Past year: ▲ 43%(4.20c – 15.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
20 July 2006director officer appointment● Neutral
Director of Business Development Angus MacAskill resigned, subject to a notice period, to pursue external opportunities. He had been on the board since late 2004. This is the second board departure of 2006.
29 June 2006admin correction● Neutral
Administrative notice that restricted shares and options (including 9.025 million shares) will be released from ASX escrow on 19 July 2006. No new business is reported.
7 June 2006security holder rights change▲ Good
10,000,000 Discovery Options issued to Hunter Petroleum for Block 211/22b were cancelled because they could only be exercised after a commercial Jaguar discovery, and the well found none. This removes potential dilution and closes out the Jaguar thread.
1 June 2006capital raising announcement● NeutralMajor
Elixir is placing 6.5 million shares at 40 cents each to sophisticated investors, raising A$2.6m, managed by Argonaut Securities. Funds are for opportunities in the existing portfolio and adding new ones.
What it means for a shareholder
6.5m new shares at A$0.400 to raise about A$2.6m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
31 May 2006farm in farm out agreement▲ GoodMajor
Elixir farmed out part of Block 15/13b (Guinea) to Nexen (operator, 50%) and Gas Plus, alongside Albion. Elixir keeps 13.125% with its well costs fully funded by partners. The well is planned for the last quarter of 2006, to about 1,600m. This firms up the Albion deal.
15 May 2006farm in farm out agreement▲ GoodMajor
Elixir signed a Heads of Agreement with Albion Petroleum to farm out three to five of its 22nd Round-area licences. Albion would fund at least C$10m (£5m) of exploration wells, with the first well expected on Block 15/13b (Guinea) later in 2006. The deal is subject to approvals and a final agreement.
11 Apr 2006other● Neutral
Shareholder newsletter acknowledges the first three exploration wells were unsuccessful and restates the exploration strategy. It says management hopes for 1-2 more wells in the second half of 2006 and is seeking producing assets. No new results are reported.
16 Mar 2006half year report▼ Bad
Half-year net loss was about A$3.045m (prior year A$1.262m), including A$2.0m of exploration write-offs, including the Muness well. Cash was about A$13.4m at 31 December, expected to be above A$9.4m after Muness and Jaguar costs, enough for 12-15 months of drilling.
7 Mar 2006drilling result▼ BadMajor
Jaguar failed to find commercial hydrocarbons at 3,977m; oil shows over 17m in the Middle Jurassic could not be sampled because of low permeability, and the well is being plugged. It resolves the Jaguar thread, though Elixir's 40% licence remains with further evaluation planned.
28 Feb 2006drilling progress report▼ Bad
The Jaguar well drilled through its main Upper Jurassic target without indications of commercial hydrocarbons, though this is not yet confirmed by logging. Drilling continues deeper to total depth before final evaluation.
25 Jan 2006director officer appointment● Neutral
Deputy Chairman Don Maloney, founder chairman and a director since incorporation, resigned immediately for personal reasons. Dr John Robertson remains Chairman and Russell Langusch Managing Director.
24 Jan 2006drilling spud● NeutralMajor
The Jaguar well (211/22b-5) spudded on 23 January 2006 using the Bredford Dolphin rig, with about 45 days of drilling planned to roughly 4,000m. Elixir keeps a 40% interest and will not update until the target is reached.
20 Jan 2006drilling scheduled● Neutral
Drilling is expected to start within a week on the Jaguar well in North Sea Block 211/22b, targeting about 4,000m. Elixir holds 40% but pays only 7.5% of costs under the DNO farm-in; the prospect could hold several hundred million barrels if oil-bearing.
