Past year: ▼ 60%(0.20c – 0.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
31 Jan 2018quarterly activities report● Neutral
December quarter: operating outflow $259K, with $583K raised from shares. MEC gave Advent over $80,000 and says a cost reduction plan is in place. NOPSEMA approval and the $300,000 placement are noted. Closing cash is truncated.
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.
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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.
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.
31 Oct 2017quarterly activities report● Neutral
September quarter: operating outflow $248K, $113K invested, $47K raised, with about $185K provided to Advent. The share purchase plan closes 6 November. Directors still take $1 fees; PEP11 awaits NOPSEMA and NOPTA approvals. Closing cash figure was truncated.
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.
