Past year: ▼ 77%(0.30c – 1.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
23 Oct 2012drilling result▲ GoodMajor
Heron South-1 preliminary logging data indicate two possible gas-bearing zones over a 365m gross interval (sandstones of about 120m and 115m). Eni will production test, the first positive sign at Heron. Productivity and gas composition are still unknown.
22 Oct 2012drilling progress report▼ Bad
Gurame SE-1X: 35m of drilling assembly was left in the hole, so the well was plugged back to 2,048m and a sidetrack drilled to 2,099m. This continues the delay after the casing blockage. No reservoir result yet.
22 Oct 2012drilling progress report● Neutral
Heron South-1 reached total depth of 4,454m, as determined by the operator Eni, and formation evaluation has begun. A production test will follow if warranted. No results yet.
19 Oct 2012capital raising announcement▲ GoodMajor
The share purchase plan raised A$9.3m from 1,181 shareholders, issuing 46.53m new shares on 22 Oct. Implied price is about A$0.20, matching the plan's terms. Funds go to working capital. This resolves the open SPP thread.
What it means for a shareholder
46.5m new shares at about A$0.1999 to raise about A$9.3m. That's 7.9% dilution: every existing holder's slice gets 7.9% smaller. If you held A$1,000 of shares (5,003 at the issue price), your slice goes from 0.000927% to 0.000853% of the company. To keep it you'd need 431 more shares - about A$86 at the issue price.
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16 Oct 2012drilling progress report● Neutral
Heron South-1 cut a 12.6m core at 4,346m, recovering 10.3m, and mud weight was raised because background gas was increasing. Drilling to the gas-water contact follows, then evaluation and possible production test. No result yet.
16 Oct 2012investor presentation● Neutral
Conference presentation for Singapore and Hong Kong investors, repeating known facts: price A$0.225 (11 Oct), market cap A$121.5m, cash A$48.5m, Heron South-1 and Gurame SE-1X drilling, and Sainampueng-1 in November targeting 10+ MMstb.
15 Oct 2012drilling progress report▼ Bad
Gurame SE-1X: a blockage stopped mud circulation with 9⅝-inch casing at 2,412m. All casing was recovered and the hole is being cleaned before re-running. The CEO calls it an unforeseen delay; no reservoir result yet.
12 Oct 2012annual report● Neutral
2012 annual report: portfolio grew to ten permits, over A$28m spent on seismic, and 100% of Tassie Shoal regained. Methanol buyers expressed interest in 8.3 MTA. Mostly restates known events; financial figures are not visible in the text shown.
12 Oct 2012drilling progress report▲ Good
Heron South-1 drilled to 4,328m, interpreted to be in the Elang-Plover objective, with continuing gas shows and elevated resistivity. A core will be cut before drilling to the gas-water contact. Significance awaits logging at total depth.
11 Oct 2012drilling progress report● Neutral
Gurame SE-1X reached the 9⅝-inch casing point at 2,618m, with casing about to be run. Only minor gas shows in the Keutapang, not a target. Drilling into the first objective, the Baong sands, follows. No result yet.
11 Oct 2012drilling progress report● Neutral
Heron South-1 cut a 26.7m core, which MEO believes is sandstone above the main Elang-Plover target. Drilling reached 4,186m with gas shows and elevated resistivity. MEO says their significance awaits evaluation at total depth.
10 Oct 2012farm in farm out agreement● NeutralMajor
MEO will open the WA-454-P data room on 1 November 2012 to seek a farminee (up to 50% available) for its 100% permit, aiming to conclude by end 1Q 2013. Marina-1 3C contingent resource up to 302 Bcf gas and 29.5 MMstb liquids. Farmout launch only; no partner yet.
8 Oct 2012drilling progress report▲ Good
Heron South-1 drilled to 4,068.5m, with gas shows in reservoir-quality sands below 4,059m. Coring is about to start; target depth remains at least 4,265m or the gas-water contact. Shows are early; significance awaits logs and testing.
8 Oct 2012drilling progress report● Neutral
Gurame SE-1X progress: 12¼-inch hole drilled to 2,041m after BOP and leak-off tests, drilling ahead toward about 2,630m, where 9⅝-inch casing will be run. Safe and on plan; no reservoir result yet.
