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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
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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.
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.
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.
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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.