Past year: ▲ 43%(4.20c – 15.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
16 Nov 2017material agreement▲ Good
The window for a rival offer for Golden Horde expired on 15 November, so its shareholders must accept Elixir's offer if the option is exercised. Elixir has begun desktop studies. Contract award is still expected in Q1 2018, without guarantee.
30 Oct 2017annual report● Neutral
2017 annual report. The chair's letter notes the $1.6m raise funds 2018 and the Mongolian option, and confirms the full Petra write-off of $2,746,616 after the Rodwell well. Repeats known facts.
30 Oct 2017other● Neutral
Standard corporate governance checklist filed with the annual report. No substantive new information.
30 Oct 2017director officer appointment● Neutral
Non-executive director Sam Willis, on the board since August 2013, resigned, citing the Mongolian deal and other business demands. He will not be replaced. Neil Young is to join as executive director only if the Golden Horde acquisition completes.
23 Oct 2017capital raising announcement● Neutral
Compliance notice for the issue of 42,500,000 placement shares, diluting existing holders by 23.8%. The placement funds the Golden Horde condition, at a 2.5% discount to the 15-day average price, with a 6% broker fee plus 2,500,000 shares to helpers. Also discloses a pending New Zealand block application.
18 Oct 2017investor presentation● Neutral
Presentation repeating the Mongolian coal bed methane acquisition terms: 79 million shares, $25,000 option to 30 September 2018, contract award expected Q1 2018 and first drilling targeted mid-2018. Notes the award may be delayed or never happen. No new information.
17 Oct 2017business combination▲ GoodMajor
Elixir signed a binding terms sheet, with a $25,000 option to 30 September 2018, to buy Golden Horde for 79 million shares. Golden Horde is seeking a Mongolian coal bed methane contract over 7 million acres. Award is a key condition and not guaranteed. A $1.6m placement was completed. New strategy after Petra failed.
29 Sept 2017annual report▼ Bad
Year to 30 June 2017: net loss $3,417,538 (prior year $735,704), mainly from a non-cash $2,746,616 write-off of all capitalised Petra costs after the Rodwell dry hole. Cash was $1,893,285. New ventures remain only at initial non-binding discussions.
15 Aug 2017drilling result▼ BadMajor
Rodwell 14-31 will be plugged and abandoned after logs and the test showed the oil-bearing reservoirs are tight and unlikely to produce commercial quantities. Elixir's 25% share of the cost is about US$112,500. Resolves the first Petra well as a failure.
14 Aug 2017drilling result● NeutralMajor
Rodwell 14-31 at Petra reached 7,630 ft and found oil shows over a gross 10 metres in the primary target. An initial drill stem test suggests the reservoir is tight; logs will decide whether to test further or abandon. Commercial significance is not yet known.
7 Aug 2017drilling spud▲ GoodMajor
Rodwell 14-31 at Petra, Colorado, spudded and was drilling at about 900 feet, with surface casing set at 508 feet. Elixir holds 25% with Apollo operating at 75%. Primary targets are expected in about 15 days, with deepest at about 7,500 feet.
6 July 2017drilling scheduled▲ Good
Operator has contracted a rig and approved the budget for Rodwell 14-31, which should spud within weeks. Elixir's share is about US$125,000 dry hole, US$225,000 if tested and completed. Deepest target is about 7,500 feet.
8 June 2017farm in farm out agreement● NeutralMajor
Elixir signed a joint operating agreement to take a 25% interest in the Rodwell 14-31 well, with drilling due early August 2017. It chose not to pay for the extra 25%, cutting its dry-hole share to about US$125,000 and net acreage to about 7,500. It keeps a royalty of up to 7.5%. Changes the earlier plan to earn 50%.
17 May 2017price query● Neutral
Responding to an ASX query after the share price rose from 3.2 to 4 cents, Elixir said it knew of no undisclosed information. It said it intends to take at least a 25% interest in the Petra well, with a final decision due within weeks.
