Past year: ▼ 77%(0.30c – 1.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
16 Sept 2013investor presentation● Neutral
Updated investor presentation repeating known resource figures and strategy. Share price A$0.070 (11 Sep), market cap A$43.9m, cash A$16.6m excluding A$5.6m payable by Origin after regulatory approval. No new announcements.
3 Sept 2013resource reserve update▲ GoodMajor
MEO booked net 2C contingent resources of 110 MMboe and net best-estimate unrisked prospective resources of 1,667 MMboe (240 MMboe risked), assessed under PRMS. This is the first consolidated portfolio figure, spanning NT/P68, WA-454-P, WA-488-P, AC/P51, G2/48 and Seruway.
3 Sept 2013investor presentation● Neutral
Good Oil Conference presentation repeating the 110 MMboe contingent and 1,667 MMboe unrisked prospective resources. It shows a A$0.072 share price, A$45.2m market cap and A$16.6m cash at 30 June. No new information.
27 Aug 2013asset acquisition disposition▼ BadMajor
MEO received approval to withdraw from and surrender NT/P79 (65%, operator), farmed into December 2012, after Geoscience Australia 2D seismic showed the play could not be sufficiently de-risked. This ends the permit thread and avoids the discretionary year 6 well.
19 Aug 2013resource reserve update● Neutral
MEO assessed the Ramble On prospect in AC/P51 (100%) at 56 MMstb mean unrisked prospective oil, with six more leads nearby. A partial sale of up to 50% is launched ahead of 2014/15 drilling, with offers sought by 30 November 2013.
9 Aug 2013resource reserve update● Neutral
MEO completed its post-drilling review of G2/48 (50%) in the Gulf of Thailand, citing Tertiary prospects totalling 104 MMstb best estimate and a new pre-Tertiary play. It launched a partial sale of 25-50% ahead of a planned 2014 well, following the unsuccessful 2012 wells.
23 July 2013quarterly activities report● Neutral
Appendix 5B for June 2013 quarter: cash A$16.6m, down from A$20.9m, after a A$5.1m operating outflow. Next-quarter outflow forecast is A$3.0m. No debt; WA-488-P 100% interest added.
23 July 2013quarterly activities report● Neutral
June quarter: cash A$16.6m. WA-454-P Origin farmout, Beehive resources and AC/P50-51 variations are covered. MEO decided to divest WA-360-P and WA-361-P, and Blackwood-2 could spud mid-September to November on the Ensco-104 rig, with MEO carried by Eni.
22 July 2013farm in farm out agreement▲ GoodMajor
Origin Energy signed a binding deal to take 50% of WA-454-P and become operator, paying A$5.6m back costs and funding 80% of Breakwater-1 (cost capped at A$35m). This resolves the open WA-454-P farmout; MEO retains 50% and seeks to offload its residual 20% well exposure.
15 July 2013resource reserve update▲ GoodMajor
MEO estimated mean prospective resources at WA-488-P's Beehive prospect of 1,009 MMstb (Carboniferous) and 575 MMstb (Ordovician), stacked objectives. A farmout offering 50-75% and operatorship is being marketed, with offers sought by 31 October 2013.
23 May 2013asset acquisition disposition▲ GoodMajor
MEO was awarded Bonaparte Basin permit WA-488-P (4,105 km2) at 100%, next to WA-454-P, in the 2012 gazettal round. It holds the Beehive prospect, and a farmout is planned for early 3Q 2013. Work program includes an A$20m exploration well in year 3.
1 May 2013director officer appointment● Neutral
Exploration Manager Dave Maughan retires on 1 June 2013 but stays on as an adviser. New Ventures Manager Peter Stickland, a former Tap Oil CEO, takes over the role. A senior management change below board level.
30 Apr 2013regulatory community update▲ Good
Regulators approved work programme changes for AC/P50 and AC/P51 (MEO 100%). The AC/P50 exploration well moves to the year starting 21 April 2014, and AC/P51 2D seismic is replaced by 174 km2 of 3D reprocessing. This resolves the pending variation request; a partial sale is planned for later in 2013.
24 Apr 2013quarterly activities report● Neutral
March quarter summary restating the completed strategic review, Tassie Shoal methanol letters of intent, Blackwood and Heron arrangements with Eni, Marina and Seruway resource estimates and the Seruway partial sale launch. Eni negotiating a rig, with Blackwood drilling likely late 2013.
