Past year: ▼ 60%(0.20c – 0.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
17 Nov 2006director officer appointment▲ GoodMajor
Hock Goh, former Schlumberger Asia President, becomes Chairman. Seng Yap stays on as a non-executive director. The company says the appointment supports its Australian oil and gas interests such as PEP 11.
31 Oct 2006annual report● Neutral
Annual report 2006 with chairman's letter repeating the PEP 11 farm-in, the roughly $20M Biggus well and its 1.2 Tcf potential. It restates the strategy of investing in explorers, with Advent Energy as the second initial focus. No new results.
25 Oct 2006joint venture update▲ Good
Bounty confirms the farm-in with MEC's subsidiary Asset Energy is signed and PEP 11's term is extended to August 2007 to drill one well. Peak Group is contracted to secure a rig. Bounty holds 75% as operator, Asset 25% earning.
25 Oct 2006farm in farm out agreement▲ GoodMajor
MEC's subsidiary Asset Energy will earn 25% of PEP 11 from Bounty by funding seismic data with US$498,000, and can earn a further 60% by drilling. A roughly $20M Biggus well, targeting up to 1.2 Tcf of gas, is required by Q3 2007.
29 Sept 2006annual report● Neutral
2006 annual financial report: loss of $106,981 and net assets of $4.23 million. MEC is initially focusing on PEP 11 and Advent Energy, in which Grandbridge took a controlling interest with $350,000 of funding.
21 Sept 2006other● Neutral
Administrative notice: MEC has moved its office to 14 View Street, North Perth, with new phone and fax numbers. No other substance.
20 Sept 2006other● Neutral
Preliminary annual results for Grandbridge Ltd, not MEC itself, showing a $1.17 million profit. Grandbridge was named in MEC's prospectus as the source of a share distribution to its shareholders. Little direct bearing on MEC.
14 Sept 2006annual report● Neutral
Preliminary results for the year to 30 June 2006: loss of $106,981 on $21,735 interest revenue. Cash was $4.21 million after raising $5.06 million gross (about $732,000 in costs). Net assets were $4.23 million. Accounts were unaudited.
10 Aug 2006auditor change● Neutral
Auditor MGI Bridge Partners resigned, citing changes to the Corporations Act and reporting no circumstances for ASIC's attention. Rix Levy Fowler has been appointed as the new auditor.
29 Mar 2006capital raising announcement▲ GoodMajor
Supplementary prospectus: MEC has an option to invest in PEP 11, an offshore Sydney Basin permit, via a farm-in with Bounty Oil and Gas. The offer is a minimum 10,000,000 shares at 20 cents, with about $650,000 of applications received; listing is expected 9 May 2006.
What it means for a shareholder
10.0m new shares at A$0.200 to raise about A$2.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
29 Mar 2006capital raising announcement● NeutralMajor
MEC Resources' IPO prospectus offers shares in a Pooled Development Fund investing in energy and mineral explorers. The offer is not underwritten and is described as speculative. Terms are in the later supplementary prospectus.
