Past year: ▼ 77%(0.30c – 1.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
8 Oct 2018farm in farm out agreement▲ GoodMajor
Melbana signed a non-binding letter of intent for Anhui Guangda Mining Investment (AGMI) to fund three Block 9 wells (Alameda, Zapato, Piedra) by July 2020 and carry all later costs. Melbana keeps 12.5% of profit oil. Binding deal targeted by 1 December 2018.
27 Sept 2018annual report● Neutral
Corporate governance statement for the year to 30 June 2018, current at 27 September 2018. It reports 0% women on the board and 33% in senior executive roles. Governance document; no operational or financial news.
27 Sept 2018annual report▼ Bad
Annual report for year to 30 June 2018 shows a loss of A$6.1m (2017: A$2.1m). Block 9 drilling funding still depends on capital raising or a farm-out. Petro Australis' 40% back-in claim was settled in December 2017, leaving Melbana 100%.
27 Sept 2018annual report● Neutral
Appendix 4G lodged with the annual report, pointing to the corporate governance statement on the website. Administrative compliance form; no operational or financial information.
21 Sept 2018admin correction● Neutral
Amended re-release of the A$3.5m placement announcement, correcting settlement and trading dates from 2017 to 27 and 28 September 2018. Terms are unchanged: 194m shares at 1.8 cents.
21 Sept 2018capital raising announcement● NeutralMajor
Melbana raised A$3.5m through a placement of 194m shares at 1.8 cents, a 14% discount, with one free 3-cent option per three shares. Funds go mainly to Block 9 drilling preparation and Santa Cruz work. Chairman Purcell's participation needs shareholder approval. Contains date typos (2017).
What it means for a shareholder
194m new shares at A$0.018 to raise about A$3.5m. That's 10% dilution: every existing holder's slice gets 10% smaller. If you held A$1,000 of shares (55,556 at the issue price), your slice goes from 0.0033% to 0.00296% of the company. To keep it you'd need 6,411 more shares - about A$115 at the issue price.
Create a free account to see this worked out for your own holding.
19 Sept 2018investor presentation● Neutral
September corporate presentation restating Cuba and Beehive assets and listing seven near-term catalysts, including a Block 9 farm-out letter of intent by end September and first Block 9 well in April 2019. Shows ~1,681m shares, ~A$35m market cap, ~A$3.0m debt. Largely known information.
11 Sept 2018regulatory community update▲ GoodMajor
All key approvals for Alameda-1 in Cuba Block 9 are received; only the final drilling permit remains, issued once a rig and timing are notified. Rig start dates are December 2018 or April 2019. Partners are short-listed, with a preliminary farm-out targeted this quarter.
4 Sept 2018regulatory community update▲ Good
NOPTA suspended the deadline for the current WA-488-P permit year work obligations by 15 months to 21 December 2020. This eases the pressure of the year 3 well commitment while Total and Santos decide whether to fund the Beehive-1 well.
27 Aug 2018other● Neutral
Board-approved securities trading policy for directors, employees and contractors, requiring written clearance before dealing and barring trades in prohibited periods. Governance document; no operational or financial information.
22 Aug 2018asset acquisition disposition● NeutralMajor
Melbana sold its 55% in AC/P50 and AC/P51 to partner Rouge Rock, which now meets all future costs. Melbana keeps upside: 10% of any cash sale proceeds, or a 5% back-in after a carried well. Completes the divestment flagged on 4 July.
14 Aug 2018drilling result▲ Good
The Beehive 3D seismic survey was completed safely, extended by about 100 km2 to cover a new lead, Egret, at no cost to Melbana. Total and Santos have six months from receiving processed data to exercise their option; Melbana keeps 20%, carried through the first well.
13 Aug 2018capital raising announcement● Neutral
3,141,226 shares were issued at 2 cents on exercise of options from the September 2017 placement, including 2,004,507 to directors (about A$63k in total). The 80m options for Chairman Purcell's loan guarantee were also issued, following the 9 August approval.
10 Aug 2018security holder rights change● Neutral
Melbana reminds holders that unlisted options exercisable at 2 cents expire 31 August 2018, with payment due by 5pm that day or they lapse. Administrative reminder; no new operational information.
