Past year: ▼ 77%(0.30c – 1.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
25 Oct 2010regulatory community update▲ Good
Western Australian regulator approved drilling of Artemis-1 and accepted the well management plan, the final approval needed. The Songa Venus rig handover is now expected around mid November, followed by a roughly seven-day tow.
22 Oct 2010farm in farm out completion● Neutral
Moby confirms it received the final US$5.5m for selling its 5% of WA-360-P to MEO (US$7m total). Moby keeps 10%, carried through Artemis-1, with the rig handover expected early to mid November.
22 Oct 2010farm in farm out completion● Neutral
MEO paid the final US$5.5m to Moby, completing the US$7m purchase of an extra 5% of WA-360-P. MEO now holds 25%, with that 5% free-carried through Artemis-1. Payment followed Petrobras's cash; drilling is on track for early to mid November.
21 Oct 2010investor presentation● Neutral
CEO interview on the Heron farm-out: up to 50% offered for funding two appraisal wells costing about US$60m each. Prospective resource is 3.7–6.6 Tcf (best estimate 5.0 Tcf). Blackwood is retained 100%. No timetable; picking the right partner matters more.
15 Oct 2010farm in farm out completion▲ GoodMajor
MEO received about US$39m from Petrobras for the WA-360-P farm-in (US$31.5m bonus plus ~US$7.5m back costs). About US$32.5m remains after paying Moby and Gascorp; with A$36.4m cash it will fund new ventures. Resolves the pending receipt.
15 Oct 2010annual report● Neutral
2010 Annual Report restates the year's highlights: Petrobras farm-in on the ~12 Tcf Artemis prospect, a US$41m drilling carry, US$39m cash due, extra 5% and 15% permit interests, NT/P68 renewal and a Heron farm-out planned. Tassie Shoal still has no gas supply. Nothing new.
14 Oct 2010farm in farm out agreement▲ GoodMajor
MEO opens the NT/P68 farm-out data room for the 3,700 km2 Heron area, keeping Blackwood at 100%. It proposes two appraisal wells. Heron North contingent resource (2C) is 0.39 Tcf per GCA and 0.29 Tcf per MEO. Greater Heron best-estimate prospective resource is 4.96 Tcf. Several parties have registered interest.
8 Oct 2010price query● Neutral
MEO answers an ASX query after its shares rose from 49c to 55c intraday, saying it knows of no undisclosed information. It expects a half-year gain on disposal from the Petrobras farm-out, with about A$41m proceeds against roughly A$12m capitalised costs.
4 Oct 2010director officer appointment▲ Good
Errol Johnstone starts as Chief Geoscientist, with 29 years at ExxonMobil, to lead the new ventures push with Exploration Manager Dave Maughan. This fills the TBA role shown in presentations and supports the stated aim of diversifying the portfolio.
23 Sept 2010investor presentation● Neutral
SEAAOC Darwin presentation arguing ~25 Tcf of undeveloped Timor Sea gas is held back by high CO2 and other hurdles. It pitches Tassie Shoal's methanol-plus-LNG hub as the regional solution. Repeats known strategy; no new announcements.
16 Sept 2010annual report● Neutral
MEO's statutory financial report and directors' report for the year to 30 June 2010 are lodged. The excerpt shows only the directory and director biographies, with no financial figures, so no new substance can be reported.
16 Sept 2010farm in farm out completion● Neutral
Partner Moby says its sale of a 5% WA-360-P interest to MEO for US$7m is now unconditional. The balance is due within 5 business days of MEO receiving Petrobras's payment. Moby keeps 10%, carried through Artemis-1, with drilling expected early to mid November.
15 Sept 2010farm in farm out completion▲ GoodMajor
Final regulatory approval received: Petrobras is registered on WA-360-P with 50%, leaving MEO 25%. MEO will invoice Petrobras about US$31.5m bonus plus ~US$7.5m back costs. Songa Venus handover remains on track for early November Artemis-1 drilling. This resolves the long-pending approval.
14 Sept 2010investor presentation● Neutral
BBY conference presentation repeats the Artemis story: A$188m market cap at 39.5c, A$36m cash plus US$39m Petrobras payment, drilling expected in November. Regulatory approval was then expected in September. No new information.
