16 Mar 2011other● Neutral
Bentley Capital became a substantial holder on 15 March 2011 with 27,000,000 MEO shares (5.0008%), bought on market since 27 January for about A$5.87m. Replacement notice; a disclosure of a new holder, not a company action.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
16 Mar 2011other● Neutral
Orion Equities and Queste Communications are deemed to share Bentley Capital's 27,000,000 MEO shares (5.0008%), through their holdings in Bentley. Replacement notice that duplicates the Bentley filing; no company action.
16 Mar 2011other● Neutral
Repeat of the Orion Equities and Queste Communications notice: both are deemed to hold Bentley Capital's 27,000,000 MEO shares (5.0008%). Duplicate administrative filing with no company action.
15 Mar 2011farm in farm out agreement▲ GoodMajor
MEO accepted a conditional offer from an unnamed preferred farminee for up to 50% of NT/P68, including Heron (5.0 Tcf mean prospective). Binding agreements are still being negotiated, subject to regulatory approval. Blackwood stays 100% MEO. Not yet certain to complete.
24 Feb 2011director officer appointment● Neutral
Director Michael Sweeney joined the Audit Committee, which now has three independent directors: Stephen Hopley (chair), Greg Short and Sweeney. Governance housekeeping.
17 Feb 2011half year report● Neutral
Half-year to 31 December 2010: net profit A$18.1m, driven by a A$29.6m gain on the WA-360-P interest sale to Petrobras, offset by A$8.7m exploration write-offs including Artemis-1. Heron farm-in offers expected late Q1 2011.
10 Jan 2011regulatory community update▲ GoodMajor
WA-361-P was renewed for five years from 31 January 2011 across eight blocks, after seven were relinquished. It needs 150 km2 of 3D seismic and one well in year 4. MEO holds 50%. Resolves the pending renewal.
5 Jan 2011other● Neutral
MEO lodged its board-approved share trading policy (December 2010), setting clearance rules for directors and staff dealing in company shares. Administrative; no change to assets or finances.
29 Dec 2010drilling progress report● Neutral
The Songa Venus rig was released on 26 December after Artemis-1 was plugged and abandoned. Operations were reported safe and without environmental incident. Final Artemis-1 progress report.
22 Dec 2010drilling progress report● Neutral
Plugging and abandonment of Artemis-1 continues, interrupted by a rig evacuation for a Tropical Low from 14 to 17 December. The rig is expected to be released over the weekend.
22 Dec 2010asset acquisition disposition● Neutral
Regulators approved MEO's purchase of 100% of AC/P50 and AC/P51 (1,943.6 km2), so the US$270,000 is now paid to Silver Wave. Seismic is due from 21 April 2011. Resolves the pending approval.
16 Dec 2010director officer appointment● Neutral
Director Greg Short bought 95,000 shares on market for $21,375 on 15 December, lifting his direct holding to 207,444 shares. A small purchase days after the dry hole.
16 Dec 2010investor presentation● Neutral
The CEO says about 40% of shares traded in three days after the dry hole, at prices barely above cash backing. About A$100m uncommitted cash (~18.5c a share) will fund Heron farm-out, Tassie Shoal and buying producing or exploration assets. Heron deal targeted end Q1 or early Q2 2011.
13 Dec 2010drilling result▼ BadMajor
Artemis-1 reached 3,500m and found no hydrocarbons in the target reservoirs; it will be plugged and abandoned. A dry hole for the ~12 Tcf prospect (32% chance of success), though Petrobras already paid its US$31.5m bonus.
8 Dec 2010drilling progress report● Neutral
The over-pressured zone was stabilised with heavier mud and the well drilled to 2,976m so the zone can be sealed behind casing. Casing is being prepared, with drilling expected to resume on 10 December.
6 Dec 2010drilling progress report● Neutral
Artemis-1 reached 2,936m and was shut in on 5 December after hitting an over-pressured gas zone above the main target. Crews are circulating heavier mud to resume drilling. No result on the main objective yet.
6 Dec 2010drilling progress report● Neutral
Cue Energy re-released MEO's 6 December Artemis-1 update: over-pressured gas zone met at 2,936m, well shut in, mud being circulated. Cue holds 15%. Repeats known information.
3 Dec 2010director officer appointment● Neutral
Managing Director Jürgen Hendrich bought 25,000 shares on market for $10,750 on 3 December, lifting his indirect holding to 1,725,000 shares. Small purchase, made while Artemis-1 was drilling.
1 Dec 2010drilling progress report● Neutral
Artemis-1 spudded at 00:45 on 25 November and is cased at 1,870m. Crews are installing blow-out equipment, with drilling of the next hole section planned for 3 December and about 2.5 days then to reach the main target.
25 Nov 2010drilling spud● Neutral
Partner Cue Energy reports Artemis-1 in WA-360-P was spudded on 24 November 2010. Cue holds a no-cost 15% and outlines its own Carnarvon Basin seismic plans with Woodside and Apache. Confirms the well MEO operates is underway; no new MEO information.
25 Nov 2010capital raising announcement▲ GoodMajor
MEO placed 62.8m shares at 52c to raise A$32.6m, a 13.2% increase, mostly to North American and UK institutions, just before the Artemis-1 result. Cash rises above A$100m, for growth including Tassie Shoal; no acquisition yet met its criteria.
24 Nov 2010drilling spud▲ GoodMajor
Songa Venus arrived at the Artemis-1 location on 23 November, ran its anchors and is ballasted for drilling. Spud of the ~12 Tcf prospect is expected the evening of 24 November, the start of the well the Petrobras deal funded.
18 Nov 2010investor presentation● Neutral
Technical update for the AGM repeats the Artemis case (~12 Tcf mean, 32% chance of success), Heron ~5 Tcf best estimate and the farm-out in progress. WA-361-P leads need more work. Nothing new.
17 Nov 2010drilling progress report● Neutral
Rig tow update: Songa Venus had covered 28.1% of the 646.7 nautical mile journey by 17 November. Arrival at Artemis-1 is expected late on 23 November, weather permitting, with spud shortly after.
16 Nov 2010asset acquisition disposition● Neutral
MEO completed the purchase of Gascorp's 15% of WA-361-P for US$1m, taking it to an unconditional 50%. It lodged the permit renewal, relinquishing 7 of 15 blocks. Leads independent of Artemis need more work. Resolves the pending Gascorp deal and renewal.
15 Nov 2010asset acquisition disposition▲ GoodMajor
MEO agreed to buy 100% of Timor Sea permits AC/P50 and AC/P51 (1,944 km2) from Silver Wave for US$270,000. Silver Wave may buy back 10%, and RedRock gets a 5% carried option. This is the first new-venture acreage since the Chief Geoscientist hire.
15 Nov 2010drilling progress report▲ Good
Songa Venus was handed over by Shell on 14 November and is under tow to Artemis-1, about eight days. Spud is expected shortly after anchoring. Rig handover is no longer pending.
10 Nov 2010drilling progress report● Neutral
Routine weekly update: Shell now expects to hand over the Songa Venus about late evening on 12 November, then a roughly seven-day tow to Artemis-1. Another small slip in timing.
5 Nov 2010investor presentation● Neutral
North American roadshow deck: market cap A$239m at 50c, cash A$71m at 31 October, 477.2m shares. Repeats the ~12 Tcf Artemis prospect (32% chance of success) and Petrobras terms, with drilling expected November/December. No new information.
4 Nov 2010drilling progress report● Neutral
Shell now expects to hand over the Songa Venus on or about 11 November, followed by a roughly seven-day tow to the Artemis-1 location. Slight timing update only.