Past year: ▼ 77%(0.30c – 1.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
1 Dec 2011director officer appointment▲ Good
MEO hired Robert Zammit (ex-ExxonMobil) as Executive Manager, Business Development, to help monetise Tassie Shoal and find markets for its gas discoveries. Lubing Liu (Chief Reservoir Engineer) and Dean Johnstone (Senior Geoscientist) joined 3 October 2011. Senior staff hires, not board changes.
1 Dec 2011joint venture update▲ Good
MEO welcomed Eni buying a 32.5% stake in the Evans Shoal gas field (NT/P48), about 70km from Heron and Blackwood, after Eni agreed to buy Santos's 40% for US$250m upfront. MEO says it expects 2012 Heron/Blackwood appraisal with Eni. No direct change to MEO's holdings.
30 Nov 2011investor presentation● Neutral
New York conference presentation repeating known facts: A$90.2m cash, five gas discoveries, share price A$0.185, market cap about A$99.9m and enterprise value A$9.7m. Describes 2012 testing of targets in Seruway, South Madura, Heron and Blackwood. No new substance.
21 Nov 2011admin correction● Neutral
MEO's new office address is Level 23, 500 Collins Street, Melbourne, from 21 November 2011. Administrative notice only.
9 Nov 2011joint venture update● Neutral
Cue, MEO's WA-360-P partner, said it will lift its interest from 30% to 37.5% after renewal, leaving MEO with 62.5% as operator. This repeats MEO's 8 November announcement from the partner's side.
8 Nov 2011joint venture update● NeutralMajor
MEO lodged the WA-360-P renewal on 31 October 2011. After Petrobras's exit and Moby's notice of withdrawal, MEO's interest will rise from 25% to 62.5% on renewal, with Cue at 37.5%. This resolves how Petrobras's share is split, and increases MEO's share of future costs.
7 Nov 2011investor presentation● Neutral
Sydney investor presentation repeating known facts: A$0.19 share price, about A$102.6m market cap, A$90.2m cash, enterprise value A$12.4m, and the Eni deal terms including US$75m at FID. Heron-3 drilling is shown starting Q1 2012.
2 Nov 2011contract award▲ GoodMajor
MEO's subsidiary contracted PT PGS Nusantara for a 705 km2 3D seismic survey in the Seruway PSC, worth about US$5.8m excluding processing. Acquisition is due to start around 2 December 2011 for about 30 days, meeting part of the commitment to also drill one well by end 2012.
2 Nov 2011drilling progress report▲ Good
Fugro finished the Zeus 3D survey on 31 October 2011. MEO's 323 km2 in WA-361-P satisfies its year-2 work commitment. Processed data is now expected by early May 2012, slightly later than the Q2 2012 previously guided.
31 Oct 2011other● Neutral
Notice that a video of the 2011 AGM is on the MEO website. No substantive content.
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.
12 Oct 2011quarterly activities report● Neutral
Revised version of the September quarterly report with cleaner formatting. Content appears the same: A$90.2m cash, Heron-3 rig contracted, Petrobras exiting WA-360-P, Seruway 3D and well commitment by end 2012. No new substance.
12 Oct 2011quarterly activities report● Neutral
Appendix 5B for the September quarter showed A$2.4m of operating and investing outflows, offset by a A$2.3m exchange-rate gain, leaving cash at A$90.2m with no financing flows. Planned outflow next quarter is A$8.0m (A$5.5m exploration, A$2.5m administration).
12 Oct 2011quarterly activities report● Neutral
September quarter: cash A$90.2m (16.7c a share), no debt. Eni took over NT/P68 operatorship, Heron-3 rig contracted for early March 2012, Zeus 3D acquisition under way, Petrobras leaving WA-360-P. Seruway 3D tender being prepared; buy-back announced.
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.
20 July 2011quarterly activities report● Neutral
June quarter: cash fell to A$90.1m from A$98.4m after the Eni farm-in, WA-454-P and AC/P53 awards and two Indonesian purchases. Eni's conditions are met and it is seeking a rig for Heron-3. Next priorities are integrating Indonesia and seismic planning.
