Past year: ▼ 77%(0.30c – 1.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
10 Sept 2019business combination● Neutral
Melbana's independent committee waived breaches of bid conditions from Metgasco's Bridgeport farm-in on ATP 2021 and its A$10.2m Gulf of Mexico impairment. It is reviewing a Metgasco option over the L14 licence, exercisable by 15 November 2019, and reserves its rights.
4 Sept 2019investor presentation● Neutral
Conference presentation on Beehive restating known facts. It shows about 1,875m shares, market cap about A$20.6m (30 August) and cash about A$3.7m at 30 June 2019. Mostly known information.
2 Sept 2019business combination● Neutral
ASIC extended by 18 days, to 3 October 2019, the deadline for Melbana to send its Metgasco bidder's statement. The time is needed to finish the independent expert's report required for the shareholder approval vote on M&A Advisory's participation.
30 Aug 2019admin correction● Neutral
Corporate governance checklist (Appendix 4G) lodged with the annual report. Administrative; no new substance.
30 Aug 2019annual report● Neutral
Annual report for the year to 30 June 2019 shows a loss of A$3.36m (prior year A$6.10m). Block 9 has no farmout partner; the sub-period extension was approved by CUPET and sent to a higher authority. Sandy is interim CEO.
25 July 2019business combination● NeutralMajor
ASIC granted the modification, so Melbana's intention to bid for Metgasco, 4 Melbana shares for each Metgasco share, is now binding. The independent committee waived the Byron-related breaches. The offer still needs 50.1% acceptance and approval for M&A Advisory's participation.
23 July 2019business combination● Neutral
Melbana says Metgasco's settlement with Byron over the failed South Marsh 74 well (capped at A$1.75m) and its exercise of 10m Byron options breach conditions of Melbana's proposed bid. It has sought information and reserves its rights, including withdrawal.
22 July 2019director officer appointment● NeutralMajor
CEO Robert Zammit left the company effective 19 July 2019. Non-executive director Michael Sandy takes over as interim CEO while a replacement is sought.
22 July 2019joint venture update● Neutral
Block 9 farmout talks continue, including with an international oil company with Cuban experience. Melbana has applied for a minimum 12-month extension to the sub-period ending 3 November 2019, with the gravity study done. Santa Cruz approval has raised issues needing commercial clarification.
15 July 2019business combination● Neutral
Metgasco's board notes Melbana's unsolicited conditional takeover proposal and recommends shareholders take no action pending its formal response. It will consult stakeholders and engage with other interested parties.
15 July 2019business combination● NeutralMajor
Melbana announces a conditional intention to bid for all of Metgasco, offering 4 Melbana shares per Metgasco share, an implied value of 4 cents, a 48% premium to Metgasco's 12 July close. Conditional on an ASIC modification; chairman Purcell-linked M&A Advisory (19.59% of Melbana) has a pre-bid acceptance agreement.
14 June 2019joint venture update▲ Good
Preliminary interpretation of the new Beehive 3D seismic confirms an isolated carbonate platform and improves confidence in structural closure. Total and Santos still have until 2 October 2019 to take 80%; Melbana (20%) would be fully carried. Other parties have shown interest.
26 Apr 2019asset acquisition disposition● Neutral
The sale of the 30% of New Zealand permit PEP51153 completed after regulatory consent, and Melbana received A$100,000. The buyer is named as a TAG Oil subsidiary. This ends the New Zealand exit and avoids future permit and rehabilitation costs.
26 Apr 2019material agreement termination▼ BadMajor
Melbana terminated the AGMI/AMEC Block 9 farmout because the conditions precedent, including approvals and guarantees, were not met in time. It will seek other farminees and has asked Cuba's state oil company to extend the guarantee waiver. This reverses the January deal; Block 9 drilling now lacks a funder.
23 Apr 2019other● Neutral
Notice of a conference call on 30 April 2019 at 11:30am AEST to go with the March quarter results. Administrative; no substantive news.
