20 Dec 2010drilling progress report● Neutral
Bounty reports 30-inch casing cemented at 221.2 m and the hole drilled to 314 m. The well is one day behind schedule but still expected to reach the target zone 25-26 December.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
15 Dec 2010drilling spud▲ GoodMajor
New Seaclem-1, the first exploration well in the offshore Sydney Basin, spudded at midnight 15 December and the pilot hole reached 310.5 m. Target zone is expected around 25-26 December. Advent's PEP 11 interest rises to 85% on completion.
15 Dec 2010drilling progress report● Neutral
Bounty repeats the spud at midnight 15 December and the 310.5 m pilot hole, with target zone expected 25-26 December. Same facts as MEC's own report; Bounty is free-carried.
15 Dec 2010capital raising announcement▲ GoodMajor
Advent closed its bookbuild, placing 11,920,000 shares at A$1.25 (about A$14.9M) to BPH Energy and an Asian-based hydrocarbons group. It resolves the open Advent raising; MEC's resulting stake is not stated.
What it means for a shareholder
11.9m new shares at A$1.25 to raise about A$14.9m. That's 7.1% dilution: every existing holder's slice gets 7.1% smaller. If you held A$1,000 of shares (800 at the issue price), your slice goes from 0.000516% to 0.000479% of the company. To keep it you'd need 61 more shares - about A$76 at the issue price.
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14 Dec 2010drilling spud▲ Good
Partner Bounty says the rig is anchored and ballasted and the well will spud later on 14 December, two days ahead of schedule. Bounty cites 7 Tcf gas in place, versus MEC's 4.1 Tcf.
13 Dec 2010drilling progress report● Neutral
The Ocean Patriot reached the New Seaclem-1 site and ran its first anchor. Spud is now expected early Thursday 16 December, slightly later than the late 14 December previously anticipated. Target depth 826 m.
10 Dec 2010regulatory community update▲ Good
Advent received Commonwealth environment approval (EPBC Act, 'not a controlled action') for New Seaclem-1, completing all statutory approvals and drilling permits. This clears the last regulatory step; the Ocean Patriot is under tow to the site.
9 Dec 2010drilling progress report▲ Good
Advent's subsidiary took operational control of the Ocean Patriot overnight, and the rig is under tow to New Seaclem-1. Spud is still anticipated late on 14 December.
7 Dec 2010drilling scheduled▲ Good
Advent will start towing the Ocean Patriot to New Seaclem-1 on 8 December, a roughly four-day tow. Spud is anticipated late on 14 December, earlier than Bounty's 10 December handover date implied.
7 Dec 2010drilling scheduled● Neutral
Bounty says the Ocean Patriot handover to Advent is expected 8 December, with a roughly four-day tow and spud anticipated 14-15 December 2010. Consistent with MEC's own update.
3 Dec 2010drilling scheduled▼ Bad
Bounty reports the provisional rig handover has slipped from 7 to 10 December 2010, followed by about six days to move to the well site. A small delay to the New Seaclem-1 timetable.
25 Nov 2010drilling scheduled▲ Good
Advent has a provisional date of 7 December 2010 for handover of the Ocean Patriot rig for New Seaclem-1. This firms up the 'early December' timing flagged earlier; a precise schedule is still to come.
25 Nov 2010drilling scheduled● Neutral
Partner Bounty repeats the provisional 7 December rig handover date for New Seaclem-1, with the rig still in Bass Strait. Bounty is free-carried and cites 7 Tcf gas in place for the prospects, a different figure from MEC's 4.1 Tcf.
23 Nov 2010other● Neutral
Notice of an audio broadcast with David Breeze about the upcoming PEP 11 drilling. No new information in the announcement itself.
18 Nov 2010drilling progress report▲ Good
An independent RPS report calls gas 'highly likely' in sediments 471-605 m below sea level at New Seaclem-1, backing Advent's own seismic analysis. This is a pre-drill expectation, not a drilling result.
15 Nov 2010regulatory community update▲ Good
Advent received NSW Industry & Investment approval for New Seaclem-1's well operations, environment and oil spill plans. This follows the earlier safety case approval and clears a major regulatory step before drilling to 826 m.
