Past year: ▼ 60%(0.20c – 0.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
Create a free account to see this worked out for your own holding.
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.
Create a free account to see this worked out for your own holding.
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.
