Past year: ▼ 77%(0.30c – 1.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 Jan 2020quarterly activities report● Neutral
December quarter report restates known events: Santos's conditional Beehive option (condition due 4 March 2020), the Sonangol Block 9 agreement, the Metgasco bid declared unconditional and shareholder approval for M&A Advisory's participation. No new substance. Cash figure is truncated in the text.
24 Jan 2020joint venture update● Neutral
Block 9 two-well planning continues: Sonangol is finalising farmout and operating agreements and reviewing due diligence, with Cuban approvals for the transfer in process. CUPET says its restructuring should finish in February 2020, after which Santa Cruz contract work may resume.
23 Jan 2020business combination● Neutral
Formal notice that the Metgasco offers are free of all unfulfilled conditions, and any breaches before 23 January have been waived. Voting power is 23.19%. Repeats the unconditional declaration made the same day.
23 Jan 2020business combination● NeutralMajor
Melbana declared its Metgasco takeover offers wholly unconditional, freeing them from all remaining conditions including the 50.1% minimum acceptance. Voting power is 23.19%. The bid no longer needs majority control to proceed, so Melbana may end up a large minority holder rather than owner.
7 Jan 2020business combination● Neutral
Melbana extended the Metgasco offer to 31 January 2020, with the conditions notice due 23 January. The Listing Rule 10.1 condition is satisfied, but other conditions remain. Voting power is 20.77%. Accepting holders again get a one-month withdrawal right.
23 Dec 2019farm in farm out agreement▲ GoodMajor
Melbana signed a binding heads of agreement for Sonangol (Angola's national oil company) to take 70% of Cuba Block 9 by funding 85% of a two-well campaign. Melbana keeps 30% and operatorship, and Sonangol pays about $5.0m of past costs. Subject to due diligence and approvals; first well expected Q3 2020. Resolves the long-running farm-out search.
23 Dec 2019business combination● Neutral
Melbana's fourth supplementary bidder's statement attaches the Sonangol Block 9 announcement and urges Metgasco holders to accept. The offer is due to close 15 January 2020 unless extended. No new terms.
5 Dec 2019business combination● Neutral
Melbana extended its Metgasco offer to 15 January 2020, with the conditions notice due 7 January. It waived breaches caused by Metgasco's Perth Basin and Cooper Basin farm-in deals. Its stake is 20.75% and the 50.1% minimum acceptance condition is still unmet. Accepting holders get a new withdrawal right.
4 Dec 2019farm in farm out agreement● NeutralMajor
Santos conditionally exercised its option for 80% of Beehive (WA-488-P), but only if it farms part of it down by 4 March 2020 and the permit year is extended to suit 2021 rig availability. If it proceeds, Melbana keeps 20%, free-carried on Beehive-1. Otherwise Melbana keeps 100%.
22 Nov 2019investor presentation● Neutral
AGM presentation repeats known facts: Block 9 best-estimate prospective resource 676 million barrels, Beehive 388 MMboe, and Santa Cruz approvals expected Q1 2020. Cash was about A$2.8m at 30 September 2019, down from A$3.4m at 30 June, with no debt.
14 Nov 2019business combination● Neutral
ASIC granted relief so Melbana's extension of the Metgasco offer to 13 December 2019 is valid, resolving Metgasco's validity challenge. Voting power is 20.79%; conditions other than the M&A Advisory approval remain unmet. Accepting holders get a new one-month withdrawal right.
8 Nov 2019business combination▼ Bad
Metgasco says Melbana's 7 November extension appears invalid because it omitted withdrawal rights information, and the bid's status is unclear. It says acceptances were 1.19% excluding shares controlled by Chairman Andrew Purcell. Still recommends rejecting the offer.
8 Nov 2019business combination● Neutral
Melbana responds that Metgasco's validity claims are subject to consultation with ASIC and it is premature for either side to comment. Contains no new substance on the bid.
8 Nov 2019business combination● Neutral
Melbana issued a notice that Metgasco holders who already accepted can withdraw their acceptance within one month, because the extension postponed its obligations by over a month. Procedural notice; no change to terms.
7 Nov 2019business combination● Neutral
Melbana extended its Metgasco offer from 15 November to 13 December 2019, with the conditions notice date now 5 December. Its voting power is 20.78% and conditions other than the M&A Advisory approval remain unmet. The bid stays open past the Santos 4 December decision.
