Past year: ▼ 77%(0.30c – 1.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
2 Dec 2015regulatory community update● Neutral
Government support (Major Project Facilitation) for Tassie Shoal will not be renewed after 31 December 2015, as it is considered unlikely to be needed soon. Core environmental approvals remain, valid to 2052 for the methanol project. MEO says it can re-apply later.
25 Nov 2015investor presentation● Neutral
AGM presentation by the MD: share price 1.6 cents, market cap A$12m, net cash A$5.2m. Lists the year's actions, including a 60% overhead cut, Block 9 secured and the Mosman bid defended. Mostly repeats known facts.
20 Nov 2015director officer appointment● NeutralMajor
Andrew Purcell is proposed to become Chairman from the end of the 25 November 2015 AGM, replacing the resigning Greg Short. Resolves the open question of who would succeed Short, flagged on 30 September.
19 Nov 2015other● Neutral
MEO notes that a Hartleys Limited research report on the company is available on its website. Administrative notice; no new business information.
16 Nov 2015investor presentation● Neutral
November 2015 presentation restating the portfolio: share price 1.7 cents, market cap A$12.8m, net cash A$5.2m at 30 September. Repeats Cuba Block 9, Shannon (best case 5.3 mmstb, 100%) and Beehive themes. No new information.
4 Nov 2015other● Neutral
Securities notice: 1.5m, 2.7m and 1.0m unlisted 50c options lapsed. Ordinary shares remain 750,488,387. Administrative.
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 2015quarterly activities report● Neutral
Quarter to 30 September 2015: cash A$5.2m, about A$0.6m above forecast. Block 9 PSC executed, portfolio review completed, and two new directors joined. Priorities are Cuba work, Shannon drilling in NZ in 2016, and farm-outs of WA-488-P and WA-454-P.
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.
20 Oct 2015quarterly activities report● Neutral
September 2015 quarter cash flow: cash fell to A$5.152m from A$5.785m, with a A$733k net outflow. No debt and no shares issued. Forecast outflow next quarter is A$1.1m.
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.
23 July 2015quarterly activities report● Neutral
Quarter to 30 June 2015: cash A$5.8m, about A$0.4m above forecast; overheads down 60%. Mosman bid failed with ~2% acceptances. Puka still shut in, Cuba Block 9 approval slower than advised, and Shannon-1 funding being considered.
23 July 2015quarterly activities report● Neutral
June 2015 quarter cash flow: cash fell to A$5.785m from A$7.245m, operating outflow A$1.447m. No debt, no shares issued. Forecast outflow next quarter A$1.21m, including A$600k Mosman defence costs.
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.
