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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
15 Jan 2019quarterly activities report● Neutral
December quarter report restates the binding Block 9 farmout, the Santa Cruz contract and faster Beehive planning. Cash was A$8m at quarter end. The report says borrowings were fully repaid ahead of schedule, and the Chairman's placement was approved at the AGM. Mostly known information.
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.
15 Oct 2018quarterly activities report● Neutral
September quarter report recaps the A$3.5m placement, the McDaniel resource upgrades, the AGMI Block 9 letter of intent, the AC/P50 and AC/P51 sale and Beehive survey completion. It also says the AGMI deal would release about US$2.275m of guarantee cash by 31 December 2018. Largely known information.
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.
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.