 to buy Elixir's Alaskan subsidiary Emerald House, covering 149,733 acres, for about 185m Entek shares (up to 200m cap). Both companies' shareholder meetings are expected in March, with completion shortly after.
30 Jan 2019capital raising announcement● Neutral
Lists the top 20 holders of the new options issued on 29 January 2019 (EXROA); they hold 10.44m, or 60.67%, across 130 holders. Compliance disclosure only, to be updated if shortfall is placed.
24 Jan 2019capital raising announcement▼ Bad
The option offer drew applications for only 17.2m of the up to 96.2m options, raising $171,975. The 76.3m shortfall options (up to $762,524) go to Directors to place with investors via lead managers Xcel Capital and Originate Capital.
16 Jan 2019capital raising announcement● Neutral
Reminder that the option offer closes 21 January 2019 and will not be extended. Says proceeds support the Mongolian 2D seismic survey (Q2 2019) and a minimum two-well coal seam gas drilling program from Q3 2019, with pilot testing in 2020.
28 Dec 2018capital raising announcement● Neutral
Elixir posted the prospectus and application forms for the 1-for-4 option offer (1 cent, 7.5 cent exercise, to 31 December 2020). It closes 21 January 2019, with any shortfall expected to be placed by 29 January. Administrative; no new terms.
20 Dec 2018capital raising announcement● Neutral
Administrative notice to shareholders on the option offer: 1 option per 4 shares at 1 cent, exercisable at 7.5 cents to 31 December 2020, record date 21 December 2018, closing 21 January 2019. Up to $961,908 could be raised. Repeats the 14 December terms.
20 Dec 2018other● Neutral
Standard letter telling shareholders outside Australia and New Zealand they cannot take part in the option offer. It notes 384.8m shares on issue, so the offer is for up to 96.2m options. Administrative.
17 Dec 2018asset acquisition disposition▲ GoodMajor
Elixir completed buying Golden Horde on 14 December for 79m shares, giving it 100% of the Nomgon IX coal seam gas permit (7.6 TCF risked prospective). Neil Young joins as CEO and director on $250,000 a year. 80% of GOH holders are escrowed for 12 months.
14 Dec 2018capital raising announcement● NeutralMajor
Elixir launched a non-renounceable offer of up to 96.2m options, one for every four shares, at 1 cent each, exercisable at 7.5 cents by 31 December 2020. It would raise up to about $961,908, not underwritten, for exploration and Mongolian work.
14 Dec 2018capital raising announcement● Neutral
The prospectus for the option offer: up to 96.19m options at 1 cent, exercisable at 7.5 cents to 31 December 2020, closing 21 January 2019. It also covers a 1,000-share offer at $0.05 to allow secondary trading of the GOH consideration shares. No new detail beyond the 14 December announcement.
13 Dec 2018asset acquisition disposition● Neutral
Entek (the option holder) says Elixir's successful Alaska bid adds 10 leases, lifting the optioned area from 35,423 to 149,733 acres. The bid cost about US$1.1m, and Entek's consideration stays capped at 200m shares. Entek's decision is due late January 2019.
13 Dec 2018asset acquisition disposition▲ GoodMajor
Elixir was apparent high bidder on 10 more Alaskan leases covering 114,310 acres, next to its existing 35,423 acres. It paid a 20% deposit of about US$225,000. The leases fall under the Entek option, with completion targeted in Q1 2019.
3 Dec 2018asset acquisition disposition▲ GoodMajor
Elixir exercised its option on Golden Horde on 30 November after shareholders approved the 79m consideration shares. Settlement is due within 10 business days. The company's focus shifts to the Mongolian coal seam gas project, with Alaska subject to the Entek option.
29 Nov 2018farm in farm out agreement● NeutralMajor
Entek Energy (ASX:ETE) announced an option to buy Elixir's Alaskan leases for up to 200m convertible preference shares in Entek, exercisable by 31 January 2019. Entek pays a $50,000 option fee. Mr Ferguson would move to Entek on completion.
29 Nov 2018asset acquisition disposition● NeutralMajor
Elixir granted Entek an option to buy its Alaskan acreage for up to 200m Entek shares, to be handed to Elixir shareholders, about one Entek share per two Elixir shares. This reverses the November Alaska purchase's role. Shareholders approved the 79m GOH shares at the AGM.
20 Nov 2018investor presentation● Neutral
November investor presentation repeating known facts: the 40.1 TCF unrisked and 7.6 TCF risked Nomgon IX estimates, the closed Alaskan deal, and GOH closing in December. Seismic is set for May 2019, with two wells in the second half of 2019. Mentions alternative Alaska funding options being considered.
19 Nov 2018resource reserve update▲ GoodMajor
Independent firm ERCE put Nomgon IX's best-estimate unrisked recoverable prospective gas resource at 40.1 TCF (low 13.6, high 117.2). Risked best estimate is 7.6 TCF, at a 19% chance of discovery. This is undiscovered gas, and the first such figure for the permit.
15 Nov 2018regulatory community update▲ Good
Mongolian field work is done and the environmental assessment is under way, with seismic planned for May 2019. The first independent resource report on Nomgon IX is due within a week. The GOH acquisition still awaits the 28 November vote, and Neil Young joins in early December.