Past year: ▲ 43%(4.20c – 15.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
9 Jan 2008security holder rights change● Neutral
Notice that the 0.1c options issued to Gawler optionholders expire on 5 February 2008 and must be exercised before then. Shares last traded at $0.295. Administrative reminder with a sample holder letter.
3 Jan 2008security holder rights change● Neutral
18,375,000 unlisted options expired on 31 December 2007, including 10,000,000 unvested options at $0.74. This is expected expiry of options noted earlier in the company's share structure, not new capital.
3 Jan 2008drilling scheduled▲ Good
Elixir confirms the Hercules 152 rig is contracted for Pompano Well #1, targeting seven gas sands to 7,941 ft in about 30 days. Elixir has 25%, reducing by 5% after payout plus 20%. Rig due on site around 7 January.
2 Jan 2008drilling scheduled▲ Good
Partner Buccaneer says a Hercules rig is contracted to drill Pompano Well #1, planned to 7,941 ft and about 30 days. Buccaneer cites 18.7 BCF of 2P reserves for the first well. Elixir holds 25%.
30 Nov 2007investor presentation● Neutral
AGM presentation after the Gawler merger: 157.2m shares on issue, market cap about A$50m, cash A$5.1m at October 2007. Pompano drilling is planned for January 2008, Leopard in 2H 2008. Aurora Oil & Gas is the largest holder at 15%.
29 Nov 2007director officer appointment● NeutralMajor
Jonathan Stewart became Chairman and Andrew Ross Managing Director from 29 November 2007. John Robertson stays as a non-executive director. Russell Langusch resigned as Managing Director and stays until mid-February to help integration after the Gawler merger.
22 Nov 2007production update▲ GoodMajor
The Gawler merger completed 13 November 2007 and Gawler was delisted. Elixir now holds 30% of High Island, producing about 17.5 MMcf of gas and 200 barrels of condensate daily since September. It also holds 25% of Pompano, whose joint operating agreement is signed.
21 Nov 2007joint venture update▲ Good
Buccaneer, operator-partner in Pompano, said the joint operating agreement was signed, allowing refurbishment work to begin. Elixir holds 25% alongside Buccaneer 65%. The first well has 18.7 BCF of proven and probable reserves per Buccaneer. Drilling follows rig selection.
31 Oct 2007quarterly activities report▲ Good
September quarter: the Gawler scheme became effective on 26 October, with new shares due 12 November. The 10.7m convertible notes (about A$2.7m) completed in August. Panther farmout talks are advanced, Leopard's second farminee is still sought, and High Island production has started.
29 Oct 2007annual report● Neutral
Elixir's 2007 annual report, dated October 2007, repeats the year's results and describes the Gawler merger as pending, aimed at adding Gulf of Mexico production to North Sea exploration. No new figures in the excerpt; no Elixir shareholder action is required.
29 Oct 2007business combination● Neutral
The court order was lodged with ASIC and the Gawler schemes became legally effective. Record date remains 5 November and implementation 12 November 2007. This confirms the timetable already announced.
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.
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.
26 July 2007quarterly activities report● Neutral
June quarter: the Gawler merger paperwork is nearing completion, with scheme documents due at ASIC by 31 July after terms were varied. Government consent for RWE's 30% of Leopard was granted. A second Leopard farminee is still sought. Elixir holds 20% of Gawler and a A$2.4m bridging loan.
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.
24 Apr 2007quarterly activities report● Neutral
March quarter cash flow: cash fell from A$9.13m to A$7.69m, with an operating and investing outflow of A$1.38m. About A$200k of exploration spending is estimated next quarter. No debt; 71.5m shares on issue.
24 Apr 2007quarterly activities report● Neutral
March quarter report: Guinea failed, Block 21/16b was awarded (Elixir 40%), and the Gawler merger agreement was signed. Elixir will focus on Northern North Sea licences, with Leopard (56%) and Panther (80%) farmouts under way. Cash fell to A$7.7m.
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).
