Past year: ▼ 77%(0.30c – 1.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
19 Dec 2014business combination▲ Good
The Victorian Supreme Court approved dispatch of the Neon scheme booklet and convening of the MEO scheme meeting, expected 10.30am on 2 February 2015. Booklet to go to shareholders by 29 December. A procedural step for the Neon merger.
19 Dec 2014business combination▲ Good
Scheme booklet registered with ASIC. KPMG, the independent expert, found the Neon scheme fair and reasonable. Directors unanimously recommend a yes vote absent a superior proposal. Meeting 2 February, implementation 20 February 2015, at 0.7369 Neon shares per MEO share.
18 Dec 2014business combination▼ Bad
Neon says Evoworld, which is challenging the MEO merger, called a 14 January meeting. Neon postpones it, and says it has received a non-binding Evoworld approach that may lead to a superior proposal to the MEO merger. This puts the scheme at risk.
15 Dec 2014business combination● Neutral
MEO directors call Mosman's 1-for-20 takeover proposal inferior to the Neon merger: implied value about 1.65 cents per MEO share versus 2.65 cents under Neon. They note it is highly conditional (90% acceptance) and reaffirm the Neon scheme, with a Court hearing expected in December.
12 Dec 2014director officer appointment● NeutralMajor
Peter Stickland, Exploration Manager, was appointed CEO from 19 December 2014 on a 12-month term at A$400,000 a year. Jürgen Hendrich became Executive Director Special Projects until leaving on 31 January 2015.
12 Dec 2014business combination● Neutral
Neon notes MEO has received Mosman's takeover notice and that MEO is in a trading halt. It tells its holders to take no action until MEO's board responds. Short statement with no new terms.
11 Dec 2014business combination● NeutralMajor
Mosman Oil and Gas (AIM-listed) announced its intention to make a takeover bid for MEO: 1 Mosman share for every 20 MEO shares. It is conditional on, among other things, the Neon merger not proceeding. A competing alternative to the Neon scheme.
4 Dec 2014material agreement▲ GoodMajor
MEO agreed terms for a 100% onshore exploration PSC over Cuba's Block 9 (about 2,380 km2), subject to final regulatory approval. Initial commitment is an 18-month evaluation period with withdrawal options; Petro Australis may take up to 40%. This is a new venture for MEO.
2 Dec 2014business combination● Neutral
MEO lodged a draft scheme booklet for the Neon merger with ASIC. Scheme meeting is expected on 2 February 2015, with implementation in the second half of February 2015, subject to court approval; dates are indicative.
1 Dec 2014other● Neutral
Securities notice: 1,200,000 unlisted 50c options expiring 4 April 2016 lapsed. Quoted shares remain 750,488,387. Administrative only.
17 Nov 2014other● Neutral
MEO's office address changes to Level 20, 500 Collins Street, Melbourne. Administrative notice only.
5 Nov 2014business combination● Neutral
Neon's chairman urges its holders to vote against Evoworld's resolutions at 12 November meetings so the MEO merger can proceed. Merged group targets net cash of A$37m, with Peter Stickland as CEO and overheads cut from about A$8.5m to A$3.5m a year.
5 Nov 2014other● Neutral
Securities notice: 600,000 unlisted 50c options expiring 27 October 2015 lapsed. Quoted shares remain 750,488,387. Administrative only.
5 Nov 2014business combination● NeutralMajor
MEO and Neon Energy propose an all-scrip merger of equals by MEO scheme of arrangement: 0.7369 Neon shares per MEO share, each group's holders owning 50%. Both boards back it. It is conditional on Neon holders rejecting Evoworld's proportional takeover and board-replacement resolutions.
3 Nov 2014director officer appointment▼ BadMajor
Managing Director and CEO Jürgen Hendrich, in the role since July 2008, will leave on 31 January 2015. A replacement will be announced later. Leadership change comes after a year in which the company wrote off A$129.4m of exploration costs.
3 Nov 2014director officer appointment● Neutral
Chairman Greg Short will be in Italy until 15 December 2014, so director Stephen Hopley is Acting Chairman during his absence. Temporary arrangement only.
