AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
ADX Energy Ltd (ASX:ADX) is an energy sector company, headquartered in Perth, Australia. The company works towards the exploration of oil and gas under the energy sector.
On 10th May 2019, the company announced that the Reabold Resources PLC has agreed to invest a further £375,940 in ADXâs UK subsidiary, Danube Petroleum Ltd. The issue price will be £1 per share. ADX (post this investment) will retain a 62.5% interest in Danube and Reabold will have an interest of 37.5%. The total investment of Reabold Resources to-date in the Danube is almost $4.3 million after this investment.
Through a service agreement with Danube, ADX will provide technical, operational and corporate services to the Danube. Danube holds a 100% interest in the Parta Exploration license through its 100% owned Romanian subsidiary, ADX Energy Panonia SRL. For Onshore Romania, the company has a 100% interest in the license of Iecea Mare Production.
In another announcement made on 30th April 2019, the company presented its quarterly activities report for the period ending on 31st March 2019. As per the report, there has been progress in the preparations for drilling and testing of the IMIC-1 of the Parta program. The area offers a larger deeper exploration potential. The spud date will be later in June this year.
In another project, Nilde Oil Field Redevelopment, ADX requested confirmation by the designated authority for a reduction in permit area by almost 55% to lessen any foreseeable environmental impact.
The company is in dialogue with the Noble Corporation for the drilling in the Dougga Appraisal post-June.
ADX believes that the addition of low-risk cash flow in suitable jurisdictions to the current asset base will play a significant role to increase the companyâs value, provide access to finance and growth potential.
The company published its quarterly cash flow statement for the quarter ending 31st March 2019. According to which, the net cash used in operating activities amounted to $679k. The cash and cash equivalents at the end of the period were $2,681k. The company reported total estimated cash outflows for the next quarter of $680k.
As per the financial statement for the year ended 31st December 2108, the total revenue of the company stood at $2,169, a dip when compared to pcp $909,777. The basic loss per share was $0.21 ps. Total assets held by the company improved to $3,983,634 from its pcp, where it was worth $2,005,239. The total liabilities held by the company were $728,420, less than its pcp figure, which was $931,897.
Share Price Information:
On the technical front, at market close on 13th May 2019, the stock of ADX was trading at $0.006, with a market cap of $7.28 million. For the last six months, the stock has provided a return of -50.00%, while the YTD return stands at -40.00%. Its 52 weeks high price stands at $0.014, with average volume of 586,914.
Disclaimer
This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.
