Past year: ▼ 60%(0.20c – 0.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
21 Oct 2009regulatory community update▲ GoodMajor
Advent's pre-drilling site survey in PEP 11 has federal environmental approval: the department ruled it is not a controlled action, provided it follows the described manner. This clears the survey part of the 16 September referrals; the well approval is still to come.
6 Oct 2009capital raising announcement▲ GoodMajor
MEC's share purchase plan closed 2 October, raising $2,708,000 at $0.3812 a share, with 7,104,102 shares issued. This is well under the 32.4M shares offered, so the offer was far from fully taken up. Funds go to Advent, including PEP 11 drilling.
30 Sept 2009annual report● Neutral
MEC's 2009 annual report restates its focus on Advent and PEP 11 (16.3 Tcf P10), with environmental applications being lodged and well design done. PKF is the auditor. It also notes the Cooper Basin option and Rivoli talks with Defence postponed until late 2009.
28 Sept 2009capital raising announcement● Neutral
MEC extends its share purchase plan closing date to Friday 2 October 2009 because of the 28 September Western Australian public holiday. No change to the offer terms is stated.
24 Sept 2009regulatory community update▲ GoodMajor
A CSIRO report finds apparent direct hydrocarbon indicators, including bright spots, on 2004 seismic line B4-15 next to the Baleen prospect. Advent is in advanced rig negotiations and expects a drill test in the first half of 2010. The indicators are unconfirmed until drilled.
23 Sept 2009regulatory community update● Neutral
MEC corrects media reports on PEP 11 survey timing. Two approvals are sought: a small survey of two 12 km² areas, then one vertical well to 2,500 m, expected to take 30 days. Survey timing depends on approvals and vessel availability.
16 Sept 2009regulatory community update▲ Good
Advent has lodged environmental referrals with the federal environment department for pre-drilling site survey work and drilling in PEP 11. Approval is still needed before work can proceed. This advances the approvals thread noted as nearing completion in July.
16 Sept 2009regulatory community update● Neutral
BioPharmica re-releases MEC's 16 September announcement on Advent's PEP 11 environmental referrals. It is a cover letter with no new information.
16 Sept 2009regulatory community update● Neutral
Grandbridge, an investor in MEC, re-releases MEC's 16 September announcement that Advent has lodged its PEP 11 environmental referrals. It adds no new information.
11 Sept 2009material agreement▲ GoodMajor
BioPharmica has taken an exclusive option to buy 9.7% to 19.4% of Advent at 50c a share, matching the Talbot terms. It needs BioPharmica shareholder approval, expected at its November AGM. MEC says it sits within the current raising and does not hurt MEC's expected stake.
8 Sept 2009regulatory community update▲ Good
A consultant's review of old well data from Advent's 100%-owned EP386 and RL1 permits in the onshore Bonaparte Basin finds upside if formation damage is avoided. Past flows reached up to 1.3 million cubic feet a day. No commercial flow has been shown; a multi-phase study begins.
1 Sept 2009capital raising announcement● Neutral
Offer documents for MEC's share purchase plan go to holders registered on 28 August. Up to 32,426,889 shares are offered at a 10% discount to the 5-day average price, which would lift shares on issue to 140,516,519. It closes 28 September; any shortfall may be placed with third parties.
26 Aug 2009other● Neutral
Grandbridge clarifies it holds 9,747,362 MEC shares (8.9%) and 7,310,522 listed options. This is a disclosure of holdings by an existing major holder; no transaction is described.
24 Aug 2009investor presentation● Neutral
Advent presents PEP 11 at the Australian Gas Markets Conference, restating up to 16.3 Tcf (mean 7.5 Tcf), NPV10 above A$12 billion potential and rig tender evaluation. No new results.
21 Aug 2009investor presentation● Neutral
Advent presents at the 20:20 Investor Series in Sydney, restating PEP 11's 16.3 Tcf (P10) and its right to earn 85%. It targets drilling in early 2010 and is seeking a $27.5M seed raising, of which $20.5M remains, at 50c a share, with a 2010 listing under evaluation.
