Mec Resources Ltd

On 17 June 2026 the Federal Court dismissed Advent subsidiary Asset Energy's challenge, so the refusal of the PEP 11 extension applications stands. The court found a procedural fairness breach but not a material one. Appeal options are being considered; a separate renewal application remains with NOPTA.

regulatory community update

The options offer closed fully subscribed on 3 February 2026, raising $359,162 for 359,162,152 options at $0.001. Shortfall options of 146,588,552 were taken up. Issue expected 10 February. Resolves the offer opened in December.

capital raising announcement

Prospectus for 359,162,152 new options at $0.001 each, to raise up to about $359,162, plus 14,373,453 options to directors. Replaces the expired MMRO options; offered to eligible holders, with funds going to working capital. A small raise, as the options are exercisable at $0.03.

capital raising announcement

Quarter to 30 June 2025: MEC advanced $750,000 to Advent on 23 April 2025 under a loan of up to $1.5M, 5.1% interest, 24 months, unsecured. 99.3M officer shares vested after reinstatement. No new PEP 11 developments.

quarterly activities report

By consent orders, the Federal Court suspended the PEP 11 refusal decision until further order and set a two-day hearing for 16–17 September 2025. The permit's status is held in place meanwhile, a positive procedural step for Advent's investee.

regulatory community update

The Joint Authority refused the PEP 11 applications (lodged 2020 and 2021), notified 17 January 2025. The permit stays in force for two months. The joint venture, Advent 85% and Bounty 15%, is taking legal advice on review. This resolves the pending decision negatively for MEC's 37.95% investee Advent.

regulatory community update

The 2020 settlement of writs with Advent and Asset is finalised. Shares and options issued to Advent on 21 November 2024 settled the $835,498 Advent debt in full, and Advent will withdraw the writs. This closes the long-running dispute.

material agreement

Raise completed: $3,063,907 before costs from the offer and shortfall, with 729,162,436 shares issued 21 November at $0.005. Shares on issue now 1,831,807,078. Pro forma cash is about $3.36M, and MEC says it is funded for at least two years.

capital raising announcement

ASX says MEC's suspension is expected to lift from the start of trading on 2 December 2024. This ends the suspension that began 17 January 2020, nearly five years.

listing compliance notice

ASX has confirmed in writing (letter dated 20 November) that MEC will be reinstated once conditions are met. The conditions are not listed in the text, though the company says several are already complete.

listing compliance notice

The entitlement offer closed 25 October 2024 having raised about $2.65M of the $4.89M sought. Shareholders took up only $816,627 (17%); Sixty-Two Capital placed $1.83M of shortfall. About $1.67M of shortfall remains, and the $2M reinstatement minimum is exceeded.

capital raising announcement

MEC lodged its reinstatement prospectus: a 1-for-1 non-renounceable entitlement offer at $0.005 to raise up to $4,894,864, with one free option per two shares. Issue is conditional on meeting ASX conditions; not underwritten. Shares called highly speculative.

capital raising announcement

Minister Husic has told the PEP 11 joint venture he has formed a preliminary view that the extension and variation applications should be refused. Asset is consulting its lawyers. A refusal would threaten the permit underpinning MEC's Advent investment; not yet final.

regulatory community update

PEP 11 operator Asset Energy filed for Federal Court judicial review, seeking an order that the Joint Authority decide the pending extension applications within 45 days. The first application was accepted 1,656 days earlier, so the delay has become a legal fight.

regulatory community update

MEC made a further reinstatement submission to ASX on 27 June 2024 and plans a 1-for-1 entitlement offer at $0.005 to raise about $5.26M, with free options. Prospectus targeted mid-August, reinstatement by 31 October 2024. About $1.65M is earmarked for Advent.

capital raising announcement

MEC raised $157,300 in a placement at $0.0044 per share, with a free option ($0.0055, two years) per share. Funds go to compliance and reinstatement work. Shares on issue rise to 1,045,021,916, and the placement shares are locked until a prospectus.

capital raising announcement

MEC raised a further $179,263 before costs at $0.0044 per share (40,741,652 shares), taking shares on issue to 884,993,167. Free attaching options at $0.0055 need shareholder approval at the AGM. Shares are locked pending a prospectus; ASX reinstatement submissions continue.

capital raising announcement

The Administrative Appeals Tribunal set aside the revocation of MEC's Pooled Development Fund registration and reinstated it. Resolves the appeal heard in January 2022. Restores the 15% tax rate on income and gains and the capital gains exemption for shareholders.

regulatory community update

MEC raised $154,388 before costs through a placement of 33,488,180 shares at $0.0044, lifting shares on issue to 842,651,515. Funds are for compliance, work toward reinstatement and working capital. Eases the thin cash position; LeMessurier takes a 6% fee.

capital raising announcement

The Federal Court quashed the former Prime Minister's refusal of the PEP 11 extension and work program changes, finding apprehended bias. The application goes back to the Joint Authority to be decided according to law, with costs to Asset. Resolves the 2022 challenge; permit stays in force.

regulatory community update

Asset Energy and the Government filed proposed consent orders to end the PEP11 case without trial. If granted, the refusal of the variation, suspension and extension is set aside and must be remade according to law. The permit stays in force meanwhile.

