Past year: ▼ 60%(0.20c – 0.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
13 Apr 2018regulatory community update● Neutral
BPH responds to MEC's statement on the writ, saying the claim covers monies lent by BPH and Grandbridge to MEC, Advent and Asset. It notes MEC disputes liability and points to a full response on its website.
13 Apr 2018capital raising announcement● NeutralMajor
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.
12 Apr 2018drilling progress report▲ Good
The survey vessel is about to reach Newcastle for equipment installation, and the PEP11 2D survey remains on schedule for 15 April with a favourable forecast. It is designed to satisfy the Year 2 work commitment.
9 Apr 2018drilling progress report● Neutral
The survey vessel, hit by Cyclone Iris, has started transit to Newcastle. The PEP11 2D survey is now expected to begin 15 April, weather permitting. Continues the delayed schedule.
4 Apr 2018debt default or forbearance▼ Bad
Grandbridge served a District Court writ claiming $42,203 from MEC, $274,005 from Advent and $114,223 from Asset Energy after demands went unpaid. Escalates the Grandbridge dispute to a second court action.
4 Apr 2018debt default or forbearance▼ Bad
BPH served a District Court writ claiming $225,486 from MEC and $164,744 from Advent after the 29 March demand deadline passed. Moves the BPH dispute into litigation, running alongside MEC's own suit against BPH.
4 Apr 2018regulatory community update● Neutral
MEC, Advent and Asset received the BPH/Grandbridge writ, calling it frivolous and disputing liability. It says no formal agreement supports the claims and it will defend and seek legal costs. Notes BPH has defaulted on its loan to MEC.
4 Apr 2018drilling progress report▼ Bad
The PEP11 2D survey's 9 April start is delayed because the contracted vessel was affected by Tropical Cyclone Iris. Customs clearance of long-lead equipment is done; a new date will follow.
3 Apr 2018regulatory community update● Neutral
MEC rejects the BPH and Grandbridge demands, received at 6:14pm for payment within 24 hours, as unsubstantiated and disputed. It says no formal agreement exists and it will seek legal costs. It notes BPH defaulted on its own loan to MEC.
3 Apr 2018regulatory community update▲ GoodMajor
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.
29 Mar 2018drilling scheduled▲ Good
The ~200 line km PEP11 2D seismic survey over the Baleen prospect is planned to start 9 April, taking 3-4 days about 30km southeast of Newcastle. Equipment mobilisation has begun on schedule. Firms up the survey timing.
29 Mar 2018debt default or forbearance▼ Bad
Grandbridge served notices of demand on 28 March: $42,203 against MEC, $274,005 against Advent and $114,223 against Asset Energy, due by 5pm next day or legal action follows. Adds to the BPH-related dispute.
29 Mar 2018debt default or forbearance▼ Bad
BPH served notices of demand on 28 March: $225,486 against MEC and $164,744 against Advent, with payment demanded by 5pm the next day or legal action. Escalates the existing dispute, which MEC contests.
21 Mar 2018regulatory community update● Neutral
Advent has applied to WA regulators for variation, suspension and extension of the EP386 title and recognition of extra work done. Environmental and safety plans for well assessment are expected soon. Continues the open EP386 approval thread; no decision yet.
27 Feb 2018half year report● Neutral
Half-year to 31 December 2017: loss of $338K attributable to members (down 17%), revenue $40K, net assets $28.7M, NTA 11.1 cents per share. MEC's Advent stake rose to 47.06%. No Advent loan funds had been drawn at the time.
26 Feb 2018drilling progress report▲ Good
Seismic equipment for the PEP11 2D Baleen survey is being mobilised from the UK to Newcastle, with the survey expected to start in April and take 3-4 days. Continues the survey preparation after the January NOPSEMA approval.
26 Feb 2018regulatory community update▼ BadMajor
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.
21 Feb 2018other● Neutral
Force Commodities (4CE) update on a DRC lithium joint venture with Mining Mineral Resources SPRL (MMR). Unrelated to MEC Resources; no relevance to MEC shareholders.
19 Feb 2018farm in farm out agreement● NeutralMajor
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.
15 Feb 2018regulatory community update▼ Bad
Answering ASX queries, MEC says RL Energy's backer is its main shareholder Rubylloyd, whose bank statement shows enough cash for phase 1 of 3D seismic (~$300,000). Phase 2 funding is unsecured, with talks ongoing with an unnamed ASX-listed explorer. This weakens the earlier farm-in funding picture.
25 Jan 2018debt default or forbearance● Neutral
MEC rejects Grandbridge's claim, saying it accepted Grandbridge's repudiation of the services agreement and was advised nothing is owed. It calls the claim without legal merit and will defend it. It also notes Grandbridge has been suspended since June 2017.
24 Jan 2018debt default or forbearance▼ Bad
Grandbridge says it lodged a Statement of Claim on 22 January 2018 in the WA District Court over the $340,692 termination payments: $212,052 against MEC and $128,640 against Advent, plus interest and costs. Escalates the existing writ.
22 Jan 2018capital raising announcement● NeutralMajor
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.
What it means for a shareholder
14.3m new shares at A$0.021 to raise about A$300,000. That's 5.3% dilution: every existing holder's slice gets 5.3% smaller. If you held A$1,000 of shares (47,619 at the issue price), your slice goes from 0.0185% to 0.0175% of the company. To keep it you'd need 2,640 more shares - about A$55 at the issue price.
Create a free account to see this worked out for your own holding.
16 Jan 2018other▼ Bad
MEC received a section 203D notice on 22 December 2017 from shareholders holding about 5.004% of votes, signalling intent to move to remove all directors at the next general meeting. MEC opposes it and notes similar resolutions failed at the March 2017 meeting. Shareholders need take no action now.
15 Jan 2018other● Neutral
Text is a Force Commodities (4CE) announcement about a DRC lithium joint venture with a company called MMR (Mining Mineral Resources SPRL). It is unrelated to MEC Resources; no relevance to MEC shareholders.
10 Jan 2018regulatory community update▲ GoodMajor
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.
8 Jan 2018regulatory community update● Neutral
MEC updates on Advent: NOPSEMA response expected 11 January, RL Energy term sheet and marketing of PEP11 continue, and well intervention is planned for the dry season subject to approvals and funding. A summary judgment hearing against BPH was held 13 December; MEC says $374,869 plus costs is owed. Outcome pending.
8 Jan 2018regulatory community update▲ GoodMajor
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.
20 Dec 2017regulatory community update● Neutral
MEC says it has received no credible proposal from BPH Energy involving Advent and is in no talks with BPH about Advent's operations. BPH is only an Advent shareholder with no rights to PEP11, EP386 or RL1. Rebuts BPH-related claims in the dispute.
14 Dec 2017annual report● Neutral
MEC's 2017 corporate governance statement. It says the board has no formal audit, remuneration or nomination committees and that no formal board review was done this period. Routine compliance document with no new events.
