Past year: ▼ 60%(0.20c – 0.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
6 Mar 2017contract award● Neutral
Advent engaged Minev Services to help deliver the 200 line km 2D seismic commitment in PEP11 and to contribute to planning a proposed 3D survey. It hopes to finish the 2D work rapidly, subject to funding and regulatory and stakeholder approval.
3 Mar 2017contract award● Neutral
Advent engaged Geoteknic, a reservoir engineering and well testing firm, to support the proposed EP386 well intervention program. The program still depends on regulatory approval and funding.
28 Feb 2017half year report● Neutral
Half year to 31 December 2016: net loss $409K attributable to members (down 22%), revenue $11K, net assets $28.37M. Recaps Breeze's termination and the 9 March meeting. Nothing new beyond the numbers.
27 Feb 2017regulatory community update▲ GoodMajor
WA regulator conditionally approved suspension of EP386 work commitments, now due by 31 March 2018 (previously 31 March 2017), subject to approval and funding. Advent is preparing well intervention proposals; the 20-year-old wells may later be decommissioned.
16 Feb 2017investor presentation● Neutral
Chairman's address to the first EGM in MEC's history opposes the three Breeze-nominated directors, fearing a bid for operational control. It repeats the strategic review: PEP11's 2D data is insufficient and a 3D survey is needed.
16 Feb 2017agm notice▲ GoodMajor
Shareholders rejected all three Breeze-nominated directors at the 16 February EGM, with about 43% for and 57% against. The current board stays in place; the removal meeting set for 9 March remains.
3 Feb 2017other▼ Bad
MEC issued a Supreme Court of WA writ on 2 February 2017 against Trandcorp and David Breeze seeking return of company property and data, and damages for breach of the consultancy agreement. Resolves nothing yet; litigation begins.
2 Feb 2017investor presentation● NeutralMajor
Advent plans well intervention and stimulation of Waggon Creek-1, Vienta-1 and Weaber-4 to try for reliable gas flow, with possible early oil from Waggon Creek. It needs a partner and approvals; resource estimates are unchanged (Weaber 3C 45.8 Bcf).
11 Jan 2017investor presentation● NeutralMajor
Strategic review concludes PEP11's two core prospects (P50 472 and 2,131 Bcf, unchanged since 2010) need better data. Advent plans to bring forward a 3D seismic survey, subject to approvals and resources, and expects a new leadership team to find partners.
10 Jan 2017security holder rights change▼ Bad
Breeze-linked shareholders lodged fresh notices seeking a further meeting to remove Goh, Yap, Ambrosini and Yu. MEC is considering validity and its position on recovering company records from Breeze.
3 Jan 2017security holder rights change● Neutral
The Board accepts the three director-appointment resolutions as valid and will recommend voting against them. It judges the five removal resolutions invalid because the notice did not meet section 203D requirements.
21 Dec 2016security holder rights change▼ BadMajor
Shareholders linked to ousted director Breeze (Grandbridge, Trandcorp) holding over 5% request a meeting to appoint three directors and remove Goh, Yap, Ambrosini and Yu. MEC is taking legal advice and is also pursuing recovery of company records from Breeze.
8 Dec 2016material agreement● Neutral
Advent Energy engaged consultant Matthew Battrick, former Sun Resources managing director, to lead its immediate strategic asset review. This starts the review announced in the Chairman's update.
28 Nov 2016director officer appointment● NeutralMajor
Managing director David Breeze's services agreement was terminated and he was removed as a director. Chairman Goh takes over his role with Tobias Foster while a new leader is sought; remaining directors cut fees to $1 and a strategic review of assets is planned.
24 Nov 2016director officer appointment● Neutral
Geologist Heng Yu, with over 30 years' experience including Schlumberger, Baker Hughes and PetroChina, is appointed non-executive director. This adds a fourth board member alongside Goh, Yap and Ambrosini.
