Past year: ▼ 60%(0.20c – 0.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 Mar 2022regulatory community update▼ BadMajor
NOPTA has refused the PEP11 joint venture's application, first lodged December 2019, for a work program variation and 24-month suspension and extension of the Year 4 commitments. The joint venture can seek statutory review and is taking legal advice. A second setback for the permit.
1 Feb 2022quarterly activities report● Neutral
Quarterly report to 31 December 2021 covers the PEP11 extension refusal (Advent has sought a review) and an undisclosed Advent farm-in tied to BPH's trading halt. MEC made a fresh ASX re-admission submission on 12 January 2022, which ASX is assessing. Stake in Advent given as 38.27%.
14 Jan 2022listing compliance notice● Neutral
MEC asks to extend its suspension to 31 January 2022. Shareholders approved the Advent writs share issue on 13 December 2021; the PDF appeal hearing is set for 27-28 January 2022; and MEC has asked ASX to allow reinstatement on recapitalisation. PEP11 refusal and a BPH-linked Advent farm-out remain under assessment.
16 Dec 2021regulatory community update▼ BadMajor
The Federal Government, announced by the Prime Minister, will refuse the joint venture's applications to extend the PEP11 permit. This is a major blow to the Seablue-1 plan and resolves the pending extension question negatively; reinstatement of MEC's trading was tied to PEP11 success.
30 Nov 2021quarterly activities report● Neutral
Quarterly report to 30 September 2021 states MEC's Advent stake as 38.27% (the annual report said 47.6%), repeats the PEP11 extension, Seablue-1 and 3,150 m depth background, and says new investments were considered but none decided. No new results.
25 Nov 2021contract award● Neutral
Advent issued a call for tender for directional drilling and measurement/logging services for Seablue-1, continuing well preparation. Only a tender request, not a contract; drilling remains subject to funding and regulatory approvals.
22 Nov 2021contract award● Neutral
Advent issued a letter of intent for drilling fluids and solids control equipment and services for the planned Seablue-1 well in PEP11, adding to earlier equipment and service letters. Not a final contract; drilling remains subject to funding and regulatory approvals.
18 Nov 2021annual report▼ Bad
MEC's 2021 annual report shows a loss of $1,034,051 (2020: $2,669,798) and a 47.6% non-controlling stake in Advent. PDF status was revoked 8 February 2021; a stay hearing on the AAT appeal was set for 18 October 2021.
18 Nov 2021annual report● Neutral
Appendix 4G for the year to 30 June 2021 says MEC's corporate governance statement is on its website and the board-approved statement remains in force. Administrative filing accompanying the annual report; no new information.
21 Oct 2021listing compliance notice● Neutral
MEC asked to extend its voluntary suspension to 31 October 2021. The Advent writs meeting notice is still being prepared and the PDF appeal continues. Reinstatement still depends on PEP11 extension and PDF outcomes.
14 Oct 2021contract award● Neutral
Advent issued a letter of intent to Weatherford Australia for liner hangers and expandable equipment for Seablue-1. Not a final contract; drilling remains subject to funding and regulatory approvals.
30 Sept 2021investor presentation● Neutral
Professor Peter Cook presented at a CCUS forum on using the Sea Blue-1 well to assess carbon storage in the offshore Sydney Basin. Mostly general CCS background; no new project results or approvals.
15 Sept 2021contract award● Neutral
Advent issued a letter of intent to Oil States Industries (Asia) for conductor and surface casing for Seablue-1, following the July tender. Not a final contract; drilling remains subject to funding and approvals.
7 Sept 2021contract award● Neutral
Advent issued a letter of intent to Aztech Well Construction Services for drilling project management on Seablue-1, ending the July tender. Not a final contract; drilling still needs funding and approvals.
1 Sept 2021annual report▼ Bad
MEC reported a net loss of $858,550 for the year to 30 June 2021, down from $1,213,286, with no revenue. It remains suspended, with the Advent debt-for-equity settlement ($872,288) still subject to shareholder approval.
30 Aug 2021annual report● Neutral
Advent Energy's annual report for the year to 30 June 2021 was released (text truncated). Directors include Breeze as executive chairman and Huston. Financial figures are not visible in the provided text.
26 Aug 2021listing compliance notice● Neutral
MEC remains suspended and asked to extend its voluntary suspension to 30 September 2021. It says it has paid its 2022 listing fees, is preparing a notice of meeting on the Advent writs, and the PDF appeal continues. Reinstatement still depends on PEP11 and PDF outcomes.
26 Aug 2021investor presentation● Neutral
Presentation released for the 26 August broker webinar, repeating the gas shortfall and carbon storage case for PEP11 with added market commentary. No new project information.
24 Aug 2021investor presentation● Neutral
Notice that David Breeze will present Advent at a Broker Briefing investor webinar on 26 August 2021. Event notice only; no new information.
23 Aug 2021listing compliance notice▼ Bad
ASX listed MEC among suspended companies that had not paid 2021-22 annual listing fees by 20 August 2021, with removal from the list possible if unpaid by 27 August. MEC's 26 August update says it has since paid.
20 Aug 2021investor presentation● Neutral
BPH-prepared presentation on Advent's PEP11 project repeats the 5.7 Tcf (P50) prospective resource, the pending NOPTA application and the gas shortage and carbon storage case. No new information.
20 Aug 2021investor presentation● Neutral
Notice that MD David Breeze will present on Advent and its planned well, about 26 km offshore Newcastle, at a ShareCafe webinar on 20 August 2021. Event notice only; no new information.
18 Aug 2021investor presentation● Neutral
Advent adviser Professor Peter Cook presented at a carbon capture conference, promoting the Sea Blue-1 well as a low-cost way to assess CO2 storage in the offshore Sydney Basin. Repeats known themes; no new approval, result or funding.
16 Aug 2021contract award● Neutral
Advent issued a letter of intent to Dril-Quip (DQ Holdings) for subsea wellhead equipment for the Seablue-1 exploration well. Not a final contract; drilling still needs funding and approvals.
2 Aug 2021quarterly activities report● Neutral
June 2021 quarter report: MEC still holds 48.2% of Advent and made no new investments. The well is now called Seablue-1, and PEP11 extension applications remain in the final decision phase. Routine update.
21 July 2021regulatory community update● Neutral
Advent issued a tender for drilling and project management services for its upcoming well, about 40 days to reach depth. Drilling remains subject to regulatory approvals and funding.
5 July 2021regulatory community update● Neutral
Advent issued a tender for conductor and surface casing for its upcoming exploration well, planned in 125 m of water and about 40 days to drill. Subject to funding and approvals.
5 July 2021investor presentation● Neutral
A BPH-delivered presentation by David Breeze on Advent and PEP11 was released, repeating the 5.7 Tcf prospective resource, pending NOPTA application and carbon storage focus. No new information.
22 June 2021listing compliance notice▼ BadMajor
MEC seeks to extend its voluntary suspension to 31 July 2021. ASX said it could consider reinstatement conditions if Advent wins the PEP11 extension and MEC wins its PDF appeal, tying relisting to both open matters.
9 June 2021regulatory community update● Neutral
Advent issued a rig tender to contractors with semi-submersibles in the region for Baleen-1, in 125 m of water, expected to take about 40 days. Drilling remains subject to regulatory approvals and funding.
