Past year: ▲ 43%(4.20c – 15.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
23 Jan 2007quarterly activities report● Neutral
December quarter cash flow: cash fell to A$9.13m from A$10.43m, with a net outflow of A$1.1m. About A$200k of exploration spending is estimated for next quarter. No debt. 71.2m shares on issue.
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.
27 Oct 2006quarterly activities report● Neutral
September quarter report: Guinea now due to spud mid-November, Anglesey farmout negotiations are advanced, and long offset seismic was acquired over Leopard. 24th Round awards are delayed to mid-November. No new results.
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.
27 July 2006quarterly activities report● Neutral
June quarter cash flow: cash at quarter end was A$11.07m after the A$2.6m placement, with net operating and investing outflow of A$2.26m. About A$400k of exploration spending is estimated for next quarter. No debt.
26 July 2006quarterly activities report● Neutral
June quarter report: Guinea was farmed out to Nexen, Gas Plus and Albion (Elixir 13.125%), with mid-case unrisked prospective resources of 91 million barrels and a well due in the fourth quarter. The A$2.6m placement closed, and Elixir is widening its search for producing assets beyond the UK.
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.
28 Apr 2006quarterly activities report● Neutral
March quarter report repeats the Jaguar result and the three-pronged plan to find drilling: farm-outs, Leopard/Panther marketing and farm-ins. It says Elixir is also seeking producing or near-production assets and is preparing 24th Round applications. No new results.
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.
30 Jan 2006quarterly activities report▼ Bad
December quarter report: Jaguar spudded after quarter-end, and the Muness well (Elixir 7%) found only minor gas shows and was plugged and abandoned. Farm-out marketing is underway for the 22nd Round blocks, and Leopard and Panther prospects (23rd Round licences) were awarded.
