9 July 2012admin correction● Neutral
Elixir moved its Perth principal place of business and registered office to Level 1, 89 St Georges Terrace, with new phone and fax numbers. Administrative only.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
30 Apr 2012quarterly activities report▲ Good
March quarter: Moselle conventional prospects and leads rose from 19 to 34, with mean risked recoverable resource 161 million barrels of oil or 559 Bcf of gas. Farmout still drawing interested parties and expected to culminate in Q2 2012; about $3.3m raised.
5 Apr 2012capital raising announcement▲ GoodMajor
The entitlement issue closed with 392 valid applications for 24.2m shares ($1.21m). New Standard, as underwriter, takes the 9.93m-share shortfall ($496,420). Together with the placement, the raising totals about $2.1m from the entitlement and placement.
What it means for a shareholder
24.2m new shares at about A$0.0868 to raise about A$2.1m. That's 10% dilution: every existing holder's slice gets 10% smaller. If you held A$1,000 of shares (11,524 at the issue price), your slice goes from 0.0053% to 0.00477% of the company. To keep it you'd need 1,283 more shares - about A$111 at the issue price.
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2 Apr 2012security holder rights change● Neutral
2,250,000 unlisted $0.30 employee options lapsed on 31 March 2012 under plan terms. Administrative; no effect on issued shares.
16 Mar 2012capital raising announcement● Neutral
The 6.4m-share placement to New Standard at $0.0625 was completed, raising $400,000 without shareholder approval. Issued shares rise to 223.7m. Completes the first part of the March raising.
16 Mar 2012capital raising announcement● Neutral
Offer document for the entitlement issue was mailed to eligible shareholders on 16 March; the offer closes 30 March. Administrative only.
15 Mar 2012half year report● Neutral
Half-year to 31 December 2011: loss of $1.97m (prior-year period $1.38m), cash $1.41m, debt free. Reiterates Moselle's 34... conventional work and the 2 March capital raising. No new operating results in the text shown.
15 Mar 2012capital raising announcement● Neutral
Cleansing notice and offer document for the 1-for-6 entitlement issue at $0.05 (up to ~36.2m shares), fully underwritten by New Standard; offer opens 16 March and closes 30 March. Administrative step of the announced raising.
9 Mar 2012other● Neutral
The unmarketable parcel program closed with 2,484,610 shares (1.14% of capital) sold on behalf of small holders at an average $0.06. Sales were delayed until 2 March by the capital raising; cheques due by 16 March. Concludes the January program.
8 Mar 2012capital raising announcement● Neutral
Shareholder letter restates the 1-for-6 entitlement issue at $0.05 (up to 36.2m shares, closing 30 March). Funds are for Moselle well planning and farmout, new asset opportunities and working capital. No new terms.
2 Mar 2012capital raising announcement▲ GoodMajor
Elixir will raise about $2.2m: a $400,000 placement of 6.4m shares to New Standard at $0.0625, plus a 1-for-6 entitlement issue at $0.05 (up to ~$1.81m), fully underwritten by New Standard for no fee. Follows the earlier flagged capital raising options.
What it means for a shareholder
6.4m new shares at A$0.0625 to raise about A$400,000. That's 2.9% dilution: every existing holder's slice gets 2.9% smaller. If you held A$1,000 of shares (16,000 at the issue price), your slice goes from 0.00736% to 0.00715% of the company. To keep it you'd need 471 more shares - about A$29 at the issue price.
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2 Mar 2012capital raising announcement▲ GoodMajor
New Standard Energy (ASX:NSE) plans to take up to a 15% stake in Elixir for up to about $2.25m, via a placement at 6.25 cents plus underwriting of Elixir's 5 cent entitlement issue. It is a strategic investor in Moselle.
23 Feb 2012price query● Neutral
ASX queried a rise from $0.053 to $0.07. Elixir said it knew of no undisclosed information, pointing to the 17 February Moselle presentation and its farmout process, expected to conclude in Q2 2012. It also said it is considering capital raising options.
17 Feb 2012investor presentation▲ Good
Presentation reports additional conventional prospects at Moselle after 324 km of newly interpreted 2D seismic raised data coverage by 33%. Shows cash of $1.4m at 31 December 2011 and 217.3m shares; the farmout is expected to culminate in Q2 2012 (per the company's later ASX reply).
