Past year: ▼ 77%(0.30c – 1.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
26 Oct 2015annual report● Neutral
2015 annual report. It recounts the year: Cuba entry, new leadership, the defeated Mosman bid, cost cuts, and a failed merger with Neon Energy, which ended when Neon accepted a competing offer. Mostly repeats known events.
23 Oct 2015annual report● Neutral
Corporate governance statement for the year to 30 June 2015 describing board roles, composition and independence. Administrative; no new business information.
23 Oct 2015annual report● Neutral
Appendix 4G governance checklist for the year to 30 June 2015, filed with the annual report. Administrative compliance form with no new business information.
20 Oct 2015farm in farm out completion▼ BadMajor
Rex withdrew from its 30% farm-in to WA-488-P after changing strategy, paying MEO US$53,500 compensation. MEO returns to 100% of the permit holding the Beehive prospect and continues talks with other parties. Reverses the May 2015 Rex farm-in.
20 Oct 2015investor presentation● Neutral
October 2015 presentation restating the portfolio and strategy: share price 1.6 cents, market capitalisation A$12.0m, net cash A$5.2m. Highlights Cuba Block 9 and the Shannon prospect, a best case of 5.3 million barrels (100%). Mostly known facts.
16 Oct 2015other● NeutralMajor
After a portfolio review, MEO prioritised Cuba Block 9, NZ PEP51153, WA-488-P and WA-454-P, plus the Vulcan permits. It will exit NT/P68 (Heron), WA-360-P and WA-361-P within about 6 months, and keep pursuing Tassie Shoal. Heron judged too small to supply Tassie Shoal.
30 Sept 2015director officer appointment● NeutralMajor
Chairman Greg Short will resign at the end of the 25 November 2015 AGM, and Stephen Hopley will not seek re-election. A new chairman will be named by the AGM. Confirms the board transition flagged in July.
18 Sept 2015annual report● Neutral
Directors' report and financial statements for the year to 30 June 2015, listing the board and contents. The provided text is only the cover, directory and director biographies; no financial figures are shown.
3 Sept 2015material agreement▲ GoodMajor
MEO signed the Cuba Block 9 production sharing contract with state oil company CUPET, covering about 2,380 km2 onshore. It ends over three years of talks and starts an 18-month study phase of data review and seismic reprocessing. Resolves the delayed Cuba approval thread.
1 Sept 2015other● Neutral
Securities notice: 180,000 options (1 Dec 2016) and 1.5m options (3 Apr 2017), all 50c unlisted, lapsed. Ordinary shares remain 750,488,387. Administrative.
31 July 2015director officer appointment● NeutralMajor
Andrew Purcell and Michael Sandy joined the MEO board as non-executive directors. Chairman Greg Short and Stephen Hopley are expected to retire on or before the 2015 AGM after a transition. Describes a board refresh after the Mosman bid.
15 July 2015asset acquisition disposition● NeutralMajor
Kea shareholders approved selling its 70% of the PEP51153 (Puka) permit in NZ to Caliera Fund, subject to NZ approval. MEO keeps 30% and did not use its pre-emptive right. MEO expects the well-funded buyer to raise odds of drilling in 2015-16.
14 July 2015regulatory community update● Neutral
The regulator approved an AC/P53 (MEO 100%) work program change: geotechnical studies (A$250k) move forward into Permit Year 5, and the exploration well (A$25m indicative) is deferred to Year 6, ending 6 July 2017. Gives more time before drilling.
9 July 2015other● Neutral
Securities notice: 650,000 unlisted 50c options expiring 1 December 2016 lapsed. Ordinary shares remain 750,488,387. Administrative.
17 June 2015material agreement▲ GoodMajor
MEO signed a cooperation agreement with Sarawak state-owned Brooke Dockyard to jointly bid for Malaysian oil and gas opportunities. Brooke funds evaluation and exploration; on the first opportunity Brooke would hold 75% and MEO 25%. A new thread toward the new-ventures search.
