Past year: ▼ 60%(0.20c – 0.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
23 Mar 2016capital raising announcement● NeutralMajor
MEC offers a Share Purchase Plan at about a 19% discount to the recent five-day average price, capped at $15,000 per holder and 30% of existing capital. Funds mainly go to PEP11 seismic preparation, plus working capital. Closes 2 May 2016.
21 Mar 2016material agreement▲ GoodMajor
Advent signed a non-binding letter of intent with Northern Minerals for possible gas supply to its Browns Range rare earths project. It is only a framework for talks, not a supply agreement. Weaber 2C contingent resource restated at 11.5 Bcf.
11 Mar 2016drilling scheduled▲ Good
MEC says preparatory work is underway for a PEP11 seismic survey, including procuring seismic service providers. It cites an APPEA statement that east coast developed gas reserves meet forecast demand only until 2019. No survey date or cost is given.
11 Mar 2016regulatory community update● Neutral
Partner Bounty Oil & Gas (15% of PEP11) releases the same news: preparatory work for a new PEP11 seismic survey has begun. Re-release of known information from the MEC announcement.
26 Feb 2016half year report● Neutral
Half year to 31 December 2015: revenue $13K and net loss $529K per the Appendix 4D (commentary gives an operating loss of $674,943). Net assets fell $674K to $28.83M; NTA 15.8 cps. Recaps the PEP11 and EP386 suspensions.
16 Feb 2016regulatory community update● Neutral
WA regulator suspended the EP386 work commitments for a further 12 months to 31 March 2017, extending the earlier 31 March 2016 deadline for the Year 2 well. This gives Advent more time on the permit before drilling is required.
29 Jan 2016regulatory community update● Neutral
NOPTA approved a further suspension of the PEP11 Year 2 work (200 km 2D seismic and geotechnical studies) to 12 August 2016, extending the earlier 12 August 2015 deadline. Asset Energy holds 85% and Bounty 15%.
22 Jan 2016admin correction● Neutral
Capital structure update after 325,000 unquoted options expired on 21 January 2016. Shares on issue remain 182,832,049.
19 Jan 2016admin correction● Neutral
The 500,000 5c unquoted options issued on 8 January were cancelled on 19 January 2016. Shares on issue unchanged at 182,832,049.
11 Jan 2016security holder rights change● Neutral
500,000 unquoted employee options issued on 8 January 2016 at 5c, expiring 30 September 2020. Shares on issue unchanged at 182,832,049.
5 Nov 2015admin correction● Neutral
Capital structure update after 100,000 unquoted $1.25 options expired on 4 November 2015. Shares on issue remain 182,832,049.
6 Oct 2015admin correction● Neutral
Capital structure update after 250,000 unquoted $1.25 options and 250,000 $1.50 options expired on 6 October 2015. Shares on issue remain 182,832,049.
30 Sept 2015annual report● Neutral
2015 Annual Report repeats the year's results and projects. Chairman cites the oil price plunge, a forecast NSW gas shortage from winter 2016, and Kimberley power demand of up to 30.8 TJ/day that Advent's EP386 and RL1 gas could potentially supply.
23 Sept 2015investor presentation▲ GoodMajor
Presentation sets a revised PEP11 drill target at the Baleen prospect on seismic line B4-18, total depth 2,150 m, based on a 6,000 acre (24.3 km2) amplitude anomaly compared to Bowen Basin gas fields. The text itself lists risks; no well is scheduled.
31 Aug 2015annual report● Neutral
Appendix 4G confirming the corporate governance statement for the year to 30 June 2015, available on the company website. Administrative filing with no new facts.
28 Aug 2015annual report▼ Bad
Year to 30 June 2015: net loss $1.77M per the commentary (revenue $29K, down 52%), though the headline loss is shown as $2.90M. Net assets fell $2.30M to $29.5M, attributed to a loss on sale of redundant capitalised items; NTA 0.31 cps. Advent applied to surrender EP325.
6 Aug 2015admin correction● Neutral
Capital structure update after 150,000 unquoted $1.25 options expired on 5 August 2015. Shares on issue remain 182,832,049.
15 July 2015admin correction● Neutral
Capital structure update after 1,000,000 unquoted 35c options expired on 14 July 2015. Shares on issue remain 182,832,049.
16 June 2015regulatory community update● Neutral
WA regulator approved suspending the EP386 Year 2 exploration well until 31 March 2016, extending the earlier 31 March 2015 deadline. This gives Advent another year on the permit before drilling is required.
28 Apr 2015admin correction● Neutral
Registry transfer date to Advanced Share Registry moved from 15 May to 18 May 2015 because of CHESS procedural requirements. Administrative only.
7 Apr 2015other● Neutral
Administrative notice that the share registry moves from Security Transfer Registrars to Advanced Share Registry Services, effective 15 May 2015.
2 Apr 2015security holder rights change● Neutral
2.4 million unquoted employee options issued at 6c, expiring 31 March 2020. Shares on issue now 182,832,049, reflecting the share purchase plan shares.
24 Feb 2015half year report▼ Bad
Half year to 31 December 2014: revenue $15K and net loss up 94% to $1.29M per the Appendix 4D; net assets fell $2.35M to $29.45M and NTA is 18.9 cps per the report. Recaps the PEP11 suspension and EP386/RL1 commercial work.
23 Feb 2015capital raising announcement● NeutralMajor
Share Purchase Plan closed 20 February 2015, raising $605,000, a 57.78% take-up, with 27,008,899 new shares issued. This is below the maximum 30% offered and resolves the raising.
What it means for a shareholder
27.0m new shares at about A$0.0224 to raise about A$605,000. That's 15% dilution: every existing holder's slice gets 15% smaller. If you held A$1,000 of shares (44,643 at the issue price), your slice goes from 0.0287% to 0.0244% of the company. To keep it you'd need 7,738 more shares - about A$173 at the issue price.
Create a free account to see this worked out for your own holding.
10 Feb 2015regulatory community update● Neutral
Partner Bounty Oil & Gas releases the same news: NOPTA approved suspending PEP11 Year 2 work until 12 August 2015. Re-release of known information from the MEC announcement.
10 Feb 2015regulatory community update▲ Good
NOPTA approved suspending the PEP11 Year 2 work (200 km 2D seismic and geotechnical studies) until 12 August 2015. This resolves the pending suspension application and gives Advent more time on the permit.
28 Jan 2015capital raising announcement● Neutral
Offer documents for the Share Purchase Plan: issue price $0.022 per share, up to 46,743,945 new shares (30%), not underwritten, closing 20 February 2015. Sets the price for the plan announced on 23 January.
23 Jan 2015capital raising announcement● NeutralMajor
MEC announces a Share Purchase Plan for existing shareholders at a 20% discount, $500-$15,000 each, capped at 30% of shares. Funds go to Advent's PEP11 seismic (planned Q2 2015), a further EP386 well and working capital.
22 Jan 2015joint venture update● Neutral
Update on Advent: neighbouring Beach Energy's Cullen-1 well reported 1,600 m of over-pressured shale and gas shows. Advent restates its 9.8 Tcf shale estimate and says it has applied for a 12-month suspension of EP386 obligations. Funding and offtake talks have no certainty.
26 Sept 2014annual report● Neutral
2014 annual report with Chairman's letter: Advent refocused after the legal dispute settlement, is preparing a PEP11 seismic environment plan, and cites the ACOLA 6 Tcf onshore Bonaparte figure. A gas supply letter of intent was signed. Largely recaps known facts.