3 May 2017security holder rights change● Neutral
600,000 unlisted options at $0.25 expired on 30 April 2017. Shares on issue remain 178,946,872, with 11,000,000 unlisted options left.
14 Mar 2017half year report● Neutral
Half-year to 31 December 2016: loss of $345,669 (prior year $379,482). Cash was $2,168,903 with no debt, following the $2.23m recapitalisation. Spending was kept to the minimum needed to hold Petra and Moselle in good standing.
3 Mar 2017regulatory community update▼ Bad
The Paris court dismissed Elixir's request to suspend the Moselle non-renewal, finding no urgency. The main annulment action, which could allow damages claims, continues and is not expected to be heard for several months. Legal costs are fixed, with bonuses only on success.
13 Feb 2017regulatory community update● Neutral
The Strasbourg court said it lacked jurisdiction over the Moselle Permit because the permit area extends beyond its region. Elixir refiled both actions in the Paris Administrative Court on 7 February; hearing dates are awaited.
6 Jan 2017regulatory community update● Neutral
The Strasbourg court set a 1 February 2017 hearing for the Moselle case against two French ministers. Elixir expects a favourable outcome based on similar recent precedents.
5 Jan 2017regulatory community update● NeutralMajor
Elixir filed two applications in a Strasbourg court to overturn France's implicit rejection of the Moselle Permit renewal, after years of seeking renewal without litigation. It follows other parties' court wins; a ruling is expected in three to six months.
21 Dec 2016security holder rights change● Neutral
The small-holder sale facility closed: 1,371,060 shares were sold on 13 December at 2.6 cents each, and cheques were sent. Small proceeds were donated to Foodbank WA, totalling $500 with a company top-up.
2 Dec 2016security holder rights change● Neutral
Reminder that small shareholders must return the retention form by 9 December 2016 or their shares will be sold. Cheques are expected around 20 December. No new terms.
28 Oct 2016security holder rights change● Neutral
Elixir set up a free share sale facility for holders of parcels under $500 (15,625 shares or fewer at 3.2 cents). About 65% of holders are in this group but hold under 2% of shares. Shares are sold unless holders opt out by 9 December.
27 Oct 2016other● Neutral
Elixir released its 2016 Corporate Governance Statement, adopted by the board on 14 October 2016. It is an administrative filing describing board policies and ASX compliance, with no new business information.
21 Oct 2016annual report● Neutral
Corporate governance checklist (Appendix 4G) for the year to 30 June 2016, pointing to the statement on the company website. Administrative filing with no new business information.
21 Oct 2016annual report● Neutral
2016 Annual Report. The chairman says the $2.2m raise leaves Elixir in a stronger position, and that the first Petra well is hoped for in May or June 2017 at under US$500,000 dry-hole cost. It describes Cliff Head as lost to higher bidders.
12 Oct 2016director officer appointment● Neutral
Scott Patrizi, a corporate finance professional formerly with Deloitte and Argonaut, joins as a non-executive director with 1,000,000 options. Facilitator options of 4,000,000 at $0.04, expiring 30 September 2019, were also issued for the capital raise.
11 Oct 2016farm in farm out agreement▲ GoodMajor
Elixir and partner Apollo extended the Petra farm-in to 30 June 2017, with the Rodwell well scheduled for May 2017. Dry-hole cost is expected under US$500,000 and Elixir says it is now funded to earn its full 50% of 30,000 net acres. Moves the 31 December 2016 deadline.
30 Sept 2016annual report● Neutral
Full-year accounts to 30 June 2016 show a net loss of $735,704 (2015: $2.12m) and cash of $423,895. The report says Elixir was outbid for Cliff Head by a third party, a different framing from its earlier legal claims against Triangle. A reconstruction was committed to after year-end.
30 Sept 2016capital raising announcement▲ GoodMajor
The whole rights issue shortfall was placed with professional investors, raising a further $1,205,218. Total raised since 30 June 2016 is about $2.23m before costs, and shares on issue are 178,946,872. This completes the recapitalisation.
