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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
Create a free account to see this worked out for your own holding.
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.
6 May 2008production update▲ GoodMajor
Buccaneer reported Pompano Well #2 went on production on 1 May 2008 and stabilised near 8.0 MMcf/d. Together with Well #1, which was performing to expectations at about 6.6 MMcf/d, the two wells produced about 14.6 MMcf/d. Elixir holds 25%.
30 Apr 2008quarterly activities report● Neutral
Quarterly report (period labelled 2007 but covers March 2008 quarter): High Island 268-A receipts of US$2.38m; Pompano Well #1 producing; Well #2 drilling; Sierra Leone seismic started. High Island gas fell ~58% on Well A-1 water/oil increase, with a sleeve change planned.
24 Apr 2008flow test result▲ GoodMajor
Elixir reports Pompano Well #2 flow tests: the E sand flowed 6.1 MMscf/d with 30 barrels a day of condensate, and the B sand 0.8 MMscf/d. E-sand pressure was well above pre-drill estimates. The C sand was non-commercial. Production is expected within about 10 days.
24 Apr 2008flow test result▲ GoodMajor
Buccaneer says Pompano Well #2 tested 74 ft of net gas pay. The E sand flowed 6.1 MMcf/d plus 30 barrels a day of condensate, with near-original pressure of 4,820 psi versus 2,500 psi expected. The C sand did not flow. Combined rate is expected near 7 MMcf/d.
22 Apr 2008drilling progress report● Neutral
Elixir reports weather caused minor delays to perforation and testing of Pompano Well #2, now due to finish within about 48 hours. Production is still expected towards the end of April. Routine progress.
22 Apr 2008drilling progress report● Neutral
Buccaneer says flow testing on Pompano Well #2 is still running and should finish within 24-48 hours. Production is still expected at the end of April. Routine progress.
15 Apr 2008drilling progress report● Neutral
Elixir reports the dual string completion is run in Pompano Well #2 and perforation of the B, C and E sands is being prepared. Production is still expected toward the end of April. Routine progress.
15 Apr 2008drilling progress report● Neutral
Buccaneer reports the dual string completion is in Pompano Well #2 and perforation of the B, E and C sands is being prepared. Production is still expected at the end of April. Routine progress.
9 Apr 2008drilling result● Neutral
Elixir reports the F and G sands in Pompano Well #2 were not commercial in this fault block, though gas shows suggest potential elsewhere in the field. The well will be completed on the B and E sands, with production expected late April.
8 Apr 2008drilling result● Neutral
Buccaneer says Pompano Well #2 will be completed on the B and E sands, expected to produce 6-7 MMcf/d combined by end of April. The F and G sands were gas bearing but thin, so were not completed.
4 Apr 2008asset acquisition disposition▲ Good
Elixir says the Pompano joint venture is high bidder for a 720-acre lease (SL108868) adjacent to the field, with Elixir at 25%. Award is expected within about 10 weeks. Elixir grants the operator a 5% reversionary interest in new wells after Elixir recovers costs.
4 Apr 2008asset acquisition disposition▲ Good
Buccaneer says the Pompano joint venture was high bidder at US$110,000 for a 720-acre Texas state lease next to the field. Elixir's share is 25%. Two leads, called the Redfish Prospect, will be assessed with new 3D seismic.
1 Apr 2008drilling progress report● Neutral
Buccaneer reports Pompano Well #2 drilling finished at 8,980 ft, with logs being run over the F and G sands. The operator thinks they were penetrated and the well is unlikely to go deeper. Routine progress.
1 Apr 2008regulatory community update▲ GoodMajor
3D seismic acquisition began on 30 March 2008 on Sierra Leone Block SL-4, covering 1,222 km², larger than the 1,000 km² earlier announced. Completion is expected by early June 2008. It satisfies the first-period minimum work programme, with drill-ready prospects for farm-out targeted for 1H 2009.
1 Apr 2008drilling progress report● Neutral
Elixir reports Pompano Well #2 drilled to 8,980 ft, with the operator believing all target horizons have been penetrated and logging under way. Hydrocarbon sands found in the 6700, B, C and E sands. Routine progress.
28 Mar 2008drilling progress report● Neutral
Buccaneer reports Pompano Well #2 casing run and pressure tested at 8,627 ft, with drilling ahead into the F and G sands at 8,663 ft. Total depth stays 9,150 ft. Routine progress.
27 Mar 2008production update▲ Good
Pompano Well #1 has stabilised at about 7 MMscf/d of gas, with 9 barrels of condensate and 140 barrels of water a day, in line with pre-drill expectations. Sales proceeds are expected about two months after each month of production.
25 Mar 2008drilling result▲ Good
Buccaneer says Pompano Well #2 reached 8,627 ft and the B, C and E sands appear commercial, with E the main target. Drilling was difficult, and a decision on drilling to the F and G sands follows. Elixir holds 25%.
25 Mar 2008drilling progress report● Neutral
Elixir reports Pompano Well #2 at 8,627 ft with the 5½-inch liner run as a contingency after difficult drilling. Hydrocarbon sands found in the 6700, B, C and E sands. Final section now planned to 9,150 ft, down from about 9,358 ft.
18 Mar 2008drilling progress report● Neutral
Elixir reports Pompano Well #2 has 7⅝-inch casing cemented at 8,154 ft and is starting the final section to about 9,358 ft. No hydrocarbon results are reported until total depth. Routine progress.
18 Mar 2008drilling progress report● Neutral
Text not readable.
17 Mar 2008asset acquisition disposition▲ GoodMajor
Elixir acquires a 15% interest and operatorship of Block SL-4, offshore Sierra Leone (4,429 km²), with an option on a further 20%. It must fund a 1,000 km² 3D seismic survey to begin by Q3 2008. A new frontier exploration area beyond its US and UK holdings.