Past year: ▼ 77%(0.30c – 1.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
5 June 2014price query● Neutral
Responding to an ASX price query, MEO said it knew of no unannounced information behind its rise from 1.9c to 2.7c in two days. It suggested Karoon Gas's sale of Browse Basin interests to Origin for up to US$800m may have been a catalyst.
23 May 2014farm in farm out agreement● Neutral
MEO and Eni extended the notice dates for the second Heron well election and Eni's option to take an extra 25% of Blackwood to 29 August 2014, from 3 June and 2 July. The 12 February 2016 drilling deadline is unchanged. Decisions on NT/P68 are pushed back.
13 May 2014capital raising announcement● NeutralMajor
The share purchase plan raised A$2,464,476 at 2.0 cents per share, issuing 123,223,800 new shares on 14 May 2014 with 442 holders participating. No shortfall, so the underwriter took no shares. Funds go to the Puka Phase I program.
What it means for a shareholder
123m new shares at about A$0.020 to raise about A$2.5m. That's 16% dilution: every existing holder's slice gets 16% smaller. If you held A$1,000 of shares (50,000 at the issue price), your slice goes from 0.00797% to 0.00666% of the company. To keep it you'd need 9,822 more shares - about A$196 at the issue price.
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6 May 2014material agreement▲ GoodMajor
MEO signed a one-year non-exclusive framework agreement with China's Hongfu Fund. MEO screens producing or near-production oil and gas projects; Hongfu helps fund accepted ones and gives MEO a disproportionate equity interest and profit share. No specific project or funding amount is committed.
30 Apr 2014farm in farm out completion▲ GoodMajor
New Zealand regulator consented to transfer of a 30% interest in PEP 51153 to MEO, the final condition of the Kea farm-in announced 7 April. MEO now holds 30% of the Puka oil discovery; Phase I work is due to start before end of June 2014.
29 Apr 2014other● Neutral
MEO notified that Edison Group research report on the company is available on its website. No substance beyond a link.
28 Apr 2014investor presentation● Neutral
MEO released an audio briefing on its website explaining the New Zealand transaction and the related equity raising. No new information in the announcement itself.
22 Apr 2014regulatory community update▲ Good
Regulator approved variations to AC/P50 and AC/P51 (MEO 100% each), replacing a Year 6 exploration well (A$30m each) with geotechnical studies (A$150,000 each) until permit renewal in April 2015. This defers drilling cost while the permits remain for partial sale.
15 Apr 2014capital raising announcement● Neutral
Share purchase plan booklet dated 15 April 2014 sets out terms: up to A$15,000 per holder, issue price at a 20% discount to the 5-day average, closing 7 May. Proceeds fund the Puka farm-in. It restates the already-announced offer.
15 Apr 2014admin correction● Neutral
Compliance notice under ASIC Class Order 09/425 confirming the share purchase plan shares are issued without a disclosure document. Administrative only, no new substance.
10 Apr 2014investor presentation● Neutral
April 2014 investor presentation on the Puka farm-in, repeating the staged NZ$5m/NZ$9m program and Puka contingent resources of 3.0 million barrels (2C). It states potential full field development from 2016, subject to success. No new announcement beyond known facts.
10 Apr 2014capital raising announcement● NeutralMajor
MEO launched a share purchase plan, underwritten by Patersons to its 15% placement capacity, to raise about A$2.9m to fund the Puka Phase I program. Shares are priced at a 20% discount to the 5-day average price; each holder can apply for up to A$15,000.
7 Apr 2014farm in farm out agreement▲ GoodMajor
MEO signed a binding farm-in with Kea Petroleum to earn 30% of New Zealand's PEP 51153, containing the Puka oil discovery, by funding NZ$4m of a NZ$5m program. An option for a further 20% costs NZ$7.5m. Puka produces about 80 bopd; 2C contingent resource is 3.0 million barrels. A new onshore oil direction after Blackwood-2.
7 Mar 2014other● Neutral
S&P Dow Jones March 2014 quarterly index rebalance notice listing additions and removals across S&P/ASX indices. The visible text does not mention MEO; no substance for this company.