20 Aug 2009director officer appointment● Neutral
Non-executive director Seng Yap has resigned, citing other business commitments. He had been on the board since MEC's inception about four years ago. No replacement is named.
19 Aug 2009annual report▼ Bad
Year to 30 June 2009 net loss attributable to members was $3.36M (prior year $434k), driven by falls in listed investment values. Net assets fell $2.07M to $4.14M and cash was $1.48M. Advent kept a 3% royalty on EP 419 after farming it out to Exoma.
19 Aug 2009capital raising announcement● NeutralMajor
MEC announces a share purchase plan for existing holders at a 10% discount to the 5-day average price, $1,000 to $15,000 each, capped at 30% of capital. Proceeds go to Advent's assets, including PEP 11 drilling. Closing is expected 28 September.
17 Aug 2009joint venture update▲ Good
Bounty, the PEP 11 operator, welcomes Advent's Pareto mandate as a step towards funding the Fish well. It restates that Advent can lift its interest from 25% to 85% by drilling, with Bounty free-carried. Mostly restates known material; no new data.
14 Aug 2009capital raising announcement▲ GoodMajor
Advent has appointed Norway's Pareto Securities as lead broker to source its capital needs, mainly for PEP 11 drilling. This is the first named broker for the funding sought since the $7M conditional commitment. No raise size or price is given.
11 Aug 2009regulatory community update▲ GoodMajor
Advent reports new shallow, younger-sediment gas indicators in PEP 11: soft, high-amplitude seismic anomalies over more than 60 km, likened to Brazil's giant Marlim field. These are unconfirmed until drilled and separate from the 16.3 Tcf deeper estimate. Fish well design is complete.
3 July 2009investor presentation● Neutral
Advent presents to the Sydney Mining Club, repeating PEP 11's up to 16.3 Tcf (mean 7.5 Tcf) and its right to earn 85%. Rig tenders are being evaluated and environmental approvals are nearing completion. No new results.
5 June 2009capital raising announcement● Neutral
MEC took up its full entitlement in Central Petroleum's rights issue, and Advent also exercised its rights, with 7,512,000 shares bought in total. This follows Advent's sale of its 6.25M Central shares on 22 May. Cost not stated.
1 June 2009investor presentation● Neutral
Advent's PESA presentation restates PEP 11: up to 16.3 Tcf, Fish at 9.18 Tcf P10 (2.37 P50), rig tender underway. Says Advent can earn 85%, with Bounty reducing from 75% to 15%. Mostly known material.
29 May 2009drilling scheduled▲ GoodMajor
Asset Energy has formally invited tenders for a jackup rig to drill the Fish prospect in PEP 11 (up to 9.2 Tcf P10). Well design and cost estimates are complete, and rig rates have fallen. This advances the rig search; no contract or date yet.
29 May 2009joint venture update▲ Good
Bounty, the PEP 11 operator, repeats that the Fish well design is complete and rig tenders have been invited. Its CEO says falling rig rates have cut the cost of a test significantly. Adds no new data.
22 May 2009asset acquisition disposition● NeutralMajor
Advent has sold all 6,250,000 Central Petroleum shares it held, acquired through the earlier deal. No price is given in the announcement. This closes out the Central shareholding thread.
7 Apr 2009investor presentation● Neutral
Advent presents at a Sydney oil and gas conference, repeating the 23 March seismic gas features and 16.3 Tcf (P10) estimate. It states Advent holds 85% of PEP 11 and cites NPV10 above A$12 billion potential. No new results.
23 Mar 2009regulatory community update▲ Good
Advent reports new seismic gas indicators in PEP 11 from reviewing 2004 data, including flat spots and amplitude features. They are unconfirmed until drilled. RPS Group and DU-EL Drilling are appointed for approvals and well planning, and a rig and partner search continues.
4 Mar 2009investor presentation● Neutral
Advent presents PEP 11 at the APPEX conference in London, 3-5 March 2009, with David Breeze speaking. The deck restates seep, seismic and gas-potential themes already reported; no new results are identified in the readable text.
