Past year: ▼ 48%(1.00c – 2.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
26 Mar 2012contract award● Neutral
ADX signed the Dietswell Sedlar-160 rig contract and ETAP approved the test programme. Operations are expected in about 16 days, with initial results by mid April 2012, later than the end-March target given on 29 February.
29 Feb 2012drilling scheduled▲ Good
ADX says test preparations are complete and the Dietswell rig contract should be signed within days. Testing is expected to start in about three weeks, with initial results by end of March 2012.
9 Jan 2012material agreement▲ Good
ADX signed a letter of intent with Dietswell for the Sedlar-160 rig to test Sidi Dhaher-1. Final contract execution is still needed before the rig moves to the well.
8 Dec 2011contract award● Neutral
ADX received four bids from five invited to supply a rig to test Sidi Dhaher. Evaluation is due by 15 December, with partner and ETAP approval expected around early January, so testing slips into 2012.
30 Nov 2011capital raising announcement● Neutral
XState extends the closing date of its 6.3c share purchase plan to 14 December 2011, citing market conditions. Eligible holders can apply for up to $15,000.
25 Nov 2011investor presentation● Neutral
Notice of an audio broadcast with managing director Gary Jeffery on 25 November, titled as a capital raising to progress work on the oil discovery. No substantive new content.
15 Nov 2011resource reserve update▲ Good
XState repeats the operator's Sidi Dhaher estimate: mean 51 million barrels oil in place (P90 13, P50 37, P10 110). Recoverable volumes depend on fluid studies and a flow test; XST pays 10% of testing costs.
10 Nov 2011resource reserve update▲ GoodMajor
ADX estimates mean contingent oil in place at Sidi Dhaher at 51 million barrels. This is oil in place, not recoverable oil, and depends on a successful flow test proving commercial rates. Test rig selection is being finalised.
8 Nov 2011capital raising announcement● NeutralMajor
XState raised about $730,000 from a placement of about 11.5m shares at 6.3c, below the 10c-12.5c of earlier raisings. A share purchase plan at 6.3c, up to $945,000, is offered to existing holders. Funds go to its share of Sidi Dhaher testing costs and working capital.
What it means for a shareholder
11.5m new shares at A$0.063 to raise about A$730,000. That's 14% dilution: every existing holder's slice gets 14% smaller. If you held A$1,000 of shares (15,873 at the issue price), your slice goes from 0.023% to 0.0197% of the company. To keep it you'd need 2,650 more shares - about A$167 at the issue price.
Create a free account to see this worked out for your own holding.
4 Nov 2011investor presentation● Neutral
Revised shareholder presentation restates the Sidi Dhaher oil discovery and offshore Tunisia projects, with flow testing planned in the near term. Cash is shown at $0.5m, no debt, 77.5m shares. Text truncated.
3 Nov 2011drilling progress report▲ Good
ADX says lab analysis confirmed the Sidi Dhaher recovered fluid as typical live crude oil with mud filtrate and minor water. Test-rig tenders have gone to 5 providers; a resource range is imminent. Flow test still needed.
26 Oct 2011drilling progress report● Neutral
ADX says the rig has left Sidi Dhaher-1 and the site is cleared. Test rig selection is nearly done, oil samples are at a UK lab, and a resource range is expected early November. No flow result yet.
24 Oct 2011investor presentation● Neutral
Notice of an audio broadcast with managing director Gary Jeffery on the potential 30m oil column at Sidi Dhaher. No substantive new content.
19 Oct 2011drilling result● Neutral
Verus Investments, a 10% Sidi Dhaher partner, re-lodges XState's 19 October update on the potential 30m oil column and planned flow testing. No new information.
19 Oct 2011drilling result▲ GoodMajor
XState says Sidi Dhaher-1 is complete and the rig released on 5 October, with a potential 30m light oil column at about 1,150m depth. It has now earned its 10% of Chorbane. A flow test is the next step; timing not set.
3 Oct 2011drilling result▲ GoodMajor
Sidi Dhaher-1, drilled to 2,011m, found an interpreted oil column of about 30m in Upper Cretaceous rock, with oil recovered in sampling. A flow test is needed to confirm commercial rates. Well to be cased and suspended.
30 Sept 2011regulatory community update● Neutral
Forwarding an ADX statement that it is aware of an unsubstantiated, erroneous report speculating on Sidi Dhaher-1 results. ADX calls premature discussion inappropriate and promises accurate updates. No well results given.
26 Sept 2011drilling progress report● Neutral
ADX says the well was deepened to 2,011m and logged, with pressure tests run. It is being prepared for formation testing of zones of interest. Originally mislabelled update 7; no result yet.
26 Sept 2011admin correction● Neutral
ADX re-lodges the 26 September update with the number corrected from 7 to 6. No other change.
22 Sept 2011drilling progress report● Neutral
ADX says the well reached 1,785m, then a pump failure and a logging obstruction interrupted work. Several potential reservoirs were found higher than prognosed. Logs are being interpreted; no hydrocarbon result stated.
16 Sept 2011drilling progress report▲ Good
ADX reports drilling at about 1,700m, with two potential reservoir zones in the Tertiary and Cretaceous both found higher than predicted. Next casing point is about 2,000m, followed by wireline logging. No hydrocarbon result yet.
12 Sept 2011drilling progress report● Neutral
ADX says 13 3/8-inch casing is cemented and the well is drilling at about 1,300m. Two potential reservoir zones have been hit so far, to be evaluated by logging. No results given.
7 Sept 2011investor presentation● Neutral
Good Oil Conference presentation restates the Sidi Dhaher and offshore Tunisia cases. Cash is shown at $0.6m after a prepaid well cost, down from $1.4m in July. No debt. Text is truncated.
6 Sept 2011investor presentation● Neutral
A one-page conference flyer shows a share price of $0.10 and market cap of $7.8m, with Sidi Dhaher listed as now drilling. It restates the 300+ million barrel case and about 1-in-3 chance. No new results.
6 Sept 2011drilling progress report● Neutral
ADX says the 16-inch hole reached 1,001m and 13 3/8-inch casing is being run. The first potential hydrocarbon target, the Eocene reservoir, is expected to be reached later this week.
30 Aug 2011drilling progress report● Neutral
ADX reports the 16-inch hole drilled to 652m. It corrects the earlier spud time to 6pm GMT on 26 August. Next steps are to reach about 812m and run casing.
29 Aug 2011drilling spud▲ GoodMajor
ADX reported that Sidi Dhaher-1 spudded at 07:00 GMT on 27 August 2011 and was drilling 16-inch hole. The planned depth was 2,168m, with about 33 days expected to drill. XState holds 10%.
29 Aug 2011drilling spud▲ Good
XState confirms Sidi Dhaher spudded, earning a 10% interest, with the well planned to 2,168m in about 33 days. It restates the 300+ million barrel prospective case and roughly 1-in-3 chance of success, cost about $6m. Weekly updates promised.
25 Aug 2011drilling scheduled▲ Good
ADX says the choke line has arrived and passed testing, with a pre-spud meeting planned for 26 August. Spud is described as imminent, after weeks of slippage from early July.
22 Aug 2011joint venture update▲ Good
Shell has finished 2D seismic over the Kerkouane-1 gas discovery under a data exchange deal, giving ADX and partners 104 km of data. XState holds 10% with an option to 20%. The aim is to turn the discovery into drillable projects.
