Past year: ▲ 43%(4.20c – 15.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
8 Feb 2010asset acquisition disposition▲ GoodMajor
Elixir agreed to buy East Paris Petroleum Development, holder of the 5,360 km2 Moselle Permit in onshore France, for cash and advisory payments totalling US$1m plus an overriding royalty. Completion needs no French ministerial objection. It is the company's first onshore Western Europe entry, targeting conventional and shale gas.
24 Dec 2009material agreement termination▼ BadMajor
The Leopard licence (Block 211/18b, Elixir 56% operator) was relinquished on 21 December 2009 after no farmout partner was found to share drilling costs. This resolves the drill-or-drop thread negatively. Elixir will pursue the 26th UK licensing round and keeps Mulle and Tiger.
24 Nov 2009investor presentation● Neutral
AGM presentation largely repeats known facts: cash A$8.1m at June 2009 (about A$7.1m mid-November), debt free, 188.9m shares, share price $0.057. High Island is producing about 0.5 MMscf/d gas and 200 bbl/d condensate (100% project), constrained by facilities.
23 Oct 2009director officer appointment● Neutral
Julie Foster, a UK chartered accountant who is secretary of two other ASX companies, became Company Secretary. David Lim resigned effective 23 October 2009. Administrative only.
22 Oct 2009annual report● Neutral
The 2009 annual report repeats known results. The chairman calls the year disappointing, with focus shifting to survival, cash of about A$8m at balance date, and the exit from Sierra Leone. Several North Sea blocks were relinquished and farmouts remain hard.
6 Oct 2009well test result▲ GoodMajor
The Pompano Well #1 workover was completed and the well is flowing about 3.3 MMscf/d of gas, with water declining to about 325 bbl/d. Rates are being held back during clean-up. This resolves the Well #1 workover thread, with the result so far encouraging.
30 Sept 2009annual report▼ Bad
Full-year accounts show a net loss of A$28.6m (2008: A$6.4m), including A$18.4m of impairments. Gulf of Mexico revenue was A$5.6m (2008: A$9.1m). The company is debt free, and the Sierra Leone sale is confirmed with a 2.5% royalty noted.
29 Sept 2009drilling progress report● Neutral
Sand has been cleaned out of both Well #1 strings, the 6700 sand was treated with a chemical gravel pack, and water isolation on the B sands was done. Fluid removal is under way, then B sand re-perforation. About a week remains.
21 Sept 2009drilling progress report● Neutral
The Pompano Well #1 workover began on 20 September, with the liftboat on location and sand bridges confirmed. Coiled tubing is being rigged up, with cement isolation of the water zone to follow. About two more weeks are expected.
1 Sept 2009drilling scheduled● Neutral
Preparations are advanced for the Pompano Well #1 workover, expected to start mid-September and take about 14 days. It will clear sand bridges and try to isolate water in the B sand. This progresses the long-pending repair of the well.
19 Aug 2009production update▲ Good
High Island resumed production six days after the fire, at pre-shut-in rates of about 2.2 MMscf/d of gas and 370 bbl/d of condensate (100% project). This resolves the shut-in.
13 Aug 2009production update▼ Bad
High Island production was temporarily shut in after a fire at a third-party compression facility on the HIOS export pipeline. No restart timing was given, and bypass work is under way. This is a new interruption after the earlier hurricane shut-in.
30 July 2009security holder rights change● Neutral
250,000 unlisted employee options (25c exercise price, expiry 31 March 2011) lapsed under the Employee Share Plan rules. Administrative, with no cash or share impact stated.
1 July 2009director officer appointment● Neutral
Non-executive director Trevor Benson resigned effective 29 June 2009 after taking a job at a financial advisory house that bars its executives from holding public company directorships. He held no Elixir securities. The board is now four members.
12 May 2009director officer appointment● Neutral
David Lim became Company Secretary on 12 May 2009, and Andrew Ross stepped down from the interim role. Administrative only.
6 May 2009asset acquisition disposition● NeutralMajor
Elixir sold its UK subsidiary, whose only asset was the 15% Sierra Leone SL-4 interest, to Prontinal for about US$255,000 cash plus a royalty capped at US$5m. Prontinal indemnifies Elixir, which says its involvement in the TGS arbitration is now ended. This resolves the SL-4 dispute thread.
