29 Mar 2019other▼ Bad
MEC confirms receiving the BPH/Breeze defamation writ, which names MEC and six others. It calls the claim baseless and will contest it vigorously, as with earlier Breeze claims. No damages amount is stated.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
28 Mar 2019other▼ Bad
BPH Energy and David Breeze file a Supreme Court of WA writ against MEC and six other defendants, claiming defamation damages and injunctions over use of the share register. This adds to existing disputes between MEC and the Breeze-linked BPH group. Announced by BPH.
26 Mar 2019director officer appointment▼ BadMajor
Managing Director and Company Secretary Deborah Ambrosini resigns, having been with MEC over 10 years, and stays until late May 2019 to help transition. She was made MD in October 2018. No successor named; the board will update the market.
21 Mar 2019joint venture update● Neutral
Onshore Energy has lodged revised operating documents for its East Kimberley titles and begun Aboriginal heritage checks; RL1 renewal continues. Asset Energy supplemented its NOPTA application to vary PEP11 years 4-5 (500 sq km 3D, then a well). Bonaparte funding outcome not mentioned.
18 Mar 2019regulatory community update▲ GoodMajor
Innovation and Science Australia approves MEC's request to widen its Pooled Development Fund investment plan beyond resource exploration to technology, IT, financial, and power and energy businesses. MEC says it is investigating opportunities but names none yet.
6 Mar 2019asset acquisition disposition● NeutralMajor
MEC lifts its Advent Energy stake from 50% to 53% by converting $532,500 of loans at $0.05 per share. The loans funded the 2D seismic campaign. No new cash is spent.
27 Feb 2019half year report● Neutral
Half-year to December 2018: loss of $673K attributable to members and net assets of $10.02M, down $531K. Notes the Bounty dispute was resolved and Sacgasco declined its RL option. Bounty stays in PEP11.
12 Feb 2019joint venture update▲ GoodMajor
Bounty and Asset Energy resolve the outstanding PEP11 matters, so Bounty stays in with 15% and Asset Energy keeps 85% and operatorship. This reverses October's forced withdrawal. They have applied to vary the work commitment to a ~$4M, 500 sq km 3D survey.
7 Feb 2019farm in farm out agreement▼ BadMajor
Sacgasco has decided not to exercise its option over RL Energy, citing regulatory approval challenges and joint venture complexity, undoing November's boost. MEC remains committed to the RL farm-in and now plans over 1,000 sq km of 3D, double the minimum.
4 Feb 2019admin correction● Neutral
Amended re-release of the 31 December exploration update. It adds that the 603 sq km amplitude anomaly is only a potential gas-charged trap needing more modelling before conclusions can be drawn.
31 Dec 2018drilling result● NeutralMajor
Interpretation of April's 206 km Baleen 2D survey is complete: no seismically-defined shallow gas hazards at a possible well site, but it has not de-risked PEP11 enough to drill. RL's 3D environment plan now due Q1 2019; Bonaparte's funding deadline extended to 31 January 2019.
19 Nov 2018admin correction● Neutral
Sacgasco re-releases its RL Energy option announcement to correct the exercise deadline to 30 January 2019, not 2018. No other change; administrative only.
19 Nov 2018material agreement▲ Good
Sacgasco (another ASX company, not MEC) takes an exclusive option to buy RL Energy, the party funding PEP11's 3D seismic, for A$25,000 plus shares. Sacgasco will fund the A$326,000 environment plan. RL founder Greg Channon joins Sacgasco's board. Option exercisable by 30 January 2019.
19 Nov 2018farm in farm out agreement▲ Good
MEC welcomes Sacgasco's option to buy RL Energy, saying it should strengthen the PEP11 farm-in, where RL carries Asset Energy's 3D seismic costs up to $4M. This adds a listed backer to RL's still-unfunded commitment, though only an option.
9 Nov 2018other● NeutralMajor
Chairman Sandy rejects a small shareholder group's push to drill PEP11 now. He puts a well at A$30-35M versus a ~A$4M market cap, warns of over 90% dilution, and puts chance of success near 15% without 3D seismic. He backs RL Energy-funded 3D seismic (about A$4.7M).