15 Apr 2019other● Neutral
Registered office and principal place of business moved to Level 3, 350 Collins Street, Melbourne from 15 April 2019. Administrative notice only.
3 Apr 2019joint venture update▲ GoodMajor
Final Beehive 3D data was accepted, starting Total and Santos's six-month option period to take 80% and drill Beehive-1. If exercised, Melbana keeps 20%, carried, with drilling in 2H 2020. Melbana's share of the 388 MMboe best estimate is 78 MMboe.
3 Apr 2019admin correction● Neutral
Re-lodgement of the 3 April Beehive release to fix footnote placement and add the oil and gas split and a gas-to-oil conversion factor. No new substance.
14 Mar 2019half year report▼ Bad
Results release says AMEC had not yet provided the Block 9 bank guarantee, and Cuba's state oil company extended the waiver to 30 April 2019. AMEC cited Chinese approval delays. Either party may terminate if conditions are not met by 31 March 2019. This puts the January farmout in doubt.
14 Mar 2019half year report● Neutral
Half-year report to 31 December 2018 shows a loss of A$1.966m (prior period A$1.885m). It describes the Block 9 farmout as conditional and expects NZ sale approval by end of March 2019. Mostly restates known events.
25 Feb 2019joint venture update▲ Good
Fast-track processed Beehive 3D seismic data arrived and is of excellent quality; final data is due early March. Total and Santos then have six months to exercise their option. If they do, Melbana keeps 20%, carried, with drilling expected 3Q 2020.
31 Jan 2019investor presentation● Neutral
Company update presentation restating Block 9, Santa Cruz, Beehive and Tassie Shoal. It shows about 1,870m shares, market cap about A$26m and cash about A$4.4m at 4 January 2019. Mostly known information.
29 Jan 2019auditor change● Neutral
Grant Thornton replaces Ernst & Young as auditor after EY resigned following the company's decision to tender the audit. ASIC consented to the resignation. Shareholder approval of the appointment will be sought.
2 Jan 2019farm in farm out agreement▲ GoodMajor
Melbana signed the binding Block 9 farmout with AGMI subsidiary AMEC, which would fund 100% of costs from 1 January 2019. Alameda and Zapato wells are due by 1 November 2019, a third by July 2020. Melbana keeps 12.5% of profit oil. It is subject to Cuban and Chinese approvals.
5 Dec 2018material agreement▲ GoodMajor
Melbana finalised a binding Santa Cruz incremental oil recovery contract with CubaPetroleo, subject to Cuban regulatory approvals. It starts with a study phase of up to 8 months, then a minimum of two side-track wells. This resolves the thread of negotiating a long-term deal for the existing field.
3 Dec 2018farm in farm out agreement▲ Good
Melbana agreed with Total and Santos to bring forward Beehive well planning, funded by them, so Beehive-1 could spud in 3Q 2020 if they take up their 80% option. Extra seismic processing was dropped, and a firm backstop date now starts the six-month option window.
15 Nov 2018investor presentation● Neutral
AGM CEO presentation restating known assets, the AGMI letter of intent, Santa Cruz and Tassie Shoal. Shows about 1,870m shares, about A$8.3m cash at 30 September and about A$3.0m debt. Mostly known information.
1 Nov 2018joint venture update▲ Good
Zapato, the second Block 9 well, received environmental approval. The AGMI binding agreement is targeted for December 2018, and Santa Cruz contract execution is also targeted for December. Early Beehive 3D seismic data is of excellent quality, with final data due early February 2019.
19 Oct 2018asset acquisition disposition● NeutralMajor
Melbana signed a binding agreement to sell its 30% of New Zealand permit PEP51153 to operator CX Oil for A$100,000, subject to conditions including regulatory approval. It removes future permit and rehabilitation costs and completes the exit flagged earlier.
12 Oct 2018annual report● Neutral
Full 2018 annual report, re-lodged after the 27 September version. It restates the year's highlights: Block 9 drilling preparation, the Beehive farm-out to Total and Santos, the Santa Cruz agreement and the AC/P50 and AC/P51 sale. No new information evident from the text provided.