31 Jan 2012quarterly activities report● Neutral
December quarter: CIBC appointed financial adviser for the Moselle farmout, with several parties in the dataroom. Analysis suggests a four-well programme could target about 80% of mapped conventional prospects, with drilling now targeted Q4 2012 (previously 2H 2012). Two new North Sea licences awarded.
18 Jan 2012other● Neutral
Elixir launched an unmarketable parcel program for holders with under $500 of shares, letting them sell without brokerage or top up, closing 14 February 2012. It aims to cut administrative costs of small holdings; no operational news.
11 Jan 2012asset acquisition disposition▲ GoodMajor
Elixir was awarded Blocks 12/18 and 12/19a in the Inner Moray Firth, UK North Sea, as 100% holder and operator under promote licences. One large untested prospect is identified; work is 3D seismic purchase, with a drill-or-drop decision due by early 2014.
29 Dec 2011security holder rights change● Neutral
1,000,000 unlisted $0.30 options and 750,000 unlisted $0.35 options under the employee share plan lapsed on 29 December 2011 under plan terms. Administrative; issued shares remain 217.3m.
23 Dec 2011material agreement termination▼ BadMajor
Elixir terminated the Tiger farmout after the farminee, despite winning DECC consent, had its funding source fail to perform. The farminee is suing the funder and seeking other funding; Elixir may re-engage if it succeeds, and is seeking a new farminee. Ends the July 2011 deal.
29 Nov 2011director officer appointment● NeutralMajor
Jonathan Stewart resigned as non-executive chair effective 29 November 2011, citing time demands of his Aurora Oil & Gas role. Alan Watson, announced earlier as chair-designate, takes over as chair, completing the planned handover.
29 Nov 2011investor presentation● Neutral
AGM presentation says the business is refocusing on Moselle as its core value, with a 2H 2012 drilling campaign of up to 3 wells and early talks with industry partners. It plans to monetise or rationalise UK North Sea and Gulf of Mexico interests over time. Cash $1.8m, 217.3m shares.
1 Nov 2011quarterly activities report● Neutral
September quarter: Moselle's 19 conventional prospects and NSAI in-place estimates are reported, with permitting for up to 3 wells beginning and drilling targeted 2H 2012. Moselle farmout talks are to progress next quarter; Tiger farmout is described as progressing. No new resource figures.
26 Oct 2011annual report● Neutral
2011 Annual Report: chairman says Moselle work defines a major resource, but the French fraccing ban shifts focus to conventional prospects, with drilling hoped for 2H 2012. Pompano is seen as near end of life, High Island workovers still await approval, and the company says it is adequately funded.
20 Oct 2011farm in farm out agreement▼ Bad
The extended window lapsed without DECC consent, so Elixir may now terminate the Tiger farmout. It will keep working with the farminee, who is confident of consent soon, but has restarted talks with other possible farminees as a back-up.
10 Oct 2011farm in farm out agreement● Neutral
Elixir extended the Tiger farmout's three-month exclusivity window to 14 October 2011 (from 7 October) at the farminee's request, giving it more time to get UK regulator (DECC) consent. The farmout stays conditional; this continues the pending approval thread.
6 Oct 2011regulatory community update▲ GoodMajor
The French Government confirmed the Moselle Permit remains valid, with 61 of 64 permits upheld. Three permits held by Total and Schuepbach were abrogated under the fraccing law. This removes a permit-loss risk for Elixir after the ban.
5 Oct 2011other● Neutral
Notice of an audio broadcast with the Managing Director on the share placement and board appointment. No new information in the notice itself.
5 Oct 2011capital raising announcement● NeutralMajor
Elixir is raising up to A$1.132m through 28.3m shares at $0.04, with largest shareholder Aurora taking part, to fund Moselle well planning. Issued shares rise to 217.3m. Alan Watson joins the board and is expected to replace Jon Stewart as chair at the November AGM.
What it means for a shareholder
28.3m new shares at A$0.040 to raise about A$1.1m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (25,000 at the issue price), your slice goes from 0.0132% to 0.0115% of the company. To keep it you'd need 3,744 more shares - about A$150 at the issue price.
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30 Sept 2011annual report▼ Bad
Year to 30 June 2011: net loss A$3.36m (prior A$5.70m), cash A$1.32m (prior A$5.08m), no debt. Revenue A$1.12m on sharply lower Gulf of Mexico output. Iain Knott resigned as director on 22 July 2011.
23 Sept 2011other● Neutral
Notice of an audio broadcast with the Managing Director discussing the Moselle presentation. No new information in the notice itself.