3 Oct 2016annual report● Neutral
2016 Annual Report released, repeating the year's results already reported in August. The Chairman cites an oil price recovery and east coast gas shortage, and notes Advent's Weaber field at 45.8 Bcf (3C). No new information.
8 Sept 2016other● Neutral
Corporate governance statement accompanying the annual report. It notes there are no formal audit, remuneration or nomination committees. No new business information.
26 Aug 2016annual report● Neutral
Year to 30 June 2016: net loss $1.03M (down 41% from $1.77M), revenue $24K, net assets $28.85M. A further NOPTA application seeks to move the PEP11 seismic to 2017 and is still pending.
19 July 2016other● Neutral
MEC notes east coast spot gas prices reached nearly $29/GJ in Sydney and says this supports interest in PEP11. Market commentary only; no change to the project or its funding.
23 June 2016regulatory community update▲ Good
A federal election campaign pledge of $40M for the Keep River Road, which runs through Advent's RL1 (Weaber) project, is cited as a benefit for gas commercialisation. It is an election promise, not secured funding, and Advent still has no binding gas supply deal.
24 May 2016capital raising announcement● NeutralMajor
The Share Purchase Plan closed with $576,497 raised in cash plus $30,000 from directors Breeze and Yap converting accrued fees. 16,391,773 shares were issued at $0.037, taking the total to 199,223,822. This is well below the 30% cap.
What it means for a shareholder
16.4m new shares at A$0.037 to raise about A$576,497. That's 8.2% dilution: every existing holder's slice gets 8.2% smaller. If you held A$1,000 of shares (27,027 at the issue price), your slice goes from 0.0148% to 0.0136% of the company. To keep it you'd need 2,423 more shares - about A$90 at the issue price.
Create a free account to see this worked out for your own holding.
24 May 2016auditor change● Neutral
HLB Mann Judd became auditor from 23 May 2016, replacing Nexia Perth Audit Services, which resigned with ASIC consent. No reason for the resignation is given.
19 May 2016regulatory community update● Neutral
Application made to Geoscience Australia to possibly use ocean bottom seismographs alongside the planned PEP11 seismic survey. Deployment is only under consideration and is not confirmed.
16 May 2016drilling scheduled● Neutral
PEP11 update: the roughly 200 line km seismic survey is still being planned, and rigs are being evaluated for the Baleen target in 125 m of water. Drilling would need further fundraising or a joint venture.
10 May 2016other▲ Good
A new review of 2010 seabed sediment samples says the area around the proposed Baleen drill site looks best for hydrocarbon influence, with a higher chance of success than other PEP11 prospects. It is a re-analysis of old data, not a new survey or well result.
4 May 2016drilling scheduled● Neutral
Advent has begun preparing an EP386 exploration well in the onshore Bonaparte Basin, to be completed by 31 March 2017, and is sourcing rig costs and availability. The well depends on successful fundraising, which is not yet secured.
2 May 2016capital raising announcement● Neutral
The Share Purchase Plan closing date is extended from 2 May to 23 May 2016, with shares to be issued 26 May. The announcement gives no reason for the extension.
14 Apr 2016contract award▲ GoodMajor
A vessel has been contracted for the roughly 200 line km high-resolution 2D seismic survey at PEP11's Baleen target (2,150 m, about 30 km south-east of Newcastle). This moves the planned survey forward; timing awaits regulatory approvals.
24 Mar 2016capital raising announcement● Neutral
Formal offer document for the Share Purchase Plan announced 23 March: shares at $0.037 (about 19% discount), $499.98 to $14,999.99 per holder, capped at 54,849,615 shares (30%), not underwritten. Proceeds mainly fund PEP11 seismic preparation. Closes 2 May 2016.
24 Mar 2016drilling scheduled● Neutral
Summary of proposed PEP11 work: a seismic survey of about 200 line km is being planned to support a possible future well at the Baleen prospect (2,150 m target depth), about 30 km south-east of Newcastle. Restates the September 2015 target; no date given.
