Past year: ▲ 43%(4.20c – 15.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
15 Oct 2008drilling result▼ Bad
Elixir confirms Pompano Well #3 hit 12 ft of net gas pay in the 6700 Sand, but the deeper B, C and E sands were water wet after the pre-drill structure proved inaccurate. Well #1 is shut in by water from a poor cement job; a workover is planned to restore 5-7 MMscf/d.
8 Oct 2008drilling progress report● Neutral
Elixir reports Pompano Well #3 reached 9 7/8-inch section depth of 7,974 ft, with zones of interest being logged. Casing will be run, then drilling to about 8,400 ft, expected in about a week. No results yet.
8 Oct 2008drilling progress report● Neutral
Buccaneer reports Pompano well #3 at 7,978 ft, preparing to run casing before drilling to its 8,380 ft target depth. No hydrocarbon results will be released until logging is complete.
3 Oct 2008production update▼ BadMajor
Pompano is back at pre-storm rates, but both High Island wells stay shut in until a damaged export pipeline is repaired, estimated at six weeks. Management says output is deferred, not lost, and Elixir has about A$9m cash.
1 Oct 2008drilling spud● Neutral
Elixir confirms Pompano Well #3 spudded 22 September 2008 and was at 3,005 ft preparing the 9 7/8-inch section. It targets four primary and two secondary sands next to successful Well #2. Elixir holds 25%.
1 Oct 2008drilling spud● NeutralMajor
Buccaneer reports Pompano's third well, SL 103230 #4, spudded 22 September 2008. It was at 3,005 ft with caisson driven and upper hole sections cased. Target depth is about 8,380 ft, roughly four weeks. Elixir holds 25%.
30 Sept 2008annual report● Neutral
Full-year accounts to 30 June 2008 show a net loss of A$6.4m (2007: A$3.1m) after A$9.5m amortisation. Elixir's share of Gulf of Mexico revenue exceeded A$9.1m; the Gawler merger completed in November 2007 and A$7.5m was raised in 2008.
26 Sept 2008joint venture update▼ BadMajor
Elixir issued a default notice to Sierra Leone Block SL-4 partner Prontinal for unpaid 3D seismic costs. The contractor has demanded about US$9m from an Elixir subsidiary. Elixir is seeking legal advice and says resolution is advanced; forfeiture of Prontinal's equity is possible but not considered likely.
22 Sept 2008drilling progress report● Neutral
Ike shut in both fields without platform damage; Pompano restarted 19 September, while High Island awaits export pipeline repairs. The rig reached Pompano and is preparing to drive the caisson for Well #3, about 25 days to drill. Elixir holds 25%.
22 Sept 2008drilling progress report● Neutral
Buccaneer reports the rig has begun operations on Pompano well SL 103230 #4, planned at 25 days to drill plus 22 to complete. Pompano production from the first two wells has restarted after the power outage.
19 Sept 2008investor presentation● Neutral
Oilbarrel Conference presentation repeating known facts: 188.9m shares, cash A$10.6m, Pompano and High Island revenue, Mulle farminee search, Leopard farmout targeted for 2H 2008 and Sierra Leone farmout for 1H 2009. No new information.
16 Sept 2008drilling progress report● Neutral
Buccaneer says Hurricane Ike left Pompano infrastructure undamaged, but production was shut in after a third-party onshore compressor lost power on 13 September. The Hercules 152 rig is undamaged and expected to mobilise within 7 days.
10 Sept 2008joint venture update● Neutral
Gustav caused no damage; High Island was shut in about four days and is back at ~4 MMscf/d. Hurricane Ike may delay the Pompano rig. The Mulle appraisal programme is finalised and a data room opened to find a farminee, as sought since May.
4 Sept 2008drilling progress report● Neutral
Partner Buccaneer reports Hurricane Gustav did not affect its operations or the Hercules 152 rig contracted for the next Pompano well. The rig should reach Pompano in 10-14 days. Elixir holds 25%.
3 Sept 2008other● Neutral
Competent Persons Statement accompanying the Good Oil presentation, naming Operations Manager Ian Lusted as reviewer of the Pompano information. No substantive content.
3 Sept 2008investor presentation● Neutral
Good Oil Conference presentation by MD Andrew Ross repeating known facts: 188.9m shares, cash A$10.6m, share price 16.5c, Pompano well 3 to spud in September, Mulle data room open. Nothing new beyond earlier announcements.
