Past year: ▼ 77%(0.30c – 1.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
21 Apr 2015regulatory community update▲ GoodMajor
The regulator approved the WA-454-P variation: Permit Year 4 extended six months and the Breakwater-1 well deferred to Permit Year 6, to be drilled before 8 December 2017. This resolves the 12 March application; the well is estimated at A$20m (100% basis).
20 Mar 2015other● Neutral
The chairman's letter rebuts Mosman's mailings and repeats the recommendation to REJECT. It says Mosman had A$2m cash at end-February and a finding cost of over A$260 per barrel in New Zealand. No new MEO developments.
18 Mar 2015other● Neutral
MEO lodged a supplementary Target's Statement to the Mosman bid, adding the WA-488-P farminee approval and WA-454-P variation plans. Directors continue to recommend REJECT, citing Mosman's going-concern doubt, an 18.8% discount and possible dilution of up to 21.1 million shares.
17 Mar 2015farm in farm out agreement▲ GoodMajor
The unnamed international farminee has received final board approval to exercise its option for 30% of WA-488-P (Beehive). Final documents are due in about 8 weeks, subject to regulatory approvals. This confirms the 18 February option; further options could leave MEO with a carried 20%.
16 Mar 2015business combination● Neutral
Mosman extended its offer period from 24 March to 8 May 2015, with the conditions-status notice date moved to 1 May. Shareholders who already accepted may withdraw within a month. The bid remains conditional and the board still recommends rejection.
12 Mar 2015regulatory community update● Neutral
The WA-454-P joint venture will apply to extend Permit Year 4 by six months and push the Breakwater-1 well commitment to Permit Year 6. If approved, the well must be drilled before 8 December 2017. Approval is not guaranteed; the delay means more seismic work first.
3 Mar 2015investor presentation● Neutral
MEO presentation setting out the board's recommendation to reject the Mosman takeover. Repeats arguments already in the Target's Statement; the readable text carries no new figures.
26 Feb 2015business combination● Neutral
Mosman confirmed its bidder's statement was sent to MEO holders registered at 3 February 2015, and the offer is dated 24 February 2015. Administrative notice.
25 Feb 2015business combination● Neutral
Mosman began dispatching its replacement bidder's statement for the 1-for-10 offer for MEO. The offer is stated to close at 5pm WST on 24 March 2015 unless extended or withdrawn.
25 Feb 2015business combination● Neutral
MEO lodged its Target's Statement and the directors again recommend shareholders reject Mosman's offer. Cover notice only; shareholders are advised to take no action on Mosman's documents.
25 Feb 2015business combination● Neutral
MEO's Target's Statement formally recommends shareholders REJECT Mosman's 1-for-10 offer and do nothing with its documents. It follows the board's 29 January reasons for rejection. Full text was truncated, so no new figures are drawn from it.
25 Feb 2015business combination● Neutral
Mosman said ASIC approved Patersons Securities as the nominee to sell Mosman shares on behalf of foreign MEO shareholders who accept the offer. Administrative notice.
19 Feb 2015half year report● Neutral
Half-year loss to 31 December 2014 was A$7.28m, mainly A$4.3m of exploration write-offs and A$3.7m of administration costs, versus a A$119.8m loss a year earlier. Reiterates WA-454-P, Beehive and Heron plans and the Blackwood withdrawal.
18 Feb 2015farm in farm out agreement▲ GoodMajor
MEO signed an option deal with an unnamed international explorer for farm-ins to WA-488-P, AC/P50 and AC/P51. The farminee immediately took up 30% of WA-488-P (Beehive), subject to board approval; extra options could leave MEO with a fully carried well for 20%. Final documents due in about two months.
11 Feb 2015business combination● Neutral
Mosman lodged a replacement bidder's statement for its 1-for-10 takeover of MEO. ASIC allowed the offer to be dispatched up to 25 February 2015 rather than 11 February. Replaces the 28 January version.
9 Feb 2015asset acquisition disposition● NeutralMajor
MEO is withdrawing from the Blackwood gas discovery at no cost, handing it to Eni, because its 2C resource is too small to support the Tassie Shoal methanol project. Eni transfers its 50% of the rest of NT/P68, leaving MEO focused on Heron at 100%, subject to approvals.
3 Feb 2015security holder rights change● Neutral
MEO cancelled 3,000,000 unlisted 50c options (July 2016) and 350,000 performance rights. Shares on issue unchanged at 750,488,387. Housekeeping update.
2 Feb 2015other● Neutral
Mosman gave a formal notice setting 3 February 2015 as the date for deciding which MEO shareholders receive its bid documents. Administrative notice with no new substance.
29 Jan 2015business combination● NeutralMajor
Directors recommend rejecting Mosman's revised 1-for-10 bid: about a 42.4% discount to MEO's last price, Mosman has only about A$2.26m cash and going-concern doubts, dilution risk, and a 90% acceptance condition. Target statement due by 25 February 2015.
29 Jan 2015other● NeutralMajor
MEO cuts corporate overheads by more than 60% versus FY2014, to about A$2.5m a year from March 2015, using more flexible employment arrangements. The CEO cites a cash balance of nearly A$10m and the sharp deterioration in the business environment.
29 Jan 2015business combination● Neutral
Mosman lodged its bidder's statement for the off-market takeover of MEO at 1 Mosman share per 10 MEO shares. The offer period was not yet stated in the readable text. This formalises the competing bid after the Neon merger fell away.
28 Jan 2015director officer appointment● Neutral
Peter Stickland, already CEO since 19 December, joins the board as Managing Director and CEO from 30 January 2015. Follows the departure of Jürgen Hendrich and director Michael Sweeney's resignation.
20 Jan 2015business combination● Neutral
MEO acknowledges Mosman's revised 1-for-10 proposal and tells shareholders to take no action until the directors give a formal recommendation. Holding response only.
19 Jan 2015business combination● NeutralMajor
Mosman raised its offer to 1 Mosman share per 10 MEO shares, double the earlier 1-for-20, and dropped its condition tied to the Neon scheme. Bidder's statement to MEO by 27 January and to shareholders by 10 February 2015.
15 Jan 2015production update▼ BadMajor
Operator Kea shut in the Puka field in New Zealand after mechanical problems at Puka-1 that could not be fixed, citing the oil price. MEO's 30% share had been about 30 barrels a day, so its only oil income stops.
6 Jan 2015director officer appointment● Neutral
Non-executive director Michael Sweeney resigned with immediate effect. He had served since October 2008 and sat on the remuneration and audit committees. Sweeney was named in the proposed merged board under the now-terminated Neon deal.
24 Dec 2014material agreement termination● Neutral
Neon confirms it paid MEO the A$400,000 reimbursement fee and has no further obligations under the terminated merger agreement. Duplicates MEO's own announcement of the same day.
24 Dec 2014material agreement termination● Neutral
MEO confirms receiving the A$400,000 reimbursement fee from Neon. It treats the merger agreement as terminated and will not proceed with the scheme, ending the planned 50/50 merger announced in November.
22 Dec 2014material agreement termination▼ BadMajor
MEO confirms Neon gave notice terminating the merger agreement after deeming Evoworld's offer superior, with a A$400,000 reimbursement fee payable. MEO expects Mosman to proceed with its bid and tells shareholders to take no action until the board recommends.
22 Dec 2014business combination▼ BadMajor
Neon agreed with Evoworld to a recommended proportional takeover at A$0.038 per Neon share for 50% of holdings, judged superior to the MEO merger. Neon terminated the MEO merger agreement and paid MEO a A$400,000 reimbursement fee. This is a Neon announcement; it ends the planned merger.
