31 May 2021regulatory community update● Neutral
Advent's subsidiary Asset Energy issued a call for tender for subsea wellhead equipment for the Baleen well, so it can be ready to drill once approvals arrive. Planning step only.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
25 May 2021contract award▲ Good
Advent appointed Xodus Group under a lump-sum contract to prepare the Baleen-1 Environmental Plan for submission to NOPSEMA. A preparatory step toward drilling approvals, which still depend on permit decisions and funding.
20 May 2021investor presentation● Neutral
MD David Breeze presented at a May 2021 investor webinar on Advent and PEP11, citing 5.7 Tcf prospective resources (P50) and a pending NOPTA application. Repeats known facts; also covers BPH's Cortical Dynamics.
17 May 2021regulatory community update● Neutral
Advent highlights Geoscience Australia survey findings of seafloor depressions off Newcastle likely caused by gas escape, and promotes Baleen's gas and carbon storage appeal. Supporting commentary only; no drilling result or approval.
14 May 2021regulatory community update● Neutral
MEC lodged its application to the Administrative Appeals Tribunal on 12 May 2021 to review the Pooled Development Fund revocation, ahead of the 28 May deadline. The outcome of the appeal is still open.
6 May 2021regulatory community update▼ BadMajor
The Delegate confirmed the decision to revoke MEC's Pooled Development Fund registration, rejecting the internal review. MEC will appeal to the Administrative Appeals Tribunal by 28 May, has referred the matter to the Ombudsman, and will consult lawyers about prior officers' returns.
26 Apr 2021quarterly activities report● Neutral
March 2021 quarter report: MEC holds 48.2% of Advent and made no new investments. PEP11 extension and suspension applications remain with NOPTA in the final decision phase with no formal reply. Baleen well planning continues, subject to approvals and funding.
16 Apr 2021regulatory community update● Neutral
Advent received the environmental review report for the Baleen well in PEP11. It sets out the work needed for environmental approvals and reflects the deeper 3,150 m design for gas and carbon storage. The report is now being assessed; approvals and funding still needed.
15 Apr 2021admin correction▼ Bad
MEC corrects its June 2020 quarter cash report: the $165,000 net recovery from the Claratti investment and note should all sit under loans to other entities, not split $100,000 and $65,000. Relates to the Claratti disclosure failures admitted two days earlier.
15 Apr 2021listing compliance notice▼ Bad
MEC answers an ASX query on its Claratti investment, which totalled about $100,000 in shares, plus a $200,000 secured note that later defaulted. It admits the note and its settlement should have been disclosed. This is MEC's own admission of disclosure failures by the former board.
8 Apr 2021regulatory community update● Neutral
Advent received a Basis of Well Design report for Baleen. The target is now a deeper well of 3,150 m, up from 2,150 m, to test early Permian sandstones for gas and carbon storage. Still subject to approvals and funding.
19 Mar 2021regulatory community update● Neutral
MEC confirms it supplied the extra information requested in the PDF revocation review. The decision is still due by 27 April 2021. Largely repeats the 12 March update.
15 Mar 2021regulatory community update● Neutral
The department has begun an internal review of the PDF revocation and asked MEC for more information by 18 March. A decision is due by 27 April 2021. MEC may appeal to the AAT depending on the outcome.
8 Mar 2021regulatory community update● Neutral
Under its preliminary well services agreement, Add Energy will start with well design review, cost estimates and a drilling schedule for Baleen, scoped at up to 20 days. Advent is still awaiting PEP11 suspension and extension approval.
1 Mar 2021regulatory community update● Neutral
MEC has formally requested internal review of the PDF registration revocation and appointed legal counsel. The PDF Board has 60 days or the decision is taken as confirmed. MEC wants revocation delayed until all appeals end.
1 Mar 2021regulatory community update● Neutral
Add Energy has commissioned Xodus Group for a preliminary environmental screening of the proposed Baleen well, under Advent's January well services agreement. It identifies work needed for approvals. A preparatory step only.
26 Feb 2021half year report● Neutral
Half-year to 31 December 2020 shows a loss of $475,577, down from $2,429,300 a year earlier. Shares remain suspended since 17 January 2020, and MEC is still awaiting ASX's reply on its 16 December re-admission submission.
11 Feb 2021joint venture update● Neutral
The PEP11 joint venture says NOPTA has not yet responded to its extension applications, after NSW Deputy Premier comments reported in the press. It says it is securing a rig for Baleen and expects approval. Permit extension remains undecided.
10 Feb 2021regulatory community update● Neutral
Advent appointed Andrew Hogan, with over 30 years' industry experience, as Contracts Manager to procure equipment and services for the Baleen well in PEP 11. A small step toward drilling, which still needs approvals and funding.
9 Feb 2021regulatory community update● Neutral
Advent chairman David Breeze says the Baleen well aims to find gas and also assess offshore Sydney Basin carbon storage. He says it is unknown whether suitable storage rocks will be found. Largely promotional commentary with no new result.
8 Feb 2021regulatory community update● Neutral
Advent clarifies that its new 24-month suspension application is separate from the earlier PEP11 extension request, which it says is now with the Joint Authority for decision. The joint venture remains committed to drilling Baleen once approvals, including environmental, are in place.
8 Feb 2021listing compliance notice▼ BadMajor
The Innovation Investment Committee revoked MEC's Pooled Development Fund registration, citing nine breaches tied to the abandoned Claratti investment and eight failures to notify changes. MEC disputes the reasoning and plans to seek reconsideration.
5 Feb 2021regulatory community update● Neutral
Advent, for the PEP11 joint venture, applied to NOPTA for a 24-month suspension of Year 4 work commitments with a matching 24-month term extension, citing COVID-19. NOPTA accepted it for processing on 4 February. Advent holds 85%, Bounty 15%.
5 Feb 2021regulatory community update● Neutral
MEC links to a BPH release on PEP 11 drilling and restates its 48.2% Advent holding. It adds no detail of its own.
1 Feb 2021quarterly activities report● Neutral
December quarter report. MEC holds 48.2% of Advent, which is seeking a PEP11 extension and Baleen well approval, and is raising up to $6.5M at 5 cents via a two-for-three entitlement issue. The $872,288 debt-for-equity settlement is restated. No new investments considered.
25 Jan 2021director officer appointment● Neutral
ASIC accepted a submission and revoked a 2016 filing that had removed David Breeze as an MEC director, so his directorship is corrected on the public record. This settles a dispute dating from November 2016.
13 Jan 2021regulatory community update● Neutral
MEC links to BPH's release on a preliminary well services agreement signed by Advent, and restates it holds 48.2% of Advent. It adds no detail of its own.
5 Jan 2021listing compliance notice● Neutral
MEC asks to extend its suspension to 15 January 2021. It lodged a formal ASX submission on 16 December including a shareholder meeting to seek re-admission to trading and is awaiting ASX's reply.
31 Dec 2020agm notice● Neutral
Letter to shareholders for the 2020 annual general meeting at 2.00pm WST on 29 January 2021 in North Perth, with proxies due by 27 January. Notice documents are on the ASX platform and company website.
15 Dec 2020listing compliance notice● Neutral
MEC asks to extend its suspension to 18 December 2020, noting Advent withdrew its distribution request and the writs are settled by share issue subject to approval. The next step is an announcement on a shareholder meeting.