8 Sept 2010investor presentation● Neutral
RIU Good Oil conference presentation on monetising big gas via LNG or methanol. It repeats the ~12 Tcf Artemis prospect (32% chance of success), NT/P68 farm-out pending resource certification, and Tassie Shoal. No new announcements in the excerpt.
19 Aug 2010capital raising announcement● Neutral
The trustee of MEO's treasury share scheme sold all its 10.1m shares, raising about A$3.4m for MEO as equity capital. No new shares are issued, so shares on issue stay at 477.2m. The scheme will not be renewed.
What it means for a shareholder
10.1m new shares at about A$0.3366 to raise about A$3.4m. That's 2.1% dilution: every existing holder's slice gets 2.1% smaller. If you held A$1,000 of shares (2,971 at the issue price), your slice goes from 0.000622% to 0.00061% of the company. To keep it you'd need 63 more shares - about A$21 at the issue price.
Create a free account to see this worked out for your own holding.
19 Aug 2010admin correction● Neutral
Corrects the number of treasury shares sold on 19 August to 10,122,918 (from 10,122,198). Proceeds of about A$3.4m and all other details are unchanged.
9 Aug 2010investor presentation● Neutral
August investor update: 477.2m shares, market cap A$177m at 37c, cash A$36m plus US$39m Petrobras payment expected after approvals. Lists Artemis-1 for November and NT/P68 farm-out as imminent. Largely repeats known facts; the Artemis chance of success is given as 32%.
6 Aug 2010investor presentation● Neutral
MEO displayed two posters on the NT/P68 farm-out at the Singapore Scout Check industry meeting, downloadable from its website. This supports the planned NT/P68 farm-out marketing but contains no new results or terms.
4 Aug 2010investor presentation● Neutral
CEO conference presentation on Timor Sea gas-to-liquids, arguing methanol can absorb CO2 from high-CO2 gas, with Tassie Shoal ready to proceed once gas supply is confirmed. Repeats known strategy; no new announcements in the excerpt.
27 July 2010other● Neutral
Duplicate of the previous notice: Greg Short's 112,444 shares transferred from his savings plan trustee to direct holding, with no change in total. Administrative re-lodgement.
27 July 2010other● Neutral
Director Greg Short's 112,444 shares moved from his share savings plan trustee into his direct name. No shares were bought or sold, so this is an administrative change.
26 July 2010drilling progress report● Neutral
Field data collection for the Artemis-1 seabed site survey is complete, following the earlier sonar survey. The report is now being finalised to support well planning. A preparation step with no new result.
22 July 2010contract award▲ GoodMajor
MEO signs a rig assignment agreement for the Songa Venus to drill Artemis-1, taking a slot from Shell's program. Shell estimates the rig will be released between early and late November 2010, later than the earlier September-December window's start. This resolves the open rig contract thread.
14 July 2010other● Neutral
Chairman Nick Heath's share savings plan bought 35,088 shares on market for $10,000, taking his holding to 1,035,088 shares. Routine director dealing notice.
13 July 2010asset acquisition disposition● NeutralMajor
MEO agrees to buy a further 15% of WA-361-P from Gascorp for US$1m cash, lifting its interest from 35% to 50% once approved. The permit is in the final year of its term and MEO plans to apply for renewal later this year. Leads still need more work.
2 July 2010security holder rights change● Neutral
1.1 million MEO 50c options held by the CEO lapsed on 30 June 2010 because the share price did not stay at or above 85c for 50 trading days. Shares on issue are unchanged at 477.2m.
28 June 2010regulatory community update▲ GoodMajor
FIRB has no objections to Petrobras taking 50% of WA-360-P, clearing a key condition of the April farm-in. Remaining permit-transfer approvals are underway, a site survey is running and the rig contract is being finalised. The US$39m payment is not yet due.
15 June 2010other● Neutral
Hopley's family pension fund bought another 20,000 shares for $5,800, taking its holding to 70,000 shares. Routine director dealing notice.
10 June 2010joint venture update● Neutral
Moby confirms the sale of 5% of WA-360-P to MEO for US$7m, leaving Moby with a 10% interest still carried through Artemis. Moby says the proceeds strengthen its working capital. This is the counterparty side of MEO's same-day announcement.
