Past year: ▼ 60%(0.20c – 0.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
5 Apr 2022farm in farm out agreement▲ GoodMajor
Advent signed a farm-out on 24 December 2021 to acquire 30% of three offshore Taranaki Basin permits (5,180 km2) from OMV New Zealand, subject to approvals expected by mid-2022. BPH lent Advent $3.0M to fund 2022 commitments. This is the new project Advent had been working on after the PEP11 setbacks.
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.
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 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.
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.
4 May 2018farm in farm out agreement▲ GoodMajor
Asset Energy signed the conditional PEP11 farm-in with RL Energy, replacing the term sheet. RL carries Asset's share of a 500km2 3D survey up to $4M, earning 5% then a further 55%. Needs regulatory and MEC shareholder approval (independent expert report).
19 Apr 2018drilling result▲ Good
The PEP11 2D seismic survey (~200 line km over Baleen prospect, 30km SE of Newcastle) finished acquisition in three days, safely, meeting the Year 2 work commitment. Processing takes about two months, with interpretation to follow.
16 Apr 2018drilling progress report▲ GoodMajor
The PEP11 2D seismic survey started acquiring data on 16 April after a short sea-state delay. About 200 line km over the Baleen prospect, taking 3-4 days, it is designed to meet the Year 2 work commitment.
12 Apr 2018drilling progress report▲ Good
The survey vessel is about to reach Newcastle for equipment installation, and the PEP11 2D survey remains on schedule for 15 April with a favourable forecast. It is designed to satisfy the Year 2 work commitment.
9 Apr 2018drilling progress report● Neutral
The survey vessel, hit by Cyclone Iris, has started transit to Newcastle. The PEP11 2D survey is now expected to begin 15 April, weather permitting. Continues the delayed schedule.
4 Apr 2018drilling progress report▼ Bad
The PEP11 2D survey's 9 April start is delayed because the contracted vessel was affected by Tropical Cyclone Iris. Customs clearance of long-lead equipment is done; a new date will follow.
29 Mar 2018drilling scheduled▲ Good
The ~200 line km PEP11 2D seismic survey over the Baleen prospect is planned to start 9 April, taking 3-4 days about 30km southeast of Newcastle. Equipment mobilisation has begun on schedule. Firms up the survey timing.
26 Feb 2018drilling progress report▲ Good
Seismic equipment for the PEP11 2D Baleen survey is being mobilised from the UK to Newcastle, with the survey expected to start in April and take 3-4 days. Continues the survey preparation after the January NOPSEMA approval.
19 Feb 2018farm in farm out agreement● NeutralMajor
RL Energy will pursue the 'expedited option' on PEP11: 3D seismic of at least 500km2 before drilling, funding 85% of JV costs up to $4M, in two phases. Formal agreement is still being finalised. ASX says Listing Rule 10.1 applies, so MEC shareholder approval and an independent expert report are needed.
5 Dec 2017farm in farm out agreement▲ GoodMajor
Asset Energy and Bounty signed a binding conditional term sheet with RL Energy: funding the 2D survey earns RL 10% of PEP11 (Asset falls to 76.5%). Options for 3D seismic could lift RL to 60%. Conditions include NOPSEMA approval and NOPTA good standing.
27 Mar 2017drilling scheduled● Neutral
Advent expects to start the PEP11 2D seismic program in Q3 2017, pending approvals. It has submitted a well intervention proposal for EP386; approval may take about 6 months, with operations expected from September 2017 (the wet season delays earlier access).
16 May 2016drilling scheduled● Neutral
PEP11 update: the roughly 200 line km seismic survey is still being planned, and rigs are being evaluated for the Baleen target in 125 m of water. Drilling would need further fundraising or a joint venture.
4 May 2016drilling scheduled● Neutral
Advent has begun preparing an EP386 exploration well in the onshore Bonaparte Basin, to be completed by 31 March 2017, and is sourcing rig costs and availability. The well depends on successful fundraising, which is not yet secured.
24 Mar 2016drilling scheduled● Neutral
Summary of proposed PEP11 work: a seismic survey of about 200 line km is being planned to support a possible future well at the Baleen prospect (2,150 m target depth), about 30 km south-east of Newcastle. Restates the September 2015 target; no date given.
11 Mar 2016drilling scheduled▲ Good
MEC says preparatory work is underway for a PEP11 seismic survey, including procuring seismic service providers. It cites an APPEA statement that east coast developed gas reserves meet forecast demand only until 2019. No survey date or cost is given.
20 June 2014drilling scheduled▲ GoodMajor
Advent has begun preparing a 3D seismic survey of about 225 km2 in PEP11, with partner Bounty, planned for 4-5 weeks between November 2014 and May 2015. It still needs regulatory approval and a vessel. This follows earlier Year 2 seismic preparations.
15 Nov 2013resource reserve update▲ Good
An independent ACOLA shale gas report put onshore Bonaparte Basin recoverable shale gas at 6 Tcf. Advent says this supports its own 9.8 Tcf best-estimate prospective figure, arguing ACOLA used only 36 m of shale thickness. No new resource booking by Advent.
12 Oct 2012resource reserve update● Neutral
Advent released more shale study data for EP386 and RL1: 19-141 Tcf unrisked gas in place, with its own risked recoverable figure of 9.6 Tcf, and the 355.9 Bcf conventional best estimate. It says CNG/LNG commercialisation planning is under way. Mostly repeats earlier estimates.
19 Sept 2012drilling progress report● Neutral
Testing at Waggon Creek-1 is under way over the 2011 perforated intervals, with later testing of additional perforations. The program is expected to run about four weeks. No flow results yet.
17 Sept 2012drilling progress report● Neutral
Production testing has started at Waggon Creek-1, resuming the program suspended by the 2011 wet season. No new results; Advent says further updates will follow as testing progresses.
12 Sept 2012drilling scheduled● Neutral
Equipment is being mobilised to resume production testing at Waggon Creek-1 (EP386), planned within a week and lasting about five weeks. This follows the 2011 test, cut short by the wet season, which flowed ~1.07 MMscf/d. Also cites a USGS onshore Bonaparte mean of 460 Bcf undiscovered gas.
4 Sept 2012resource reserve update▲ GoodMajor
Advent lifted its EP386 conventional prospective recoverable gas estimate to a 556 Bcf mean (best estimate 356 Bcf; low 53, high 1,326), with 15 MMbbl mean condensate. These are unrisked prospective figures, not reserves; Advent says it is assessing near-term commercialisation.
14 Oct 2011drilling progress report● Neutral
Advent notes Beach Energy's farm-in to neighbouring Northern Territory Bonaparte permits, excluding Advent's Weaber field, as supporting the area's prospectivity. Advent is working over Vienta-1, with Waggon Creek-1 workover and test to follow.
22 Sept 2011drilling progress report● Neutral
Advent's workover rig and production testing equipment have arrived at EP386. Operations are due to start 25 September 2011 and run about six weeks.
19 Sept 2011resource reserve update▲ GoodMajor
Advent's initial study estimates unrisked shale gas in place for EP386 and RL1 at about 19 to 141 Tcf, with prospective shale 300 m to over 1,500 m thick. This is an early, unrisked study estimate, not a booked resource.