15 June 2015business combination▲ GoodMajor
Mosman's takeover offer expired on 12 June 2015 unsuccessful, with acceptances of only 2.047% of MEO shares as of 5 June. MEO's board will keep pursuing its projects. Ends the bid that dominated the past months; MEO stays independent.
5 June 2015business combination● Neutral
Mosman gave a formal notice that its offer is free of all conditions and that its voting power in MEO was 2.047% at 5 June 2015. Shows the bid attracting few acceptances.
27 May 2015investor presentation● Neutral
May 2015 investor presentation, issued in the context of the Mosman bid. It restates MEO's portfolio and recent milestones, which are already known; text provided is mainly disclaimers.
27 May 2015business combination● Neutral
MEO's chairman again urged shareholders to reject Mosman's revised 1-for-5 offer, saying it implied A$0.016 per share, a 20% discount to MEO's 2.0 cent price on 22 May. Directors cite Mosman's limited cash and AIM trading costs, and say talks with third parties continue with no guarantee.
21 May 2015farm in farm out completion▲ GoodMajor
MEO signed the 30% WA-488-P farm-out to a subsidiary of SGX-listed Rex International, leaving MEO at 70%. Options could lift Rex's share, leaving MEO a fully carried 20% through Beehive-1. Beehive mean prospective resource is 925 MMstb (Carboniferous), unrisked, 16% chance of success. Completes the March-approved deal.
20 May 2015price query● Neutral
ASX queried the MEO share price rise from 1.7 to 2.2 cents. MEO said it knew of no unannounced information, noted media on Cuba and recent permit news, and said final WA-488-P farm-in documents were expected shortly.
18 May 2015business combination● Neutral
Mosman lodged a second supplementary bidder's statement correcting an earlier error: its 1-for-5 offer for MEO has been unconditional since 5 May 2015, when the Mosman shareholder approval condition was freed. Corrective only; no new terms.
15 May 2015regulatory community update▲ GoodMajor
MEO accepted the regulator's offer to renew AC/P50 and AC/P51 (100%, Vulcan Sub-basin) for five years. Firm work is only studies and seismic reprocessing for three years; one well per permit (about A$20m each, indicative) falls in discretionary Years 4-5. Resolves the pending renewal.
13 May 2015business combination● Neutral
Mosman's first supplementary bidder's statement promotes its 1-for-5 offer, valued at A$0.0205 per MEO share (36.6% premium to 30 April close), open to 12 June. Mosman says over 466 holders accepted and it would seek a MEO board seat if it holds a minority stake.
12 May 2015regulatory community update▲ Good
The regulator approved a six-month extension of NT/P68 Permit Year 5, now ending 26 October 2015, rather than the earlier 26 April expiry. MEO will focus on its 100% Heron area and may apply for a five-year renewal, with 50% relinquishment. Work commitment is about A$550,000.
6 May 2015business combination● Neutral
Mosman declared its offer free of the last condition, Mosman shareholder approval, so the 1-for-5 bid is now unconditional. Mosman's voting power in MEO was 1.2829% at 5 May. Shareholders who accept are now bound, subject to withdrawal rights.
4 May 2015business combination● Neutral
MEO's board recommends shareholders REJECT the improved Mosman offer of 1 share per 5, closing 12 June 2015. It cites Mosman's cash doubts, AIM trading costs and MEO's recent milestones, and says it is in talks with third parties, with no guarantee of a better proposal.
1 May 2015business combination● NeutralMajor
Mosman raised its offer to 1 Mosman share per 5 MEO shares (from 1 per 10), freed it of all conditions except Mosman shareholder approval, and extended it to 12 June 2015. Mosman's voting power was 1.606% at 30 April.
30 Apr 2015other● Neutral
MEO's second supplementary Target's Statement reports the WA-454-P and WA-488-P work program approvals and says about 10 million new Mosman shares appear to have been issued. Directors still recommend REJECT.
22 Apr 2015regulatory community update▲ Good
The regulator approved a six-month suspension and extension of WA-488-P Permit Year 2, allowing more seismic work and possible 3D seismic over Beehive. If a further variation is accepted, Beehive-1 would be drilled before November 2017. MEO is shown at 70% after the 30% farm-out.
