Past year: ▼ 60%(0.20c – 0.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
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.
