Past year: ▼ 60%(0.20c – 0.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
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.
