Past year: ▼ 77%(0.30c – 1.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
15 Sept 2017capital raising announcement▲ Good
The entitlement offer settled, with Patersons paying the A$1.898m shortfall. With the earlier placement, Melbana has raised about A$5.2m before costs, for Cuba pre-drilling work (not drilling itself), Pukatea-1 preparation and farm-out efforts. Completes the raising.
15 Sept 2017other● Neutral
Corporate governance statement for the year to 30 June 2017, describing how the board operates. The board is two independent non-executives and the managing director. Administrative; no new business information.
13 Sept 2017investor presentation● Neutral
September 2017 investor update showing about 1,304m pro-forma shares, about 123m options and enterprise value of about A$8m, with no debt. Mainly restates existing project information; no new developments evident from the text provided.
11 Sept 2017capital raising announcement▼ BadMajor
Entitlement offer closed with shareholders applying for only 152.2m shares (31%), raising A$1.52m of the possible A$4.84m. Underwriter Patersons must take 189.8m shares (A$1.9m) for the shortfall. Directors may place the remaining shortfall at 1 cent.
7 Sept 2017drilling progress report▲ Good
Road and drilling pad works for Pukatea-1 in New Zealand (Melbana 30%) finished on time and on budget; drilling is still expected mid-January 2018. Best estimate 12.4 million boe, 19% chance of success. Melbana is still looking to cut its NZ funding while keeping exposure.
29 Aug 2017other● Neutral
Notice that a webcast interview with CEO Peter Stickland on Cuba, New Zealand and Australia is on the company website. No new information in the announcement itself.
28 Aug 2017farm in farm out agreement▲ GoodMajor
Petro Australis exercised its option to take 40% of Cuba Block 9, subject to Cuban approvals. Melbana would keep 60% and operatorship, with Petro Australis paying 40% of certain back costs and future costs. This resolves the open option; the two-well plan for 2018 stays on track.
22 Aug 2017capital raising announcement● Neutral
Prospectus and acceptance forms for the 1-for-2 entitlement offer at 1 cent were sent to eligible shareholders; the offer is open until 6 September 2017. Administrative despatch of the already announced raising; no new terms.
22 Aug 2017regulatory community update▲ Good
Field work began on Cuba Block 9: local contractors surveyed the Alameda-1 well site, camp and access road, finding benign surface conditions. Engineering design and environmental permitting continue toward drilling of up to two wells targeted mid-2018. Petro Australis's 40% back-in option still open to 2 September.
18 Aug 2017security holder rights change● Neutral
Senior staff exercised 20,940,032 performance rights (issued Feb 2016 for a 20% cash pay cut) into shares, lifting shares to 974,183,918. This raises the maximum entitlement offer to about 487.1m shares and roughly A$4.9m, about A$100,000 more.
16 Aug 2017capital raising announcement● Neutral
Letter to eligible shareholders restating the entitlement offer: 1 new share per 2 held at 1 cent. The placement raised A$1,787,332. If fully taken up, shares on issue rise from 953.2m to about 1.61bn. Administrative; no new terms.
16 Aug 2017capital raising announcement● Neutral
Letter telling shareholders with addresses outside Australia, NZ, BVI, Singapore and Canada that they cannot take part in the 1-for-2 entitlement offer at 1 cent, because compliance costs were judged unreasonable. Administrative; no new terms.
15 Aug 2017capital raising announcement● Neutral
Letter to option holders explaining that they can join the entitlement offer only by exercising options before the 18 August 2017 record date. Administrative notice of the already announced raising; no new terms.
15 Aug 2017capital raising announcement● Neutral
Prospectus for the 1-for-2 entitlement offer of up to about 476.6m shares at 1 cent to raise up to about A$4.8m, with free 2-cent options expiring 31 August 2018. Partly underwritten to A$3.42m by Patersons; closes 6 September 2017. Formal document for the announced raising.
What it means for a shareholder
477m new shares at A$0.010 to raise about A$4.8m. That's 33% dilution: every existing holder's slice gets 33% smaller. If you held A$1,000 of shares (100,000 at the issue price), your slice goes from 0.0105% to 0.00699% of the company. To keep it you'd need 49,998 more shares - about A$500 at the issue price.
Create a free account to see this worked out for your own holding.