regulatory community update

Advent's subsidiary terminated the Taranaki farm-out with OMV NZ (30% of three permits), as the NZ Minister's approval was not obtained within 6 months. OMV's possible sale to Carlyle added uncertainty. Advent will focus on Australian projects including PEP11.

material agreement termination

ASX lists MEC among already-suspended entities that had not paid annual listing fees for the year to 30 June 2023. Entities still unpaid by 5pm on 26 August 2022 face removal from the official list.

listing compliance notice

Advent and BPH settled the purchase of 10% of Clean Hydrogen Technologies for US$1M (BPH 8%, Advent 2%) after BPH shareholders approved on 21 June 2022. They hold a right of first refusal on a further 10% for up to US$1M by 31 December 2022.

asset acquisition disposition

Advent's subsidiary Asset Energy applied to the Federal Court for judicial review of the Joint Authority's refusal to vary, suspend and extend the PEP11 permit. This is the legal challenge to the extension refusal; MEC holds 38.27% of Advent.

regulatory community update

Advent and BPH signed a binding term sheet to subscribe for 10% of hydrogen technology company Clean Hydrogen Technologies Corporation for US$1M (BPH US$800,000, Advent US$200,000 for 2%). Conditional on BPH shareholder approval on 21 June 2022 and due diligence. A new direction for Advent.

asset acquisition disposition

Advent signed a farm-out on 24 December 2021 to acquire 30% of three offshore Taranaki Basin permits (5,180 km2) from OMV New Zealand, subject to approvals expected by mid-2022. BPH lent Advent $3.0M to fund 2022 commitments. This is the new project Advent had been working on after the PEP11 setbacks.

farm in farm out agreement

NOPTA has refused the PEP11 joint venture's application, first lodged December 2019, for a work program variation and 24-month suspension and extension of the Year 4 commitments. The joint venture can seek statutory review and is taking legal advice. A second setback for the permit.

regulatory community update

The Federal Government, announced by the Prime Minister, will refuse the joint venture's applications to extend the PEP11 permit. This is a major blow to the Seablue-1 plan and resolves the pending extension question negatively; reinstatement of MEC's trading was tied to PEP11 success.

regulatory community update

MEC seeks to extend its voluntary suspension to 31 July 2021. ASX said it could consider reinstatement conditions if Advent wins the PEP11 extension and MEC wins its PDF appeal, tying relisting to both open matters.

listing compliance notice

The Delegate confirmed the decision to revoke MEC's Pooled Development Fund registration, rejecting the internal review. MEC will appeal to the Administrative Appeals Tribunal by 28 May, has referred the matter to the Ombudsman, and will consult lawyers about prior officers' returns.

regulatory community update

The Innovation Investment Committee revoked MEC's Pooled Development Fund registration, citing nine breaches tied to the abandoned Claratti investment and eight failures to notify changes. MEC disputes the reasoning and plans to seek reconsideration.

listing compliance notice

MEC settled the Advent and Asset writs by acknowledging an $872,288 debt, to be converted into equity at $0.0044 per share, subject to shareholder approval. About 124.7M new shares would be issued, with the rest settled through a later rights issue. Advent's stake is stated as 48.2%.

debt financing

Advent will withdraw its request for MEC to distribute its Advent shares to shareholders, conditional on the $872,288 debt settlement being approved. The board judged the PDF complexity, likely ASX re-compliance and lower assets outweighed the benefits. This ends the long-running distribution plan.

material agreement termination

Directors Bald and Hamilton resigned, and Robert Marusco and Andrew Jones joined. The board is now Verley, Jones and Marusco. Bald also quit as secretary and Marusco was reinstated. The board that fought the requisition is gone, and Jones was a nominee of the dissident holders.

director officer appointment

BPH, Grandbridge, David Breeze and associates, holding 7.27%, intend to call a meeting to remove current directors and elect Murray, Jones, Breeze and Huston. This is separate from the 11 August requisition; Andrew Jones is nominated in both.

other

MEC says Advent has not answered its requests for information or its mid-August offer of a committee to help prepare the prospectus. MEC remains committed to the in-specie distribution but believes there may be quicker ways to get Advent listed. Signals possible change in approach.

joint venture update

Asset Energy has issued a writ in the WA District Court claiming MEC owes $593,796. MEC is taking legal advice and intends to defend. This escalates the June demand notices into court action.

other

Shareholders holding at least 5% requisitioned a general meeting to remove directors Bald, Harrison and Hamilton and appoint Roderick Corps, Andrew Jones and Andrew Coloretti. MEC will convene the meeting. A board fight begins, weeks after the board was reshaped.

other

Stephen Harrison and Anthony Hamilton join the board as non-executive directors from 31 July 2020. Chairman Michael Sandy resigns to focus on Melbana Energy. A new chairman is to be appointed.

director officer appointment

MEC denies the Advent and Asset demands and says it will oppose any legal proceedings. It argues it was the ultimate source of the funds and may set the amounts off against its Advent loans, which were $3.92M net at 31 December 2019. Responds to the BPH announcement.

other

BPH says Advent and Asset Energy have served MEC with demands for $242,155 and $593,343, over costs MEC claimed in R&D tax incentive claims. It notes MEC's cash was $249K at 31 March. Opens a new dispute between MEC and its Advent affiliates.

other

MEC says BPH's 7 February release was not authorised by its board, and it received no notice of the Advent meeting behind the share conversions. It will seek legal advice on validity. It has not yet been given the Advent information needed for the in-specie distribution prospectus.

