31 Oct 2011other● Neutral
Notice that a video of the 2011 AGM is on the MEO website. No substantive content.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
27 Oct 2011investor presentation● Neutral
AGM presentation reviewing the year: Artemis-1 dry, six new permits added, now nine permits (seven operated) and A$90.2m cash. Repeats known facts; the Seruway 3D seismic is shown as late 2011 and drilling in late 2012.
11 Oct 2011security holder rights change● Neutral
MEO is running a small holdings sale facility for holders of 3,030 shares or fewer (under A$500). Unless they return a retention form by 22 November 2011, their shares will be sold brokerage-free. Administrative; reduces registry costs.
6 Oct 2011investor presentation● Neutral
SEAAOC conference presentation promoting Tassie Shoal as a shared gas hub, and restating Heron-3 on the ENSCO 109 from March 2012. Repeats known facts; no new results or gas supply deal.
4 Oct 2011contract award▲ GoodMajor
Eni, as NT/P68 operator, contracted Ensco's ENSCO 109 jack-up rig for one 70-day slot to drill Heron-3, expected from early March 2012 after PTTEP's campaign. This firms up timing for the first of Eni's two farm-in wells at Heron.
4 Oct 2011other● Neutral
Securities update: 1.1m $1.20 and 2.0m $1.00 options held by the MD lapsed unvested, and 2.0m 50c director options lapsed on 30 September 2011. Shares on issue unchanged at 539,913,260; 6.8m unquoted 50c options remain.
30 Sept 2011investor presentation● Neutral
Asia Oil Week presentation in Singapore arguing for the Tassie Shoal methanol and LNG hub as shared infrastructure for stranded Timor Sea gas. Repeats known concepts; no new results or gas supply deal.
28 Sept 2011capital raising announcement▲ GoodMajor
Board approved an on-market buy-back of up to 47.7m shares (10%) over 12 months from about 13 October 2011, costing about A$7.2m at 15c. Shares have recently traded below cash backing; cash was A$90.3m at 30 June 2011.
23 Sept 2011annual report● Neutral
2011 Annual Report: MEO tripled its permits in 12 months, farmed 50% of NT/P68 to Eni and added two Indonesian PSCs. Chairman puts the Greater Heron prospective recoverable gas at 4.96 Tcf. Repeats known facts.
22 Sept 2011joint venture update▼ BadMajor
Petrobras gave notice it will withdraw from WA-360-P at the end of the permit year, saying MEO's lead is below its materiality threshold. Its 50% is to be shared among remaining partners. MEO plans to submit a renewal application by end of October.
9 Sept 2011other▼ Bad
S&P announced that MEO will be removed from the S&P/ASX 300 index after the close on 16 September 2011. This is a third-party index notice, not a company announcement.
9 Sept 2011annual report● Neutral
Statutory financial report for the year to 30 June 2011, with directors' report and accounts. The provided text shows only the directory and director biographies and no figures, so no new results can be stated. Fuller version follows as the Annual Report.
8 Sept 2011drilling progress report● Neutral
Fugro began acquiring the Zeus 3D seismic survey on 6 September 2011, including the 323 km2 MEO's WA-361-P joint venture is buying. About seven weeks of work is expected, with processed data due in Q2 2012.
5 Sept 2011investor presentation● Neutral
Good Oil conference presentation repeating known facts: 539.9m shares, A$90.1m cash at 30 June, no debt, shares at 18c versus market cap of about A$97.2m. Lists seven Australian permits, two Indonesian PSCs and new hires.
30 Aug 2011contract award▲ Good
MEO's WA-361-P joint venture contracted Fugro to buy 323 km2 of new 3D seismic, bringing forward and fulfilling the 150 km2 year-2 work commitment. Data is due in Q2 2012 and will help map the Heracles lead for possible drilling in 2014.
29 Aug 2011other● Neutral
Re-release of the RB Milestone research coverage announcement with small wording changes: it now says RB Milestone will prepare a valuation report and half-yearly update free of charge, and that MEO operates five of seven permits.
26 Aug 2011other● Neutral
New York firm RB Milestone Group started research coverage of MEO. MEO has paid it a retainer, and the forecasts are the researcher's, not company guidance. Promotional in nature.
11 July 2011admin correction● Neutral
Replacement of the securities notice, correcting quoted ordinary shares to 539,913,260 (the first version showed 477,220,955). The lapse of the MD's 1.1m 85c options is unchanged.
11 July 2011security holder rights change● Neutral
1.1m options at 85c held by the Managing Director lapsed on 30 June 2011 because the share price did not stay at or above $1.20 for 50 trading days. Lists securities on issue as at 1 July 2011.
8 July 2011regulatory community update▲ GoodMajor
MEO won exploration permit AC/P53 (504 km2) at 100%, next to its AC/P50 and AC/P51 permits. Year 1 work is 825 km2 seismic reprocessing, and an exploration well is due in year 5. Second permit from the 2010 acreage release.
5 July 2011farm in farm out completion▲ GoodMajor
Regulators approved the Eni farm-in: Eni is now registered as 50% holder and operator of NT/P68, with MEO at 50%. Eni is preparing to drill Heron-3 and is seeking a rig. Resolves the pending approval.
1 July 2011director officer appointment● Neutral
Managing Director Jürgen Hendrich signed a new open-ended employment agreement from 1 July 2011, replacing his three-year 2008 term. Fixed pay is A$495,000 and he is granted 3.0m options at 50c, subject to shareholder approval.
1 July 2011farm in farm out completion● Neutral
Petrofac did not exercise its option to take 5% of NT/P68 and the Tassie Shoal projects, which expired 30 June 2011. MEO keeps that interest ahead of the Eni farm-in. Closes the Petrofac option thread.
28 June 2011asset acquisition disposition▲ GoodMajor
MEO bought 100% of offshore Seruway PSC, North Sumatra, for US$5.0m cash up front, with future cost recovery paid from production. It has two gas discoveries and a commitment to shoot 700 km2 of 3D seismic and drill one well by end-2012.
27 June 2011asset acquisition disposition● NeutralMajor
MEO bought a 30% interest in South Madura PSC, onshore Indonesia, from Cooper Energy for US$0.5m cash. The licence expires 13 October 2013. A first step into South East Asia and the new-ventures plan.
14 June 2011regulatory community update▲ GoodMajor
MEO was awarded new Bonaparte Basin permit WA-454-P (4,320 km2) at 100%, containing the 2007 Marina gas and condensate discovery. Year 1 work is a 300 km new 2D seismic survey and studies (A$300,000), with an exploration well in year 5.
18 May 2011farm in farm out agreement▲ GoodMajor
Binding deal signed: Eni earns 50% of Heron and becomes operator by funding two wells, and may exit after the first. Eni has options on Blackwood and a further 25%, with US$75m payable to MEO at a final investment decision. Resolves the farm-out thread.
4 May 2011investor presentation● Neutral
New York conference presentation repeating known facts: 539.9m shares, A$98m cash, market cap about A$108m at 20c. Says 5+ new-venture deals are at advanced stages and the Heron farm-out is pending. No new results.
3 May 2011director officer appointment● Neutral
Director Stephen Hopley joined the Remuneration and Nomination Committee from 29 April 2011. It now has Chairman Nick Heath, Michael Sweeney and Hopley. Governance housekeeping.
4 Apr 2011director officer appointment▲ Good
MEO added a Senior Geophysicist, a Senior Commercial Analyst and a New Ventures Adviser (former Tap Oil CEO Peter Stickland). Geophysicist John Moore retires from his technical role on 30 June. Supports the new-ventures push using the ~A$100m cash.