Past year: ▲ 43%(4.20c – 15.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
13 Aug 2015resource reserve update▲ GoodMajor
Independent assessment of the Rodwell Prospect at Petra gives mean prospective resources of 2.5 million barrels net to Elixir, with an un-risked value of US$41.8m at US$50 oil. These are undiscovered estimates, with geological success chances of 24% and 19% for the two zones. Resolves the pending estimate.
10 Aug 2015regulatory community update▲ Good
Colorado regulator approved the two Petra drilling permits, valid two years from 5 August 2015. This resolves the permitting step lodged in July; the resource report is now due within the week.
7 Aug 2015security holder rights change● Neutral
15 million performance rights held by the Managing Director expired on 31 July 2015 without vesting. No cash impact is stated.
22 July 2015regulatory community update▲ Good
Two Petra well locations are staked and drilling permits lodged with Colorado's regulator, with approval expected in 30 to 45 days. The prospective resource estimate is now due by mid-August, and the first well is still said to be on track for late Q3 2015.
3 July 2015admin correction● Neutral
Elixir moved its registered office and principal place of business to Level 2, 41-47 Colin Street, West Perth, with a new postal address. Administrative only.
29 June 2015material agreement▲ GoodMajor
Sundance Energy (ASX:SEA) bought New Standard's 11.4% Elixir stake, about 122m shares at roughly $0.002 each, becoming Elixir's major shareholder. Sundance sold its DJ Basin assets in 2014 and may add expertise. Replaces New Standard's roughly 11.8% holding.
29 June 2015other● Neutral
Sundance Energy announced a deal to buy New Standard Energy's US and Cooper Basin assets, including its 122 million Elixir shares, for which it would pay about A$250,000 on signing. It was a third-party deal, with no Elixir transaction.
3 June 2015drilling progress report● Neutral
The 26 km Simpson 2D infill seismic at Petra is complete after a two-week weather delay. A prospective resource estimate is expected within about two weeks; first well now said to be on track for late Q3 2015.
13 Apr 2015drilling scheduled▲ GoodMajor
Processed 2D seismic confirms at least two drillable prospects at Petra, one described as significant. Another 26 km of infill seismic will follow. Well costs fell about 30% to under US$700,000 dry-hole, with the first well on track for Q3 2015.
20 Feb 2015half year report● Neutral
Half-year to 31 December 2014: loss of $243,714, cash $1,231,558 (from $783,889 at June), debt free. Confirms the $3.01m raising, about 30,000 net acres and seismic bought. Moselle gets no further spend until renewal.
17 Feb 2015drilling progress report● Neutral
The roughly 35 km 2D seismic shoot at Petra finished on time and within budget, with data quality good to very good. Processing is underway, with integration due mid to late March 2015. Completes the survey announced on 9 February.
9 Feb 2015drilling progress report● Neutral
Field work began on about 35 km of new 2D seismic at Petra, to be finished and interpreted by 31 March 2015. Next steps could be a small 3D survey or going straight to drilling.
15 Jan 2015asset acquisition disposition▲ GoodMajor
Elixir says it has hit its leasing target, with a 50% interest in about 30,000 net acres (the text also says about 15,000 net acres to Elixir). About 30 km of new 2D seismic starts February 2015, with two wells on track for Q3 2015.
5 Jan 2015director officer appointment● Neutral
Non-executive director fees are cut 20% (Chairman 25%) and other overheads reduced to preserve cash for Petra. Michael Price's resignation took effect 31 December 2014, leaving four directors. Completes the transition flagged in December.
10 Dec 2014director officer appointment▲ GoodMajor
Ray Barnes, a petroleum geoscientist with over 40 years' experience, is appointed independent non-executive Chairman, replacing Sam Willis, who stays on as a director. Michael Price will step down from the Board over the coming months.
17 Nov 2014investor presentation● Neutral
November corporate presentation restating the Petra Project plan: 25,000 net acres, new 2D seismic in Q1 2015 and two wells in Q3 2015. Shows about 1,031m shares, $2.3m cash at 30 September and enterprise value of $1.8m. No new results.