joint venture update

BPH (a settlement party) says it and Grandbridge will convert debts into 13.36M new Advent shares at $0.05, cutting MEC's Advent stake from 53% to 49.3%. BPH says Advent gave MEC notice for an in-specie distribution in August 2019, which MEC has not complied with; Advent reserves its rights.

joint venture update

At MEC's request, trading is suspended from 17 January 2020 pending an announcement on potential investments under its expanded mandate. MEC expects suspension to last until 24 January 2020 or earlier release of the announcement.

other

ASX has ruled MEC's widened investment mandate is a change in the nature of its activities, needing shareholder approval and re-compliance with Listing Rule Chapters 1 and 2. MEC bought 3.19% of Claratti for $100,000 in November 2019, has now divested it, and still plans to acquire at least 10%.

regulatory community update

Takeovers Panel declines to declare unacceptable circumstances, finding insufficient evidence of a control effect from the rights issue. It refers the matter to ASIC, citing concerns about fundraising transparency, the placement agent's links to placees, and missing substantial holder notices. The release carries a wrong date.

regulatory community update

Shareholders including the Anstey Super Fund apply to the Takeovers Panel over MEC's rights issue shortfall placements. They allege the placees are linked to the financial adviser and hold a collective 45% of MEC. They seek to adjourn the AGM and have the shares sold. The Panel makes no comment on the merits.

regulatory community update

MEC confirms settlement of all disputes with BPH, Grandbridge, Trandcorp and Breeze, ending litigation running since November 2016. MEC's Advent board seats go, the $3.6M Advent loan is limited to conversion into Advent shares at 80% of the 5-day VWAP before a PEP11 well, and MEC must back an in-specie distribution of Advent if asked.

material agreement

BPH reports a settlement ending the oppression case and other MEC disputes. Advent's board is replaced, MEC cannot interfere with it until July 2021, and MEC's $3.6M Advent loan becomes recoverable only as Advent shares before a PEP11 well. MEC can sell Advent shares only by in-specie distribution for one year.

material agreement

Rights issue closed with only 65.6M entitlement shares taken up plus 7.1M shortfall applications, raising $363,552 against the up to $1.7M sought. A further 269.2M shortfall shares can be placed within three months. Funds go first to Advent, then new investments and working capital.

capital raising announcement

MEC launches a 1-for-1 non-renounceable rights issue at $0.005 a share to raise up to about $1.7M, versus 1.2-1.6c trading last November. Funds go to new investments, Advent Energy exploration and working capital. Full take-up would double shares to about 684M.

capital raising announcement

Managing Director and Company Secretary Deborah Ambrosini resigns, having been with MEC over 10 years, and stays until late May 2019 to help transition. She was made MD in October 2018. No successor named; the board will update the market.

director officer appointment

Innovation and Science Australia approves MEC's request to widen its Pooled Development Fund investment plan beyond resource exploration to technology, IT, financial, and power and energy businesses. MEC says it is investigating opportunities but names none yet.

regulatory community update

MEC lifts its Advent Energy stake from 50% to 53% by converting $532,500 of loans at $0.05 per share. The loans funded the 2D seismic campaign. No new cash is spent.

asset acquisition disposition

Bounty and Asset Energy resolve the outstanding PEP11 matters, so Bounty stays in with 15% and Asset Energy keeps 85% and operatorship. This reverses October's forced withdrawal. They have applied to vary the work commitment to a ~$4M, 500 sq km 3D survey.

joint venture update

Sacgasco has decided not to exercise its option over RL Energy, citing regulatory approval challenges and joint venture complexity, undoing November's boost. MEC remains committed to the RL farm-in and now plans over 1,000 sq km of 3D, double the minimum.

farm in farm out agreement

Interpretation of April's 206 km Baleen 2D survey is complete: no seismically-defined shallow gas hazards at a possible well site, but it has not de-risked PEP11 enough to drill. RL's 3D environment plan now due Q1 2019; Bonaparte's funding deadline extended to 31 January 2019.

drilling result

Chairman Sandy rejects a small shareholder group's push to drill PEP11 now. He puts a well at A$30-35M versus a ~A$4M market cap, warns of over 90% dilution, and puts chance of success near 15% without 3D seismic. He backs RL Energy-funded 3D seismic (about A$4.7M).

other

Advent's Asset Energy forces Bounty Oil and Gas out of PEP11 over unpaid invoices, taking Bounty's 15% and lifting its interest to 100%. The RL Energy farm-in is unaffected; on completion RL would hold 60% and Asset 40%.

asset acquisition disposition

Deborah Ambrosini, MEC's CFO, company secretary and executive director for over 10 years, becomes Managing Director with immediate effect. Her contract terms are unchanged. This fills the long-running search for a permanent MD.

director officer appointment

Advent signs a binding term sheet to sell 90% of Onshore Energy (EP386 and RL1) to Bonaparte Petroleum, which must fund wells and 50 km of 2D seismic before March 2020. Conditional on funding proof within 90 days; $50,000 break fee. Advent keeps upside interests.

asset acquisition disposition

NOPTA registered the RL Energy PEP11 farm-in, satisfying the last condition after shareholders approved it on 31 July. RL still needs to meet further milestones before the 3D seismic starts and it earns its interest.

