Past year: ▼ 60%(0.20c – 0.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
28 Apr 2017quarterly activities report● Neutral
First Appendix 4C, required by ASX: March quarter operating outflow $176K, cash at quarter end $280K. MEC says costs fell year to date despite two Breeze-called meetings and legal costs. Directors' fees remain $1; PEP11 2D seismic still targeted for Q3 2017.
26 Apr 2017capital raising announcement● Neutral
Reminder that the rights issue closes 5pm WST on Friday 28 April 2017. Shareholders who want to participate must return acceptance forms to the registry. No new terms.
21 Apr 2017other▲ Good
The Takeovers Panel declined to conduct proceedings on the Grandbridge/Trandcorp/Breeze application against the rights issue. It saw no reasonable prospect of finding unacceptable circumstances, citing MEC's 20 April pro rata shortfall commitment. This clears the challenge to the raising.
20 Apr 2017security holder rights change● Neutral
MEC sets out how rights issue shortfall shares will be allocated: pro rata to applying eligible shareholders first, then directors may place any remainder within three months. No shortfall goes to directors or related parties. Responds to the Breeze-linked Takeovers Panel application.
10 Apr 2017security holder rights change● Neutral
MEC confirms receiving the Breeze-linked Takeovers Panel application on the rights issue. It says all eligible shareholders can take up entitlements and apply for shortfall. The issue is still scheduled to close 28 April.
10 Apr 2017director officer appointment▲ GoodMajor
Darryl Moore, a drilling engineer who designed Advent's 2010 Baleen exploration well, joins as non-executive director for $1 a year. He holds 666,667 shares via his wife. Adds technical depth to the board after the Breeze contest.
10 Apr 2017security holder rights change▼ BadMajor
The Takeovers Panel received an application from Grandbridge, Trandcorp and Breeze (12.67% voting power) challenging the rights issue. They say it dilutes them and gives the directors discretion over shortfall shares, and seek an interim order stopping share issues. No decision yet.
6 Apr 2017capital raising announcement● Neutral
The rights issue closing date moves from 20 April to 28 April 2017 to allow for processing after the Easter holidays. Allotment is now expected 4 May. No change to price or terms.
6 Apr 2017regulatory community update● Neutral
Advent has begun stakeholder consultation for its PEP11 environmental plan, a prerequisite for the 200 km 2D seismic program. NOPSEMA must approve the plan first; the program is still expected in Q3 2017.
27 Mar 2017drilling scheduled● Neutral
Advent expects to start the PEP11 2D seismic program in Q3 2017, pending approvals. It has submitted a well intervention proposal for EP386; approval may take about 6 months, with operations expected from September 2017 (the wet season delays earlier access).
23 Mar 2017capital raising announcement● Neutral
Offer document for the 1-for-2 rights issue at $0.028 has been sent to eligible shareholders. The offer closes 21 April 2017 unless extended, shareholders may apply for shortfall shares, and the document describes the shares as speculative.
15 Mar 2017capital raising announcement● Neutral
Letter to option holders: options carry no right to join the rights issue. To participate they must exercise vested options before the record date. Otherwise repeats the 14 March announcement.
15 Mar 2017capital raising announcement● Neutral
Letter to eligible shareholders restating the 1-for-2 rights issue at $0.028, up to about $2.8M and 100,017,316 new shares, with offer documents due 23 March. Nothing new beyond the 14 March announcement.
15 Mar 2017capital raising announcement● Neutral
Letter to shareholders outside Australia and New Zealand saying the rights issue is not offered to them because of compliance costs. Otherwise repeats the 14 March terms.
14 Mar 2017other● Neutral
Replying to an ASX query, MEC says it is a Pooled Development Fund whose main investment is Advent. Half-year expenditure was $486K against $11K revenue; forecast Jan-Jun 2017 spend is partly shown. A BPH Energy loan at 20.97% is due and payable to MEC.
14 Mar 2017capital raising announcement● NeutralMajor
MEC launches a 1-for-2 non-renounceable rights issue at $0.028 to raise up to about $2.8M, not underwritten. Funds go mainly to Advent: $600K PEP11 2D seismic, $250K 3D planning, $1.2M EP386 well intervention. Directors intend to take up their entitlements.
9 Mar 2017agm notice▲ GoodMajor
Shareholders rejected removal of all four directors at the 9 March EGM, with about 86-88% voting against each. Goh, Yap, Ambrosini and Yu stay, resolving the Breeze-linked board challenge for now. A second defeat after the 16 February vote.
9 Mar 2017investor presentation● Neutral
Chairman's address to the second EGM opposes removing the four directors, saying removal would leave too few directors. He notes defamation suits and the company's court action against Breeze, and that directors' fees are now $1. Largely repeats earlier positions.
9 Mar 2017other● Neutral
MEC answers shareholder questions raised at the 16 February EGM (Advent IPO, immediate PEP11 drilling, Breeze's November 2016 termination, AGM voting, board residency) by pointing to a statement on its website. No new facts in the announcement itself.
8 Mar 2017security holder rights change● Neutral
MEC says Grandbridge's attempt to withdraw its requisition came under three hours before the proxy deadline, and the 9 March meeting to consider removing Goh, Yap, Ambrosini and Yu will go ahead anyway. The board says it is legally obliged to proceed.
7 Mar 2017security holder rights change▼ BadMajor
Grandbridge (Breeze) withdrew its 249D requisition for the 9 March meeting after a proxy form error, and will instead convene a new meeting to appoint three nominees and remove Goh, Yap, Ambrosini and Yu. The contest continues.
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.
6 Feb 2017agm notice● Neutral
Reminds shareholders they must lodge proxies separately for the 16 February and 9 March 2017 meetings. MEC also rejects Grandbridge's allegations as unfounded, referring to a website response.
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).
