Past year: ▼ 60%(0.20c – 0.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
8 Sept 2010capital raising announcement● Neutral
Letter to shareholders restating the 50c one-for-ten entitlement issue (about $6.02M) and its timetable. Proceeds go to Advent, to fund PEP 11 drilling and its permit portfolio, and to working capital. Options must be exercised before the record date to take part.
8 Sept 2010capital raising announcement● Neutral
Prospectus for MEC's one-for-ten, 50c entitlement issue to raise about $6.02M, closing 8 October with allotment 14 October. It flags the shares as speculative and lists risks, including that Advent is unlisted and its shares may be hard to sell.
31 Aug 2010drilling progress report● Neutral
Advent has paid for the Ocean Patriot rig under its contract with Diamond Offshore and Apache, for New Seaclem-1. The rig is still expected to be available to start drilling in Q4 2010, as previously signalled.
27 Aug 2010drilling scheduled▲ GoodMajor
Advent named New Seaclem-1 as the first PEP 11 well, 55 km east of Newcastle, targeting Great White and Marlin gas prospects to 826 m. Tanvinh's P50 estimates are 1.16 Tcf and 2.97 Tcf. Success completes Advent's lift from 25% to 85%.
25 Aug 2010other● Neutral
Preliminary results for FY to 30 June 2010: net loss attributable to members $2.905M (2009: $3.357M). Cash rose to $17.36M and net assets to $23.9M, from raisings in MEC and Advent totalling over $21M, which the company says will prepare PEP 11 drilling.
12 Aug 2010investor presentation● Neutral
Notice of an audio broadcast of David Breeze's earlier microcap conference presentation on Boardroom Radio. No new information.
12 Aug 2010other● Neutral
Advent has put short videos on its website showing gas seepage features, AVO anomalies and gas chimneys in PEP 11. This is promotional material; no new results or figures.
6 Aug 2010drilling progress report● Neutral
Bounty says Advent's PEP 11 preparations match the 27 July schedule. Ocean Patriot is expected to be on a Bass Strait program until about mid-October, so PEP 11 drilling would follow in Q4 2010. Bounty is free-carried and will drop to 15%.
6 Aug 2010drilling progress report● Neutral
MEC relays that PEP 11 preparations remain on the 27 July schedule. Ocean Patriot is due on a Bass Strait two-well job until about mid-October, so Advent's well follows in Q4 2010. Site survey data is still being reviewed.
3 Aug 2010investor presentation● Neutral
MEC's Melbourne microcap conference deck repeats PEP 11 points: 13.2 Tcf (P50) prospective resource, 85% earn-in and MEC's 51.14% Advent stake. It cites about 118M shares and a $64M market cap at 29 July. No new results.
3 Aug 2010investor presentation● Neutral
Supplementary material to the conference deck: Total Depth says seabed pockmarks seen near PEP 11 resemble those over the Gorgon gas field, indicating possible gas venting. MEC calls this encouraging; it is indirect evidence, not a drilled result.
27 July 2010drilling scheduled▼ BadMajor
Following notice from Apache, Advent now expects PEP 11 drilling to start early in Q4 2010, later than the earlier mid-August and Q3 plans. The well site is Great White/Marlin, 55 km east of Newcastle; the site survey is still being evaluated.
19 July 2010drilling progress report▲ Good
Advent received the PEP 11 site survey report for the Great White and Marlin location; the contractor says the sequence above the Permo-Triassic unconformity is 'likely' to contain gas. Advent sees this as supporting its upgrade; it is not a drilled result.
5 July 2010admin correction● Neutral
BPH's re-release of the clarification that Advent's PEP 11 figures are undiscovered prospective resources, not reserves. It repeats Advent's holders, with MEC at 51.14%. Nothing new.
5 July 2010resource reserve update▲ GoodMajor
Advent raised its best-estimate (P50) PEP 11 prospective gas resource to 13.2 Tcf, citing two outside technical reviews: 6.0 Tcf Permo-Triassic plus 7.2 Tcf Cainozoic. These are undrilled prospects; seismic anomalies are only areas of interest.
