20 Apr 2010contract award● Neutral
Grandbridge (GBA) cover-letter re-release of MEC's 20 April news that Advent has contracted a drilling rig for PEP 11. It adds no new information beyond the attached announcement.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
20 Apr 2010contract award● Neutral
Bounty relays the Ocean Patriot contract for PEP 11, saying the well is fully funded and Bounty is free-carried. Repeats mid-August timing, about 25 days, and the 6.09 Tcf target. No new information beyond MEC's release.
14 Apr 2010investor presentation● Neutral
Advent's Offshore Australasia Conference presentation pitches PEP 11 as a potential LNG project, up to 16.3 Tcf and flagged as yet to be discovered. Drilling is anticipated in the third quarter 2010. Rig talks remain advanced.
12 Apr 2010capital raising announcement▲ GoodMajor
Advent says all conditions of the Talbot Group agreement are met and it has issued 14M shares for the $7M received, at 50c each. This completes the commitment first announced in November 2008 and funds the PEP 11 project.
What it means for a shareholder
14.0m new shares at A$0.500 to raise about A$7.0m. That's 11% dilution: every existing holder's slice gets 11% smaller. If you held A$1,000 of shares (2,000 at the issue price), your slice goes from 0.0017% to 0.00152% of the company. To keep it you'd need 238 more shares - about A$119 at the issue price.
Create a free account to see this worked out for your own holding.
7 Apr 2010drilling scheduled● Neutral
BPH Corporate re-releases MEC's 7 April notice that Advent's PEP 11 site survey starts 14 April and needs about eight days. It is a cover-letter re-release with no new information.
7 Apr 2010capital raising announcement▲ GoodMajor
Advent received a further $5.8M from BPH Corporate under its option, taking BPH's total to $12.8M. BPH can invest up to $14M. This is funding progress on the BPH option, with the PEP 11 well funding to be met.
7 Apr 2010drilling scheduled▲ Good
Advent's PEP 11 pre-drilling site survey starts 14 April with port preparation, with seabed acquisition about three days later and eight days' work. This puts the approved survey into execution after the late-March target.
18 Mar 2010regulatory community update● Neutral
Bounty relays MEC's 17 March PEP 11 update: reprocessing complete, Fugro site survey due late March, well funding secured, farm-in talks started. Adds Bounty's own best estimate of drilling in August 2010.
17 Mar 2010regulatory community update▲ GoodMajor
MEC says Advent has finished seismic reprocessing, awarded the site survey to Fugro (starting late March), and secured well funding. Rig talks are advanced, farm-in talks have begun, and drilling is now expected in the third quarter 2010, later than mid-2010.
17 Mar 2010price query● Neutral
ASX queried MEC's price rise from 33c to an intraday 44c. MEC said it knew of no unannounced information, noted David Breeze is briefing brokers and investors on Advent, and promised a site survey update.
2 Mar 2010investor presentation● Neutral
Advent presented at the APPEX conference in London, repeating PEP 11 as up to 16.3 Tcf (mean 7.5 Tcf) of undrilled prospective gas, with rig talks advanced. No new results appear in the extract available.
26 Feb 2010contract award● Neutral
BPH Corporate re-releases MEC's 26 February news that Advent has begun buying long-lead items and awarded key suppliers for PEP 11. It is a cover-letter re-release with no new information.
26 Feb 2010contract award▲ Good
Advent has begun buying long-lead items and awarded key suppliers for the PEP 11 well: wellhead and conductor, casing and helicopters. It says it is prepared for drilling later in 2010. No rig contract is mentioned yet.
18 Feb 2010half year report● Neutral
Half-year to 31 December 2009: loss of $361,784, versus $2.6M a year earlier. Covers the $2.708M share plan and Advent's PEP 11 survey approvals. MEC holds 7.30% of BPH Corporate. Routine reporting, no new events.
15 Feb 2010director officer appointment● Neutral
MEC appointed Company Secretary Deborah Ambrosini, a chartered accountant, as a director, and she keeps the secretary role. She is also a director and company secretary of BPH Corporate and company secretary of Grandbridge.