9 Aug 2018regulatory community update▲ Good
NOPTA credited the Beehive 3D survey, being acquired in permit year 2, against the year 4 commitment for a 400 km2 3D survey. This simplifies the permit work program; the survey is still underway and funded by Total and Santos.
9 Aug 2018investor presentation● Neutral
General meeting presentation restating the McDaniel resource figures (Block 9 718 MMbbl recoverable, Beehive 388 MMboe), the Santa Cruz study and the Block 9 farm-out, flagged as a key focus for Q3 2018. No new information.
7 Aug 2018resource reserve update▲ GoodMajor
Independent expert McDaniel lifted Block 9 best-estimate oil in place 24% to over 15.7 billion barrels and recoverable prospective resources 13% to 718 million. Beehive best estimate is 388 MMboe, with chance of success up to 20% from 16%. Unrisked prospective, not discovered.
24 July 2018drilling progress report▲ Good
Acquisition of the Beehive 3D seismic survey (~600 km2) has begun, with completion expected before end August 2018. Fully funded by Total and Santos, it feeds their decision on exercising options for 80%.
4 July 2018asset acquisition disposition● NeutralMajor
NOPTA approved a revised work program for AC/P50 and AC/P51 (Melbana 55%): year 3 extended 12 months and one well deferred to year 5. Melbana calls the permits no longer aligned with strategy and is seeking to divest while keeping upside exposure.
2 July 2018investor presentation● Neutral
Operational update: Alameda-1 civil works contractor chosen and a local rig identified, with drilling notionally from December 2018. Melbana is considering a UK AIM dual listing and has engaged McDaniel to assess Block 9 resources. Pukatea-1 flowed ~276 boe/d (74% oil).
21 June 2018director officer appointment● Neutral
Melanie Leydin of Leydin Freyer is appointed Company Secretary and CFO, replacing Colin Naylor, following the April restructuring of administrative capabilities. Effective 21 June 2018.
12 June 2018regulatory community update▲ Good
An independent gravity and magnetic study by Cuba's CEINPET supports Melbana's structural interpretation of the Zapato prospect in Block 9 (best estimate 71 MMbbl recoverable, 25% chance of success). Prospective, not a discovery; farm-in parties reportedly interested.
8 June 2018contract award▲ Good
Polarcus was awarded the contract for the Beehive 3D seismic survey (~600 km2), starting July and finishing before end August 2018. Total and Santos fully fund it; Melbana keeps 20% and is carried through the first well if they exercise their options.
23 May 2018regulatory community update▲ Good
NOPSEMA approved the environmental plan for the Beehive 3D survey, now ~600 km2 (down from ~975 km2), with acquisition expected July to August 2018. Total and Santos fund it, and Melbana keeps 20% and is carried through the first well if they exercise.
30 Apr 2018regulatory community update▲ Good
Cuba granted the Environmental License for the Alameda-1 well in Block 9. Together with the January microlocalisation permit, it feeds the remaining Permit to Work and Approval to Drill; Zapato-1 approvals are progressing.
19 Apr 2018debt financing● NeutralMajor
Melbana signed a US$2.5m loan at 15% a year, maturing 10 January 2019, with first-ranking security and a personal guarantee from Chairman Purcell. Subject to shareholder approval, he is to receive 80m options at 2.2c. This is the company's first debt; repayment from farm-out or option exercise is suggested.
11 Apr 2018other● Neutral
Duplicate of the 11 April 2018 operational update, with minor spelling corrections. No new information.
11 Apr 2018investor presentation● Neutral
Operational update: Cuba rig tender completed for late 2018 drilling (slipped from the earlier mid-2018 plan), with a turn-key option being evaluated. Beehive 3D survey (~975 km2) targeted 1 May to 31 October. Staff restructuring cuts costs, with some salary taken in shares.
27 Mar 2018flow test result▲ GoodMajor
The Pukatea-1 Mt Messenger oil zone flowed at up to 600 barrels a day naturally, above expectations, and a discovery notice was filed. This partly offsets the missed primary target and supports planning a restart of the suspended Puka field (Melbana 30%).
8 Mar 2018material agreement▲ GoodMajor
Melbana signed with Cuba's national oil company Cubapetroleo for exclusive rights to study boosting output from the Santa Cruz oil field (producing since 2004), with a view to negotiating a long-term incremental recovery contract. Studies only; no contract yet. It could be a route to Cuban production.