30 Oct 2014investor presentation● Neutral
AGM presentation themed 'Repositioning our Company' repeats known points: Eni's Heron withdrawal, Tassie Shoal sale effort, withdrawing from selected acreage and seeking appraisal and development opportunities. It states a potential gas price of US$3.15/MMBTU for Tassie Shoal supply; Evans Shoal talks are deferred to January 2015.
30 Oct 2014investor presentation● Neutral
Technical supplement to the AGM presentation, repeating known resource and permit information: Heron 100% with MEO resuming operatorship, Blackwood 50%, and a post-well resource assessment under way. No new results shown in the provided text.
29 Oct 2014farm in farm out completion● NeutralMajor
Eni will not drill a second Heron well and withdraws from the Heron Area, so MEO regains 100% there. Eni also declined to lift its Blackwood interest above 50% and will keep 50%. This resolves the 28 October option thread; Eni's US$75m on FID is not mentioned.
1 Oct 2014farm in farm out agreement▼ BadMajor
Apache chose not to exercise its option to take 70% of AC/P50 and AC/P51, so the option lapsed on 30 September 2014. MEO keeps 100% and says it will consider other farm-in offers before the April 2015 permit renewal. This ends the Apache thread.
26 Sept 2014annual report▼ BadMajor
Chairman calls 2013/14 unsuccessful and says limited cash will make the near term challenging. Market cap fell from A$36.4m to A$18.8m and A$129.4m of exploration costs were written off, mainly NT/P68 (A$113.2m). Management is pursuing asset sales, including Tassie Shoal via UBS.
17 Sept 2014annual report● Neutral
Statutory financial report and directors' report for the year to 30 June 2014, with the same board and Ernst & Young as auditor. The provided text shows no new figures; the annual report released days later carries the chairman's commentary.
19 Aug 2014drilling result▼ BadMajor
Puka-3 reached 2,200m and found thicker reservoir, but mostly water-bearing with an oil-water contact much shallower than expected. It is being plugged and abandoned as uncommercial. MEO still gets 30% of Puka-1 and 2 oil and has six months to decide on Phase II.
15 Aug 2014farm in farm out agreement● Neutral
MEO and Eni again extended the NT/P68 notice dates, for the second Heron well and Eni's option on a further 25% of Blackwood, from 29 August to 28 October 2014. The 12 February 2016 Heron drilling deadline is unchanged.
7 Aug 2014asset acquisition disposition● NeutralMajor
MEO launched a sale of equity in its Tassie Shoal methanol and LNG projects, appointing UBS as adviser after inbound interest. It says sale funds would help buy near-term cash-generating assets, a shift toward seeking operating income.
1 Aug 2014drilling progress report● Neutral
Puka-3 was drilling ahead at 839m after setting surface casing, aiming for thicker sand to the north. Puka-1 and Puka-2 combined production recovered to about 110 bopd after the Puka-2 pump was replaced. No result yet.
23 July 2014drilling spud● NeutralMajor
Puka-3 spudded on 22 July 2014 at the Puka field in New Zealand, targeting Mt Messenger sands at about 1,580m vertical depth. It is the main Phase I well of MEO's 30% farm-in; success would advance the field toward development.
9 July 2014other● Neutral
Securities notice: 900,000 and 875,000 unlisted options lapsed, and 350,000 performance rights held by the CEO lapsed because the share price hurdle was not met. Quoted shares total 750,488,387. Administrative only.
25 June 2014drilling scheduled▲ Good
Operator Kea signed a rig contract for Puka-3, targeting Mt Messenger sands at about 1,580m, with spud expected late July 2014. This is the main Phase I well of MEO's 30% Puka farm-in; MEO gains 30% of Puka oil production once it is complete.
25 June 2014farm in farm out agreement▲ GoodMajor
MEO granted Apache an option to 30 September 2014 to take 70% of AC/P50 and AC/P51 and operatorship from April 2015 renewal, carrying MEO's costs through the first well in each permit. This advances the ongoing partial sale; Ramble On is estimated at 39 MMbbl best-case prospective.