6 Nov 2019business combination▼ Bad
Metgasco's second supplementary target's statement again recommends rejecting the bid. It says Total's withdrawal highlights Beehive risks, and wants a binding Cuba farm-out, a formal Santa Cruz award and Beehive certainty before changing view. No new terms.
5 Nov 2019farm in farm out agreement● NeutralMajor
Santos exercised its option over Beehive (WA-488-P) while Total declined. Santos can now take 80% by funding 100% of the Beehive-1 well, with a decision due by 4 December 2019. If not exercised, Melbana stays at 100%. Resolves the Total/Santos decision, but only half-way.
5 Nov 2019business combination● Neutral
Melbana lodged a third supplementary bidder's statement attaching the Beehive option announcement and urging Metgasco holders to accept. The offer is due to close 15 November 2019. No new terms.
5 Nov 2019business combination▼ Bad
Metgasco says Total's exit highlights Beehive risks and defers certainty to 4 December or longer. It argues Beehive is already reflected in Melbana's ~A$18.8m market cap, noting Melbana's ~A$2.7m cash. Reiterates its recommendation to reject.
31 Oct 2019quarterly activities report● Neutral
September quarter report restates known events: Beehive option deadline extended to 4 November, Block 9 amendments approved, Metgasco bid launched, and Michael Sandy as interim CEO. Block 9 farminee talks continue. Santa Cruz agreement may need amendment, which could change its work commitments. Cash figure is truncated in the text.
24 Oct 2019business combination▼ Bad
Metgasco's board again unanimously recommends rejecting Melbana's offer, saying little has changed. It cites no update on Santa Cruz, uncertainty over Beehive, and no Block 9 farm-in. It says Melbana has no financial capacity to drill in Cuba without a partner. Repeats known objections.
24 Oct 2019business combination● Neutral
Melbana extended its Metgasco offer from 1 November to 15 November 2019, with the conditions notice date now 7 November. The notice stated voting power as 1.06%, which was wrong and corrected in the next release. Other conditions remain unmet.
24 Oct 2019admin correction● Neutral
Melbana corrected its extension notice: its voting power in Metgasco is 20.65%, not the 1.06% first stated. The offer still closes 15 November 2019 and conditions other than the M&A Advisory approval remain unmet.
22 Oct 2019regulatory community update▲ Good
The Block 9 amendments are now formally signed, and CUPET confirms Melbana is in good standing. Melbana restarted planning for a two-well 2H 2020 campaign testing four targets totalling 236 million barrels (best estimate), the best with 32% chance of success. Drilling still needs a farm-in partner.
18 Oct 2019business combination▼ Bad
Metgasco's board again recommends rejecting the bid and says it will issue a supplementary target's statement. It argues the 1 November close denies holders knowledge of the Beehive farm-in outcome. It wants written Cuban confirmation that Block 9 is in good standing and that the Santa Cruz PSC was issued.
16 Oct 2019business combination● Neutral
Melbana's second supplementary statement extends the offer to 1 November, notes the shareholder approval, and waives breaches from Metgasco's sale of 8 million Byron shares. It disputes Metgasco's target's statement and says Block 9 is compliant. It expects Block 9 drilling in 2H 2020 if a farm-out succeeds.
15 Oct 2019business combination● Neutral
Melbana extended its Metgasco offer period from 24 October to 1 November 2019, with the conditions-status notice date moved to 24 October. Its voting power was 20.42%, and all conditions other than the M&A Advisory approval remained unmet.
14 Oct 2019agm notice▲ Good
Melbana shareholders approved, with 57.77% of votes cast in favour, the Listing Rule 10.1 resolution allowing M&A Advisory to take part in the Metgasco bid. This clears a key bid condition and resolves the approval thread.
14 Oct 2019business combination▲ Good
Melbana confirmed the M&A Advisory participation condition was fulfilled on 14 October 2019 following the shareholder vote. Its voting power in Metgasco is 20.42%. Other bid conditions remain outstanding, including the 50.1% minimum acceptance.
10 Oct 2019business combination● Neutral
Metgasco says its target's statement was posted to shareholders on 9 October 2019. Administrative notice; the recommendation to reject is in the statement itself.
