Past year: ▲ 43%(4.20c – 15.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 Oct 2015investor presentation● Neutral
Presentation on the Cliff Head purchase repeats known terms: 57.5% interest, about 1,500 bopd, 3.7 million barrels of remaining 2P reserves (operator estimate), $1m upfront plus 25% of cash flow above $3m a year, capped at $9m. No new announcement.
28 Oct 2015capital raising announcement● Neutral
Share purchase plan offer to shareholders at $0.001 per share, the same price as the placement, in parcels of $2,500 to $15,000. It opens 2 November and closes 23 November 2015, with a maximum of about 310m shares. Details of the raising announced earlier.
28 Oct 2015capital raising announcement● NeutralMajor
Elixir raised $258,320 via a placement of 258m shares, and offers a share purchase plan of up to $309,984, for up to $618,304 in total including a possible $50,000 from directors. Funds mainly go to the Cliff Head deal. Small relative to the $3m funding condition.
What it means for a shareholder
258m new shares at about A$0.001 to raise about A$258,320. That's 20% dilution: every existing holder's slice gets 20% smaller. If you held A$1,000 of shares (998,761 at the issue price), your slice goes from 0.0967% to 0.0773% of the company. To keep it you'd need 249,381 more shares - about A$250 at the issue price.
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26 Oct 2015asset acquisition disposition▲ GoodMajor
Elixir agreed to buy AWE's 57.5% of the producing Cliff Head oil field, Perth Basin, for $1m upfront plus up to $9m contingent on cash flow. Field produces about 1,500 bopd gross. It is conditional on due diligence and Elixir securing at least $3m of funding.
23 Sept 2015director officer appointment● Neutral
Director Mark O'Clery resigns effective 30 September 2015 and Company Secretary Nick Ong also resigns. The board shrinks to three, with Managing Director Dougal Ferguson taking the secretary role. Reasons given are other work commitments and cost savings.
9 Sept 2015annual report● Neutral
Annual report for year to 30 June 2015. The chairman's letter reports Moselle written down to zero in a further non-cash impairment, Petra prospect drill-ready, and directors proposing to take 50% of fees in shares. Financial detail was not in the text provided.
9 Sept 2015admin correction● Neutral
Corporate governance checklist lodged with the annual report, pointing to the governance statement on the company website. Administrative only.
8 Sept 2015farm in farm out agreement● NeutralMajor
Elixir and Apollo extended the Petra farm-in by six months to 31 December 2016 and deferred further exploration spending commitments until after 31 March 2016. Directors will take 50% of fees in shares, subject to approval. Drilling is pushed back from the late Q3 2015 target.
25 Aug 2015investor presentation● Neutral
August corporate presentation repeats known Petra points: 2.5 million barrel mean prospective resource, permits approved, cash $0.6m at 30 June and market cap $2.1m at 0.2c. It also states no firm drilling commitments and Moselle held at no cost. No new announcement.
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.
30 July 2015quarterly activities report● Neutral
June quarter: Simpson and Bradman seismic integrated, confirming conventional oil prospects at Petra. Cash was just over $0.55m with no debt, down from just under $1m in March. About US$650,000 spent of the US$1.5m cap. Moselle renewal still awaited.
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.
29 Apr 2015quarterly activities report● Neutral
March quarter: Bradman 2D seismic confirmed prospects and Simpson 2D infill starts shortly. Cash just under $1m, no debt. Quarterly G&A is 40% lower, with overheads tracking under $750,000 a year. Moselle: agreement reached with EGL over competing areas; renewal still awaited.
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.
22 Jan 2015quarterly activities report● Neutral
December quarter: leasing target met, with Elixir's 50% interest in about 30,000 net acres. Cash fell to $1.23m from over $2.3m, debt free. Elixir has spent about US$400,000 of its first US$1.5m. Moselle renewal still awaited, with minimal spend in France.
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.
