Past year: ▼ 77%(0.30c – 1.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
2 Mar 2012other▼ Bad
S&P index announcement of March 2012 rebalance. MEO appears in the list of removals from the All Ordinaries index, effective after close on 16 March 2012. This is an inference from the code MEO in the removal list; the text is truncated.
29 Feb 2012resource reserve update▲ GoodMajor
Independent Senergy assessment of WA-454-P gives Marina contingent resources of 98 Bcf gas and 6.5 MMbbl oil/condensate (2C), rising to 302 Bcf and 29.5 MMbbl (3C). Breakwater best-case prospective gas/oil is 636 Bcf and 52 MMbbl (16% chance of success). MEO aims to find a drilling partner by year end.
29 Feb 2012admin correction● Neutral
Amended re-release of the WA-454-P Senergy resource assessment; the figures shown match the original, with only table labelling and formatting appearing to differ. No new information.
28 Feb 2012drilling progress report● Neutral
Recording of the 601 km2 Floyd 3D survey in WA-454-P finished on 27 February 2012. Processed data is expected in late 2Q 2012, to refine the Marina resource estimate and the Breakwater drilling location before seeking a funding partner.
27 Feb 2012farm in farm out agreement▲ GoodMajor
MEO signed a binding deal to take 50% of Gulf of Thailand Block G2/48 from Pearl Oil (operator). It reimburses 50% of the 450 km2 3D survey and pays 66.6% of a 2012 commitment well, capped at US$5m gross. Oil well planned 3Q 2012, adding a third 2012 well.
24 Feb 2012regulatory community update● Neutral
Regulators approved MEO's request to bring forward the WA-454-P Year 3 work commitment into Year 1, replacing it with a 583 km2 3D seismic survey. This matches the Floyd 3D survey now being recorded.
16 Feb 2012half year report▼ Bad
Half-year to 31 December 2011: loss after tax A$2.0m versus a A$18.1m profit a year earlier, which had come from the WA-360-P sale gain. The loss includes a A$0.99m write-off of the fee paid to Air Products on ending the Tassie Shoal agreement.
13 Feb 2012drilling progress report● Neutral
Recording began on 12 February 2012 for the 601 km2 Floyd 3D survey in WA-454-P (MEO 100%), taking under 30 days. It covers the Marina gas and liquids discovery and Breakwater prospect, and brings forward the Year 3 work commitment.
13 Feb 2012drilling progress report▲ Good
The 508 km2 Zeppelin 3D survey over AC/P50 and AC/P51 finished on 11 February 2012. Regulators approved on 10 February a variation substituting 276 km2 of this 3D for the 1,000 km 2D commitment, so it meets the Year 3 obligation.
23 Jan 2012quarterly activities report● Neutral
December quarter: cash A$83.7m (15.5c a share), no debt. Heron-3 rig is expected late in Q2 with drilling in Q3 2012, and Eni's Blackwood 3D processing is due in November. Seismic surveys finished or under way; Air Products agreement ended and South Madura stake being raised to 90%.
23 Jan 2012quarterly activities report● Neutral
Appendix 5B for December quarter: cash fell A$5.5m to A$83.75m with no financing flows. Planned outflow next quarter is A$24.0m (A$22.5m exploration, A$1.5m administration), well up from A$8.0m forecast previously, reflecting the seismic program.
20 Jan 2012drilling progress report● Neutral
Recording began on 20 January 2012 for the 507 km2 Zeppelin 3D survey over AC/P50 and AC/P51, taking about 23 days. It would meet the current permit-year work obligation, subject to regulatory approval of a work program variation for AC/P51.
18 Jan 2012drilling progress report● Neutral
The 170 km Zeppelin 2D survey in AC/P53 finished on 17 January 2012. The vessel will now be reconfigured for the 507 km2 Zeppelin 3D survey over AC/P50 and AC/P51.
16 Jan 2012drilling progress report● Neutral
Recording of the 170 km Zeppelin 2D seismic survey in AC/P53 began on 15 January 2012, expected to take about three days. It brings forward part of the permit's Year 2 work commitment into Year 1.
11 Jan 2012contract award▲ GoodMajor
MEO contracted CGGVeritas for three seismic surveys over its 100%-held permits: 170 line km 2D in AC/P53, 507 km2 3D over AC/P50-51, and 601 km2 3D in WA-454-P over the Marina discovery and Breakwater prospect. Acquisition starts about 16 January 2012 and runs about 55 days.
9 Jan 2012drilling progress report▲ Good
The Ibu Horst 3D survey in the Seruway PSC finished on 6 January 2012, with 708 km2 recorded and processed data expected early in the second quarter. It completes the 2011 commitment; one well is due in 2012 and rig talks are under way.
6 Jan 2012drilling result▲ Good
Eni completed the Bathurst 3D seismic survey over Blackwood East in NT/P68, recording 766 km2 of data, more than the 698 km2 planned. Eni has 365 days from completion to decide whether to drill Blackwood-2 to keep its 50% interest in Blackwood.
28 Dec 2011asset acquisition disposition▲ GoodMajor
MEO signed binding agreements to buy a further 60% of the onshore South Madura PSC in Indonesia from AED for US$0.3m, lifting its interest from 30% to 90%, subject to regulatory approvals. It plans seismic and then to seek a partner for possible 2013 drilling.
22 Dec 2011joint venture update▼ BadMajor
Eni's Bathurst 3D survey in NT/P68 was 52% complete at 19 December 2011. The Ensco 109 rig is now expected to be handed to Eni for Heron-3 in June 2012, later than the early-March slot previously expected, delaying the Heron-3 appraisal well.
19 Dec 2011material agreement termination● NeutralMajor
MEO ended its 2004 joint development agreement with Air Products over the Tassie Shoal Methanol Project, regaining 100% of the project. It pays a US$1m fee plus up to US$6m from future sale proceeds, and plans to seek expressions of interest from 2Q 2012 for participation in Tassie Shoal.
9 Dec 2011drilling progress report▲ Good
Acquisition of the 705 km2 Ibu Horst 3D seismic survey in the Seruway PSC, offshore North Sumatra, has begun and should take about 30 days. It fulfils the 2011 work commitment and is expected to generate drillable prospects for the well due by end 2012.
7 Dec 2011drilling progress report● Neutral
Eni's Bathurst 3D seismic survey over Blackwood East in NT/P68 has started, with 698 km2 to be recorded within about 50 days. MEO is carried for the cost. Eni's 365-day window to decide on Blackwood-2 starts after completion.
2 Dec 2011farm in farm out completion▲ GoodMajor
Eni committed to the 698 km2 Bathurst 3D seismic survey over Blackwood in NT/P68, earlier than the option required, and will pay MEO's share of costs. Eni then has 365 days after the survey to decide whether to drill Blackwood-2 and keep its 50% of Blackwood.