20 Feb 2014half year report▼ BadMajor
Half-year to 31 December 2013 loss was A$119.8m, mainly A$116.9m exploration write-offs, versus a A$58.3m loss a year earlier. Greg Short is now Chairman. WA-454-P, WA-488-P and NT/P68 updates restate known facts.
21 Jan 2014regulatory community update● Neutral
Regulator approved a WA-361-P work program variation replacing a drilling requirement with geotechnical studies (about A$200,000 per year) until permit renewal in January 2016. MEO holds 50% and is operator. This defers drilling cost while the permit stays on the divestment list.
7 Jan 2014farm in farm out agreement▼ BadMajor
Mubadala is exiting G2/48 effective 6 January 2014 after the farm-out drew no acceptable offer. MEO has sought to defer the well obligation into 2015 to continue at 100%; if refused, MEO also exits. This contradicts the earlier plan for a partial sale ahead of a 2014 well.
6 Jan 2014drilling progress report● Neutral
Blackwood-2 was plugged and abandoned and the rig released on 3 January 2014. MEO's 50% cost was fully carried. MEO will now integrate the results to understand the effect on resource estimates.
23 Dec 2013well test result▼ BadMajor
The Blackwood-2 production test over 3,234–3,254mMDRT recorded no flow, indicating tight, low-permeability reservoir. The tested interval was in a younger reservoir than Blackwood-1. It is a disappointing appraisal; the reservoir assessment will be updated. MEO's cost is carried.
17 Dec 2013farm in farm out agreement● Neutral
MEO signed binding amendments extending Eni's second Heron well election from 18 December 2013 to five months after Blackwood-2 completion, so results can inform the decision. The drilling deadline stays at 12 February 2016.
13 Dec 2013drilling result● Neutral
Blackwood-2 logging could not conclusively show deeper gas or reservoir productivity, though gas shows were seen below the earlier gas-water contact. Eni will production test to resolve this; the result is unclear for the Blackwood appraisal.
6 Dec 2013drilling progress report● Neutral
Blackwood-2 reached total depth of 3,425mMDRT, deeper than the 3,360m planned, with 60m of core recovered. Wireline logging is next, followed by a production test if warranted. No hydrocarbon result yet.
29 Nov 2013drilling progress report● Neutral
Blackwood-2 weather standby for the tropical low is complete and the rig is preparing to drill the final 8½-inch section from 3,150mMDRT. No results yet.
28 Nov 2013other● Neutral
Securities update: 250,000 unlisted 50c options expiring 1 December 2016 lapsed. Ordinary shares unchanged at 627,264,587.
22 Nov 2013drilling progress report● Neutral
Blackwood-2 reached 3,150mMDRT and 9⅝-inch casing was cemented. The rig was being secured ahead of an approaching tropical low, a potential weather delay. Next is the final hole section to about 3,360mMDRT.
15 Nov 2013drilling progress report● Neutral
Blackwood-2 drilling ahead at 1,744mMDRT in 12¼-inch hole. No results yet; target remains about 3,360mMDRT, with MEO's 50% share carried by Eni.
7 Nov 2013drilling progress report● Neutral
Blackwood-2 spudded on 28 October 2013 and reached 1,376mMDRT, the surface casing point. The well is on track toward 3,360mMDRT; MEO's 50% cost remains carried by Eni.
7 Nov 2013other● Neutral
Securities update: 300,000 options lapsed after Chairman Heath's retirement and 350,000 performance rights lapsed as the share price hurdle was not met. Ordinary shares unchanged at 627,264,587.
31 Oct 2013investor presentation● Neutral
AGM update on Tassie Shoal methanol and LNG projects: 7 expressions of interest shortlisted to 3 buyers with letters of intent, and gas supply still to be secured. Notes Eni must nominate a second Heron well by 18 December 2013 or withdraw.
31 Oct 2013investor presentation● Neutral
AGM technical supplement restating strategy, board and team, and portfolio approach of low-cost drilling exposure and early capital recovery. Text provided is largely boilerplate and truncated; no new results or figures beyond known facts.