farm in farm out completion

Year to June 2018: loss of $9.83M, mainly an $18.7M write-down of PEP11 exploration costs to the value implied by the RL Energy farm-in. Net assets fell $17.9M to $10.55M. The BPH loan owed to MEC stood at $420,260.

annual report

Board restructure: Michael Sandy replaces Hock Goh as chairman, with Matthew Battrick and Andrew Bald joining as non-executives. Goh, Moore, Yap and Yu leave the board; Goh stays as consultant. Ambrosini remains executive director. This follows the requisition to replace the board.

director officer appointment

MEC issued 9,696,476 shortfall shares at 1.8 cents with equal free 4-cent options from the rights offer, on 6 July 2018 (about $175K). Shares on issue rise to 340,726,936. Funds go to Advent well intervention, 2D seismic costs and working capital.

capital raising announcement

MEC lifted its Advent Energy stake from 47% to 50% by converting $472,000 of loans, owed after funding the April 2D seismic survey, into shares at 5 cents. Seismic data is still being processed.

asset acquisition disposition

Notice of general meeting for 10 July 2018 in Sydney, called on the 249D requisition from ~6.2% holders, to vote on electing three directors and removing all five. The board unanimously recommends voting AGAINST all eight resolutions and says Breeze is again associated.

agm notice

MEC received a section 249D notice from holders of about 6.2% seeking to elect three new directors and remove all five current directors. The board disputes its benefit and is reviewing validity; the company must pay for the meeting. Continues the Breeze-linked board challenge.

other

MEC relaunched its rights offer under a prospectus: 1 for 2 at 1.8 cents, up to ~$2.4M, record date 11 May. The free option is now 4 cents, exercisable for two years, improved from 5 cents. Still not underwritten.

capital raising announcement

MEC withdrew its 13 April rights offer and will refund any application money received. A revised offer with improved option terms is promised within days.

capital raising announcement

Asset Energy signed the conditional PEP11 farm-in with RL Energy, replacing the term sheet. RL carries Asset's share of a 500km2 3D survey up to $4M, earning 5% then a further 55%. Needs regulatory and MEC shareholder approval (independent expert report).

farm in farm out agreement

The PEP11 2D seismic survey started acquiring data on 16 April after a short sea-state delay. About 200 line km over the Baleen prospect, taking 3-4 days, it is designed to meet the Year 2 work commitment.

drilling progress report

MEC launches a non-renounceable rights offer to raise up to ~$2.4M: 1 new share for every 2 held at 1.8 cents, with a free option exercisable at 5 cents in August 2019. Funds mainly support Advent's EP386/RL1 well intervention and working capital. Not underwritten; $100,000 irrevocable commitments.

capital raising announcement

WA regulator granted EP386 a 24-month extension to 31 March 2020 and suspended the Year 5 work commitment to the same date. Waggon Creek-1 and Vienta-1 must be decommissioned by then. Resolves the pending application; Stephen Kelemen joined Advent's board.

regulatory community update

MEC's summary judgment bid to recover its BPH loan failed; the registrar found BPH may arguably have a defence. MEC says it is not a ruling on merits, no costs are payable now, and it will go to trial, claiming about $390,000.

regulatory community update

RL Energy will pursue the 'expedited option' on PEP11: 3D seismic of at least 500km2 before drilling, funding 85% of JV costs up to $4M, in two phases. Formal agreement is still being finalised. ASX says Listing Rule 10.1 applies, so MEC shareholder approval and an independent expert report are needed.

farm in farm out agreement

MEC raised $300,000 via a placement of 14,285,714 shares at 2.1 cents, about a 5% discount, managed by Panthea Capital. Funds mainly support Advent's EP386 and RL1 work, including well intervention.

capital raising announcement

NOPSEMA formally accepted the PEP11 Baleen 2D seismic environment plan, the approval pending since mid-2017. Advent will now mobilise equipment for the survey, planned for early 2018.

regulatory community update

NOPTA extended PEP11's term to February 2021. Commitments are now a 200 km 2D seismic survey by February 2019, one exploration well by February 2020, and a 500 km2 3D seismic survey by February 2021.

regulatory community update

Asset Energy and Bounty signed a binding conditional term sheet with RL Energy: funding the 2D survey earns RL 10% of PEP11 (Asset falls to 76.5%). Options for 3D seismic could lift RL to 60%. Conditions include NOPSEMA approval and NOPTA good standing.

farm in farm out agreement

MEC's share purchase plan, which closed 6 November, raised $539,500. Funds mainly go to Advent's PEP11, EP386 and RL1 activities, plus working capital. Shares will be issued 9 November at a 20% discount to the five-day average price.

capital raising announcement

Advent agreed binding loan facilities of up to $125,000 each from entities linked to chairman Goh Hock and director K O Yap, with MEC as guarantor. Funds go to the PEP11 2D seismic survey, expected early 2018. Related-party lending; guarantee may be settled in cash or shares.

debt financing

MEC lifted its stake in Advent Energy from 44.29% to 47.06%, partly by joining Advent's placement and partly by converting $225,000 of its loans to Advent into shares on the same terms. Advent is revising its PEP11 environment plan.

asset acquisition disposition

MEC offers eligible shareholders a share purchase plan at a 20% discount to the five-day VWAP, with expenses estimated at $20,000. Funds mainly go to Advent, including PEP11, plus working capital. The offer document also says the board wants to diversify its portfolio. No total raise size is given in the text provided.

