Past year: ▼ 77%(0.30c – 1.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
16 Jan 2014quarterly activities report● Neutral
December 2013 quarter cash rose to A$15.7m from A$14.5m, helped by A$2.8m first tranche of Origin back costs. Next-quarter outflow forecast is A$2.9m. No debt.
16 Jan 2014quarterly activities report● Neutral
Quarter summary: Blackwood-2 production test gave no flow, WA-454-P Origin farmout conditions met with A$2.8m received, and G2/48 sale ended without an offer. Eni's Heron election is due by 3 June 2014, and Eni's option to lift Blackwood to 75% by 2 July 2014. Cash A$15.7m.
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.
31 Oct 2013investor presentation● Neutral
AGM presentation reviewing the year: disappointing 2012 drilling, 110 MMboe contingent resources booked, Origin farmout, and multiple farmouts under way. Greg Short becomes Chairman after the meeting. Largely repeats known facts.
28 Oct 2013drilling progress report▲ GoodMajor
The Ensco 104 rig was handed to the NT/P68 joint venture on 26 October and is on location. Blackwood-2 is expected to spud within days, targeting 3,360mRT over about 65 days. MEO's 50% cost is carried by Eni.
18 Oct 2013quarterly activities report● Neutral
September quarter summary: cash A$14.5m, Origin WA-454-P farmout, Beehive estimates and NT/P79 surrender restated. Farmouts are running for WA-488-P, G2/48 and AC/P50-51; Seruway sale and South Madura expiry are listed as priorities. Blackwood-2 expected early-mid November.
18 Oct 2013quarterly activities report● Neutral
Appendix 5B for September 2013 quarter: cash fell to A$14.5m from A$16.6m after a A$2.1m operating outflow. Next-quarter outflow forecast is A$2.8m. No debt; NT/P79 65% interest surrendered on 27 August.
17 Oct 2013drilling scheduled● Neutral
Blackwood-2 will be the next well drilled by the Ensco 104 rig, expected to start in the first half of November. This narrows the earlier September-November window. MEO's 50% share of costs is carried by Eni.
27 Sept 2013director officer appointment● NeutralMajor
Chairman Nicholas Heath, a director since 2008, will retire after the October AGM, effective 31 October 2013. Director Gregory Short succeeds him as Chairman. The vacancy will not be filled for now, leaving a smaller board.
27 Sept 2013annual report● Neutral
2013 Annual Report describes a year of mixed outcomes: three disappointing late-2012 drilling results, offset by the Eni Blackwood-2 commitment, Origin farmout and WA-488-P award. It cites 2C contingent resources of 139 MMboe, versus 110 MMboe in the September update.
18 Sept 2013annual report● Neutral
Directors' report and statutory accounts for the year ended 30 June 2013. The extract shows directors and auditor Ernst & Young unchanged; the financial figures were not in the supplied text.
