Past year: ▼ 77%(0.30c – 1.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
23 Oct 2014quarterly activities report● Neutral
Quarter covered the Puka-3 failure, MEO's first oil revenue (received 20 October) from its 30% of Puka oil, the Apache option lapse, and UBS also considering strategic options for the company. Focus is moving to the deeper Tikorangi limestone play. Cash was A$11.8m.
23 Oct 2014quarterly activities report▼ Bad
Cash fell to A$11.8m at 30 September 2014 from A$16.0m, after A$4.7m of net outflow, with no debt. Next-quarter outflow is forecast at A$3.6m. Shares unchanged at 750,488,387.
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.
25 July 2014quarterly activities report● Neutral
June 2014 quarter cash rose to A$16.0m from A$12.9m, helped by the A$2.8m final Origin back-cost payment and the A$2.46m share plan. Next-quarter outflow is forecast at A$5.5m, up from A$2.2m, with no debt.
25 July 2014quarterly activities report● Neutral
Quarter covered the Puka farm-in completion, the Origin payment, the agreed Breakwater-1 location, the Apache option on AC/P50-51 and the Hongfu framework, under which two assets were evaluated and one remains in a sale process. Cash was A$16.0m; Puka-3 began drilling after quarter end.
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.
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.
Create a free account to see this worked out for your own holding.
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 2014quarterly activities report● Neutral
March 2014 quarter cash fell to A$12.9m from A$15.7m after A$2.6m net outflow, with A$2.8m Origin back costs received in the year to date. Next-quarter outflow is forecast at A$2.2m. No debt; G2/48 interest shown as 50% to 0% after surrender.
29 Apr 2014other● Neutral
MEO notified that Edison Group research report on the company is available on its website. No substance beyond a link.
29 Apr 2014quarterly activities report● Neutral
Quarter covered Blackwood-2 completion, G2/48 relinquishment and the Puka farm-in. Eni's Heron election is due 3 June and its Blackwood 75% option by 2 July 2014. Cash A$12.9m. Priorities include Blackwood evaluation, partner-seeking and Breakwater-1 location.
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.