1 Nov 2018material agreement● Neutral
Bonaparte Petroleum's deadline to lodge drilling and 2D seismic documents for EP386 moves from 31 October to 30 November 2018. Operations are expected in the second quarter of 2019, subject to approvals and fundraising. No other terms change.
15 Oct 2018asset acquisition disposition▲ GoodMajor
Advent's Asset Energy forces Bounty Oil and Gas out of PEP11 over unpaid invoices, taking Bounty's 15% and lifting its interest to 100%. The RL Energy farm-in is unaffected; on completion RL would hold 60% and Asset 40%.
5 Oct 2018director officer appointment● NeutralMajor
Deborah Ambrosini, MEC's CFO, company secretary and executive director for over 10 years, becomes Managing Director with immediate effect. Her contract terms are unchanged. This fills the long-running search for a permanent MD.
28 Sept 2018asset acquisition disposition▲ GoodMajor
Advent signs a binding term sheet to sell 90% of Onshore Energy (EP386 and RL1) to Bonaparte Petroleum, which must fund wells and 50 km of 2D seismic before March 2020. Conditional on funding proof within 90 days; $50,000 break fee. Advent keeps upside interests.
28 Sept 2018annual report● Neutral
2018 annual report repeats the year's results and lists the new board. The chairman backs the RL Energy PEP11 farm-out, says 3D seismic is needed, and sees room to add investments using MEC's Pooled Development Fund status.
26 Sept 2018farm in farm out completion▲ GoodMajor
NOPTA registered the RL Energy PEP11 farm-in, satisfying the last condition after shareholders approved it on 31 July. RL still needs to meet further milestones before the 3D seismic starts and it earns its interest.
31 Aug 2018annual report▼ BadMajor
Year to June 2018: loss of $9.83M, mainly an $18.7M write-down of PEP11 exploration costs to the value implied by the RL Energy farm-in. Net assets fell $17.9M to $10.55M. The BPH loan owed to MEC stood at $420,260.
31 Aug 2018annual report● Neutral
Appendix 4G corporate governance checklist lodged with the annual report, pointing to the statement on MEC's website. Administrative, no new substance.
27 Aug 2018regulatory community update● Neutral
Advent published the environmental report for April's roughly 200 km Baleen 2D survey in PEP11. It found no non-compliance events, with one dolphin sighting causing a single shutdown. Processing of the seismic data is nearly complete.
9 Aug 2018other● Neutral
Share registry moves from Advanced Share Registry to Boardroom Pty Ltd from 13 August 2018. Administrative only.
24 July 2018director officer appointment● NeutralMajor
Board restructure: Michael Sandy replaces Hock Goh as chairman, with Matthew Battrick and Andrew Bald joining as non-executives. Goh, Moore, Yap and Yu leave the board; Goh stays as consultant. Ambrosini remains executive director. This follows the requisition to replace the board.
9 July 2018listing compliance notice● Neutral
ASX lifts the suspension of MEC shares immediately, after MEC released its clarification of the independent expert report. This ends the 9 July suspension, the third of 2018.
9 July 2018listing compliance notice▼ Bad
ASX suspended MEC shares from quotation immediately under Listing Rule 17.3, the day before the 10 July requisitioned meeting. No reason is given in the notice; third suspension in 2018.
9 July 2018material agreement● Neutral
MEC clarifies the RL Energy PEP11 farm-in risks: environment plan approval (not expected until late 2018), funding, rig and vessel availability, and title approvals. RL gets 5% for preparing the plan; the farm-in ends if 3D seismic hasn't started by 19 February 2020.
9 July 2018capital raising announcement▲ GoodMajor
MEC issued 9,696,476 shortfall shares at 1.8 cents with equal free 4-cent options from the rights offer, on 6 July 2018 (about $175K). Shares on issue rise to 340,726,936. Funds go to Advent well intervention, 2D seismic costs and working capital.