capital raising announcement

BPH Energy says it received MEC's $338,050 demand on its loan, but claims a set-off using $348,564 assigned from Grandbridge plus $39,486 of existing debt. It says only $49,999.69 remains owing by MEC and will seek to set aside the statutory demand.

debt default or forbearance

The Venture Capital Board granted MEC a further two-year exemption, to 5 August 2019, from the Pooled Development Fund 30% cap. This lets MEC invest another $1.5M in Advent, resolving the open extension request and protecting funding for PEP11 and EP386 work.

regulatory community update

The rights issue closed having raised only $638,081 at 2.8c (20.5M entitlement and 2.3M shortfall shares), against up to about $2.8M sought. Remaining shortfall may be placed by directors within three months. Breeze-linked parties did not take part.

capital raising announcement

Darryl Moore, a drilling engineer who designed Advent's 2010 Baleen exploration well, joins as non-executive director for $1 a year. He holds 666,667 shares via his wife. Adds technical depth to the board after the Breeze contest.

director officer appointment

The Takeovers Panel received an application from Grandbridge, Trandcorp and Breeze (12.67% voting power) challenging the rights issue. They say it dilutes them and gives the directors discretion over shortfall shares, and seek an interim order stopping share issues. No decision yet.

security holder rights change

MEC launches a 1-for-2 non-renounceable rights issue at $0.028 to raise up to about $2.8M, not underwritten. Funds go mainly to Advent: $600K PEP11 2D seismic, $250K 3D planning, $1.2M EP386 well intervention. Directors intend to take up their entitlements.

capital raising announcement

Shareholders rejected removal of all four directors at the 9 March EGM, with about 86-88% voting against each. Goh, Yap, Ambrosini and Yu stay, resolving the Breeze-linked board challenge for now. A second defeat after the 16 February vote.

agm notice

Grandbridge (Breeze) withdrew its 249D requisition for the 9 March meeting after a proxy form error, and will instead convene a new meeting to appoint three nominees and remove Goh, Yap, Ambrosini and Yu. The contest continues.

security holder rights change

WA regulator conditionally approved suspension of EP386 work commitments, now due by 31 March 2018 (previously 31 March 2017), subject to approval and funding. Advent is preparing well intervention proposals; the 20-year-old wells may later be decommissioned.

regulatory community update

Shareholders rejected all three Breeze-nominated directors at the 16 February EGM, with about 43% for and 57% against. The current board stays in place; the removal meeting set for 9 March remains.

agm notice

Advent plans well intervention and stimulation of Waggon Creek-1, Vienta-1 and Weaber-4 to try for reliable gas flow, with possible early oil from Waggon Creek. It needs a partner and approvals; resource estimates are unchanged (Weaber 3C 45.8 Bcf).

investor presentation

Strategic review concludes PEP11's two core prospects (P50 472 and 2,131 Bcf, unchanged since 2010) need better data. Advent plans to bring forward a 3D seismic survey, subject to approvals and resources, and expects a new leadership team to find partners.

investor presentation

Shareholders linked to ousted director Breeze (Grandbridge, Trandcorp) holding over 5% request a meeting to appoint three directors and remove Goh, Yap, Ambrosini and Yu. MEC is taking legal advice and is also pursuing recovery of company records from Breeze.

security holder rights change

Managing director David Breeze's services agreement was terminated and he was removed as a director. Chairman Goh takes over his role with Tobias Foster while a new leader is sought; remaining directors cut fees to $1 and a strategic review of assets is planned.

director officer appointment

The Share Purchase Plan closed with $576,497 raised in cash plus $30,000 from directors Breeze and Yap converting accrued fees. 16,391,773 shares were issued at $0.037, taking the total to 199,223,822. This is well below the 30% cap.

capital raising announcement

A vessel has been contracted for the roughly 200 line km high-resolution 2D seismic survey at PEP11's Baleen target (2,150 m, about 30 km south-east of Newcastle). This moves the planned survey forward; timing awaits regulatory approvals.

contract award

MEC offers a Share Purchase Plan at about a 19% discount to the recent five-day average price, capped at $15,000 per holder and 30% of existing capital. Funds mainly go to PEP11 seismic preparation, plus working capital. Closes 2 May 2016.

capital raising announcement

Advent signed a non-binding letter of intent with Northern Minerals for possible gas supply to its Browns Range rare earths project. It is only a framework for talks, not a supply agreement. Weaber 2C contingent resource restated at 11.5 Bcf.

material agreement

Presentation sets a revised PEP11 drill target at the Baleen prospect on seismic line B4-18, total depth 2,150 m, based on a 6,000 acre (24.3 km2) amplitude anomaly compared to Bowen Basin gas fields. The text itself lists risks; no well is scheduled.

investor presentation

Share Purchase Plan closed 20 February 2015, raising $605,000, a 57.78% take-up, with 27,008,899 new shares issued. This is below the maximum 30% offered and resolves the raising.

capital raising announcement

MEC announces a Share Purchase Plan for existing shareholders at a 20% discount, $500-$15,000 each, capped at 30% of shares. Funds go to Advent's PEP11 seismic (planned Q2 2015), a further EP386 well and working capital.

capital raising announcement

Advent has begun preparing a 3D seismic survey of about 225 km2 in PEP11, with partner Bounty, planned for 4-5 weeks between November 2014 and May 2015. It still needs regulatory approval and a vessel. This follows earlier Year 2 seismic preparations.