5 July 2010admin correction● Neutral
MEC corrects Advent's table, which wrongly called the PEP 11 figures 'reserves'; they are undiscovered prospective resources. It also lists Advent holders: MEC 51.14%, BPH 19.06%, Talbot 10.42%, Grandbridge 8.75%.
5 July 2010admin correction● Neutral
Grandbridge's re-release of the clarification that PEP 11 figures are undiscovered prospective resources, not reserves. It repeats Advent's holder list. Nothing new.
5 July 2010resource reserve update● Neutral
BPH's cover-letter re-release of Advent's 5 July upgrade of PEP 11 prospective gas to 13.2 Tcf (P50). Same content as MEC's release; nothing new for MEC holders.
29 June 2010capital raising announcement▲ GoodMajor
MEC agreed a $4.5M funding deal with Bob Healy and Associates, which will receive 12,857,143 shares at 35c once final payment arrives. Proceeds go to managing investments and working capital. This adds about 11% to the 117.5M shares on issue.
What it means for a shareholder
12.9m new shares at A$0.350 to raise about A$4.5m. That's 9.8% dilution: every existing holder's slice gets 9.8% smaller. If you held A$1,000 of shares (2,857 at the issue price), your slice goes from 0.00242% to 0.00218% of the company. To keep it you'd need 311 more shares - about A$109 at the issue price.
Create a free account to see this worked out for your own holding.
17 June 2010investor presentation● Neutral
MEC's Sydney 20:20 presentation says the site survey is done and long-lead items are arriving. Drilling is expected in Q3 2010, now about 30 days, not 25. It says Advent has raised over A$20M; targets are flagged as undiscovered.
17 June 2010drilling progress report● Neutral
Bounty relays Advent's update: site survey finished end-May despite weather delays, a Newcastle supply base is set up and casing is arriving. Drilling remains on track for Q3 2010 with Ocean Patriot. Bounty is free-carried.
17 June 2010drilling progress report● Neutral
Advent reports the PEP 11 site survey wrapped up at end-May and Fugro's processing is nearly complete. Supply base and services contracts are in place. The single well remains scheduled for Q3 2010. MEC notes four sites were surveyed.
20 May 2010drilling progress report▼ Bad
Bounty confirms two extra PEP 11 targets and a site survey over four areas, delayed by rough seas, due to finish by end-May. Bounty now says the well is most likely September 2010, later than the mid-August plan.
20 May 2010drilling progress report▲ Good
Seismic reprocessing found two further potential PEP 11 drill targets, and Advent widened the site survey to include them, with acquisition due to finish before end-May. One well is still scheduled for Q3 2010.
18 May 2010investor presentation● Neutral
Advent's London conference deck repeats known PEP 11 points: Ocean Patriot, mid-August spud, 6.09 Tcf target and 85% earn-in. It cites MEC's 46.1% stake in Advent. Nothing new.
17 May 2010investor presentation● Neutral
Advent's PESA Deal Day deck in Brisbane repeats the rig contract, mid-August spud, 85% earn-in and 6.09 Tcf target, plus seismic indicators. No new results are in the available extract.
12 May 2010regulatory community update▲ Good
A CSIRO–Advent study presented at a Vienna geoscience conference describes a widespread reverse-polarity reflector, with gas-related bright spots in parts. Management says this reduces a key geological risk before Q3 drilling. This is seismic indication only, not a drilled result.
5 May 2010admin correction● Neutral
MEC corrects media reports of a downward resource revision: the 6.09 Tcf Cainozoic target is additional to the October 2008 estimate, not a cut. It says the Ocean Patriot remains on target for mid-August 2010 drilling.
20 Apr 2010investor presentation● Neutral
Advent's Sydney conference deck repeats the Ocean Patriot contract, mid-August spud and 6.09 Tcf target. It shows MEC at 46.1% of Advent post-raising, with BPH 19.5%. Prospective, undrilled figures only; nothing new.
20 Apr 2010contract award▲ GoodMajor
Advent signed for the semi-submersible rig Ocean Patriot (Apache/Diamond Offshore) to drill PEP 11, resolving the long-pending rig contract. Spud is planned mid-August 2010, about 25 days. A new 6.09 Tcf (P50) Cainozoic target will be drilled first.
