Past year: ▼ 60%(0.20c – 0.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
5 Dec 2017farm in farm out agreement▲ GoodMajor
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.
4 Dec 2017regulatory community update● Neutral
NOPSEMA asked Advent for further written information on the PEP11 seismic environment plan, due in 21 days, with a decision about 21 days after. No resubmission is needed. The 200 line km 2D survey remains planned for early 2018.
24 Nov 2017investor presentation● Neutral
MEC lodged the technical presentation given at its 23 November 2017 AGM by Matthew Battrick, on Advent Energy. The readable text is disclaimers and a cover letter; no new figures are shown.
10 Nov 2017capital raising announcement▲ Good
MEC issued 30,851,978 shares to share purchase plan participants at about 1.75 cents each, completing the $539,500 raise. This resolves the open SPP thread and adds to the share count.
7 Nov 2017capital raising announcement▲ GoodMajor
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.
1 Nov 2017regulatory community update● Neutral
Advent resubmitted its revised PEP11 environment plan to NOPSEMA within the agreed timeframe. The 200 line km 2D seismic survey is now targeted for early 2018, later than the Q3 2017 timing previously expected.
1 Nov 2017debt financing● NeutralMajor
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.
27 Oct 2017regulatory community update● Neutral
Advent's Onshore Energy completed a preliminary inspection of accessible well sites in WA and a well integrity assessment of Weaber-4 in the NT. Geoteknic supports the planned well intervention. Progress toward the intervention planned from September has not yet reached the work itself.
20 Oct 2017capital raising announcement● Neutral
The share purchase plan closing date is extended two weeks from 23 October to 6 November 2017. Shares are to be issued on 9 November and begin trading 13 November.
12 Oct 2017regulatory community update● Neutral
Advent says PEP11 seismic awaits NOPSEMA approval and a permit suspension and extension is pending with NOPTA. It has hired an international firm to attract major partners to PEP11, and is in talks with parties on asset-level investment there and in EP386/RL1.
6 Oct 2017asset acquisition disposition▲ GoodMajor
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.
3 Oct 2017debt default or forbearance● Neutral
MEC reiterates that it disputes the BPH and Grandbridge demands, saying no formal agreement exists and no evidence has been provided. It will defend vigorously, reserves rights to damages, and says its own District Court action against BPH continues.
2 Oct 2017debt default or forbearance● Neutral
BPH says it has received an application for summary judgment on MEC's $270,000 writ. It will defend and counterclaim $388,050. A court application in the BPH loan dispute, which has no ruling yet.
2 Oct 2017debt default or forbearance▼ Bad
BPH says it issued notices of demand on 26 September for loans due 30 June 2017: $225,486 against MEC and $164,744 against Advent. The amounts add to the disputed claims, which MEC contests.
2 Oct 2017debt default or forbearance▼ Bad
Grandbridge says it issued notices of demand on 26 September for loans due 30 June 2017: Advent $274,005, Asset Energy $114,223, MEC $42,203 and Onshore Energy $21,445. These are further claims against MEC and its subsidiaries.
25 Sept 2017annual report● Neutral
2017 annual report. The chairman describes a tumultuous year after Breeze's termination, citing extra costs from two meetings, the Takeovers Panel and recovering property. PEP11 2D seismic is now expected late 2017 or early 2018. Repeats known events.
19 Sept 2017capital raising announcement● Neutral
Cover announcement for the share purchase plan, repeating its use of funds for Advent's PEP11, EP386 and RL1, working capital and $20,000 of costs. Updates the PEP11 seismic timing to late 2017 or early 2018, with the revised plan due by 15 October. EP386 has conditional approval for suspension and extension.
19 Sept 2017capital raising announcement● NeutralMajor
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.
13 Sept 2017debt default or forbearance▼ Bad
Grandbridge, chaired by Breeze's side, has served a writ for $340,692 over termination payments under 2005 and 2008 services agreements: $212,052 against MEC and $128,640 against Advent. Adds another claim to the ongoing disputes.
13 Sept 2017debt default or forbearance● Neutral
MEC says it received Grandbridge's writ, believes it has no legal merit and will defend it strongly. It says it was advised no funds are owed and notes Grandbridge has been suspended since June 2017 with $56K cash. This responds to the $212,052 claim against MEC.
1 Sept 2017debt default or forbearance▼ Bad
BPH confirms receiving MEC's writ for $270,000 plus interest and costs. It will defend and counterclaim $388,050 plus interest and costs. BPH's claim differs from the figures in MEC's own announcement.
1 Sept 2017debt default or forbearance● Neutral
MEC sued BPH in the WA District Court to recover about $353,133 it says is owed under the 2014 loan. It says BPH never made an acceptable settlement offer after the withdrawn statutory demand. This ends the July settlement pause with BPH.
31 Aug 2017annual report● Neutral
Preliminary results for year to 30 June 2017: net loss $900,893 (2016: $1,034,477), net assets down $382,366 to $28.46M. Recaps the Breeze dispute, the 2.8c rights issue raising $638,081 and Moore's appointment. Full-year figures largely repeat known events.
4 Aug 2017regulatory community update● Neutral
NOPSEMA's initial assessment of Advent's PEP11 2D seismic environment plan asked for changes and resubmission, which Advent expects to take about 30 days. The company calls this standard procedure. It adds a step before the survey can be approved.
21 July 2017debt default or forbearance● Neutral
BPH's announcement confirms MEC's statutory demand is withdrawn and a settlement conference will be held. It attaches MEC's same-day update. Repeats MEC's 21 July announcement.
21 July 2017debt default or forbearance● Neutral
Duplicate of the BPH announcement on withdrawal of MEC's statutory demand and the planned settlement conference, attaching MEC's 21 July update. Nothing new.
21 July 2017debt default or forbearance● Neutral
MEC withdrew its statutory demand on BPH and agreed to a settlement conference with BPH and Grandbridge to seek global resolution. All claims are suspended meanwhile. MEC says it is not giving up the amounts it says it is owed.
5 July 2017regulatory community update▲ Good
Advent has lodged its environment plan with NOPSEMA for the PEP11 2D seismic survey over the Baleen prospect. Approvals averaged 125 days in 2016; Advent hopes for faster. A three-to-four-day survey about 30km south-east of Newcastle is targeted for Q3 2017.
5 July 2017debt default or forbearance● Neutral
MEC rejects BPH's claimed set-off as contrary to the loan agreement terms and wrong at law, and says it does not know the factual basis for BPH's claims. It will not withdraw its statutory demand.
4 July 2017debt default or forbearance▼ BadMajor
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.
