Past year: ▼ 60%(0.20c – 0.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
4 Dec 2012well test result● NeutralMajor
Final interpretation of Waggon Creek-1 testing: flows up to 0.96 MMscf/d without water, 5.5-7.8m net pay, and a restricted drainage area. It does not improve on the ~1.07 MMscf/d seen in 2011. Advent sees upside only if thicker reservoir is found.
29 Oct 2012flow test result● NeutralMajor
Advent finished production testing at Waggon Creek-1. Preliminary flows were about 0.5-0.9 MMscf/d across several zones over 378-595m, with no formation water. Similar gas samples suggest a possible single gas column over 217m. Pressure gauge data is still being interpreted.
24 Oct 2012director officer appointment● Neutral
MEC chairman Hock Goh has been appointed a director of Santos Ltd. He remains chairman of MEC and of Advent. No change to MEC's own board is announced.
12 Oct 2012resource reserve update● Neutral
Advent released more shale study data for EP386 and RL1: 19-141 Tcf unrisked gas in place, with its own risked recoverable figure of 9.6 Tcf, and the 355.9 Bcf conventional best estimate. It says CNG/LNG commercialisation planning is under way. Mostly repeats earlier estimates.
11 Oct 2012investor presentation● Neutral
Notice of a Boardroom Radio audio broadcast with David Breeze, "A detailed explanation of the EP386/RL1 Asset". The announcement itself contains no new facts.
5 Oct 2012annual report● Neutral
2012 annual report. The Chairman's letter reviews Advent's 85% of renewed PEP11 and the 2011 Waggon Creek-1 and Vienta-1 tests, and repeats the 19-141 Tcf unrisked shale estimate. Financial results were already released on 30 August; nothing new in the visible text.
27 Sept 2012investor presentation● Neutral
Presentation from the Singapore Oil & Gas Investor Summit restating Advent's assets: EP386 conventional 356 Bcf and shale 9.8 Tcf prospective recoverable, Weaber 45.8 Bcf 3C, and PEP11 at 85% with 6.0 Tcf. Largely repeats known figures.
24 Sept 2012investor presentation● Neutral
Notice of a Boardroom Radio audio broadcast with David Breeze, "An introduction to Advent Energy and MEC". The announcement itself contains no new facts.
19 Sept 2012drilling progress report● Neutral
Testing at Waggon Creek-1 is under way over the 2011 perforated intervals, with later testing of additional perforations. The program is expected to run about four weeks. No flow results yet.
17 Sept 2012drilling progress report● Neutral
Production testing has started at Waggon Creek-1, resuming the program suspended by the 2011 wet season. No new results; Advent says further updates will follow as testing progresses.
12 Sept 2012drilling scheduled● Neutral
Equipment is being mobilised to resume production testing at Waggon Creek-1 (EP386), planned within a week and lasting about five weeks. This follows the 2011 test, cut short by the wet season, which flowed ~1.07 MMscf/d. Also cites a USGS onshore Bonaparte mean of 460 Bcf undiscovered gas.
4 Sept 2012resource reserve update▲ GoodMajor
Advent lifted its EP386 conventional prospective recoverable gas estimate to a 556 Bcf mean (best estimate 356 Bcf; low 53, high 1,326), with 15 MMbbl mean condensate. These are unrisked prospective figures, not reserves; Advent says it is assessing near-term commercialisation.
30 Aug 2012annual report▼ Bad
Year to 30 June 2012: net loss $9.18M (up 126%) on revenue $376K; net assets fell $9.41M to $36.72M. The company attributes the fall to the loss on shares sold in BPH's selective buyback. NTA 3.31 cps. Repeats known Advent results.
23 Aug 2012investor presentation● Neutral
Advent restates the case for EP386 and RL1: 19-141 Tcf unrisked shale gas in place, a Weaber 3C contingent resource of 45 Bcf, and possible local sales of up to 12 TJ/day via a mini LNG facility. It adds a risked recoverable estimate of 9.6 Tcf for the Bonaparte permits, which is Advent's own calculation.