drilling scheduled

The Government will not proceed with the proposed changes to venture capital tax concessions, so the Pooled Development Fund program continues in its current form. This resolves the phase-out risk that had been open since early 2013.

regulatory community update

The Fugro and RPS legal dispute over PEP11 survey work was settled at mediation. Asset Energy paid $100,000 to settle Fugro's $2.2 million claim. This removes a significant liability from Advent's PEP11 subsidiary.

joint venture update

RL1, containing the Weaber gas field, has been renewed for a further five years. Weaber's mean contingent resource remains 18.4 Bcf (3C 45.8 Bcf). This secures the licence behind Advent's CNG commercialisation plans.

regulatory community update

Advent signed a non-binding letter of intent with CO2 Group subsidiary WARL for possible gas supply to its proposed prawn farm in northern Australia. It frames negotiation toward a supply agreement by the fourth quarter of 2014, which would be Advent's first commercialisation step.

material agreement

Final interpretation of Waggon Creek-1 testing: flows up to 0.96 MMscf/d without water, 5.5-7.8m net pay, and a restricted drainage area. It does not improve on the ~1.07 MMscf/d seen in 2011. Advent sees upside only if thicker reservoir is found.

well test result

Advent finished production testing at Waggon Creek-1. Preliminary flows were about 0.5-0.9 MMscf/d across several zones over 378-595m, with no formation water. Similar gas samples suggest a possible single gas column over 217m. Pressure gauge data is still being interpreted.

flow test result

Advent lifted its EP386 conventional prospective recoverable gas estimate to a 556 Bcf mean (best estimate 356 Bcf; low 53, high 1,326), with 15 MMbbl mean condensate. These are unrisked prospective figures, not reserves; Advent says it is assessing near-term commercialisation.

resource reserve update

PEP11 was renewed for five years, granted 13 August 2012, resolving the pending renewal. Advent's Asset Energy interest, raised from 25% to 85% on completing New Seaclem-1, is now formally registered; Bounty holds 15%. Year 4 requires one exploration well.

regulatory community update

Waggon Creek-1 flowed gas at about 1.07 MMscf/d over a 6-hour test with no water, perforated at about 384-395 m. Vienta-1 showed strong pressure recovery. Both wells are suspended until the 2012 dry season, with extended tests planned then.

well test result

Vienta-1 flowed gas at about 1.97 MMscf/d, falling to about 0.53 MMscf/d within an hour, from zones at 1365-1421 m. Advent says early indications suggest a tight or damaged reservoir. It is shut in for a pressure build-up survey, and Waggon Creek-1 is next.

well test result

Advent's initial study estimates unrisked shale gas in place for EP386 and RL1 at about 19 to 141 Tcf, with prospective shale 300 m to over 1,500 m thick. This is an early, unrisked study estimate, not a booked resource.

resource reserve update

Advent is mobilising equipment to re-enter and production-test Waggon Creek-1 and Vienta-1 in EP386, with WA approvals received. Both gas discoveries from 1995 and 1998 were never fully tested. This delivers the production test planned in the EP386 renewal.

drilling scheduled

Advent's first independently audited resource for the Weaber Gas Field in its 100% RL1 permit: mean contingent resource 18.4 Bcf (1C 0.25, 2C 11.5, 3C 45.8 Bcf), audited by RISC. Advent says its focus shifts from exploration to appraisal and commercialisation.

resource reserve update

Fugro Survey has filed a writ against Advent's subsidiary Asset Energy claiming about $2.2M over PEP11 site survey fees. Asset will defend and intends a substantial counterclaim. A new legal exposure for Advent, in which MEC is a shareholder.

regulatory community update

WA regulators renewed Advent's 100% EP386 onshore Bonaparte permit for five years, resolving the renewal request. The minimum work includes a production test, then one exploration well in year 3. Advent is planning tests of existing discoveries.

regulatory community update

New Seaclem-1 finished at 750 m with no hydrocarbons; wireline showed porous sands holding salty water. Advent says other prospects are not hurt, plans seismic and more drilling, and has provisionally lifted its PEP11 interest to 85%. Resolves the well's open threads.

drilling result

New Seaclem-1 found no gas in the Great White or Marlin targets, the main pre-drill objectives, though wireline logs will verify. Advent is deepening into the Triassic. The disappointing result undermines the 4.1 Tcf prospects; the PEP 11 interest still rises to 85%.

drilling result

An independent expert report for Advent calls PEP 11 a potential giant gas province, with mean aggregate prospective recoverable resources of 15.9 Tcf, mostly in deeper Permo-Triassic targets such as the Fish prospect (11.5 Tcf). These are unrisked prospective estimates, not discoveries.

resource reserve update

New Seaclem-1, the first exploration well in the offshore Sydney Basin, spudded at midnight 15 December and the pilot hole reached 310.5 m. Target zone is expected around 25-26 December. Advent's PEP 11 interest rises to 85% on completion.

drilling spud

Advent closed its bookbuild, placing 11,920,000 shares at A$1.25 (about A$14.9M) to BPH Energy and an Asian-based hydrocarbons group. It resolves the open Advent raising; MEC's resulting stake is not stated.

