Past year: ▼ 60%(0.20c – 0.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
20 Dec 2023regulatory community update● Neutral
Update on Clean Hydrogen, in which Advent holds 3.9%, says its tests averaged above 90% cracking efficiency, with over 80% of the carbon formed as nanotubes. It plans to demonstrate commercial viability; these are company test claims, not revenue.
24 Nov 2023regulatory community update▲ Good
A NSW parliamentary committee recommended that a Bill banning offshore drilling not pass, finding parts may be constitutionally invalid. PEP 11 applications are now 'Under Assessment' at NOPTA, with the Joint Authority decision next. Mildly positive, but the extension remains undecided.
3 Nov 2023investor presentation● Neutral
MEC released a presentation given at the Emerging ASX Gems Conference on 3 November 2023, including Advent material. It repeats PEP 11's 5.7 Tcf (P50) prospective gas, the pending NOPTA application and the Clean Hydrogen investment; no new results.
1 Sept 2023annual report● Neutral
Corporate governance statement dated 1 September 2023. The excerpt shows it follows most recommendations but has no formal diversity policy or gender objectives. Administrative disclosure.
1 Sept 2023annual report● Neutral
Appendix 4G for the year to 30 June 2023 points to the corporate governance statement on the company website. Administrative filing with no new substance.
1 Sept 2023regulatory community update● Neutral
Asset has given NOPTA further information it requested on the PEP 11 extension and variation applications, which are still undecided. It continues seeking a rig for Seablue-1 at Baleen for 2024. PEP 11 remains in force.
1 Sept 2023annual report▼ Bad
MEC's FY23 annual report shows a loss of $558,503 (FY22: $715,322) and net assets down $243,946 to $6,873,908. Directors say more funding is needed within 12 months to continue as a going concern.
1 Aug 2023annual report● Neutral
Advent Energy's 30 June 2023 annual report, supplied via MEC, repeats the PEP 11 extension applications, the Seablue-1 rig search and gas-shortage arguments. The excerpt shows no new results or financial figures.
21 July 2023regulatory community update● Neutral
Advent says the new Hunter offshore wind zone declared 14 July 2023 does not materially affect PEP 11 title or main targets. Extension and variation applications are still with the authorities. Asset is seeking a rig for the roughly 35-day Seablue-1 well, with rigs contracted from first half 2024.
5 May 2023regulatory community update▲ Good
MEC's Pooled Development Fund registration, reinstated by the tribunal in March 2023, is now back on the government's official PDF list and was gazetted on 20 April 2023. Confirms the 15% tax rate and shareholder capital gains exemption.
28 Apr 2023material agreement● Neutral
Advent, funded by BPH loans, advanced US$250,000 more to Clean Hydrogen Technologies, after a US$250,000 loan in March 2023. Loans can be converted into a further 10% stake, building on the 2022 initial 10% investment, with more loans possible.
26 Apr 2023capital raising announcement▲ GoodMajor
MEC raised a further $179,263 before costs at $0.0044 per share (40,741,652 shares), taking shares on issue to 884,993,167. Free attaching options at $0.0055 need shareholder approval at the AGM. Shares are locked pending a prospectus; ASX reinstatement submissions continue.
What it means for a shareholder
40.7m new shares at about A$0.0044 to raise about A$179,263. That's 5.6% dilution: every existing holder's slice gets 5.6% smaller. If you held A$1,000 of shares (227,273 at the issue price), your slice goes from 0.0332% to 0.0313% of the company. To keep it you'd need 13,528 more shares - about A$60 at the issue price.
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16 Mar 2023regulatory community update▲ GoodMajor
The Administrative Appeals Tribunal set aside the revocation of MEC's Pooled Development Fund registration and reinstated it. Resolves the appeal heard in January 2022. Restores the 15% tax rate on income and gains and the capital gains exemption for shareholders.
14 Mar 2023half year report▼ Bad
The half-year report to 31 December 2022 carried an auditor review with a material uncertainty on going concern. It also flagged recovery of loans to Advent of $4,161,135 and the $4,275,213 Advent investment, which depends on Advent commercialising or selling its core assets.
22 Feb 2023capital raising announcement● Neutral
Update to the 21 February placement: each of the 33,488,180 shares also came with a free option exercisable at $0.0055, expiring 21 February 2025. The raise remains $154,388 at $0.0044 per share.
