Past year: ▼ 60%(0.20c – 0.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
24 Feb 2009half year report▼ Bad
Half-year to 31 December 2008 shows a loss of $2.60M (prior year $354k), including about $1.5M of unrealised losses on listed investments. PKF is named as auditor. Advent's conditional $7M raising and PEP 11's 16.3 Tcf estimate are restated.
13 Feb 2009farm in farm out agreement● NeutralMajor
Exoma Energy has signed a farm-in with MEC's investee Advent covering 100% of EP 419, a 635 km² Perth Basin block. The text gives no price or terms, so the effect on Advent's retained interest is unclear.
18 Dec 2008regulatory community update● Neutral
MEC repeats the Bounty news: Asset has applied for a suspension of PEP 11 work commitments and a one-year extension beyond 3 December 2009, due to rig unavailability. Decision expected in early 2009. Asset holds 25% and is pursuing its right to earn 85%.
18 Dec 2008regulatory community update● NeutralMajor
Bounty reports that, because suitable offshore rigs are unavailable, the PEP 11 venture has applied to suspend work commitments and extend the permit one year beyond 3 December 2009. Outcome is likely known in the first quarter of 2009. This addresses the 3 December 2008 drilling commitment thread.
12 Dec 2008other● Neutral
MEC notes Central Petroleum's farm-in partner PXA was acquired by BG Group's QGC. Advent holds 6.25M Central shares (7.76M with associates, over 3%). Restates that Advent reserved its right to claim damages from Central; no new step on that claim.
12 Nov 2008regulatory community update▲ Good
MEC says gas seeping from the seabed off NSW was analysed as 90.69% methane, a thermogenic and biogenic mix, which Advent believes comes from PEP 11. Supports the gas-system case but is indirect evidence, not a drilling result. Advent is talking to international groups about joint ventures and still seeking a rig.
11 Nov 2008capital raising announcement▲ GoodMajor
Advent has a funding agreement to raise A$7 million by issuing 14 million shares at 50 cents, subject to conditions. Money is for PEP 11, where Advent is also discussing farm-ins and rig supply, with news expected by end of 2008.
31 Oct 2008joint venture update▲ Good
Bounty, the PEP 11 operator, repeats MEC's 5.1 Tcf (P50) and 16.3 Tcf (P10) estimates for six structures and calls the work highly encouraging. Bounty is free-carried through the first well; Asset Energy can earn up to 85% by funding it. Adds no new data.
27 Oct 2008resource reserve update▲ GoodMajor
Advent estimates six PEP 11 prospects hold up to 16.3 Tcf of prospective recoverable gas (P10), with 5.1 Tcf at P50 and 1.2 Tcf at P90. Fish alone is over 9 Tcf at P10. Advent is negotiating for a rig and talking to farm-in partners.
25 Sept 2008regulatory community update▲ Good
Advent has mapped the potential gas seep points along the PEP 11 continental shelf margin, from south of Sydney to north of Newcastle. A further integration report is pending, and Advent is talking to interested parties about the data.
25 Sept 2008annual report● Neutral
2008 annual report confirms shareholders approved the sale of Asset Energy and the Central Petroleum shares to Advent for Advent shares. A drilling commitment on PEP 11 is due before 3 December 2008. Bentleys is now auditor, replacing Rix Levy Fowler.
15 Sept 2008regulatory community update● Neutral
Advent has opened talks with Australian authorities on whether PEP 11 could store carbon dioxide underground, citing a CO2CRC paper noting possible structures under 50 km from Sydney and Newcastle. An early-stage idea, with no assessment of PEP 11 itself yet.
15 Sept 2008investor presentation● Neutral
Presentation on PEP 11 repeats the seeps, new seismic, Baleen and Fish prospects and geosequestration themes. States an aim to secure a rig within two months for drilling in 2009. No new results.
15 Sept 2008regulatory community update▲ Good
A report commissioned by Advent says Geoscience Australia seabed data shows features suggesting gas seepage in the offshore Sydney Basin, including pockmarks and 14 reverse-polarity events. Supports the gas-prone case for PEP 11 but is indirect evidence, not a drilling result.
27 Aug 2008annual report● Neutral
Preliminary results for the year to 30 June 2008: loss of $434k (down 43% from $765k) on revenue of $240k. Cash fell to $1.97M from $3.03M, while capitalised exploration costs rose to $2.67M.
8 Aug 2008resource reserve update▲ GoodMajor
Advent's new mapping, integrating 2004-05 seismic with older data for the first time, confirms the Baleen prospect in PEP 11 and shows several more large structures, including a new 'Fish' prospect. Baleen was earlier estimated at over 1 Tcf; no drilling yet.
