10 Feb 2014half year report● Neutral
Half year to 31 December 2013: net loss $666K (down 34%) on revenue of $38K. Net assets fell $911,686 to $32.78M; NTA 21.1 cps per the report. Recaps the EP386 suspension, ACOLA report and Fugro settlement.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
19 Dec 2013regulatory community update▲ GoodMajor
The Government will not proceed with the proposed changes to venture capital tax concessions, so the Pooled Development Fund program continues in its current form. This resolves the phase-out risk that had been open since early 2013.
16 Dec 2013regulatory community update● Neutral
WA regulator granted Advent's application to suspend the EP386 Year 2 work condition until 31 March 2015. Advent plans to do the work in the 2014 dry season. This gives more time on the permit.
22 Nov 2013investor presentation● Neutral
Presentation by David Breeze at a London investor evening, repeating known Advent figures (9.8 Tcf shale, 5.7 Tcf PEP11). It states MEC holds 44.3% of Advent, and a market cap of $10.1M on 155.8M shares.
15 Nov 2013resource reserve update▲ Good
An independent ACOLA shale gas report put onshore Bonaparte Basin recoverable shale gas at 6 Tcf. Advent says this supports its own 9.8 Tcf best-estimate prospective figure, arguing ACOLA used only 36 m of shale thickness. No new resource booking by Advent.
14 Oct 2013agm notice● Neutral
Notice of the 2013 AGM, to be held 27 November 2013 in North Perth. Agenda includes receiving the accounts and a non-binding vote on the remuneration report; the visible text shows no other business.
30 Sept 2013annual report● Neutral
2013 annual report. The Chairman's letter reviews PEP11 renewal, Waggon Creek-1 flows up to 0.96 MMscf/d, and the Beach survey data just received. Board is Goh (non-exec chair), Breeze, Yap and Ambrosini; the auditor is Nexia Perth. Nothing new in the visible text.
27 Aug 2013annual report▼ Bad
Year to 30 June 2013: net loss $2.05M (down 78% from $9.18M) on revenue of $165K. Net assets fell $3.03M to $33.69M, which MEC attributes to lower listed investment values and reduced cash after higher consulting costs. NTA is 1.96 cps.
22 Aug 2013joint venture update▲ GoodMajor
The Fugro and RPS legal dispute over PEP11 survey work was settled at mediation. Asset Energy paid $100,000 to settle Fugro's $2.2 million claim. This removes a significant liability from Advent's PEP11 subsidiary.
7 Aug 2013admin correction● Neutral
Capital structure update after 833,332 unquoted 15c employee options expired on 6 August 2013. Shares on issue remain 155,823,150, with only unquoted options still outstanding.
22 July 2013investor presentation● Neutral
Notice of a Boardroom Radio audio broadcast with David Breeze on Advent's letter of intent with WARL for gas supply. The announcement itself contains no new facts.
11 July 2013regulatory community update▲ GoodMajor
RL1, containing the Weaber gas field, has been renewed for a further five years. Weaber's mean contingent resource remains 18.4 Bcf (3C 45.8 Bcf). This secures the licence behind Advent's CNG commercialisation plans.
8 July 2013material agreement▲ GoodMajor
Advent signed a non-binding letter of intent with CO2 Group subsidiary WARL for possible gas supply to its proposed prawn farm in northern Australia. It frames negotiation toward a supply agreement by the fourth quarter of 2014, which would be Advent's first commercialisation step.
4 July 2013security holder rights change● Neutral
The 20c listed options (MMRO) expired on 4 July 2013, with 48,944,570 lapsing. Only 10,000 were exercised, raising $2,000, and shares on issue rose to 155,823,150. Effectively no new capital came from the options.
1 July 2013admin correction● Neutral
Capital structure update: 155,813,150 shares and 48,954,570 listed 20c options outstanding. 1,336,667 unquoted 15c options expired and 1,050,000 new 10c options (expiring 2018) were issued to employees. 250,000 lapsed 80c options were cancelled.
24 June 2013joint venture update● Neutral
Advent has received the Beach airborne data and commissioned an engineering study on CNG production from RL1 for regional customers. The Fugro/RPS dispute is set for mediation on 21 August 2013, with a trial from 10 September retained. PEP11 year 2 seismic preparations are under way.
21 June 2013security holder rights change● Neutral
MEC's listed 20c options (MMRO) expire on 4 July 2013 and will stop trading 27 June. The last share trade was 3.8c, well below the 20c exercise price, and the options last traded at 0.01c.
18 June 2013investor presentation● Neutral
Notice of a Boardroom Radio audio broadcast with David Breeze on the potential of PEP11. The announcement itself contains no new facts.
13 June 2013investor presentation● Neutral
Presentation by David Breeze at the Oilbarrel Conference in London. Visible text repeats known figures: EP386/RL1 shale 9.8 Tcf, conventional 356 Bcf, Weaber 45.8 Bcf 3C, and PEP11 at 85% (now quoted at 5.7 Tcf prospective recoverable, versus 6.0 Tcf earlier).
28 May 2013other● Neutral
Advent's EP386 and RL1 assets were featured in the May edition of Petroleum in Western Australia magazine, with a link to the article. No new facts or results.
24 May 2013joint venture update▲ Good
The Beach Energy airborne survey over part of EP386 and all of RL1 is finished, as begun in January 2013. Advent will combine the data with existing seismic to refine drilling targets, and also gets data over the area between the permits.
15 May 2013regulatory community update● Neutral
MEC says the federal government has released no details of a possible phase-out of the Pooled Development Fund program, which gives shareholders tax-free gains and dividends. MEC considers legislation unlikely before the September 2013 election (the company's view).
8 Feb 2013half year report● Neutral
Half year to 31 Dec 2012: net loss $498K (down 94%) on revenue $101K; net assets fell $675,825 to $36.05M. NTA 23.2 cps. The auditor is now listed as Nexia Perth, replacing Deloitte.
29 Jan 2013joint venture update▲ Good
Beach Energy has started the airborne survey covering part of EP386 and all of RL1. Advent also gets data over the area between the two permits. This follows the August 2012 data-sharing agreement.
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.