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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
22 Aug 2011drilling progress report▼ Bad
ADX says the diverter and circulation system pass testing, but it will not let drilling start until all critical spares are on site. A choke line must be sourced from Egypt, causing another incremental spud delay.
15 Aug 2011drilling progress report● Neutral
ADX says the blowout preventer, after initial test failures and repairs, now passes pressure tests. The diverter is installed but still to be tested. No spud date given.
8 Aug 2011drilling progress report▲ Good
ADX reports the delayed critical equipment, including the valve set sourced from Libya, has arrived on site. Final testing of the blowout preventer and diverters should start soon. No spud date given.
3 Aug 2011drilling progress report▼ Bad
ADX says the Sidi Dhaher rig is essentially rigged up, but safety-critical well control items held up in Libya and Tunisian customs delay acceptance. No spud date can be given. This extends the slip from early August.
29 July 2011quarterly activities report● Neutral
June quarter report: rig mobilised and under inspection, with Sidi Dhaher drilling now expected early August. Chorbane extended to 12 July 2012. Quarterly cash outflow was $845k. Begg resigned; AGM resolutions passed.
29 July 2011admin correction● Neutral
Re-lodgement of the June 2011 quarterly report with the same content as the earlier lodgement. No new information.
29 July 2011half year report▼ BadMajor
Interim report for six months to 30 June 2011. Directors decided to impair the carrying value of the Lambouka asset, viewing the existing well bore as unlikely to have significant value; the well bore remains available. Jeffery now paid $250,000 a year for 75% of his time. Other financials truncated.
25 July 2011drilling progress report▼ Bad
ADX says rig-up is 95% complete, with minor camp infrastructure delays holding up 24/7 operations. Spud has slipped further past early July.
20 July 2011admin correction● Neutral
Re-release of the audio broadcast notice with the date corrected to 2011. No new information.
20 July 2011investor presentation● Neutral
Notice of an audio broadcast with managing director Gary Jeffery. No substantive content. Dated 2010 in error; amended the same day.
14 July 2011drilling progress report● Neutral
ADX says rig-up is nearly complete and rig inspection has begun. Drilling starts once the operator accepts the rig. No spud date given.