15 Aug 2017capital raising announcement● NeutralMajor
Melbana is raising up to about A$6.6m at 1 cent a share, a 20% discount to the 15-day average: a A$1.8m placement plus a 1-for-2 entitlement offer of up to A$4.8m, with attaching 2-cent options. Funds go to Cuba drilling preparation, not drilling itself. Significant dilution.
8 Aug 2017investor presentation● Neutral
August 2017 investor update showing 953.2m shares, market cap about A$12.4m at 4 August and cash about A$2.6m at 30 June. Repeats the Cuba and other project information already released. No new developments evident from the text provided.
31 July 2017drilling scheduled▼ BadMajor
Operator TAG Oil delayed Pukatea-1 (Melbana 30%) from late October-November 2017 to mid-January 2018, for road, pad and rig work; the well must still be drilled before 23 February 2018. Melbana is considering ways to reduce its New Zealand funding while keeping exposure.
31 July 2017quarterly activities report● NeutralMajor
June quarter activities: Cuba Block 9 farm-out process started and an engineering firm engaged; first Cuba well now targeted mid-2018. Pukatea-1 now early 2018. Melbana is considering all alternatives for its Australian and NZ permits to focus on Cuba, a shift in emphasis.
26 July 2017farm in farm out completion▲ GoodMajor
Rouge Rock exercised its option for 45% of AC/P50 and AC/P51, earned by reprocessing work valued at about A$1.15m on which Melbana was free carried. Melbana now holds 55%, subject to Far Cape's 5% back-in option. A joint farm-out is planned for 2017-18.
19 July 2017regulatory community update▲ GoodMajor
Cuban state oil company CUPET approved a Block 9 work program change: the 200km seismic survey is deferred to November 2019 and an exploration well is brought forward into the sub-period starting November 2017. Supports up to two wells, first spud in first half 2018.
18 July 2017investor presentation● Neutral
July 2017 corporate presentation titled 'Material Drilling Imminent', repeating the Block 9 figures of about 12.5 billion barrels in place and 637 million barrels prospective, and the Alameda-1 targets. Nothing new beyond earlier releases.
28 June 2017drilling scheduled▲ Good
PEP51153 joint venture (Melbana 30%, TAG Oil operator) started road and pad works and signed a letter of intent for the Nova-1 rig. Pukatea-1 expected to start late October-early November 2017; best estimate 12.4 million boe, 19% chance of success.
6 June 2017investor presentation● Neutral
June 2017 corporate presentation repeating the Block 9 upgrade to 637 million barrels prospective and the Alameda-1 detail. Nothing new beyond the earlier releases.
5 June 2017drilling scheduled▲ Good
Melbana says its two-well Cuba Block 9 campaign is on track, with the first well (Alameda or Zapato) expected to spud in first half 2018, about 12 months away. A Cuban engineering firm is engaged for well design and permitting. Well sites inspected. No well committed or funded yet.
6 Apr 2017investor presentation● Neutral
Technical presentation on Block 9 petroleum potential given at the Geociencias conference in Havana, April 2017. Covers exploration history, the geological model and the current resource assessment already announced; no new figures evident from the text provided.
29 Mar 2017investor presentation● Neutral
March 2017 corporate presentation repeating the Block 9 figures of 12.5 billion barrels in place and 637 million barrels prospective, plus Alameda-1 detail. Nothing new beyond the 22 March update.
28 Mar 2017security holder rights change● Neutral
Granted 9.25 million employee options at 3.2 cents, vesting in March 2018 and March 2019, expiring September 2020. A further 3.0 million for CEO Peter Stickland needs shareholder approval at the next general meeting. Routine incentive grant.
22 Mar 2017resource reserve update▲ GoodMajor
Block 9 potential lifted again to about 12.5 billion barrels in place and 637 million barrels prospective (from 612 million), due to a new shallow U1 lead of 25 million barrels. Alameda-1 (130 million barrels, 4,000m, ~80 days) and Zapato (71 million) are the top drill targets. Unrisked.
9 Mar 2017half year report● Neutral
Half-year to 31 December 2016: loss after tax A$1.109m, down from A$1.373m a year earlier, mainly administration costs. Repeats the Cuba Block 9 upgrade to 612 million barrels and the Pukatea-1 drilling plan for Q3/Q4 2017. No new developments.
1 Mar 2017drilling scheduled▲ Good
The PEP51153 joint venture (Melbana 30%) ordered long lead equipment for Pukatea-1, with drilling planned from mid-October to early November 2017. A step toward the well already approved in December; resource figures unchanged.