10 Feb 2010capital raising announcement● Neutral
MEC raised $200,000 by placing 666,667 shares to a sophisticated investor (about 30c each, calculated), for working capital. Shares on issue rise to 117,450,877. A small top-up after October's $2.7M share purchase plan.
What it means for a shareholder
666,667 new shares at about A$0.300 to raise about A$200,000. That's 0.568% dilution: every existing holder's slice gets 0.568% smaller. If you held A$1,000 of shares (3,333 at the issue price), your slice goes from 0.00285% to 0.00284% of the company. To keep it you'd need 19 more shares - about A$6 at the issue price.
Create a free account to see this worked out for your own holding.
1 Feb 2010regulatory community update● Neutral
BPH re-releases MEC's 1 February PEP 11 update, already summarised: reprocessing nearly done, flat spots seen, drilling planned mid-2010. This is a cover-letter re-release carrying no new information.
1 Feb 2010regulatory community update● Neutral
Advent's PEP 11 update says seismic reprocessing is nearly done, with possible flat spots seen and new drilling targets identified. Drilling is now planned for mid-2010, which was earlier said to be the first half. Rig talks continue and funding via Pareto starts after the rig deal.
6 Jan 2010material agreement▲ Good
BPH Corporate has started its option to take 9.7% to 19.4% of Advent at 50c a share, matching Talbot's terms. This follows the 11 September option and the BPH shareholder approval expected in November; no completion or payment is stated.
16 Dec 2009regulatory community update▲ Good
The first third of PEP 11's seismic reprocessing, including the primary drilling target area, is complete. Advent says existing prospects stay valid. Rig talks remain advanced, with no drilling dates given.
9 Dec 2009regulatory community update▲ Good
A second independent consultant report finds apparent direct hydrocarbon indicators on PEP 11 seismic line B4-15, near the Baleen prospect, including bright spots. It backs September's CSIRO findings; these remain unproven until a well is drilled.
23 Nov 2009investor presentation● Neutral
Advent's 20:20 Investor Series presentation repeats PEP 11 facts: up to 16.3 Tcf P10, flagged as yet to be discovered, advanced rig talks and part-complete environmental approvals. No new information is evident.
20 Nov 2009regulatory community update● Neutral
Bounty re-releases MEC's 19 November seismic reprocessing news, adding that the rig is likely a semi-submersible. It is comment on known progress, not a new result.
19 Nov 2009regulatory community update● Neutral
Fugro's reprocessing of 2004 PEP 11 seismic is due to finish its first stage by end of November, covering the primary drilling target. Rig talks remain advanced and survey planning has begun. No new result.
18 Nov 2009drilling scheduled● Neutral
Advent will run an airborne survey over its 100%-owned EP386 and RL1 onshore Bonaparte permits from about 23 November, looking for hydrocarbon seepage signals. It aims to upgrade prospects for drilling, following September's well-data review.
4 Nov 2009investor presentation● Neutral
Advent's Singapore conference presentation repeats the PEP 11 pitch: up to 16.3 Tcf P10, an undrilled exploration target, with rig talks advanced. No new information is evident.
4 Nov 2009regulatory community update▲ Good
The NSW Department of Primary Industries accepted the geophysical site survey part of Advent's PEP 11 environmental plan. Together with the federal approval of 21 October, the survey now has its approvals; the drilling approval is not mentioned.
30 Oct 2009investor presentation● Neutral
Advent presented at the London FLNG conference on PEP 11 gas and a possible floating LNG plant near Newcastle, repeating up to 16.3 Tcf P10 as an undrilled target. It says rig talks are advanced; no new results.
21 Oct 2009regulatory community update● Neutral
PEP 11 partner Bounty Oil & Gas re-releases MEC's survey approval news, with its CEO welcoming progress towards a drill test. It adds comment only, no new information.
21 Oct 2009investor presentation● Neutral
Presentation by Advent at the Eco Investor Forum, Sydney, repeating known PEP 11 points: up to 16.3 Tcf P10, the seed raising of $27.5M, and drilling targeted for early 2010. No new results or figures are evident in the readable text.