Past year: ▼ 77%(0.30c – 1.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
10 June 2010asset acquisition disposition▲ GoodMajor
MEO agrees to buy a further 5% of WA-360-P from Moby for US$7m cash, to rise to 25% after the Petrobras deal closes. The extra interest is free-carried through Artemis-1, planned for late 2010. The balance is paid after Petrobras pays MEO.
26 May 2010other● Neutral
Director Stephen Hopley's family pension fund bought 20,000 shares for $5,900, lifting its holding to 50,000 shares. Routine director dealing notice.
24 May 2010other● Neutral
Hendrich's spouse-controlled entity bought another 200,000 shares for $52,000, bringing his total to 1,700,000 shares. Routine director dealing notice, the third purchase in this run.
4 May 2010other● Neutral
Letter to shareholders recaps the Petrobras WA-360-P farm-in (about US$39m on approval, MEO keeps 20%) and says Tassie Shoal still lacks a gas supply on acceptable terms. The board says it needs new projects to diversify beyond the Timor Sea and Carnarvon assets. Text is truncated.
3 May 2010other● Neutral
Hendrich's spouse-controlled entity bought a further 139,000 shares on market for $50,735, taking his total to 1,500,000 shares. Routine director dealing notice, continuing the buying from 30 April.
30 Apr 2010other● Neutral
Managing Director Jürgen Hendrich's spouse-controlled entity bought 100,000 MEO shares on market for $38,000, lifting his total holding to 1,361,000 shares. Routine director dealing notice.
29 Apr 2010investor presentation● Neutral
Investor update repeats known facts: market cap about A$198m at 41.5c, cash A$39.4m plus US$39m from Petrobras on approval, about 13,500 holders. Artemis-1 is planned for late 2010. No new announcements in the excerpt.
28 Apr 2010regulatory community update▲ GoodMajor
NT/P68 is renewed for 5 years (3-year primary, 2-year secondary term) with 50% of the area relinquished. MEO holds 100% of the 5,915 km2 permit with the Heron and Blackwood gas discoveries. Appraisal drilling is planned for 2011, subject to finding a farm-in partner.
22 Apr 2010investor presentation● Neutral
CEO conference presentation on MEO's LNG and methanol strategy, covering Bonaparte Basin gas discoveries and the Tassie Shoal hub concept. It repeats known facts, with no new announcements in the excerpt.
15 Apr 2010investor presentation▲ Good
In an interview, the CEO calls the Petrobras deal transformational, saying existing A$39.3m cash is freed for other ventures. MEO receives about US$39m on approval and a further US$31.5m bonus if Artemis succeeds. Largely repeats the farm-in terms.
14 Apr 2010farm in farm out agreement▲ GoodMajor
MEO signs a binding WA-360-P farm-in with Petrobras, resolving the long delay. Petrobras earns 50% by funding the first well up to US$41m, pays a US$31.5m bonus plus about US$7.5m past costs, and MEO keeps 20%. Subject to FIRB approval.
14 Apr 2010joint venture update▲ Good
Moby welcomes the Petrobras farm-out and says it has agreed that integrated LNG is a permitted development scenario and committed its gas share to such a project. Its 15% free carry stands. This indicates the side agreements were resolved with Moby on board.
24 Mar 2010joint venture update▼ Bad
Cue says the farminee's proposed changes to the joint operating agreement disadvantage Cue and its shareholders, and discussions continue. Cue's 15% free carry through Artemis-1 is unaffected. This identifies Cue as the holdout.
22 Mar 2010joint venture update▼ BadMajor
The WA-360-P farm-in is still unsigned: one of the other three parties declined the side agreements on 17 March, leaving 85% alignment, which the farminee is weighing. MEO secured a rig option for a Sept-Dec 2010 spud and says its funds can cover Artemis-1.
22 Mar 2010listing compliance notice● Neutral
ASX lifts the suspension of MEO shares following the WA-360-P farm-out update. Administrative notice with no new substance of its own.
