31 Aug 2007annual report▼ Bad
Preliminary results for the year to 30 June 2007: loss of $728k (previously $107k) on revenue of $106k. Cash fell to $3.03M from $4.21M and net assets are $3.92M. Accounts are still being audited.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
17 Aug 2007capital raising announcement● Neutral
MEC extends the closing date of its share purchase plan from 17 August to 27 August 2007, citing shareholder requests. No change to price or terms.
9 Aug 2007farm in farm out agreement▲ Good
Impress Energy confirms Advent has signed a Letter Agreement to earn up to 50% of the PEL 104 Typhoon and PEL 111 Catalina blocks by drilling four exploration wells. Partner-side confirmation of MEC's 7 August announcement.
7 Aug 2007farm in farm out agreement▲ GoodMajor
MEC's investee Advent Energy signs conditional farm-in agreements with Victoria Petroleum, Impress and Roma for the Typhoon and Catalina blocks (PEL 104 and 111, Cooper Basin). Advent can earn up to 50% and join four wells. Adds a drilling-ready project beside the Central MOU.
3 Aug 2007joint venture update● Neutral
Bounty is negotiating for a rig for Baleen-1 (previously Biggus-1) and will retain 15% after the carried drilling. Further farm-in partners are considered and a further PEP 11 extension is being sought. The well is still not secured.
31 July 2007capital raising announcement● Neutral
Offer letter for the share purchase plan: 10 cents a share, $1,000-$5,000 each, up to 15,678,000 shares, closing 17 August 2007. Full take-up would lift shares on issue to 67,938,942. Recaps Rivoli, Central and the senior appointments.
31 July 2007other● Neutral
Blank application form and instructions for the share purchase plan: $1,000-$5,000 at 10 cents a share, cheques due by 17 August 2007. No new information.
23 July 2007capital raising announcement● NeutralMajor
MEC launches a share purchase plan at 10 cents, a 19.3% discount, with $1,000-$5,000 per shareholder and a $1,567,800 maximum. Funds go to resources investments, and MEC intends to seek an IPO for Advent Energy soon.
18 July 2007joint venture update▲ Good
Strike Oil says the Defence Department has commissioned a feasibility study to supply gas from the Rivoli field in EP325, in which Advent holds 8.3%. First gas could come in 2009 if approved. Study stage only.
16 July 2007regulatory community update▲ Good
Advent Energy has received a five-year renewal of Retention Licence RL-1, valid to 20 June 2012 under normal operating conditions. Secures one of Advent's permits.
6 July 2007joint venture update▼ BadMajor
Bounty has been unable to find a rig to drill the PEP 11 well before the permit year ends on 5 August 2007 and has asked for an extension. This is a setback to the Biggus drilling timetable MEC's farm-in depends on.
6 July 2007asset acquisition disposition● NeutralMajor
MEC agrees to invest $1.25M in Central Petroleum at 20 cents a share for 6,250,000 shares, with a one-for-two option offer at 2.5 cents (exercise price 25 cents, expiry 2010). It follows the Advent farmout MOU with Central.
25 June 2007other● Neutral
Central Petroleum's announcement of a $4M option-conversion underwriting by Martin Place Securities. It restates the Advent farmout MOU and Central's planned 2007 drilling. About Central's own funding, not MEC's, so little direct bearing.
25 June 2007farm in farm out agreement● Neutral
Re-release under MEC's name of Central Petroleum's announcement of an MOU with MEC investee Advent Energy: up to 54 wells and $54M of seismic across 18 permits, with Advent earning 20%. Duplicate of the previous item; not yet a formal agreement.
25 June 2007farm in farm out agreement▲ GoodMajor
Central Petroleum announces an MOU with Advent Energy, MEC's investee, covering all 18 Central permits. Up to 54 wells and $54M of seismic; Advent would earn 20% of the permits and pools. A formal agreement still needs board approvals.
17 May 2007other● Neutral
Notice that 8,342,353 fully paid ordinary shares will be released from escrow on 29 May 2007 and quoted from that date. Administrative; more shares become tradeable.
17 Apr 2007capital raising announcement● Neutral
4,635,000 shortfall options placed for $46,350 with non-related parties, which the company says will play a key role in its expansion strategies. Other shortfall applicants will be refunded with interest. This completes the option issue.
28 Feb 2007half year report● Neutral
Half-year to 31 December 2006: operating loss of $278,321. The report notes the Asset Energy (PEP 11) and Advent investments, Hock Goh's appointment as chairman and Ding Guiming's advisory role. A $369,545 options raising followed after period end.
24 Jan 2007capital raising announcement▲ GoodMajor
The option issue is completed: applications for 49.78M options received, with 36,954,588 options allotted to 973 applicants raising $369,545. 12.8M shortfall options are not yet allotted pending a policy decision. Raised about $498k including shortfall funds held, against a maximum of 52.2M options.
19 Dec 2006director officer appointment▲ Good
Ding Guiming, a former Daqing Oilfield president and CNPC exploration head, joins MEC's Advisory Panel. The chairman says he brings high-level China networks and oilfield experience. It is an advisory role, not a board seat.
18 Dec 2006capital raising announcement● Neutral
Grandbridge, holding 14,096,754 MEC shares as bare trustee for its shareholders, intends to renounce its rights in the option issue to those shareholders. It plans to distribute the MEC shares in specie around 29 May 2007.
7 Dec 2006capital raising announcement● Neutral
Updated short form prospectus for the one-option-per-share entitlement issue at 1 cent, record date 14 December 2006, closing 17 January 2007. It relies on the March 2006 IPO prospectus for most disclosure. Raise size not stated in the text provided.
6 Dec 2006capital raising announcement● NeutralMajor
Short form prospectus for a renounceable entitlement issue of one option per share held, at 1 cent per option, with the record date 14 December 2006 and closing 17 January 2007. Raise size is not stated in the text provided.
6 Dec 2006agm notice● Neutral
All eight resolutions at the 30 November 2006 AGM passed, including re-election of four directors, the remuneration report, a capital raising share issue, and option grants to advisory panel members Philip Fillis and David Orth. Routine outcome.
20 Nov 2006material agreement● Neutral
MEC confirms its two initial investments, Asset Energy (PEP 11) and Advent Energy. It agreed to provide $1,000,000 of seed funding to Advent, subject to shareholder approval. PEP 11 drilling is still required by Q3 2007.
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.