3 Oct 2012drilling progress report● Neutral
Heron South-1: 9⅝-inch casing cemented at 3,818m, with the final section to 4,265m or the gas-water contact still to drill. No incidents, on plan. A full evaluation and possible production test follow at total depth.
1 Oct 2012drilling progress report● Neutral
Gurame SE-1X progress: 13⅜-inch casing cemented at 827.5m, preparing to drill ahead. Operations safe and on plan, before the first of two reservoir targets. No hydrocarbon result yet.
25 Sept 2012capital raising announcement● Neutral
Share purchase plan booklet and application form: A$0.20 per share, up to A$15,000, closes 12 October, new shares issued 22 October. Repeats the terms already announced; the plan is not underwritten.
25 Sept 2012drilling progress report● Neutral
Heron South-1 drilled to 3,740m; high background gas forced a mud weight increase at 3,433m. No reportable incidents and operations on plan. No reservoir result yet; the well targets at least 4,265m.
25 Sept 2012admin correction● Neutral
Compliance notice under ASIC Class Order 09/425 for the share purchase plan, confirming MEO has met disclosure obligations. Administrative only, with no new information.
25 Sept 2012capital raising announcement● NeutralMajor
MEO launched a non-underwritten share purchase plan at A$0.20 per share, up to A$15,000 per eligible holder, closing 12 October 2012. Proceeds go to working capital; all directors will participate. No total target is stated. First raising since the A$55m cash position reported.
24 Sept 2012drilling spud● NeutralMajor
Gurame SE-1X spudded at 0600 on 23 September 2012, MEO's 100%-funded Seruway well (up to US$25m untested). Pilot hole drilled to 202m; planned total depth about 3,374m. It tests the 1968 Gurame discovery's gas cap; P50 497 Bcf gas and 57 MMstb liquids.
24 Sept 2012regulatory community update● Neutral
Thai regulator requires Year 5 and Year 6 obligation wells on G2/48. Operator Pearl Oil will drill the Year 5 well at its sole expense, with MEO holding 50% at zero cost. Sainampueng-1 fulfils Year 6 and is expected in 4Q 2012.
19 Sept 2012investor presentation● Neutral
SEAAOC presentation opening with a history of 1970s Timor Sea gas discoveries and Eni's investment in the region (US$350m for 40% of Evans Shoal, Nov 2011). Text shown is largely background; no new results or deals visible.
19 Sept 2012drilling progress report● Neutral
Hercules #208 rig handed over 18 September and is under tow to Gurame SE-1X, with spud expected around 22 September, about 35 days untested. Confirms the brought-forward timing. MEO's P50 estimate remains 497 Bcf gas and 57 MMstb liquids.
18 Sept 2012drilling progress report● Neutral
Heron South-1 progress: 13⅜-inch casing cemented at 3,007m and hole at 3,018m, no reportable incidents, on plan. Drilling continues toward at least 4,265mMDRT or the gas-water contact. No new geological result.
13 Sept 2012drilling scheduled● Neutral
Gurame SE-1X timing brought forward: Hercules #208 rig handover expected 18 September and spud around 22 September 2012, about 35 days untested. This is earlier than the early October date given on 24 August. The well is 100% MEO.
11 Sept 2012drilling progress report● Neutral
Heron South-1's 17½-inch hole reached 2,914mMDRT by 10 September, with no reportable incidents and operations on plan. The well is planned to reach at least 4,265mMDRT or the gas water contact.
10 Sept 2012investor presentation● Neutral
UK-European roadshow presentation repeating known facts: share price A$0.20 (7 September), market cap A$108m, cash A$55m. It highlights three high-impact SE Asian wells in the fourth quarter. No new results or deals.
10 Sept 2012material agreement● Neutral
Tassie Shoal update: MEO is negotiating long-term methanol sales with shortlisted buyers from the earlier 8.3 MTA of interest, and exploring broader partnerships. Engineering and cost studies are being refreshed. No contract signed and gas supply remains unresolved.
7 Sept 2012annual report● Neutral
Annual financial report for the year to 30 June 2012, with directors' report and accounts. The provided text shows only the directors' details and contents, with no financial figures, so nothing new can be stated here.
