Past year: ▼ 77%(0.30c – 1.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
5 Sept 2012investor presentation● Neutral
Good Oil Conference presentation repeating known projects. Share price A$0.20 on 31 August (market cap A$108m, cash A$55m); broker targets A$0.38 to A$0.60. It says three wells drill before year end. No new results or deals.
5 Sept 2012drilling scheduled● NeutralMajor
MEO's 50% G2/48 Gulf of Thailand block holds 23 prospects and leads, over 100 MMstb unrisked mean. Sainampueng-1 (mean 10 MMstb, up to 27 MMstb) is chosen as first well, expected Q4 2012 using Pearl Oil's Ensco-85 rig. Basin not yet proven oil-generating.
4 Sept 2012drilling progress report● Neutral
Heron South-1 progress: 20-inch casing cemented at 1,310m, no incidents, on plan. No new geological result.
27 Aug 2012drilling spud● NeutralMajor
Heron South-1 spudded on 24 August 2012 with Eni as operator, targeting at least 4,230mSS or the gas-water contact over about 60 days. It is MEO's first appraisal of Heron since Heron-2 found gas in 2008. MEO's best-estimate resource stays at 4.96 Tcf.
24 Aug 2012drilling scheduled● NeutralMajor
MEO secured the Hercules #208 rig for Gurame SE-1X, spud expected early October. No acceptable farm-in offers were received, so MEO will carry the full US$25m untested cost at 100%. Seruway farmout is to be relaunched on the Ibu Horst in early 2013.
14 Aug 2012other● Neutral
MEO released a ten-and-a-half-minute corporate profile video on its website covering its portfolio and activities. No new information.
8 Aug 2012other● Neutral
MEO says an Octa Phillip Financial Group research report is on its website. No content or valuation is given in the announcement.
6 Aug 2012drilling scheduled● Neutral
Eni takes over the Ensco 109 rig on 15 August, arriving at the Heron South-1 location around 19 August. Eni then has 60 days after the well to elect a second Heron well. Its Blackwood decision is due within 365 days of 5 January 2012.
23 July 2012remuneration report● Neutral
Board set CEO Jürgen Hendrich's FY13 pay at A$510,000 (3% rise) plus a A$125,000 short-term bonus. 1,050,000 performance rights, to go to the AGM, vest on share price hurdles of 50c, 75c and A$1.00 against 25.5c on 2 July.
18 July 2012investor presentation▲ Good
Seismic update: early reviews of Foxhound, Zeppelin, Floyd and Ibu Horst 3D data support existing prospects (Maxwell, Marina, Breakwater). Final data due Aug-Sept. Gulf of Thailand drilling now planned 4Q, later than the previously expected 3Q. Interpretations are preliminary; no drilling results.
11 July 2012security holder rights change● Neutral
Administrative securities listing at 1 July 2012: 2.7 million executive 50c options lapsed on 30 June. Ordinary shares unchanged at 539,913,260.
9 July 2012investor presentation● Neutral
US roadshow update repeating known facts: A$0.28 (5 July), market cap A$151m, cash A$62m at 31 March, enterprise value A$89m. States Heron South-1 spuds in August. No new deals or results.
28 June 2012investor presentation● Neutral
Asia Upstream Conference presentation in Singapore repeating known projects. It gives a Floyd/Marina farmout launch of Q4 2012 and possible 2013 drilling, subject to farmout and rig. No new results or deals.
18 June 2012asset acquisition disposition▲ GoodMajor
Indonesia approved transfer of AED's 60% South Madura PSC interest, lifting MEO from 30% to 90% and making it operator. This completes the deal announced 28 December 2011; seismic is planned once an amended work program is approved, before seeking a farm-in partner.
14 June 2012investor presentation● Neutral
June investor update repeating known facts: A$0.25 (13 June), market cap A$135m, cash A$62m at 31 March, enterprise value A$73m, three MEO wells planned in 2012. Nothing new.
