Past year: ▼ 77%(0.30c – 1.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
14 Dec 2016drilling scheduled▲ GoodMajor
The PEP51153 joint venture (Melbana 30%, TAG 70%) approved drilling Pukatea-1 in Q3/Q4 2017. Best-estimate prospective resource is 12.4 million boe, chance of success raised to 19%. Melbana's dry-hole share is about A$2.5m. Firms up the earlier Q4 2016 well decision.
6 Dec 2016regulatory community update▲ Good
Melbana says plans for up to two Cuba Block 9 wells are maturing, with well proposals targeted by Q1 2017 and drilling about twelve months after commitment. Local equipment and contractors look adequate. Planning only; no well committed.
2 Dec 2016security holder rights change● Neutral
Securities update: 2.5 million 50c options lapsed on 1 December 2016. Quoted shares remain 953,243,886; unquoted are about 26.3m performance rights and 4m options at 6.5c expiring November 2019. Administrative.
28 Nov 2016regulatory community update● NeutralMajor
Regulator approved a 16-month extension of WA-488-P (Melbana 100%) Year 2 to 21 March 2018, deferring the Beehive-1 well, now anticipated in 2019. Melbana plans to farm down before drilling; the farm-out process is still underway.
23 Nov 2016regulatory community update▲ Good
Cuba's national oil company CUPET extended the first Block 9 exploration sub-period by eight months to November 2017, shortening later sub-periods; the overall period still ends March 2024. Gives more time to finish the assessment; no new resource figures.
8 Nov 2016admin correction● Neutral
Confirms Melbana Energy began trading under ticker MAY on 8 November 2016 and the new website is live. Completes the rename; administrative only.
7 Nov 2016admin correction● Neutral
Notice that trading under the new ticker MAY starts 8 November 2016, with the new website going live the same day. Administrative only.
3 Nov 2016investor presentation● Neutral
AGM managing director's presentation of 3 November 2016, repeating the Cuba Block 9 story: 100% interest, over 8 billion barrels in place, 395 million barrels prospective in one play. Text truncated; nothing new evident.
3 Nov 2016other● Neutral
Shareholders approved renaming MEO Australia as Melbana Energy Limited, with ticker MAY, resolving the AGM vote pending. The company says it signals a strategic focus on Cuba. A branding change, not new operations.
27 Oct 2016admin correction● Neutral
2016 Annual Report re-lodged with a replacement page 62. The text shown matches the earlier report and the change is not visible. Administrative; text truncated.
27 Oct 2016quarterly activities report● Neutral
September 2016 quarter summary: Cuba Block 9 Lower Sheet Play assessed at 8.183 billion barrels in place, 395 million barrels prospective. Raised A$1.69m placement and A$0.54m SPP; cash A$5.4m. WA-454-P interest assigned to Origin. Largely repeats known facts.
27 Oct 2016quarterly activities report● Neutral
September 2016 quarter cash flow: cash rose to A$5.404m from A$4.136m, helped by A$2.233m of share issue proceeds against an A$824k operating outflow. No debt. Next-quarter outflow forecast A$1.1m. WA-454-P interest (50%) went to zero.
18 Oct 2016regulatory community update▲ Good
MEO notes a fifth round of US easing of Cuba sanctions, effective 17 October 2016, including US firms' infrastructure investment and contingent contracts. The CEO calls it positive and potentially significant for Block 9, but it is a policy change, not a company result.
5 Oct 2016security holder rights change● Neutral
Securities update: 1.2 million 50c unlisted options lapsed on 3 October 2016. Quoted shares now 953,243,886. Unquoted: 2.5 million options expiring 1 December 2016, plus performance rights of about 5.3 million and 20.9 million. Administrative.
29 Sept 2016annual report● Neutral
Appendix 4G governance checklist, signed by Colin Naylor and dated 8 September 2016, re-lodged with the annual report. Administrative; no new business information.
29 Sept 2016annual report● Neutral
2016 Annual Report lodged (the full version, after the 8 September financial report). It restates the Cuba Block 9 story, the Beehive reprocessing, the AC/P50-51 farm-out and Leni Gas Cuba's 15.8% stake. Text truncated, so no accounts figures reported.
29 Sept 2016annual report● Neutral
Corporate governance statement for the year to 30 June 2016, re-lodged with the annual report; it matches the 8 September version. Administrative; no new business information. Text truncated.
28 Sept 2016other● NeutralMajor
MEO proposes renaming itself Melbana Energy Limited with ticker MAY, subject to shareholder vote at the AGM. The board says it reflects the focus on Cuba Block 9 and other Cuban business development. A branding change, not new operations.
22 Sept 2016capital raising announcement● Neutral
The share purchase plan closed 16 September having raised A$545,000, about half the roughly A$1m targeted. New shares issue 23 September. Funds go to Cuba Block 9 exploration and working capital, bringing the August raise to about A$2.2m with the placement.
14 Sept 2016investor presentation● Neutral
September 2016 Good Oil Conference presentation repeating the known story: 100% of Cuba Block 9, over 8 billion barrels in place, 395 million barrels prospective in one play, and the Australian and NZ portfolio. Text truncated; nothing new evident.
12 Sept 2016farm in farm out agreement▲ Good
Four substantial companies were reviewing technical data in the Beehive (WA-454-P... WA-488-P, MEO 100%) farm-out, with MEO seeking responses by end October 2016, subject to market conditions. No deal was agreed. The Carboniferous prospective resource Best Estimate was 558 MMboe (high case 2,033 MMboe) with a 16% chance of success.
9 Sept 2016other● Neutral
Notice from the share registry, Link Market Services, that its Melbourne shareholder-enquiry address changes to Tower 4, 727 Collins Street, Docklands from 12 September 2016. MEO is one of many companies listed. Administrative only.
8 Sept 2016annual report● Neutral
Appendix 4G corporate governance checklist lodged with the annual report, dated 8 September 2016. Administrative; no new business information.
8 Sept 2016annual report● Neutral
Annual financial report for the year to 30 June 2016, covering directors, operations, remuneration and accounts. The text provided is truncated, so no financial figures can be reported. Board unchanged: Purcell, Stickland, Sandy.
8 Sept 2016annual report● Neutral
Corporate governance statement for the year to 30 June 2016, saying MEO's practices comply with the ASX's third-edition principles. Board at 30 June was two non-executive directors and the Managing Director. Administrative; no new business information. Text truncated.
5 Sept 2016other● Neutral
MEO moved to a smaller office on Level 15, 500 Collins Street, Melbourne, reducing office costs. The company describes it as a continuation of the cost-saving program begun in 2015.
30 Aug 2016investor presentation● Neutral
August 2016 corporate presentation repeating the Cuba Block 9 story (over 8 billion barrels in place, 395 million barrels prospective resource in one play) and the portfolio. Text is truncated; nothing new is evident beyond a cash figure of about A$5.3m.
19 Aug 2016capital raising announcement● Neutral
ASX granted a waiver letting MEO run its share purchase plan at the same 3.6 cent placement price, with the new shares issued outside the 15% placement capacity. Booklet to follow.
19 Aug 2016other● Neutral
Administrative cleansing notice under ASIC Class Order 09/425 for the share purchase plan, stating MEO has met its disclosure obligations. No new figures or business information.
19 Aug 2016capital raising announcement● Neutral
Share purchase plan booklet: eligible holders can buy up to A$15,000 of shares at 3.6 cents (22.9% discount to the 5-day average price) from 25 Aug to 16 Sept 2016. Target about A$1m, not underwritten; all directors intend to take full allocation.
