25 Oct 2007business combination▲ Good
The Federal Court approved the Gawler schemes of arrangement for the merger with Elixir on 25 October 2007. The orders still need to be lodged with ASIC, which will end Gawler's trading.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
25 Oct 2007business combination● Neutral
Gawler will lodge the court order with ASIC on 26 October, making the schemes effective and ending Gawler trading that day. The record date for Elixir share entitlements is 5 November; implementation is 12 November 2007.
19 Oct 2007business combination▲ GoodMajor
Gawler share and option holders approved the Elixir merger schemes at their 19 October meetings, with about 98% of votes in favour of the share scheme. Only Federal Court approval, hearing set for 25 October, remains.
12 Sept 2007business combination● Neutral
Federal Court ordered Gawler security holders' meetings on the Elixir merger, set for 19 October 2007. A second court hearing is pencilled for 25 October. Scheme booklets go out the week of 17 September. This moves the merger toward a vote.
12 Sept 2007business combination● Neutral
Gawler's scheme booklet for the Elixir merger: Gawler directors unanimously recommend voting yes, absent a superior offer. It contains the merger agreement, independent expert reports and notices of meeting. The excerpt shows no new terms.
15 Aug 2007annual report● Neutral
Year to 30 June 2007: net loss of about A$3.1m after writing off A$1.4m of failed North Sea costs, versus a A$7.0m loss the year before. Cash and securities were A$9.0m. The A$2.7m convertible notes were received and issued; draft Gawler scheme documents are lodged with ASIC.
25 July 2007drilling progress report● Neutral
Gawler reported that the High Island A-2 well, in which Gawler holds 30%, spudded on 23 July 2007, with completion expected late August. Pipeline laying is finished. This is Gawler's project, relevant to Elixir through the pending merger.
18 July 2007business combination● Neutral
Elixir's update on the Gawler merger: Elixir holds 20% of Gawler and has advanced a A$2.4m loan, plus about A$2.5m more from the note proceeds. Convertible notes become unsecured, the deadline moves to 30 November 2007, and High Island production is expected in August.
18 July 2007business combination● Neutral
Gawler's update on the merger: Elixir now holds 20% of Gawler and has lent A$2.4m, with the loan facility rising about A$2.5m for Pompano. Gawler's mineral assets will be demerged, and the merger end date moves to 30 November 2007.
9 July 2007capital raising announcement● NeutralMajor
Elixir proposed issuing 10.7m convertible notes at A$0.25, raising about A$2.7m, to fund Gawler's Gulf of Mexico development. The notes carry an 8% coupon and convert into Elixir shares at A$0.25 or are redeemable in November 2008. Underwritten by Argonaut.
6 July 2007admin correction● Neutral
Elixir changed its Australian registered office to Subiaco, WA. Administrative notice only; contact numbers and the UK office are unchanged.
15 June 2007other● Neutral
Elixir's own notice that Gawler agreed to buy 25% of the Pompano gas project in Texas, a second Gulf of Mexico project. Elixir supports it as fitting the merger rationale. Repeats Gawler's announcement of the same day.
15 June 2007other● Neutral
Gawler, Elixir's merger partner, agreed terms for a 25% interest in the Pompano gas project offshore Texas, subject to due diligence by 15 July 2007. Elixir supports it. This is Gawler's announcement, not Elixir's own asset yet.
1 June 2007farm in farm out completion▲ GoodMajor
The Leopard (Block 211/18b) farmout to RWE Dea for 30% was signed, as flagged in February. Elixir drops to 56%, RWE 30%, Sosina 14%, subject to government consent. Another farminee is still being sought to cover most of the well cost.
23 Mar 2007business combination▲ GoodMajor
Elixir agreed to merge with Gawler Resources by scheme of arrangement: one Elixir share per Gawler share, giving Elixir holders 52% of the group. Adds a 30% interest in High Island A268 (Texas gas, due on stream September 2007). Elixir funds Gawler with up to A$5m.
23 Mar 2007business combination● Neutral
Re-release of the same Elixir-Gawler merger announcement: 52/48 split, one Elixir share per Gawler share, up to A$5m funding to Gawler, and the High Island Texas gas interest. Only the stated combined value differs (A$35.0m versus A$34.3m).