8 Nov 2010drilling progress report▲ Good
Advent's bookbuild for 12M shares continues and will not conclude until all approvals are received. If BPH takes up the full 12M shares, MEC's stake would fall to 44.9%. The rig's current work ends 29 November; a site survey says gas is 'likely' at the target.
4 Nov 2010regulatory community update▲ GoodMajor
MEC clarifies that GAIL (India) is in initial-stage talks about taking equity in Advent, though the earlier $1 billion/25% report was wrong. Advent is issuing 12M shares via a Pareto bookbuild; MEC holds 51.14%.
3 Nov 2010regulatory community update● Neutral
MEC says Indian media reports of talks for an Indian state-run consortium to buy 25% of Advent for $1 billion are incorrect. It is a denial only; it gives no detail of any real talks.
3 Nov 2010other● Neutral
Bounty Oil & Gas notes unusual trading in its shares and restates its PEP 11 arrangement with Advent's subsidiary, which can earn a further 60% by drilling New Seaclem-1. It says it has no other material information to release.
22 Oct 2010investor presentation● Neutral
Presentation by investee Advent at a Sydney investor seminar, repeating known points: Ocean Patriot rig secured, early December spud expected (subject to prior rig commitments), 25-day well, 13.2 Tcf P50 prospective resource. No new results.
14 Oct 2010drilling progress report● Neutral
Bounty says the Ocean Patriot must first drill two more Bass Strait wells, taking 50-60 days to about early December, so New Seaclem-1 timing may vary. The drill slot is firm and next in line. Safety approval is in hand; other approvals are said to be on track.
14 Oct 2010capital raising announcement▲ GoodMajor
The entitlement offer was allotted: 12,035,762 shares (including 5,454,920 shortfall shares) issued at 50c, raising $6,017,881. Shares on issue rise to 147,704,924, with Bob Healy the largest holder at 9.90%.
13 Oct 2010capital raising announcement▲ GoodMajor
MEC's 50c entitlement offer closed oversubscribed including shortfall applications. Shareholders took up 55% of entitlements (6,580,842 shares) and $6,339,251 was received in total. Allotment is expected on 14 October.
11 Oct 2010joint venture update▲ Good
BPH, which holds a stake in Advent, agreed conditionally to subscribe for up to 12M Advent shares, lifting its holding to up to 27.7%, priced by Pareto's bookbuild. BPH plans a $10M raise at 20c; this is BPH's deal, not MEC's.
8 Oct 2010capital raising announcement● Neutral
MEC agreed a funding deal with Bluehawk Capital: 500,000 shares at 55c (about $275k) on receipt of final payment, under Listing Rule 7.1. Proceeds are for managing investments and working capital.
What it means for a shareholder
500,000 new shares at A$0.550 to raise about A$275,000. That's 0.367% dilution: every existing holder's slice gets 0.367% smaller. If you held A$1,000 of shares (1,818 at the issue price), your slice goes from 0.00134% to 0.00134% of the company. To keep it you'd need 7 more shares - about A$4 at the issue price.
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6 Oct 2010annual report● Neutral
2010 annual report. The chairman says New Seaclem-1 targets Great White and Marlin (4.1 Tcf P50 gas in place), with drilling expected in Q4 2010 and about 25 days to complete. Auditor is now Deloitte, replacing PKF in the earlier context.
5 Oct 2010regulatory community update▲ Good
The offshore safety regulator NOPSA accepted the Ocean Patriot rig's safety case for New Seaclem-1, a key approval for Advent's PEP 11 well. The rig is still expected to be available to start drilling in Q4 2010.
15 Sept 2010capital raising announcement▲ Good
The Bob Healy and Associates funding completed: 12,857,143 shares issued for $4.5M (35c), as agreed in June. A further 424,286 shares were issued for $148,500 of consulting fees. Shares on issue rise to about 133.6M.
8 Sept 2010capital raising announcement● NeutralMajor
MEC announced a non-renounceable one-for-ten entitlement offer of about 12.04M shares at 50c to raise up to about $6.02M. The record date was 20 September 2010.
What it means for a shareholder
12.0m new shares at A$0.500 to raise about A$6.0m. That's 9.1% dilution: every existing holder's slice gets 9.1% smaller. If you held A$1,000 of shares (2,000 at the issue price), your slice goes from 0.00166% to 0.00151% of the company. To keep it you'd need 200 more shares - about A$100 at the issue price.
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