7 Aug 2008capital raising announcement● Neutral
MEC allots 34,825,125 shares and 52,237,697 free options from the rights issue, raising $1,741,256. Slightly below the earlier reported take-up. Total shares on issue are 105,897,963, with Breeze and Grandbridge the largest holders.
What it means for a shareholder
34.8m new shares at about A$0.050 to raise about A$1.7m. That's 33% dilution: every existing holder's slice gets 33% smaller. If you held A$1,000 of shares (20,000 at the issue price), your slice goes from 0.0281% to 0.0189% of the company. To keep it you'd need 9,800 more shares - about A$490 at the issue price.
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4 Aug 2008capital raising announcement● NeutralMajor
The rights issue closed 30 July with eligible holders taking up 49%: 34,979,525 shares at 5 cents, raising $1,748,976, well short of the $3.55M maximum. Directors may place the shortfall within three months.
What it means for a shareholder
35.0m new shares at A$0.050 to raise about A$1.7m. That's 33% dilution: every existing holder's slice gets 33% smaller. If you held A$1,000 of shares (20,000 at the issue price), your slice goes from 0.0281% to 0.0189% of the company. To keep it you'd need 9,843 more shares - about A$492 at the issue price.
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1 July 2008price query● Neutral
Responding to an ASX query, MEC says the free options in its rights issue will be quoted on a deferred settlement basis. Administrative clarification with no change to the offer terms.
30 June 2008capital raising announcement● Neutral
MEC lodges the offer document for its one-for-one rights issue: up to 71,072,838 shares at 5 cents to raise up to $3,553,642, with three free 20c options per two shares. Funds go to Advent and securing a PEP 11 rig. Mailing to holders 16 July.
What it means for a shareholder
71.1m new shares at A$0.050 to raise about A$3.6m. That's 51% dilution: every existing holder's slice gets 51% smaller. If you held A$1,000 of shares (20,000 at the issue price), your slice goes from 0.0294% to 0.0144% of the company. To keep it you'd need 20,912 more shares - about A$1,046 at the issue price.
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27 June 2008capital raising announcement● NeutralMajor
MEC announces a non-renounceable rights issue of about 71.07M shares at 5 cents, one for one, to raise up to $3,553,642, with three free options per two shares (20c, expiring 4 July 2013). Funds are for Advent and securing a rig for PEP 11.
What it means for a shareholder
71.1m new shares at A$0.050 to raise about A$3.6m. That's 51% dilution: every existing holder's slice gets 51% smaller. If you held A$1,000 of shares (20,000 at the issue price), your slice goes from 0.0294% to 0.0144% of the company. To keep it you'd need 20,911 more shares - about A$1,046 at the issue price.
Create a free account to see this worked out for your own holding.
4 June 2008joint venture update▲ Good
Bounty confirms the 12-month suspension and variation of PEP 11 conditions, extending the term to 3 December 2009. Interests remain Bounty 75% operator and Asset Energy 25%. Duplicates MEC's announcement.
4 June 2008regulatory community update▲ GoodMajor
PEP 11 conditions are suspended and extended 12 months, so the permit now expires 3 December 2009. This resolves the extension request pending since 2007 and gives time to secure a rig. Radarsat analysis shows slicks over Baleen South.
19 May 2008other● Neutral
18,778,589 shares and 9,000,000 unlisted options exercisable at 21 cents will be released from escrow on 29 May 2008. Administrative; more securities become tradeable.
7 May 2008director officer appointment● Neutral
Deborah Ambrosini is appointed Company Secretary, replacing David Breeze, who stays on the board. Administrative change.
23 Apr 2008joint venture update▲ Good
Strike Oil reports the Rivoli gas supply study for the Defence communications station is finished. Defence approval is expected to be sought by June 2008, with first gas anticipated late 2009. Advent holds 8.3%. Depends on a gas supply agreement.
1 Apr 2008asset acquisition disposition● NeutralMajor
MEC proposes to sell its Central Petroleum shares and its PEP 11 subsidiary Asset Energy to Advent, its subsidiary, for 45,701,240 Advent shares. Advent holders have approved; MEC shareholder approval is still required.
28 Mar 2008joint venture update▼ Bad
Central Petroleum disputes MEC's account: it says it ended negotiations on 6 February, they never got past the MOU, terms were unagreed and subject to board approval, and it has received no correspondence from Advent or MEC.
27 Mar 2008joint venture update▼ BadMajor
MEC said Central Petroleum purported to withdraw from the Advent farm-out MOU (54 wells, 20% interest) by email on 6 February 2008. Advent did not accept this, called it a repudiatory breach, and reserved its right to claim damages.
13 Feb 2008half year report▼ Bad
Half-year loss to 31 December 2007 was $353,550 (previously $278,321). Report restates the CNLC MOU, RL1 renewal and PEP 11, where Bounty is still seeking a rig and an extension. Exec director Charles Murphy no longer listed.