22 Mar 2010joint venture update● Neutral
Moby, holder of 15% of WA-360-P, says it supports the farm-out and has no issues with the farminee's requests. It confirms its free carry through Artemis-1 is unaffected. Points to the holdout being a different partner.
17 Mar 2010listing compliance notice▼ Bad
MEO's shares are suspended at its request pending an announcement. Its letter says one WA-360-P joint venture participant has not signed two side agreements that must be executed before the finalised farm-in agreement can be signed. Suspension expected to last no more than three trading days.
25 Feb 2010half year report▼ Bad
Half-year to 31 December 2009: net loss A$3.08m versus a A$1.35m profit a year earlier, which had included A$3.6m of exchange gains. Excluding exchange effects, the loss was A$2.87m, with lower interest income and higher exploration expense.
11 Feb 2010joint venture update● Neutral
MEO says the WA-360-P farm-in is delayed: the farminee's legal review is advanced, with only minor issues, and FIRB filing can only follow signing. Two rig options exist for Artemis-1 in 2H 2010, and MEO is screening new ventures.
7 Jan 2010price query● Neutral
Responding to ASX, MEO says shares rose from 44.5c to 53c on 6 January with no undisclosed news. It offers speculation on the WA-360-P farm-in as the only explanation and confirms binding agreements are not yet signed.
4 Jan 2010asset acquisition disposition● Neutral
Cue says it will receive a 30% interest from MEO in WA-359-P, lifting it to 50% and operator again, with Exoil holding 50%. Repeats MEO's decision to hand back the permit.
4 Jan 2010asset acquisition disposition▼ BadMajor
MEO let its WA-359-P drill option lapse on 31 Dec 2009, saying studies had not de-risked the Hephaestus lead enough to fund the well. Its 60% goes back equally to Cue and Exoil, so MEO exits the permit.
21 Dec 2009joint venture update▲ Good
Moby confirms MEO has irrevocably committed to fund 100% of the first WA-360-P well. Moby keeps its 15% free carry and will issue 120m shares to Gascorp. Resolves the risk of MEO having to transfer 35% to Rankin Trend.
21 Dec 2009joint venture update▲ Good
Cue, a WA-360-P partner, announces MEO has irrevocably committed to drilling Artemis-1, with Cue holding a 15% free carry. It repeats MEO's 12 Tcf recoverable potential. Duplicates the MEO and Moby news.
21 Dec 2009farm in farm out agreement▲ GoodMajor
MEO's preferred farminee has board approval to complete the WA-360-P farm-in, subject to Australian approvals including FIRB; binding documents are not yet signed. MEO triggers its well option, securing 70%, and begins rig talks to drill Artemis-1 in the second half of 2010, keeping at least 20% after farm-out.
1 Dec 2009other● Neutral
Securities update: 477,220,955 shares on issue after the November placement, and 3.4m 50c options lapsed on 30 November. Administrative, no new substance.
27 Nov 2009admin correction▼ Bad
After ASIC and ASX concerns that it may be misleading, MEO explains the Artemis per-share values in its 2 September presentation: A$3.65 unrisked and A$1.17 risked, based on 12 Tcf, 20% residual interest, US$0.50/Mcf and 32% chance of success. It warns they should not be relied on.
20 Nov 2009admin correction● Neutral
Lodges the amended company constitution, changed by special resolution at the 18 November 2009 AGM. Administrative filing; the excerpt does not say what changed.
18 Nov 2009investor presentation● Neutral
Technical talk after the AGM on the Artemis prospect in WA-360-P, covering seismic, depth conversion and analogue fields, with the East Artemis target put at about 12 Tcf. Restates known resource estimates; no new data or results.
18 Nov 2009investor presentation● Neutral
AGM presentation reviews the year and strategy: Tassie Shoal approvals, NT/P68 renewal lodged and 100% regained, and the WA-360-P farm-in awaiting farminee board and regulatory approvals. Largely repeats known facts; no new results.
