Past year: ▼ 60%(0.20c – 0.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
1 May 2019quarterly activities report● Neutral
March 2019 quarterly cash flow report. Operating costs fell sharply against March 2018, partly because the 2D seismic finished. Restates the rights issue (up to $1.7M, closing 10 May) and that directors intend to take part.
23 Apr 2019capital raising announcement● Neutral
Rights issue closing date extended from 3 May to 10 May 2019 after the share registry's application form wrongly showed $0.007 per share; the correct price is still $0.005. Corrected forms are being posted.
10 Apr 2019capital raising announcement● Neutral
Letter telling shareholders with addresses outside Australia and New Zealand that they cannot take part in the rights issue. Their non-renounceable entitlements lapse with no payment. Administrative.
10 Apr 2019capital raising announcement● Neutral
Standard letter to eligible shareholders restating the 1-for-1 rights issue at $0.005, with shortfall applications allowed and no shareholder approval needed. No underwriter or broker. No new information.
10 Apr 2019other● Neutral
Chairman Sandy writes of a 'relaunch': back PEP11 via 3D seismic first, use the widened investment mandate for new projects, and take part in the rights issue. He acknowledges legal disputes and says MEC funds 100% of Advent despite owning 53%.
9 Apr 2019capital raising announcement● Neutral
Letter to option holders on the rights issue: options carry no entitlement unless exercised before the 12 April record date. Repeats the offer terms ($0.005, 1-for-1, up to $1.7M); no new information.
9 Apr 2019capital raising announcement● NeutralMajor
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.
9 Apr 2019capital raising announcement● Neutral
Prospectus for the 1-for-1 rights offer at $0.005 per share, closing 3 May 2019. It is described as highly speculative and is not underwritten. Repeats the terms announced the same day.
4 Apr 2019other▼ Bad
BPH and others start an oppression-of-minority-shareholders action against MEC in the WA Supreme Court under sections 232-233 of the Corporations Act, seeking orders regulating MEC's affairs. A further front in the BPH dispute; no details of the claims given.
29 Mar 2019other▼ Bad
MEC confirms receiving the BPH/Breeze defamation writ, which names MEC and six others. It calls the claim baseless and will contest it vigorously, as with earlier Breeze claims. No damages amount is stated.
28 Mar 2019other▼ Bad
BPH Energy and David Breeze file a Supreme Court of WA writ against MEC and six other defendants, claiming defamation damages and injunctions over use of the share register. This adds to existing disputes between MEC and the Breeze-linked BPH group. Announced by BPH.
26 Mar 2019director officer appointment▼ BadMajor
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.
21 Mar 2019joint venture update● Neutral
Onshore Energy has lodged revised operating documents for its East Kimberley titles and begun Aboriginal heritage checks; RL1 renewal continues. Asset Energy supplemented its NOPTA application to vary PEP11 years 4-5 (500 sq km 3D, then a well). Bonaparte funding outcome not mentioned.
18 Mar 2019regulatory community update▲ GoodMajor
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.
6 Mar 2019asset acquisition disposition● NeutralMajor
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.
27 Feb 2019half year report● Neutral
Half-year to December 2018: loss of $673K attributable to members and net assets of $10.02M, down $531K. Notes the Bounty dispute was resolved and Sacgasco declined its RL option. Bounty stays in PEP11.
12 Feb 2019joint venture update▲ GoodMajor
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.
7 Feb 2019farm in farm out agreement▼ BadMajor
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.
4 Feb 2019admin correction● Neutral
Amended re-release of the 31 December exploration update. It adds that the 603 sq km amplitude anomaly is only a potential gas-charged trap needing more modelling before conclusions can be drawn.
31 Jan 2019quarterly activities report● Neutral
December quarter: $384K R&D incentive received after the PEP11 2D seismic. Further seismic processing costs are expected in March quarter. Former directors Goh and Yap agree to be paid 50% of accrued fees in three tranches, balance later.
31 Dec 2018drilling result● NeutralMajor
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.
19 Nov 2018admin correction● Neutral
Sacgasco re-releases its RL Energy option announcement to correct the exercise deadline to 30 January 2019, not 2018. No other change; administrative only.
19 Nov 2018material agreement▲ Good
Sacgasco (another ASX company, not MEC) takes an exclusive option to buy RL Energy, the party funding PEP11's 3D seismic, for A$25,000 plus shares. Sacgasco will fund the A$326,000 environment plan. RL founder Greg Channon joins Sacgasco's board. Option exercisable by 30 January 2019.
19 Nov 2018farm in farm out agreement▲ Good
MEC welcomes Sacgasco's option to buy RL Energy, saying it should strengthen the PEP11 farm-in, where RL carries Asset Energy's 3D seismic costs up to $4M. This adds a listed backer to RL's still-unfunded commitment, though only an option.
9 Nov 2018other● NeutralMajor
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).
1 Nov 2018material agreement● Neutral
Bonaparte Petroleum's deadline to lodge drilling and 2D seismic documents for EP386 moves from 31 October to 30 November 2018. Operations are expected in the second quarter of 2019, subject to approvals and fundraising. No other terms change.
31 Oct 2018quarterly activities report● Neutral
September quarter: operating outflow of $562K, including about $230,000 to finish PEP11 2D seismic costs; cash fell to $468K. The 2D data is processed. RL Energy is preparing its environment plan, and Bonaparte Petroleum visited the onshore sites. An R&D rebate is expected in the December quarter.
15 Oct 2018asset acquisition disposition▲ GoodMajor
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%.
5 Oct 2018director officer appointment● NeutralMajor
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.
28 Sept 2018asset acquisition disposition▲ GoodMajor
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.