1 Sept 2008admin correction● Neutral
Share registry services moved from Advanced Share Registry Services to Computershare Investor Services, Perth, effective 1 September 2008. UK registry unchanged. Administrative notice only.
8 July 2008capital raising announcement● Neutral
Elixir completed allotment of 5,920,000 shortfall shares at 27c to professional investors, the placement announced on 2 July. Administrative completion of the entitlement shortfall.
2 July 2008capital raising announcement▼ BadMajor
Entitlement issue take-up was only about 9.7% (1.95m shares, A$527k). The underwriter terminated after a market fall, but directors placed ~5.9m shortfall shares at 27c (A$1.6m). Elixir says cash is about A$12m.
24 June 2008drilling scheduled▲ GoodMajor
Buccaneer says the operator has contracted a Hercules rig for third Pompano well SL 103230 #4, expected to spud late July 2008. It targets up to six sands in an adjacent fault block, with an option for a fourth well. Elixir holds 25%.
24 June 2008drilling scheduled▲ GoodMajor
Elixir says a rig is contracted for the third Pompano well, due on site late July 2008, with partners yet to approve the well proposal. Elixir expects May and June US net revenues above US$2.75m, a record.
23 June 2008joint venture update▲ Good
The 1,222 km² 3D seismic survey over Sierra Leone Block SL-4 finished on time and on budget. Processed data is expected before end 2008, with Elixir interpreting it in Q1 2009. Elixir holds 15% as operator plus a 20% option.
13 June 2008capital raising announcement● Neutral
Elixir says the entitlement offer document was mailed to eligible shareholders on 12 June; the offer closes 27 June. Administrative notice with no new substance.
10 June 2008capital raising announcement● Neutral
Elixir lodges the compliance notice and offer document for its 1-for-8 entitlement issue at 27c, up to 20.1m shares. The offer closes 27 June and is underwritten by Stripe Capital. Details were already announced on 29 May.
10 June 2008capital raising announcement● Neutral
Elixir finalised the first placement of 20m shares at 27c, raising A$5.4m, below the 24.15m shares announced on 29 May. A further 13.5m shares are planned for European clients, with 9.35m needing shareholder approval at a 7 July meeting.
What it means for a shareholder
20.0m new shares at A$0.270 to raise about A$5.4m. That's 11% dilution: every existing holder's slice gets 11% smaller. If you held A$1,000 of shares (3,704 at the issue price), your slice goes from 0.0023% to 0.00204% of the company. To keep it you'd need 460 more shares - about A$124 at the issue price.
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29 May 2008capital raising announcement● NeutralMajor
Elixir launches a raising of up to 53.64m shares at 27c to raise up to A$14.5m: placements plus a 1-for-8 underwritten entitlement issue. Funds go to more Pompano wells, Sierra Leone and North Sea work. Price is a 12.3% discount to the 5-day average. Blue Oar appointed AIM adviser.
What it means for a shareholder
53.6m new shares at A$0.270 to raise about A$14.5m. That's 25% dilution: every existing holder's slice gets 25% smaller. If you held A$1,000 of shares (3,704 at the issue price), your slice goes from 0.0023% to 0.00172% of the company. To keep it you'd need 1,233 more shares - about A$333 at the issue price.
Create a free account to see this worked out for your own holding.
22 May 2008resource reserve update▲ GoodMajor
Operator DNO booked a contingent resource for the Mulle oil accumulation in Block 211/22b: 17 MMboe most likely (36 MMboe high case). Elixir's 40% share is almost 7 million barrels. Partners will seek a farminee to fund a 2009 appraisal well, aiming for first oil by 2010.
19 May 2008security holder rights change● Neutral
500,000 unlisted options with 90c exercise price expired on 16 May 2008. Administrative notice only.
16 May 2008resource reserve update▲ GoodMajor
Independent report gives Pompano's first two wells 2P reserves of 17.6 Bcf gas and ~48,200 bbl condensate (Elixir net 3.1 Bcf, before back-in). First sales cash received 14 May; next well to spud Q3 2008; Sierra Leone seismic ~60% done.
6 May 2008production update▲ GoodMajor
Elixir confirms Pompano Well #2 on production 1 May 2008 at about 8 MMscf/d and 30 bbl/d condensate. Field output is about 14.6 MMscf/d with Well #1 at 6.6. Resolves the open question on Well #2 start-up; 5.5% back-in remains after 120% payout.