21 Apr 2009regulatory community update▲ GoodMajor
The UK regulator waived the drill-or-drop decision date on the Leopard licence (Block 211/18b). A well must now be spudded by 21 December 2009 or the licence is relinquished. This buys time for the ongoing farmout search for the roughly 350 million barrel prospect.
14 Apr 2009director officer appointment● Neutral
Company Secretary Alex Neuling resigned effective 9 April 2009. Managing Director Andrew Ross fills the role in the interim, and a replacement starts 28 April. Administrative only.
13 Mar 2009half year report▼ BadMajor
Half-year to December 2008 shows a loss of A$21.5m, including A$24.7m of non-cash and other items such as a A$12.9m Gulf of Mexico impairment and expensed Well #3 costs. EBITDAX was A$3.1m; cash is about A$9.8m and the company is debt free.
5 Mar 2009joint venture update▼ BadMajor
Seismic contractor TGS has started arbitration over about US$9.3m for the Block SL-4 survey, naming Elixir's UK subsidiary and Prontinal. Elixir says Prontinal is responsible and will defend vigorously. A BVI hearing on winding up Prontinal is set for mid-March.
3 Mar 2009listing compliance notice● NeutralMajor
Elixir will cancel its AIM listing on 31 March 2009, citing costs and a low trading volume on AIM against an Australian-focused shareholder base. UK holders' shares move automatically to the ASX register; ASX remains the primary listing.
9 Jan 2009production update▲ Good
High Island wells restarted after the pipeline repair, ending the shut-in since Hurricane Ike. At Pompano, Well #1's upper 6700 Sand resumed at about 1 MMscf/d as sand bridges cleared, with a workover still planned for the water problem.
23 Dec 2008regulatory community update▲ Good
The UK regulator extended the Leopard licence (Block 211/18b) by four months to 21 April 2009, giving more time to farm out the unfunded part of the well. Management says the nearby Cladhan discovery de-risks Leopard, whose mean prospective resource is about 350 million barrels.
12 Dec 2008joint venture update● NeutralMajor
Elixir's UK subsidiary forfeited partner Prontinal's whole interest in Sierra Leone Block SL-4 after negotiations failed. Prontinal will contest this. The seismic contractor has served a statutory demand of about US$2.58m, which Elixir is seeking to set aside.
24 Nov 2008investor presentation● Neutral
AGM presentation largely repeats known facts: share price 3.7c (market cap about A$6.9m), cash A$13.5m, Pompano Well #3 unsuccessful, High Island repairs expected within 5 weeks. Leopard remote farmout remains unfinalised and the Mulle data room feedback is being received.
17 Nov 2008regulatory community update▲ GoodMajor
Elixir won two blocks in the UK 25th Round. Block 211/27d, next to Mulle, is 40% Elixir. Block 211/12b is 100% Elixir and operated, holding the Tiger prospect with a 90 MMbbl most-likely in-place estimate (if hydrocarbon bearing). This resolves the pending awards.
27 Oct 2008admin correction● Neutral
Elixir adds a competent-person statement for the reserves figures in its annual report. It also reports 397 shareholders held less than a marketable parcel at 30 September 2008. Administrative only, with no new operational information.
22 Oct 2008annual report● Neutral
The 2008 annual report was lodged, highlighting the Gawler merger, first Gulf of Mexico production and EBITDAX of A$5.88m. The chairman says Sierra Leone Block SL-4 has become a 'mixed blessing' and notes share-market disappointment. It repeats results already reported.
22 Oct 2008drilling progress report● Neutral
Pompano Well #3 open hole was abandoned and the well suspended for possible later completion or sidetrack. The rig left on 17 October. The Well #1 workover is still awaiting equipment; this is the last Well #3 update.
15 Oct 2008drilling result▼ BadMajor
Buccaneer reports Pompano Well #3 reached 8,315 ft and found 12 ft of net gas pay in the 6700 Sand. Deeper sands were structurally lower than predicted, so not commercial there. Well #1 has stopped producing due to water and needs a workover. Elixir holds 25%.