capital raising announcement

MEC clarifies that GAIL (India) is in initial-stage talks about taking equity in Advent, though the earlier $1 billion/25% report was wrong. Advent is issuing 12M shares via a Pareto bookbuild; MEC holds 51.14%.

regulatory community update

The entitlement offer was allotted: 12,035,762 shares (including 5,454,920 shortfall shares) issued at 50c, raising $6,017,881. Shares on issue rise to 147,704,924, with Bob Healy the largest holder at 9.90%.

capital raising announcement

MEC's 50c entitlement offer closed oversubscribed including shortfall applications. Shareholders took up 55% of entitlements (6,580,842 shares) and $6,339,251 was received in total. Allotment is expected on 14 October.

capital raising announcement

MEC announced a non-renounceable one-for-ten entitlement offer of about 12.04M shares at 50c to raise up to about $6.02M. The record date was 20 September 2010.

capital raising announcement

Advent named New Seaclem-1 as the first PEP 11 well, 55 km east of Newcastle, targeting Great White and Marlin gas prospects to 826 m. Tanvinh's P50 estimates are 1.16 Tcf and 2.97 Tcf. Success completes Advent's lift from 25% to 85%.

drilling scheduled

Following notice from Apache, Advent now expects PEP 11 drilling to start early in Q4 2010, later than the earlier mid-August and Q3 plans. The well site is Great White/Marlin, 55 km east of Newcastle; the site survey is still being evaluated.

drilling scheduled

Advent raised its best-estimate (P50) PEP 11 prospective gas resource to 13.2 Tcf, citing two outside technical reviews: 6.0 Tcf Permo-Triassic plus 7.2 Tcf Cainozoic. These are undrilled prospects; seismic anomalies are only areas of interest.

resource reserve update

MEC agreed a $4.5M funding deal with Bob Healy and Associates, which will receive 12,857,143 shares at 35c once final payment arrives. Proceeds go to managing investments and working capital. This adds about 11% to the 117.5M shares on issue.

capital raising announcement

Advent signed for the semi-submersible rig Ocean Patriot (Apache/Diamond Offshore) to drill PEP 11, resolving the long-pending rig contract. Spud is planned mid-August 2010, about 25 days. A new 6.09 Tcf (P50) Cainozoic target will be drilled first.

contract award

Advent says all conditions of the Talbot Group agreement are met and it has issued 14M shares for the $7M received, at 50c each. This completes the commitment first announced in November 2008 and funds the PEP 11 project.

capital raising announcement

Advent received a further $5.8M from BPH Corporate under its option, taking BPH's total to $12.8M. BPH can invest up to $14M. This is funding progress on the BPH option, with the PEP 11 well funding to be met.

capital raising announcement

MEC says Advent has finished seismic reprocessing, awarded the site survey to Fugro (starting late March), and secured well funding. Rig talks are advanced, farm-in talks have begun, and drilling is now expected in the third quarter 2010, later than mid-2010.

regulatory community update

Advent's pre-drilling site survey in PEP 11 has federal environmental approval: the department ruled it is not a controlled action, provided it follows the described manner. This clears the survey part of the 16 September referrals; the well approval is still to come.

regulatory community update

MEC's share purchase plan closed 2 October, raising $2,708,000 at $0.3812 a share, with 7,104,102 shares issued. This is well under the 32.4M shares offered, so the offer was far from fully taken up. Funds go to Advent, including PEP 11 drilling.

capital raising announcement

A CSIRO report finds apparent direct hydrocarbon indicators, including bright spots, on 2004 seismic line B4-15 next to the Baleen prospect. Advent is in advanced rig negotiations and expects a drill test in the first half of 2010. The indicators are unconfirmed until drilled.

regulatory community update

BioPharmica has taken an exclusive option to buy 9.7% to 19.4% of Advent at 50c a share, matching the Talbot terms. It needs BioPharmica shareholder approval, expected at its November AGM. MEC says it sits within the current raising and does not hurt MEC's expected stake.

material agreement

MEC announces a share purchase plan for existing holders at a 10% discount to the 5-day average price, $1,000 to $15,000 each, capped at 30% of capital. Proceeds go to Advent's assets, including PEP 11 drilling. Closing is expected 28 September.

capital raising announcement

Advent has appointed Norway's Pareto Securities as lead broker to source its capital needs, mainly for PEP 11 drilling. This is the first named broker for the funding sought since the $7M conditional commitment. No raise size or price is given.

capital raising announcement

Advent reports new shallow, younger-sediment gas indicators in PEP 11: soft, high-amplitude seismic anomalies over more than 60 km, likened to Brazil's giant Marlim field. These are unconfirmed until drilled and separate from the 16.3 Tcf deeper estimate. Fish well design is complete.

regulatory community update

Asset Energy has formally invited tenders for a jackup rig to drill the Fish prospect in PEP 11 (up to 9.2 Tcf P10). Well design and cost estimates are complete, and rig rates have fallen. This advances the rig search; no contract or date yet.

drilling scheduled

Advent has sold all 6,250,000 Central Petroleum shares it held, acquired through the earlier deal. No price is given in the announcement. This closes out the Central shareholding thread.

asset acquisition disposition

Exoma Energy has signed a farm-in with MEC's investee Advent covering 100% of EP 419, a 635 km² Perth Basin block. The text gives no price or terms, so the effect on Advent's retained interest is unclear.