What it means for a shareholder
33.5m new shares at about A$0.0046 to raise about A$154,388. That's 4.7% dilution: every existing holder's slice gets 4.7% smaller. If you held A$1,000 of shares (216,909 at the issue price), your slice goes from 0.0317% to 0.0302% of the company. To keep it you'd need 10,613 more shares - about A$49 at the issue price.
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21 Feb 2023capital raising announcement▲ GoodMajor
MEC raised $154,388 before costs through a placement of 33,488,180 shares at $0.0044, lifting shares on issue to 842,651,515. Funds are for compliance, work toward reinstatement and working capital. Eases the thin cash position; LeMessurier takes a 6% fee.
What it means for a shareholder
33.5m new shares at A$0.0044 to raise about A$154,388. That's 4.7% dilution: every existing holder's slice gets 4.7% smaller. If you held A$1,000 of shares (227,273 at the issue price), your slice goes from 0.0332% to 0.0317% of the company. To keep it you'd need 11,120 more shares - about A$49 at the issue price.
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17 Feb 2023annual report▼ Bad
FY22 annual report auditor's report (Moore Australia) carries unmodified opinions with material uncertainty on going concern. It also flags recovery of loans to Advent ($3,837,111 net) and the Advent investment ($4,275,213), which depends on Advent commercialising or selling PEP11.
17 Feb 2023annual report● Neutral
Appendix 4G key to corporate governance disclosures for the year to 30 June 2022, pointing to the statement on the company website. Administrative filing with no new substance.
17 Feb 2023annual report● Neutral
Corporate governance statement dated 15 February 2023 accompanying the annual report. The excerpt shows it follows most ASX recommendations but has no formal diversity policy or measurable gender objectives. Administrative disclosure.
14 Feb 2023regulatory community update▲ GoodMajor
The Federal Court quashed the former Prime Minister's refusal of the PEP 11 extension and work program changes, finding apprehended bias. The application goes back to the Joint Authority to be decided according to law, with costs to Asset. Resolves the 2022 challenge; permit stays in force.
13 Feb 2023regulatory community update● Neutral
The Federal Court will hand down judgment and reasons in the PEP11 case on 14 February 2023. The permit remains in force until then.
7 Feb 2023regulatory community update● Neutral
The Federal Court vacated several pre-hearing orders in the PEP11 case. The court is expected to consider the parties' joint position to settle without a trial. The permit remains in force.
3 Feb 2023regulatory community update▲ GoodMajor
Asset Energy and the Government filed proposed consent orders to end the PEP11 case without trial. If granted, the refusal of the variation, suspension and extension is set aside and must be remade according to law. The permit stays in force meanwhile.
15 Dec 2022material agreement termination▼ BadMajor
Advent's subsidiary terminated the Taranaki farm-out with OMV NZ (30% of three permits), as the NZ Minister's approval was not obtained within 6 months. OMV's possible sale to Carlyle added uncertainty. Advent will focus on Australian projects including PEP11.
31 Oct 2022admin correction● Neutral
Share registry Boardroom notified a change of its address to Level 8, 210 George Street, Sydney from 1 November 2022. Administrative only.
28 Oct 2022regulatory community update● Neutral
Asset Energy amended its Federal Court application, claiming actual bias, apprehended bias and denial of procedural fairness by the former Prime Minister. It also claims he was not validly appointed as the responsible minister. Sharpens the challenge to the PEP-11 refusal.
17 Oct 2022regulatory community update● Neutral
Documents on the former Prime Minister's PEP-11 decision were provided to the Federal Court on 5 October 2022 by the Resources Minister. This is a procedural step in Asset Energy's challenge; no ruling yet.
12 Sept 2022annual report● Neutral
Advent's annual financial report to 30 June 2022 was released. Directors are Breeze (Executive Chairman), Kelemen, James, Huston and Fontaine; auditor is Moore Australia. The extract provided contains no financial figures.
23 Aug 2022regulatory community update● Neutral
Advent and BPH are reviewing PEP-11 options, including legal channels, after media coverage of Scott Morrison's ministerial powers. An environmental plan for the Baleen well has been received from Xodus and is under review. Continues the June Federal Court challenge; no outcome yet.
22 Aug 2022listing compliance notice▼ BadMajor
ASX lists MEC among already-suspended entities that had not paid annual listing fees for the year to 30 June 2023. Entities still unpaid by 5pm on 26 August 2022 face removal from the official list.
