5 July 2010resource reserve update● Neutral
BPH's cover-letter re-release of Advent's 5 July upgrade of PEP 11 prospective gas to 13.2 Tcf (P50). Same content as MEC's release; nothing new for MEC holders.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
17 June 2010drilling progress report● Neutral
Bounty relays Advent's update: site survey finished end-May despite weather delays, a Newcastle supply base is set up and casing is arriving. Drilling remains on track for Q3 2010 with Ocean Patriot. Bounty is free-carried.
17 June 2010drilling progress report● Neutral
Advent reports the PEP 11 site survey wrapped up at end-May and Fugro's processing is nearly complete. Supply base and services contracts are in place. The single well remains scheduled for Q3 2010. MEC notes four sites were surveyed.
20 May 2010drilling progress report▼ Bad
Bounty confirms two extra PEP 11 targets and a site survey over four areas, delayed by rough seas, due to finish by end-May. Bounty now says the well is most likely September 2010, later than the mid-August plan.
20 May 2010drilling progress report▲ Good
Seismic reprocessing found two further potential PEP 11 drill targets, and Advent widened the site survey to include them, with acquisition due to finish before end-May. One well is still scheduled for Q3 2010.
7 Apr 2010drilling scheduled● Neutral
BPH Corporate re-releases MEC's 7 April notice that Advent's PEP 11 site survey starts 14 April and needs about eight days. It is a cover-letter re-release with no new information.
7 Apr 2010drilling scheduled▲ Good
Advent's PEP 11 pre-drilling site survey starts 14 April with port preparation, with seabed acquisition about three days later and eight days' work. This puts the approved survey into execution after the late-March target.
18 Nov 2009drilling scheduled● Neutral
Advent will run an airborne survey over its 100%-owned EP386 and RL1 onshore Bonaparte permits from about 23 November, looking for hydrocarbon seepage signals. It aims to upgrade prospects for drilling, following September's well-data review.
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.
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.
27 Oct 2008resource reserve update▲ GoodMajor
Advent estimates six PEP 11 prospects hold up to 16.3 Tcf of prospective recoverable gas (P10), with 5.1 Tcf at P50 and 1.2 Tcf at P90. Fish alone is over 9 Tcf at P10. Advent is negotiating for a rig and talking to farm-in partners.
8 Aug 2008resource reserve update▲ GoodMajor
Advent's new mapping, integrating 2004-05 seismic with older data for the first time, confirms the Baleen prospect in PEP 11 and shows several more large structures, including a new 'Fish' prospect. Baleen was earlier estimated at over 1 Tcf; no drilling yet.
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.
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.
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.