19 Aug 2024annual report● Neutral
Appendix 4E summaries for FY2023 and FY2022, filed late. They show no revenue and net losses of $558,503 (FY23) and $715,322 (FY22), matching figures already known. No new information.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
6 Aug 2024regulatory community update● NeutralMajor
PEP 11 operator Asset Energy filed for Federal Court judicial review, seeking an order that the Joint Authority decide the pending extension applications within 45 days. The first application was accepted 1,656 days earlier, so the delay has become a legal fight.
31 July 2024quarterly activities report● Neutral
Quarterly report to 30 June 2024 puts MEC's Advent stake at 37.95% and repeats PEP 11: applications pending, Minister Husic to decide, Klarite engaged for Seablue-1 approvals. Notes the 27 June ASX submission; suspension continues. No new results in the excerpt.
11 July 2024capital raising announcement▲ GoodMajor
MEC made a further reinstatement submission to ASX on 27 June 2024 and plans a 1-for-1 entitlement offer at $0.005 to raise about $5.26M, with free options. Prospectus targeted mid-August, reinstatement by 31 October 2024. About $1.65M is earmarked for Advent.
10 July 2024listing compliance notice● Neutral
ASX's generic list of long-term suspended entities, carrying 1- and 2-year deadlines for removal from the official list. The excerpt shown does not reach MEC's entry, so MEC's deadlines cannot be confirmed from the text.
26 June 2024director officer appointment● Neutral
Peter Richards joins the MEC board as a non-executive director; Steve James resigns, citing the next phase of capital raising and ASX reinstatement. Richards holds about 1.1M shares directly and about 29.6M via his super fund.
21 May 2024regulatory community update▲ Good
Asset has engaged Klarite to start environmental approvals work for the Seablue-1 well, ahead of a decision on the PEP 11 extension. Drilling still depends on that approval, regulatory approvals and rig availability.
30 Apr 2024quarterly activities report● Neutral
Quarterly report to 31 March 2024 repeats the pending PEP 11 applications and NSW legislation response. It adds that the Resources Minister recused herself from PEP 11 decisions on 23 April 2024, with Minister Husic to decide. Excerpt shows no financials.
5 Apr 2024capital raising announcement● NeutralMajor
MEC raised $157,300 in a placement at $0.0044 per share, with a free option ($0.0055, two years) per share. Funds go to compliance and reinstatement work. Shares on issue rise to 1,045,021,916, and the placement shares are locked until a prospectus.
19 Mar 2024regulatory community update● Neutral
Advent says that if the NSW seabed mining bill becomes law, PEP 11 titleholders may challenge it under section 109 of the Constitution, arguing PEP 11 lies beyond NSW's 3-mile jurisdiction. Extension applications remain pending; no change to the permit.
27 Feb 2024regulatory community update● Neutral
Update says Clean Hydrogen, in which Advent holds 3.9%, has moved from proof of concept to production, and will next scale its carbon composite and hydrogen output. No revenue, volumes or financial figures are given.
15 Feb 2024regulatory community update● Neutral
MEC forwarded Bounty's and BPH's response to the NSW government's 6 February 2024 offshore drilling ban proposal. They say PEP 11, about 26 km offshore, is beyond NSW's 3-nautical-mile jurisdiction and under Commonwealth control. Extension still pending.
30 Jan 2024quarterly activities report● Neutral
Quarterly report to 31 December 2023 repeats the PEP 11 position: applications under assessment, 35-day Seablue-1 well awaiting a rig. It also repeats the Clean Hydrogen update (Advent 3.9%). The excerpt shows no new results.
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.
29 Nov 2023agm notice● Neutral
Chairman's AGM address argues east coast gas shortfalls support PEP 11's 5.7 Tcf prospective gas, and notes progress at Clean Hydrogen. It predicts a 'positive 2024' but gives no new results or figures.
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 Nov 2023quarterly activities report● Neutral
Quarterly report to 30 September 2023 repeats the PEP 11 position: applications pending, wind zone not material, rig search for 2024. It also covers the Clean Hydrogen investment and loans. The excerpt shows no new results.
30 Oct 2023agm notice● Neutral
Letter telling shareholders the AGM will be held on 29 November 2023 at 10:30am WST as a physical meeting, with materials online and proxies due by 27 November. Administrative notice.
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.
27 July 2023quarterly activities report● Neutral
Quarterly report to 30 June 2023 repeats the February Federal Court win and the 21 July wind-zone and PEP 11 update. MEC still holds 38.27% of Advent. The excerpt shows no new results.
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.
6 July 2023agm notice● Neutral
Shareholders adopted an amended company constitution at the AGM held 4 July 2023. The changes are described in the June 2023 notice of meeting; the excerpt does not detail them.
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.
1 May 2023quarterly activities report● Neutral
Quarterly report to 31 March 2023 repeats the February Federal Court win on PEP 11 and the reinstated PDF status. MEC still holds 38.27% of Advent. The excerpt shows no new results.
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.