Past year: ▼ 77%(0.30c – 1.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 Jan 2018regulatory community update▲ Good
Cuban authorities issued a Certificate of Microlocalisation, completing the first phase of Block 9 drilling permits and allowing access to the Alameda-1 site for civil works. Later environmental and operational approvals remain, but this moves the mid-2018 drilling plan forward.
30 Jan 2018drilling progress report● Neutral
Pukatea-1 is on schedule, with surface casing set at 601.7m, about 28% of the way to the primary target. The Mt Messenger secondary target is expected in about a week. No result yet.
24 Jan 2018drilling spud● NeutralMajor
Pukatea-1 spudded on 24 January 2018 in New Zealand (Melbana 30%, TAG Oil 70% operator), targeting ~3,170m. The primary target carries a 12.4 MMboe best estimate and 19% chance of success. This starts the well flagged as company-changing if it succeeds.
18 Jan 2018drilling progress report● Neutral
The Nova-1 rig is mobilising to the Pukatea-1 site, with drilling now expected about 25 January to a depth of ~3,170m over ~33 days. Repeats the 12.4 MMboe best estimate and 19% chance of success; no new result.
15 Jan 2018investor presentation● Neutral
January 2018 presentation: about 1,666m shares, 210m options, cash of ~A$6.4m at 31 December, no debt, market cap ~A$27m. Largely restates known project plans; no new project results.
12 Jan 2018director officer appointment● NeutralMajor
Managing Director Peter Stickland resigned for health reasons and stays as a non-executive director and consultant. Robert Zammit, who led the Beehive deal with Total and Santos, becomes CEO on A$300,000 base salary.
5 Jan 2018drilling scheduled● Neutral
Pukatea-1 (NZ, Melbana 30%) is due to spud about 23 January 2018, taking roughly 33 days. The operator sees a ~50% chance of moveable oil in a shallower Mt Messenger target. Net dry-hole cost rises about A$400k to ~A$2.0m from ~A$1.6m.
15 Dec 2017capital raising announcement● NeutralMajor
Melbana placed 150m shares at 1.4 cents to raise A$2.1m before costs, a 12.5% discount to the last price but 40% above August's entitlement offer. Funds go to Cuba and New Zealand work and working capital.
What it means for a shareholder
150m new shares at A$0.014 to raise about A$2.1m. That's 9.0% dilution: every existing holder's slice gets 9.0% smaller. If you held A$1,000 of shares (71,429 at the issue price), your slice goes from 0.00471% to 0.00429% of the company. To keep it you'd need 7,069 more shares - about A$99 at the issue price.
Create a free account to see this worked out for your own holding.
12 Dec 2017farm in farm out agreement▲ GoodMajor
Total and Santos will fully fund a 3D seismic survey over the Beehive prospect (WA-488-P) for an option on 80%. If exercised, Melbana keeps 20% and is carried through the first well. Resolves the ongoing Beehive farm-out talks; survey expected mid-2018.
4 Dec 2017joint venture update▲ GoodMajor
Melbana settled with Petro Australis, paying A$50,000 and issuing 20.8m shares, so it holds an unencumbered 100% of Cuba Block 9. It will keep its full 30% in Pukatea-1 (Nova-1 rig, late January spud, net dry-hole cost ~A$1.6m); Beehive talks continue.
23 Nov 2017investor presentation● Neutral
AGM presentation showing about 1,494m shares, 187m options, cash of about A$6m at 30 September, no debt and enterprise value of about A$15m. Market cap is about A$21m at 22 November. Restates known project plans.
22 Nov 2017price query● Neutral
ASX queried a rise from 1.2 to 1.55 cents on heavy volume. Melbana said it knew of no undisclosed information and noted Leni Gas Cuba, its former major holder, announced an exit from Cuba-related investments and held 83.6m shares on 6 October.
10 Nov 2017drilling result▲ Good
Reprocessed 3D seismic over AC/P50 and AC/P51 (Melbana 55%) shows better data and an amplitude-supported objective above the Ramble On prospect. Rouge Rock funded the work (about A$1.15m). Preliminary only; supports the planned further farm-out.
9 Nov 2017director officer appointment▲ Good
Melbana appointed Heriberto Vasco as Drilling Planning Coordinator in its Cuban office, with over 40 years of drilling experience, to support permitting and procurement for Block 9 drilling from mid-2018. A staffing step, not a change in plans.
31 Oct 2017quarterly activities report● Neutral
Cash flow report: cash rose to A$6.037m at 30 September 2017 from A$2.605m, helped by A$5.207m of share proceeds; operating outflow was A$1.302m. No debt. Estimated outflow next quarter is A$1.3m.
31 Oct 2017quarterly activities report● Neutral
September quarter summary restating the ~A$5.2m raising, Alameda-1 site surveys in Cuba, Pukatea-1 drilling expected January 2018, Rouge Rock's 45% of AC/P50-51 and Beehive farm-out talks. Largely repeats known facts.
30 Oct 2017material agreement termination▲ GoodMajor
Petro Australis failed Cuban pre-qualification, so Melbana terminated the arrangement and says it keeps 100% of Cuba Block 9. This reverses the August 40% back-in exercise; Petro Australis disputes by seeking to continue. Farm-out and 2018 drilling of up to two wells continue.
20 Oct 2017annual report● Neutral
FY2017 annual report repeats the year's highlights: Cuba Block 9 focus, Pukatea (NZ, 30%) with 12.4 MMboe best estimate, and the A$5.21m raising after year end. Text is truncated, so no financial figures can be reported.
11 Oct 2017regulatory community update▲ GoodMajor
Melbana notified Cuban authorities it is committing to Block 9's second exploration sub-period, starting 3 November 2017 for two years, which requires at least one exploration well. First sub-period work (200km seismic reprocessing) is complete; drilling of up to two wells is targeted mid-2018.
2 Oct 2017other● Neutral
Notice that Hartleys has published a research report on Melbana, available on the company website. No new company information.
19 Sept 2017other● Neutral
Notice that broker Brandon Hill has published a research report on Melbana, available on the company website. No new company information.
15 Sept 2017annual report● Neutral
Annual financial report for the year to 30 June 2017, including directors' report, remuneration report and audited accounts. Text provided is truncated, so no figures can be reported here. Board unchanged: Purcell, Stickland, Sandy.
15 Sept 2017admin correction● Neutral
Appendix 4G governance checklist lodged with the annual report, pointing to the corporate governance statement on the company website. Administrative; no substance.
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.
