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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
22 Oct 2014quarterly activities report● Neutral
September quarter: Petra completed on 4 September, over 10,000 net acres held, and 250 km of 2D seismic bought and under interpretation. Cash is over $2.3m. Wattenberg option is still in due diligence, and Moselle gets no significant spend until renewal.
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.
31 July 2014quarterly activities report● Neutral
June quarter: focus was the Petra Project deal, with settlement expected around 8 September 2014 and $2.2m placement secured via Hartleys. Moselle renewal is still awaited. Price paid is stated as US$701,290.
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.
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.
30 Jan 2014quarterly activities report● Neutral
December quarter: Moselle's first term expired 20 January 2014 and the renewal is awaiting a decision, with a long approval time expected. High Island sale pending approval. Sunset drill-or-drop decision is expected imminently. Farminee search continues amid a challenging French regulatory environment.
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 2013agm notice● Neutral
All five resolutions at the 2013 AGM passed on a show of hands, including re-election of Alan Watson and Sam Willis and the remuneration report. 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.
31 Oct 2013quarterly activities report● Neutral
September quarter: Moselle renewal application lodged, with about 50% of the permit to be relinquished and about 2,660 km2 kept. Farmout interest is limited, with parties citing the French regulatory environment. Cash raised via the $1.85m rights issue. High Island, near end of life, may be sold or exited.
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.