24 Apr 2013quarterly activities report▼ Bad
Appendix 5B for March 2013 quarter: cash fell to A$20.9m from A$42.4m after a A$21.4m operating outflow. Next-quarter outflow forecast is A$9.0m. No debt. NT/P79 65% interest approved during the quarter.
25 Mar 2013resource reserve update▲ GoodMajor
MEO upgraded Marina (WA-454-P, 100%) contingent resources using 2012 Floyd 3D seismic: oil 2C 9.2 and 3C 29 MMstb; gas 2C 169 and 3C 423 Bcf. It also assessed Marina Deep for the first time: 236 Bcf best estimate, 40% chance of success. A funding partner is being sought.
25 Mar 2013farm in farm out agreement● NeutralMajor
Eni's second Heron well election deadline was extended to 18 December 2013 for further joint venture studies, costs borne by Eni. The well completion deadline stays 12 February 2016. Eni's extra 25% option is split into separate Heron and Blackwood options.
18 Mar 2013other▼ BadMajor
Chairman's letter sets out the strategic review findings after the disappointing drilling: funding Gurame SE-1X at 100% was regrettable and the portfolio grew too large. Measures include cutting exploration costs, limiting drilling exposure, selling project interests and adding risk oversight.
8 Mar 2013resource reserve update▲ GoodMajor
MEO's updated Seruway PSC assessment: Ibu Horst Juaro complex over 290 million barrels mean prospective oil (largest 230m), Ibu Alpha 24 million barrels, Kuala Langsa 1.5 Tcf contingent gas with uncertain 50-80% CO2. RBC Capital Markets appointed to advise on a partial sale.
7 Mar 2013half year report▼ BadMajor
Half-year to December 2012: loss of A$58.3m, mainly a A$53.9m exploration write-off plus A$4.5m administration costs, versus a A$2.0m loss a year earlier. Reflects the failed Heron, Gurame and Gulf of Thailand wells; Ananke-1 neighbouring WA-360-P found no hydrocarbons.
4 Mar 2013farm in farm out agreement● Neutral
MEO extended Eni's second Heron well election deadline again, to 22 March 2013. Talks are underway on a more substantial deferral so the joint venture can complete additional studies.
1 Mar 2013other● Neutral
S&P Dow Jones index announcement on the March quarterly rebalance. MEO is listed as an addition to the All Ordinaries index, effective after close on 15 March 2013. Index housekeeping with no company operational news.
13 Feb 2013farm in farm out agreement● Neutral
MEO agreed to extend Eni's deadline to elect a second Heron well to 1 March 2013, from the original 60 days after Heron South-1 finished on 14 December. The decision on Heron remains open.
6 Feb 2013material agreement▲ GoodMajor
MEO signed non-binding letters of intent with three shortlisted methanol buyers for Tassie Shoal's first plant, with demand exceeding capacity. It is also talking to an Asian company considering a majority stake and operatorship. Gas supply is still unresolved.
4 Feb 2013farm in farm out agreement▲ GoodMajor
Eni elected to drill a well on the Blackwood gas discovery in NT/P68, fully funded by Eni including testing, with MEO's 50% carried. Drilling must occur within 18 months. This resolves the open Blackwood election, so MEO does not regain 100%.
31 Jan 2013quarterly activities report▼ Bad
Quarter to December: cash A$42.4m after raising A$19.3m. Heron South-1 and Gurame SE-1XST found gas but no commercial flow in three tests. Board began a strategic review due this quarter; WA-454-P farmout continues and Seruway farmout is planned for March.
31 Jan 2013quarterly activities report● Neutral
Appendix 5B: cash ended December at A$42.4m, down from A$48.5m, after A$25.1m operating outflow and A$18.8m net financing. Next-quarter outflow forecast is A$27.0m. No debt facilities.
8 Jan 2013price query● Neutral
ASX queried a rise in MEO's share price from 7.3 to 9.3 cents intraday on 7 January with higher volume. MEO said it knew of no unannounced information or reason for the rise and was compliant with listing rules.
24 Dec 2012drilling progress report▼ Bad
Gurame SE-1XST was plugged and abandoned after production testing and the rig released 22 December. The CEO says the upper reservoir did not flow and its effect on the whole resource must be assessed. Ibu Horst farmout still planned for February 2013.
21 Dec 2012farm in farm out agreement▲ GoodMajor
MEO signed a binding farm-in with Finder Exploration for a 65% interest and operatorship of NT/P79 in the Joseph Bonaparte Gulf, reimbursing A$200,000 of sunk costs. MEO carries study costs; a joint farmout is proposed before a 2014/15 well decision.