31 May 2012investor presentation● Neutral
New York investor conference presentation repeating known facts. At A$0.245 market cap is A$132m, cash A$62m at 31 March and enterprise value A$70m. Top shareholders include Raydale at 6.58% and Bentley Capital at 5.00%.
31 May 2012investor presentation● Neutral
Euro Pacific conference presentation in New York repeating known facts: A$0.245 price (28 May), market cap A$132m, cash A$62m at 31 March, enterprise value A$70m, 7 upstream and 3 infrastructure projects. No new information.
10 May 2012investor presentation● Neutral
Methanol conference presentation in Shanghai on the Tassie Shoal methanol project, repeating known points: approvals in place and expressions of interest for 8.3 MTA against 1.75 MTA capacity. No new figures or deals.
23 Apr 2012investor presentation● Neutral
April investor update repeating known facts: 7 upstream and 3 infrastructure projects, 3 wells in 2H 2012. At A$0.325 market cap is A$176m, cash A$62m at 31 March and enterprise value A$114m. Farm-outs are being sought.
23 Apr 2012other● Neutral
MEO's US ADR program (MEOAY, 1 ADR to 10 shares) moved to the OTCQX premium tier, giving North American investors real-time access to company announcements. Part of broadening its international investor base; no capital raising is mentioned.
12 Apr 2012material agreement▲ GoodMajor
After preliminary talks with major methanol players, MEO received expressions of interest for 8.3 MTA of methanol from the first Tassie Shoal plant, which has 1.75 MTA capacity. These are non-binding first steps in the post-Air Products recommercialisation; gas supply remains unresolved.
11 Apr 2012farm in farm out agreement● NeutralMajor
MEO launched a farmout of up to 50% of the Seruway PSC in Indonesia, flagged earlier as a farm-in partner search. Gurame P50 prospective resources are 0.5 Tcf gas and 57 MMstb liquids; the commitment well is planned for late 2012, and MEO may keep 100% absent a compelling offer.
11 Apr 2012admin correction● Neutral
Amended re-release of the Oliver Gross Geoscience Adviser appointment. The text shown matches the original; no new information.
11 Apr 2012director officer appointment▲ Good
Oliver Gross, with over 31 years at ExxonMobil, started as Geoscience Adviser, working with the exploration team on opportunities in existing permits and new ventures. A technical hire, not a board or CEO change.
3 Apr 2012regulatory community update▲ Good
The federal government renewed Major Project Facilitation status for the Tassie Shoal LNG and methanol projects until 31 December 2015, to help speed further approvals. It follows the March environmental approval update; the projects still need gas supply.
29 Mar 2012investor presentation● Neutral
Global LNG Summit presentation repeating known facts: 8 projects, 3 wells in 2H 2012, 539.9m shares, A$83.7m cash at 31 Dec. At A$0.28 (28 March) market cap is A$151.2m and enterprise value A$67.5m, up from about A$27.3m at A$0.205 in early March.
29 Mar 2012regulatory community update▲ Good
The federal government updated the Timor Sea (Tassie Shoal) LNG environmental approval and confirmed it stays valid until at least 28 March 2017. This gives prospective partners more clarity, though the project still has no gas supply.
20 Mar 2012price query● Neutral
Replying to an ASX price query, MEO said the share price rise from 21.5c to a 27c intra-day high (27.5c close) had no undisclosed information behind it. It pointed to recent announcements: the UK roadshow, Marina resources, Floyd 3D and the Thailand farm-in.
8 Mar 2012regulatory community update▲ GoodMajor
WA-360-P was renewed for five years from 6 March 2012, keeping eight of 15 blocks. MEO's interest rises to 62.5% as Petrobras and Moby leave; Cue holds 37.5%. Year 1 requires licensing 363 km of Foxhound 3D seismic, estimated A$3m.
7 Mar 2012investor presentation● Neutral
UK roadshow presentation repeating known facts: 539.9m shares, A$83.7m cash, enterprise value about A$27.3m at A$0.205. It outlines eight projects and three wells in 2H 2012, with farm-outs sought for 2013.
