2 Sept 2011investor presentation● Neutral
Notice of a Boardroom Radio interview with David Breeze on the potential of MEC's known gas fields. No new facts in the announcement itself.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
25 Aug 2011annual report● Neutral
Year to 30 June 2011: net loss $4.06M (up 40%), revenue $670K. Net assets rose $22.2M to $46.1M, which MEC attributes to a significant uplift in Advent's value. Net tangible backing 10.73 cps; no dividend. New Seaclem-1 not treated as an impairment trigger.
21 July 2011investor presentation● Neutral
Notice of a Boardroom Radio audio interview with David Breeze on Advent's EP386/RL1 and the Ord Expansion. The announcement itself contains no new facts.
6 July 2011regulatory community update● Neutral
Advent says Ord expansion roadworks, part of a $415M government investment, will reach within 15 km of its Vienta-1 gas well in EP386. It presents this as supporting development of its onshore gas. Adds context to the 18.4 Bcf Weaber audit; no new result.
24 June 2011resource reserve update▲ GoodMajor
Advent's first independently audited resource for the Weaber Gas Field in its 100% RL1 permit: mean contingent resource 18.4 Bcf (1C 0.25, 2C 11.5, 3C 45.8 Bcf), audited by RISC. Advent says its focus shifts from exploration to appraisal and commercialisation.
14 June 2011investor presentation● Neutral
Advent's PESA presentation repeats known PEP11 material: New Seaclem-1 results, the 85% interest, and an estimate of up to 16.3 Tcf (P10) prospective gas. Palynology indicates early Permian rocks mature for hydrocarbon generation. No new transaction.
15 Apr 2011regulatory community update▼ BadMajor
Fugro Survey has filed a writ against Advent's subsidiary Asset Energy claiming about $2.2M over PEP11 site survey fees. Asset will defend and intends a substantial counterclaim. A new legal exposure for Advent, in which MEC is a shareholder.
11 Apr 2011investor presentation● Neutral
Notice of a Boardroom Radio interview with David Breeze on the EP386 update and PEP11 variation. It repeats known matters and adds no new facts.
4 Apr 2011regulatory community update▲ GoodMajor
WA regulators renewed Advent's 100% EP386 onshore Bonaparte permit for five years, resolving the renewal request. The minimum work includes a production test, then one exploration well in year 3. Advent is planning tests of existing discoveries.
29 Mar 2011regulatory community update● Neutral
Regulators approved a variation to PEP11's Year 6 commitments, now geological reviews and seismic planning, with the term still ending 3 January 2012. Partners expect renewal and are still studying New Seaclem-1 samples before planning new 2D/3D seismic.
22 Mar 2011investor presentation● Neutral
MEC links to a Channel Nine Mining Matters segment featuring Advent. No new information in the announcement itself.
28 Feb 2011other● Neutral
MEC lodges an amended Securities Trading Policy changing the blackout periods for directors and employees. Administrative only.
28 Feb 2011investor presentation● Neutral
Notice of a Boardroom Radio interview with David Breeze on PEP11 and the half-year report. It gives no new facts in the text.
14 Feb 2011half year report● Neutral
Half-year to 31 December 2010 shows an operating loss of $2.07M (versus $0.36M a year earlier). The period included a raise of over $6M in the entitlement offer, $4.775M of placements and $5.7M invested in BPH, taking MEC to 26.85% of BPH.
11 Feb 2011joint venture update● Neutral
Advent confirms New Seaclem-1 recorded no hydrocarbons; PEP11 partners are discussing future work, likely 3D seismic before more drilling. Onshore, EP386 renewal is requested and a drilling rig tender is under way, with work possibly from the 2nd quarter of 2011.
11 Feb 2011admin correction● Neutral
Duplicate re-release of the 11 February Advent operations update; no new information.
4 Jan 2011other● Neutral
MEC lodges its Securities Trading Policy under Listing Rule 12.9. Administrative; no new business or financial information.
4 Jan 2011drilling result▼ BadMajor
New Seaclem-1 finished at 750 m with no hydrocarbons; wireline showed porous sands holding salty water. Advent says other prospects are not hurt, plans seismic and more drilling, and has provisionally lifted its PEP11 interest to 85%. Resolves the well's open threads.
30 Dec 2010drilling result● Neutral
Advent reports New Seaclem-1 logs show a Tertiary sandstone over 40 m thick with 30% average porosity, with untested updip potential. No hydrocarbons are mentioned; this follows the 29 December no-gas result, and any structure would need more seismic.
29 Dec 2010drilling result▼ Bad
Bounty confirms no gas shows in the Great White and Marlin intervals to 581 m and is disappointed. The well is drilling ahead in pre-Cainozoic rock at 715 m toward about 750 m TD. Bounty plans more seismic and another well.
29 Dec 2010drilling result▼ BadMajor
New Seaclem-1 found no gas in the Great White or Marlin targets, the main pre-drill objectives, though wireline logs will verify. Advent is deepening into the Triassic. The disappointing result undermines the 4.1 Tcf prospects; the PEP 11 interest still rises to 85%.
24 Dec 2010drilling progress report● Neutral
Bounty reports New Seaclem-1 at 346 m with 9 5/8-inch casing next. Drilling through the reservoir is now expected around 28 December. No flow testing is planned and the well will be plugged and abandoned afterwards.
22 Dec 2010resource reserve update▲ GoodMajor
An independent expert report for Advent calls PEP 11 a potential giant gas province, with mean aggregate prospective recoverable resources of 15.9 Tcf, mostly in deeper Permo-Triassic targets such as the Fish prospect (11.5 Tcf). These are unrisked prospective estimates, not discoveries.
21 Dec 2010regulatory community update● Neutral
MEC presents Advent's adviser's view that seabed gas-venting features off Sydney resemble those at the Gorgon and Ormen Lange gas fields. MEC says this encourages PEP 11 prospectivity; it is circumstantial and not a drilling result.
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.
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.
Create a free account to see this worked out for your own holding.
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.