farm in farm out agreement

Bounty reports that, because suitable offshore rigs are unavailable, the PEP 11 venture has applied to suspend work commitments and extend the permit one year beyond 3 December 2009. Outcome is likely known in the first quarter of 2009. This addresses the 3 December 2008 drilling commitment thread.

regulatory community update

Advent has a funding agreement to raise A$7 million by issuing 14 million shares at 50 cents, subject to conditions. Money is for PEP 11, where Advent is also discussing farm-ins and rig supply, with news expected by end of 2008.

capital raising announcement

Advent estimates six PEP 11 prospects hold up to 16.3 Tcf of prospective recoverable gas (P10), with 5.1 Tcf at P50 and 1.2 Tcf at P90. Fish alone is over 9 Tcf at P10. Advent is negotiating for a rig and talking to farm-in partners.

resource reserve update

Advent's new mapping, integrating 2004-05 seismic with older data for the first time, confirms the Baleen prospect in PEP 11 and shows several more large structures, including a new 'Fish' prospect. Baleen was earlier estimated at over 1 Tcf; no drilling yet.

resource reserve update

The rights issue closed 30 July with eligible holders taking up 49%: 34,979,525 shares at 5 cents, raising $1,748,976, well short of the $3.55M maximum. Directors may place the shortfall within three months.

capital raising announcement

MEC announces a non-renounceable rights issue of about 71.07M shares at 5 cents, one for one, to raise up to $3,553,642, with three free options per two shares (20c, expiring 4 July 2013). Funds are for Advent and securing a rig for PEP 11.

capital raising announcement

PEP 11 conditions are suspended and extended 12 months, so the permit now expires 3 December 2009. This resolves the extension request pending since 2007 and gives time to secure a rig. Radarsat analysis shows slicks over Baleen South.

regulatory community update

MEC proposes to sell its Central Petroleum shares and its PEP 11 subsidiary Asset Energy to Advent, its subsidiary, for 45,701,240 Advent shares. Advent holders have approved; MEC shareholder approval is still required.

asset acquisition disposition

MEC said Central Petroleum purported to withdraw from the Advent farm-out MOU (54 wells, 20% interest) by email on 6 February 2008. Advent did not accept this, called it a repudiatory breach, and reserved its right to claim damages.

joint venture update

MEC signs a non-binding MOU with China National Logging Corporation, a CNPC subsidiary, on a possible joint venture providing oil and gas services to MEC/Advent projects and the wider Australian market. Staged process; no formal agreement yet.

material agreement

The share purchase plan closed having raised $1,503,000 from 15,030,000 shares at 10 cents, 96% of the $1,567,800 maximum. Resolves the open plan; funds go to resources investments.

capital raising announcement

MEC's investee Advent Energy signs conditional farm-in agreements with Victoria Petroleum, Impress and Roma for the Typhoon and Catalina blocks (PEL 104 and 111, Cooper Basin). Advent can earn up to 50% and join four wells. Adds a drilling-ready project beside the Central MOU.

farm in farm out agreement

MEC launches a share purchase plan at 10 cents, a 19.3% discount, with $1,000-$5,000 per shareholder and a $1,567,800 maximum. Funds go to resources investments, and MEC intends to seek an IPO for Advent Energy soon.

capital raising announcement

Bounty has been unable to find a rig to drill the PEP 11 well before the permit year ends on 5 August 2007 and has asked for an extension. This is a setback to the Biggus drilling timetable MEC's farm-in depends on.

joint venture update

MEC agrees to invest $1.25M in Central Petroleum at 20 cents a share for 6,250,000 shares, with a one-for-two option offer at 2.5 cents (exercise price 25 cents, expiry 2010). It follows the Advent farmout MOU with Central.

asset acquisition disposition

Central Petroleum announces an MOU with Advent Energy, MEC's investee, covering all 18 Central permits. Up to 54 wells and $54M of seismic; Advent would earn 20% of the permits and pools. A formal agreement still needs board approvals.

farm in farm out agreement

The option issue is completed: applications for 49.78M options received, with 36,954,588 options allotted to 973 applicants raising $369,545. 12.8M shortfall options are not yet allotted pending a policy decision. Raised about $498k including shortfall funds held, against a maximum of 52.2M options.

capital raising announcement

Short form prospectus for a renounceable entitlement issue of one option per share held, at 1 cent per option, with the record date 14 December 2006 and closing 17 January 2007. Raise size is not stated in the text provided.

capital raising announcement

Hock Goh, former Schlumberger Asia President, becomes Chairman. Seng Yap stays on as a non-executive director. The company says the appointment supports its Australian oil and gas interests such as PEP 11.

director officer appointment

MEC's subsidiary Asset Energy will earn 25% of PEP 11 from Bounty by funding seismic data with US$498,000, and can earn a further 60% by drilling. A roughly $20M Biggus well, targeting up to 1.2 Tcf of gas, is required by Q3 2007.

farm in farm out agreement

Supplementary prospectus: MEC has an option to invest in PEP 11, an offshore Sydney Basin permit, via a farm-in with Bounty Oil and Gas. The offer is a minimum 10,000,000 shares at 20 cents, with about $650,000 of applications received; listing is expected 9 May 2006.

capital raising announcement

MEC Resources' IPO prospectus offers shares in a Pooled Development Fund investing in energy and mineral explorers. The offer is not underwritten and is described as speculative. Terms are in the later supplementary prospectus.

capital raising announcement