20 Aug 2012material agreement▲ Good
Advent signed a land access and data sharing agreement with Beach Energy for an airborne gravity and magnetic survey planned later in 2012. It covers all of RL1 and part of EP386. Advent gets the data; no cost or payment is stated.
14 Aug 2012regulatory community update▲ GoodMajor
PEP11 was renewed for five years, granted 13 August 2012, resolving the pending renewal. Advent's Asset Energy interest, raised from 25% to 85% on completing New Seaclem-1, is now formally registered; Bounty holds 15%. Year 4 requires one exploration well.
9 July 2012regulatory community update● Neutral
Update on Fugro's roughly $2.2M claim over PEP11 survey fees: Asset is defending, has counterclaimed for the New Seaclem-1 drilling cost, and joined RPS Energy as a third party. A WA court hearing is expected in early 2013.
4 June 2012investor presentation● Neutral
Notice of a Boardroom Radio audio interview with David Breeze giving a company update. The announcement itself contains no new facts.
27 Apr 2012other▲ Good
Advent completed an initial independent pre-feasibility market study, by Clean Energy Fuels Australia, on selling EP386 and RL1 gas as compressed or small-scale liquefied natural gas. It is an early step towards commercialisation, with no figures or commitments in this announcement.
2 Apr 2012director officer appointment● Neutral
Non-executive director Lim Chin Tong resigned from the MEC board, citing other business commitments. He had served for several years. No replacement was named.
30 Mar 2012regulatory community update▲ Good
WA regulators suspended EP386's Year 1 work condition for 12 months to 31 March 2013 and extended the permit term to 31 March 2017. Advent expects to finish production activities in the 2012 dry season. Follows the weather-affected 2011 testing.
16 Mar 2012investor presentation● Neutral
Advent presented at the Oil Barrel Conference in London, covering Australian shale gas and LNG market background and neighbouring deals. It repeats known Bonaparte acreage facts; no new company results.
15 Feb 2012half year report▼ Bad
Half year to 31 Dec 2011: net loss $8.44M (up 308%), revenue $233K, net assets down $8.5M to $37.6M. The company attributes the fall to a loss on shares sold to BPH in a selective buyback of up to $1.35M. NTA 3.88 cps.
8 Dec 2011other● Neutral
Copy of MEC's company constitution, covering share rights, meetings, directors, dividends and Pooled Development Fund compliance. Administrative document; no announced change of substance is visible in the text.
7 Nov 2011well test result▲ GoodMajor
Waggon Creek-1 flowed gas at about 1.07 MMscf/d over a 6-hour test with no water, perforated at about 384-395 m. Vienta-1 showed strong pressure recovery. Both wells are suspended until the 2012 dry season, with extended tests planned then.
7 Nov 2011investor presentation● Neutral
Presentation at the 20:20 Investor Series in Sydney. It shows Advent held 27.4% by BPH, 44.9% and 27.7% by other holders (labels unclear), and repeats the 19-141 Tcf unrisked shale gas estimate and PEP11 prospects. No new results.
18 Oct 2011well test result● NeutralMajor
Vienta-1 flowed gas at about 1.97 MMscf/d, falling to about 0.53 MMscf/d within an hour, from zones at 1365-1421 m. Advent says early indications suggest a tight or damaged reservoir. It is shut in for a pressure build-up survey, and Waggon Creek-1 is next.
18 Oct 2011investor presentation● Neutral
MEC's Executive Director David Breeze presented at the Australian MicroCap Investment Conference in Melbourne. The slides cover the board, technical team and Advent's assets; the visible text shows no new facts.
14 Oct 2011drilling progress report● Neutral
Advent notes Beach Energy's farm-in to neighbouring Northern Territory Bonaparte permits, excluding Advent's Weaber field, as supporting the area's prospectivity. Advent is working over Vienta-1, with Waggon Creek-1 workover and test to follow.
12 Oct 2011annual report● Neutral
MEC's 2011 annual report. The chairman's letter reviews Advent's 85% PEP11 interest, the 18.4 Bcf Weaber audit and planned appraisal of Vienta-1 and Waggon Creek-1. Financial results were already released in the 25 August preliminary report.
