Past year: ▼ 60%(0.20c – 0.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
28 Sept 2018annual report● Neutral
2018 annual report repeats the year's results and lists the new board. The chairman backs the RL Energy PEP11 farm-out, says 3D seismic is needed, and sees room to add investments using MEC's Pooled Development Fund status.
26 Sept 2018farm in farm out completion▲ GoodMajor
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.
31 Aug 2018annual report▼ BadMajor
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.
31 Aug 2018annual report● Neutral
Appendix 4G corporate governance checklist lodged with the annual report, pointing to the statement on MEC's website. Administrative, no new substance.
27 Aug 2018regulatory community update● Neutral
Advent published the environmental report for April's roughly 200 km Baleen 2D survey in PEP11. It found no non-compliance events, with one dolphin sighting causing a single shutdown. Processing of the seismic data is nearly complete.
9 Aug 2018other● Neutral
Share registry moves from Advanced Share Registry to Boardroom Pty Ltd from 13 August 2018. Administrative only.
31 July 2018quarterly activities report● Neutral
June quarter: rights issue raised $1,064,065 in total. MEC lent Advent $461,000 for the PEP11 2D seismic. Operating outflow was $168K and cash ended at $979K, with the cost-reduction plan continuing.
27 July 2018agm notice● Neutral
MEC reminds shareholders to vote by 3pm 29 July for the 31 July meeting on the RL Energy PEP11 farm-out. The full board, including new directors Sandy and Bald, supports it as in shareholders' best interests.
24 July 2018director officer appointment● NeutralMajor
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.
10 July 2018agm notice● Neutral
MEC gives a link to the chairman's address for the 10 July requisitioned general meeting. Results were to follow; this notice has no outcome and no substance of its own.
9 July 2018listing compliance notice● Neutral
ASX lifts the suspension of MEC shares immediately, after MEC released its clarification of the independent expert report. This ends the 9 July suspension, the third of 2018.
9 July 2018listing compliance notice▼ Bad
ASX suspended MEC shares from quotation immediately under Listing Rule 17.3, the day before the 10 July requisitioned meeting. No reason is given in the notice; third suspension in 2018.
9 July 2018material agreement● Neutral
MEC clarifies the RL Energy PEP11 farm-in risks: environment plan approval (not expected until late 2018), funding, rig and vessel availability, and title approvals. RL gets 5% for preparing the plan; the farm-in ends if 3D seismic hasn't started by 19 February 2020.
9 July 2018capital raising announcement▲ GoodMajor
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.
6 July 2018asset acquisition disposition▲ GoodMajor
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.
5 July 2018agm notice● Neutral
MEC gives a draft proxy form for a second general meeting on 31 July 2018 to approve assigning a partial PEP11 interest under the RL Energy farm-in. Notice and independent expert report already sent; no new substance.
3 July 2018security holder rights change● Neutral
Updated capital structure after 950,000 options expired: 331,060,460 shares on issue (up from 271.9M after the rights offer), 2.4M employee options at 6c, and 59,114,729 new 4c options expiring 26 June 2020.
2 July 2018other▼ Bad
Grandbridge, led by David Breeze, took up rights shares, adding 4,873,681 to hold 14,621,043 MEC shares (4.4%), funded by a loan from Breeze. A substantial holder notice shows combined voting power of 11.48%, up from the ~6.2% requisitioning group.
26 June 2018other▼ Bad
MEC warns shareholders about a mailout from the 'Shareholder Interest Group' behind the 10 July requisitioned meeting, using the company logo and its own blue proxy form. The board calls it potentially deceptive and urges votes go to the registry or company.
13 June 2018regulatory community update▲ Good
Advent's subsidiary Onshore Energy received WA approval for its Safety Management System for well integrity work on Waggon Creek-1 and Vienta-1 in EP386. A preliminary step; any intervention or decommissioning still needs further approvals and funding.
8 June 2018auditor change● Neutral
MEC appoints Moore Stephens as auditor from the next AGM, replacing HLB Mann Judd, which resigned with ASIC consent. The company cites distancing from entities in dispute with MEC who are audited by HLB, and lower audit costs.
6 June 2018agm notice▼ BadMajor
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.
4 June 2018capital raising announcement● Neutral
Rights offer closing date pushed from 7 to 15 June 2018 so shareholders who applied in the withdrawn April offer can resubmit. Allotment moves to 22 June; other terms unchanged.
31 May 2018agm notice▼ Bad
The board says all eight 249D resolutions (elect Fontaine, Grinceri, Richards; remove all five directors) are valid and will go to a meeting. The board recommends voting against all and says the timing coincides with positive company actions.
17 May 2018other▼ BadMajor
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.
16 May 2018listing compliance notice● Neutral
ASX lifted the suspension of MEC shares immediately after an announcement was released. This ends the suspension that began 10 May.
16 May 2018capital raising announcement● Neutral
MEC lodged a replacement prospectus for the 1 for 2 rights offer at 1.8 cents (free 4-cent options), now closing 7 June 2018. It adds disclosure on finances, litigation and the PEP11 sale vote timing; replaces the 8 May prospectus.
16 May 2018joint venture update● Neutral
PEP11 2D seismic processing has started and is due to finish in Q3 2018, then interpretation. Clarifies that after the RL Energy 3D farm-in, Asset would hold at least 25%, RL up to 60%, Bounty 15%; MEC shareholder vote to follow.
16 May 2018other▼ Bad
Faxed Form 603 substantial holder notice, sent via lawyers, shows an interest group holding 16,930,113 shares (6.23%) that is seeking to appoint new directors and remove all current directors. Part of the ongoing board challenge; text is badly garbled.
10 May 2018listing compliance notice▼ Bad
ASX suspended MEC shares from quotation immediately under Listing Rule 17.3. No reason is given in the notice; the company was also briefly suspended on 13 April.