15 Mar 2007half year report● Neutral
Half-year to 31 December 2006: net loss about A$2.3m, down from A$3.0m a year earlier, including A$1.3m of exploration write-offs on relinquished 22nd Round licences and failed 24th Round bids. Cash was about A$9.1m, enough for 12-18 months of planned exploration.
14 Mar 2007other● NeutralMajor
Elixir sets out 12-18 month plans: cash is about A$9.7m (13.6 cents a share), with no new capital needed for now. The Granby alliance has ended after disappointing results. Focus shifts to Leopard (56%), Jaguar area and Panther, plus a search for production assets.
12 Mar 2007drilling result▼ BadMajor
Guinea reached 2,176m and found no significant hydrocarbons in the Palaeocene objective, so it is being plugged and abandoned. Elixir keeps 13.125% and bore no well cost. This is the third dry well; deeper prospectivity in the block is unaffected.
26 Feb 2007drilling spud▲ GoodMajor
The Guinea well (15/13b-8) spudded on 26 February 2007, targeting Palaeocene Balmoral sandstone to about 2,150m in roughly 20 days. Nexen and Gas Plus fund Elixir's 13.125% share. Ends the long run of delays.
20 Feb 2007farm in farm out agreement▲ GoodMajor
Elixir accepted an offer from RWE Dea to farm into the Leopard block (211/18b) for 30%, funding part of a well. Elixir's interest drops from 80% to 56%. A formal agreement is due by 30 April 2007, and a further farminee is sought.
2 Feb 2007regulatory community update▲ GoodMajor
Elixir and partners DNO and Sosina were offered a Promote licence over Central North Sea Block 21/16b in the 24th Round. Elixir would operate with 40%, with four Upper Jurassic prospects identified. Resolves the awards thread with one licence.
19 Jan 2007quarterly activities report▼ BadMajor
December quarter report: Guinea slips again to about mid-February, at no cost to Elixir. Elixir gave up three 22nd Round licences, leaving eight UKCS licences with 262 mmbbl unrisked mid-case. Leopard farmout is expected soon; 24th Round awards are still pending.
22 Dec 2006drilling progress report▼ Bad
Nexen now says the rig will not move to the Guinea location until 14 January 2007, because of ongoing operations on its current well. The date could change if bad weather continues. Another slip.
15 Dec 2006drilling progress report▼ Bad
Guinea spud is delayed by North Sea storms, because Nexen's rig is still tied up on a well in Block 20/1. Spud is expected in 7-10 days if the weather allows. A further slip from the November target.
30 Oct 2006annual report● Neutral
Annual report repeats the year's results: the Muness and Jaguar wells failed, Guinea was farmed out, and a portfolio of 17 prospects holds about 436 mmboe unrisked net. Management stays optimistic and still seeks production assets. No new information.
9 Oct 2006material agreement termination● Neutral
The proposed Albion Petroleum farm-out expired because Albion could not demonstrate financial capacity in time. Gas Plus took up Albion's Guinea interest on the same terms, so Elixir sees no commercial impact. Guinea drilling is expected early November. Ends the Albion thread from May.
27 Sept 2006annual report▼ Bad
Full-year loss to 30 June 2006 was A$7.0m (prior year A$3.9m), after A$5.1m of exploration write-offs, mainly Jaguar (A$3.7m) and Muness (A$1.1m). Cash was A$11.1m, which the company says funds 18-24 months of drilling.
8 Sept 2006investor presentation● Neutral
September company presentation restates the strategy: farmed-out North Sea exploration plus a search for production assets. It repeats known facts: Guinea at 13.125% free-carried, 91 mmb mean, Anglesey farmout advanced. Lists 17 prospects and 71.0m shares. Nothing new.
29 Aug 2006other● Neutral
Shareholder newsletter says the Guinea well, free-carried with Elixir at 13.125%, should drill within two months. Farmouts of Anglesey (Block 14/14b) and Leopard are progressing but unsigned. Management hopes for another 3-4 wells over 18 months and still seeks production assets.