Past year: ▼ 60%(0.20c – 0.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
9 May 2018capital raising announcement● Neutral
Letter to ineligible (non-Australia/NZ) shareholders repeats the 8 May rights offer: 1 for 2 at 1.8 cents with a free 4-cent option, up to ~$2.4M. Notes Asset's share of the PEP11 2D survey could cost $500-800K. No new terms.
9 May 2018capital raising announcement● Neutral
Letter to option holders repeats the 8 May rights offer: 1 for 2 at 1.8 cents with a free 4-cent option, up to ~$2.4M, not underwritten. Claymore has $100K irrevocable commitments. No new terms.
9 May 2018capital raising announcement● Neutral
Letter to eligible shareholders on the revised rights offer: 1 for 2 at 1.8 cents with a free 4-cent option valid two years. Prospectus to be sent 16 May. No new terms beyond the 8 May announcement.
8 May 2018capital raising announcement● NeutralMajor
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.
7 May 2018capital raising announcement● NeutralMajor
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.
4 May 2018farm in farm out agreement▲ GoodMajor
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).
2 May 2018capital raising announcement● Neutral
Rights offer closing date extended from 7 to 16 May 2018 because some shareholders had not received forms from Australia Post in time. Issue date moves to 23 May.
30 Apr 2018quarterly activities report● Neutral
March quarter: operating cash outflow $363K, share issue proceeds $310K. MEC lent Advent over $116K. Notes the completed PEP11 survey, the pending rights offer and ongoing BPH/Grandbridge disputes MEC calls meritless.
20 Apr 2018capital raising announcement● Neutral
MEC despatched the rights offer document: 1 for 2 at 1.8 cents with a free 5-cent option, closing 7 May 2018. Same terms as announced 13 April; no new substance.
19 Apr 2018drilling result▲ Good
The PEP11 2D seismic survey (~200 line km over Baleen prospect, 30km SE of Newcastle) finished acquisition in three days, safely, meeting the Year 2 work commitment. Processing takes about two months, with interpretation to follow.
16 Apr 2018capital raising announcement● Neutral
Letter to ineligible (non-Australia/NZ) shareholders repeats the rights offer terms: 1 for 2 at 1.8 cents, up to ~$2.4M. Contains no new information.
16 Apr 2018capital raising announcement● Neutral
Letter to option holders repeats the rights offer (1 for 2 at 1.8 cents) and gives the maximum raise as $2,447,512. No new terms.
16 Apr 2018drilling progress report▲ GoodMajor
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.
16 Apr 2018capital raising announcement● Neutral
Letter to eligible shareholders repeats the 13 April rights offer: 1 new share for every 2 at 1.8 cents, with a free 5-cent option. Up to ~$2.4M, not underwritten; 271,945,731 shares on issue. No new terms.
13 Apr 2018regulatory community update● Neutral
MEC says a letter sent to shareholders about PEP11 exploration was unauthorised and not from MEC. A response is on its website. The letter's content and sender are not stated.
13 Apr 2018listing compliance notice● Neutral
ASX lifted the suspension of MEC shares immediately after receiving a company announcement. Trading resumes the same day.
13 Apr 2018listing compliance notice▼ Bad
ASX suspended MEC's shares from quotation under Listing Rule 17.3, with no reason given in the notice. Reinstated later the same day, per a separate release.
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.