6 Nov 2014asset acquisition disposition▲ GoodMajor
Elixir reached its initial leasing target in the Petra Project, with its 50% interest now over 12,500 net acres (over 25,000 acres jointly). Interpretation of 250 km of 2D seismic found new leads; new 2D seismic is planned for early 2015 and two wells in Q3 2015.
28 Oct 2014annual report● Neutral
2014 annual report, repeating the accounts already released. The chairman says Moselle renewal delays led Elixir to pursue other opportunities, with Petra the new focus and roughly $3m raised. No new figures in the text shown.
28 Oct 2014other● Neutral
Managing Director's letter to shareholders restating the Petra strategy and 2015 drilling plans. Elixir is unlikely to spend more on Moselle until renewal. It also gives notice of the AGM on 28 November 2014.
2 Oct 2014other● Neutral
Elixir notes that Hartleys has issued a research note following the Petra acquisition. No new company information.
25 Sept 2014annual report▼ Bad
Statutory accounts to 30 June 2014: net loss $4.37m, including a $3.42m impairment mainly on Moselle because renewal timing is uncertain. Cash was $783,889, above $2.3m after the raising. High Island exit cost US$700k with no further abandonment liability.
11 Sept 2014other● Neutral
Elixir launched an updated website with Petra Project information, presentations and reports. Administrative, no new substance.
4 Sept 2014farm in farm out completion▲ GoodMajor
Petra acquisition completed with over 10,000 net acres, and the SPP closed fully subscribed, raising over $3m with the placement. Dougal Ferguson, CEO since 1 May 2014, becomes Managing Director. This resolves the pending Petra conditions and funding.
28 Aug 2014asset acquisition disposition▲ Good
More Petra leases acquired, taking Elixir's 50% position to over 10,000 net acres against a 25,000-30,000 acre target. The company says the share purchase plan is well supported and expects completion the following week.
25 Aug 2014asset acquisition disposition▲ Good
Elixir and its partner won more Colorado state lease sale acreage at an average of US$60/acre, lifting Elixir's Petra position to about 9,500 net acres. It will also pay about US$40,000 for 3D seismic data near Arikaree Creek.
4 Aug 2014other● Neutral
Chairman's letter promoting the share purchase plan: up to $15,000 per holder, with a shareholder meeting on 1 September 2014. The $2.2m placement was described as heavily oversubscribed. It also says French policy makes the timing of any Moselle assessment unclear.
4 Aug 2014capital raising announcement● NeutralMajor
Prospectus for the share purchase plan: up to 160m shares at $0.005 (up to $800k), with one free $0.015 option per two shares, plus up to 220m options to placement participants. It needs shareholder approval on 1 September 2014 and closes 29 August.
What it means for a shareholder
160m new shares at A$0.005 to raise about A$800,000. That's 27% dilution: every existing holder's slice gets 27% smaller. If you held A$1,000 of shares (200,000 at the issue price), your slice goes from 0.0464% to 0.0338% of the company. To keep it you'd need 74,198 more shares - about A$371 at the issue price.
Create a free account to see this worked out for your own holding.
25 July 2014asset acquisition disposition▲ GoodMajor
Elixir agreed to buy a 50% interest in 14,455 net acres in Colorado's Petra Project from Apollo for about US$700k, and pay the first US$1.5m of costs, with two wells planned for 2015. It has an option on Wattenberg acreage. Funding: $2.2m placement plus up to $0.8m share purchase plan via Hartleys. Marks the shift to US new ventures.
25 July 2014listing compliance notice● Neutral
Shares suspended at the company's request pending an announcement about a proposed transaction and associated capital raising. The company expected the halt to be lifted by close of business the same day.
25 July 2014listing compliance notice● Neutral
ASX notice that the suspension will lift once Elixir releases its announcement on acquiring an interest in US oil leases. Administrative.
