Past year: ▼ 77%(0.30c – 1.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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%.
12 July 2018quarterly activities report● Neutral
June quarter summary: Beehive survey approved and contracted, Zapato gravity/magnetic study, Cuba rig identified (possible delay to Q1 2019), farm-out active, and Pukatea-1 test of ~276 boe/d. Mostly restates known events; AIM listing and a general meeting are under consideration.
12 July 2018quarterly activities report● Neutral
June quarter cash rose to A$6.120m from A$3.754m, helped by A$3.203m of loan proceeds; operating outflow was A$1.077m. Loan drawn A$2.848m; A$355k interest paid. About A$3.081m is the cash-backed Cuba guarantee.
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.
20 Apr 2018quarterly activities report▼ Bad
Cash fell to A$3.754m at 31 March 2018 from A$6.413m, after A$2.682m operating outflow; A$2.968m of this is the cash-backed Cuba guarantee. Next-quarter outflows are estimated at A$1.555m, including A$355k loan interest.
20 Apr 2018quarterly activities report● Neutral
March quarter: Santa Cruz rights, Block 9 permitting and rig tenders, Beehive extension and permit application, and the Pukatea-1 Mt Messenger discovery. Gross cash was A$6.1m at 20 April, including the new loan. Largely restates known events.
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.
8 Mar 2018half year report▼ Bad
Half-year to 31 December 2017: loss after tax A$1.886m (prior year A$1.109m), mainly administration costs. Reviews Cuba Block 9 progress, including the work program change bringing a well forward into the second sub-period. Mostly restates known events.
6 Mar 2018drilling progress report● Neutral
Pukatea-1 finished at 3,100m; deep logs could not be run because of a down-hole obstruction. The rig is released and the Mt Messenger oil zone is completed for a production test, within the well budget. A good test would improve the odds of restarting the suspended Puka field.
2 Mar 2018investor presentation● Neutral
Conference presentation on Cuba Block 9 given at APPEX London on 28 February 2018. It restates known company data (about 1,666m shares, ~A$6.4m cash, no debt) and project plans; no new results disclosed.
27 Feb 2018regulatory community update▲ Good
The regulator extended Beehive (WA-488-P) permit Year 2 by six months to 21 September 2018, with the Beehive-1 well deadline moved too. This gives time to secure the environmental permit (applied 8 February) for the Total/Santos-funded 3D seismic, targeted mid-2018.
27 Feb 2018drilling result▼ BadMajor
Pukatea-1 reached 3,100m without intersecting the Tikorangi Limestone primary target, which carried a 12.4 MMboe best estimate. About 160m of intermittent hydrocarbon shows will be logged. The well will be plugged back to test the Mt Messenger oil zone, which may restart Puka field production.
20 Feb 2018drilling progress report● Neutral
Pukatea-1 is drilling towards the top of the Tikorangi Limestone, expected within days, with casing to be set there first. The report shows 2,815m depth. No new result.
13 Feb 2018drilling result▲ GoodMajor
Logs show 4.5m true vertical thickness of net oil pay in Mt Messenger over a 10.4m gross interval, in line with pre-drill expectations. Together with Puka-2, this moves Melbana towards modest production. Drilling continues to the main Tikorangi target.
7 Feb 2018drilling result▲ Good
Pukatea-1 hit the Mt Messenger secondary target 2m high to prognosis, with encouraging oil shows over a 14m gross interval. Wireline logging will judge their significance. An early positive for restarting the suspended Puka field, not yet confirmed.
6 Feb 2018drilling progress report● Neutral
Pukatea-1 has reached 1,470m, about 52% of the way to the primary target, and is on schedule. It is about to drill through the Mt Messenger secondary target. No result yet.
31 Jan 2018quarterly activities report● Neutral
December quarter summary: Total and Santos Beehive option, Pukatea-1 spud on 24 January, Cuba rigs identified for up to two wells around mid-2018, farm-out active, and ~A$2.1m raised. Cash is A$6.4m. Largely restates known events.
31 Jan 2018quarterly activities report● Neutral
Cash rose to A$6.413m at 31 December 2017 from A$6.037m, after A$2.1m of share proceeds and a A$1.387m operating outflow. A$2.917m is held as a cash-backed Cuba guarantee. No debt. Next-quarter outflow is estimated at A$2.7m.
