Past year: ▲ 43%(4.20c – 15.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
25 July 2014investor presentation● Neutral
Presentation on the Petra Project deal: 50% of 14,455 net acres in Colorado for about US$700k, Elixir funds the first US$1.5m, two wells in 2015. Pro-forma shares rise from 431m to 1,031m after the $2.2m placement and $0.8m SPP, with 320m listed options at $0.015.
13 May 2014director officer appointment● NeutralMajor
Chairman Alan Watson resigned from the board; Sam Willis, the New Standard Energy-linked director, becomes non-executive chairman immediately. Elixir's largest shareholder thus gains the chair.
30 Apr 2014quarterly activities report● NeutralMajor
March quarter: strategic review completed, with focus on keeping Moselle value and pursuing international new ventures. Dougal Ferguson becomes CEO from 1 May 2014 on $260k salary plus 15m options at $0.01. Sunset relinquished, High Island approval pending, cash about $0.9m, debt free.
6 Mar 2014half year report● Neutral
Half-year accounts to 31 December 2013 with BDO's review report, which found nothing to suggest the accounts are not in accordance with the Corporations Act. Only auditor pages are shown; no financial figures are available here.
21 Feb 2014asset acquisition disposition▼ BadMajor
Adriatic's reprocessing of the Sunset 3D seismic found too little prospectivity to justify the second exploration period, and Elixir (20%) agreed. The blocks were relinquished, ending the UK North Sea position. Elixir now focuses on Moselle and new ventures.
7 Jan 2014security holder rights change● Neutral
2,500,000 performance rights lapsed after an employee departed, under the incentive plan terms. Administrative.
18 Dec 2013other● Neutral
Share registry moves from Computershare to Security Transfer Registrars from 6 January 2014. Administrative.
12 Nov 2013investor presentation● Neutral
AGM presentation repeating known facts: 861 Bcf unrisked conventional prospective resource at Moselle, farmout ongoing, 431.3m shares, cash about $2.2m at 30 Sep 2013 and a market value about $5m. No new announcements.
12 Nov 2013asset acquisition disposition▲ GoodMajor
Elixir agreed to sell its 30% High Island interest to operator Peregrine, subject to regulatory approval. Consideration, paid into escrow, is expected to be below its share of abandonment costs. Elixir then has no further well-plugging or insurance obligations. Resolves the options review.
17 Oct 2013farm in farm out completion● Neutral
The amended Sunset (P1921) farmout with Adriatic received UK regulatory approval and completed, effective 2 September 2013. Adriatic now holds 80%; Elixir keeps 20%, free-carried to the drill-or-drop decision before February 2014. Confirms the 3 September deal.
11 Oct 2013annual report● Neutral
Re-issue of the 2013 annual report, with the same chairman's letter: focus on Moselle, cost cuts, and a partner sought for conventional prospects. No new information beyond the 27 September statutory accounts.
27 Sept 2013annual report● Neutral
Annual report for year to 30 June 2013. The chairman says the strategic review confirmed Moselle as the most prospective asset, with assets narrowed and fixed costs cut. Elixir is reviewing options for its High Island interest. Full financials were truncated and are not stated here.
3 Sept 2013farm in farm out agreement● NeutralMajor
Elixir amends the Adriatic farmout of Inner Moray Firth licence P1921 (Sunset): Adriatic takes a further 55% for 80% total and becomes operator, funding seismic reprocessing and farmout costs. Elixir keeps 20%, free-carried to the drill-or-drop decision. Cuts Elixir's stake from 75% as it refocuses on Moselle.
2 Sept 2013director officer appointment● Neutral
Sam Willis, a New Standard director and recent managing director, joins the Elixir board as a non-executive director. Founding chairman John Robertson will not seek re-election at the next AGM. Reflects New Standard's larger stake.
13 Aug 2013capital raising announcement● NeutralMajor
Shortfall placed, completing the roughly $1.85m raising at $0.012. Shares on issue rise from about 277m to 431,278,356, a roughly 55% increase. Funds are for Moselle progress.
