Past year: ▲ 43%(4.20c – 15.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
31 July 2013quarterly activities report● Neutral
June quarter: RPS report confirmed Moselle prospects and the conventional farmout continues with parties in the dataroom. Cash was about $985k, debt free, before the rights issue. High Island gas rose 34% and oil fell 15%; options for the interest are still being considered.
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.
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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.
30 Apr 2013quarterly activities report▼ Bad
March quarter: Elixir concentrates on Moselle; farmout of conventional prospects continues and RPS review began. Tiger and Dumas (30/25) licences were relinquished in February. High Island output fell 62% for oil and 17% for gas; Elixir is considering options for its interest.
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.
14 Mar 2013half year report● Neutral
Half-year to 31 December 2012: loss $1.09m (prior $1.97m). Cash $1.87m, debt free. About $649k spent on Moselle, meeting first-term spending obligations. Some one-off costs about $120k and $183k of prior-year costs inflated expenses.
31 Jan 2013quarterly activities report● Neutral
December quarter: Moselle farmout expected to conclude by end of March 2013 quarter. Tiger licence (211/12b) will be relinquished after no farminee was found. Adriatic farmout completed. Moselle spending has met first-term commitment, so a second term is expected in early 2014.
16 Jan 2013resource reserve update▲ GoodMajor
Elixir's own estimate for Moselle's nine conventional prospects: 3,748 Bcf gas in place and 2,130 Bcf unrisked mean recoverable. This supersedes the earlier risked 559 Bcf figure and underpins the farmout, with parties now in the dataroom.
10 Dec 2012farm in farm out agreement▲ GoodMajor
Adriatic Oil takes 25% of the Inner Moray Firth licence P1921 (Sunset prospect) by funding 3D seismic interpretation and contributing to Elixir's past costs. Options for a further 25% exist. Elixir stays operator. Completed 7 December 2012. Resolves the farmout search for this licence.
31 Oct 2012quarterly activities report● Neutral
September quarter cash report: cash fell from $3.49m to $2.52m, with a $1.04m outflow. Planned spending next quarter is $685k. Shares on issue are 277.3m. No debt. Financial figures only in the text shown.
30 Oct 2012annual report● Neutral
Annual report with Chairman's letter: Moselle farmout failed on acceptable terms, so focus is on conventional prospects, with a farmout process hoped to start Q4 2012. High Island Well #1 acid stimulation restored 50-60 barrels of oil a day. Elixir skipped the Pompano workovers.
1 Oct 2012annual report▼ Bad
FY to 30 June 2012: net loss $2.65m (prior year $3.36m), including $1.59m impairment. Cash $3.49m, debt free. Gulf of Mexico net sales revenue fell to $428k from $1.12m. Statutory accounts only; most facts already known.
14 Aug 2012director officer appointment▲ Good
Mark O'Clery, a petroleum geologist with over 24 years' experience, joins as independent non-executive director. The company says his technical skills will help advance Moselle and pursue new ventures.
31 July 2012quarterly activities report● Neutral
June quarter: Moselle seismic reprocessing finished, lifting the conventional portfolio to 25 prospects and 15 leads; new volumes due next quarter. Farmout, reviewed by over 30 companies, now targets conventional-focused partners given the fraccing ban. UK farmout and divestment continue.
12 July 2012farm in farm out agreement▼ BadMajor
Over 30 companies reviewed Moselle, but France's fraccing ban made farminees struggle to value the unconventional play. Elixir has refocused the farmout on conventional prospects and reserved the unconventional resource for later. The Q2 2012 farmout expectation has not been met.
9 July 2012director officer appointment● Neutral
Keith Bowker replaced Julie Foster as Company Secretary from 9 July 2012. He is a chartered accountant at Somerville Corporate. Administrative change.