13 Aug 2013capital raising announcement▲ Good
New Standard bought 83.66m Elixir shares for $1m at 1.2 cents, lifting its stake from 13.7% to 28.2%. It keeps the right to nominate an Elixir director.
6 Aug 2013capital raising announcement● Neutral
Rights issue closed with valid applications for $942,810, about 51% of shares offered. The remaining 75.5m shares (about $906k) go to the underwriter to place, so the raising is fully covered but shareholder take-up was only about half.
23 July 2013security holder rights change● Neutral
500,000 performance rights lapsed under the incentive plan terms. Administrative.
18 July 2013other● Neutral
Confirms the rights issue prospectus and personalised forms were mailed to eligible shareholders on 18 July 2013; offer still closes 1 August. Administrative.
10 July 2013capital raising announcement● Neutral
Letter to eligible shareholders restating the rights issue: $0.012 a share, five for nine, about $1.85m, underwritten by Argonaut for fees of about $62k. Funds go to Moselle, possible US asset costs and working capital. Nothing new.
10 July 2013capital raising announcement● Neutral
Notice telling shareholders with addresses outside Australia and New Zealand that they cannot take part in the rights issue. Administrative.
8 July 2013capital raising announcement● Neutral
Prospectus for the rights issue: up to 154,028,131 shares at $0.012, five for every nine held, closing 1 August 2013. Repeats terms already announced on 5 July.
What it means for a shareholder
154m new shares at A$0.012 to raise about A$1.8m. That's 36% dilution: every existing holder's slice gets 36% smaller. If you held A$1,000 of shares (83,333 at the issue price), your slice goes from 0.0301% to 0.0193% of the company. To keep it you'd need 46,296 more shares - about A$556 at the issue price.
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5 July 2013capital raising announcement● Neutral
New Standard Energy says it will lift its Elixir stake from 13.7% to between 19.99% and 28.2%, investing up to about $1m at 1.2 cents. It also gains the right to nominate an Elixir director. Same raising as the Elixir announcement.
5 July 2013capital raising announcement● NeutralMajor
Elixir launches a fully underwritten rights issue at $0.012 a share, 5 new for every 9 held, to raise about $1.85m (154m shares). Underwriter is Argonaut; New Standard sub-underwrites $750k and may reach up to 28.2%, with a top-up to 19.99%.
What it means for a shareholder
154m new shares at about A$0.012 to raise about A$1.9m. That's 36% dilution: every existing holder's slice gets 36% smaller. If you held A$1,000 of shares (83,243 at the issue price), your slice goes from 0.03% to 0.0193% of the company. To keep it you'd need 46,238 more shares - about A$555 at the issue price.
Create a free account to see this worked out for your own holding.
7 June 2013resource reserve update▲ GoodMajor
RPS's independent report on three Moselle prospects gives mean unrisked recoverable resources of 861 Bcf gas, or 805 Bcf gas plus 76 million barrels of oil if the Triassic is oil-filled. This verifies Elixir's own work, though it covers only three prospects.
24 May 2013resource reserve update● Neutral
Elixir outlines three play types at Moselle, including a new Stephanian play, and focuses on three prospects (Nancy East, Bullseye, West Chaumont) under RPS review. Restates the 2,130 Bcf company estimate; farmout of conventional prospects is still ongoing.
19 Apr 2013resource reserve update● Neutral
RPS Energy Services appointed to independently review several conventional Moselle prospects, to verify Elixir's internal estimates. It complements the 2011 NSAI unconventional report. No results yet.
5 Apr 2013other● NeutralMajor
Strategy reset around Moselle: UK office closed, costs expected to roughly halve, and Managing Director Andrew Ross steps down to part-time. Cash about $1.5m at 31 March, debt free. Argonaut Capital appointed financial adviser; several parties in the Moselle dataroom.
2 Apr 2013security holder rights change● Neutral
2,000,000 unlisted $0.35 employee options lapsed on 31 March 2013 under plan terms. Administrative; no effect on issued shares.
28 Mar 2013director officer appointment● Neutral
Nicholas Ong, formerly an ASX Principal Adviser, replaces Keith Bowker as Company Secretary from 27 March 2013. Administrative change.
