Past year: ▼ 77%(0.30c – 1.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
20 July 2011quarterly activities report● Neutral
Cash flow report: cash ended June at A$90.1m, down from A$98.4m, with no debt. Next-quarter spending is forecast at A$4.0m. The year included US$31.5m Petrobras bonus receipts and a A$36.0m share raising.
11 July 2011admin correction● Neutral
Replacement of the securities notice, correcting quoted ordinary shares to 539,913,260 (the first version showed 477,220,955). The lapse of the MD's 1.1m 85c options is unchanged.
11 July 2011security holder rights change● Neutral
1.1m options at 85c held by the Managing Director lapsed on 30 June 2011 because the share price did not stay at or above $1.20 for 50 trading days. Lists securities on issue as at 1 July 2011.
8 July 2011regulatory community update▲ GoodMajor
MEO won exploration permit AC/P53 (504 km2) at 100%, next to its AC/P50 and AC/P51 permits. Year 1 work is 825 km2 seismic reprocessing, and an exploration well is due in year 5. Second permit from the 2010 acreage release.
5 July 2011farm in farm out completion▲ GoodMajor
Regulators approved the Eni farm-in: Eni is now registered as 50% holder and operator of NT/P68, with MEO at 50%. Eni is preparing to drill Heron-3 and is seeking a rig. Resolves the pending approval.
1 July 2011director officer appointment● Neutral
Managing Director Jürgen Hendrich signed a new open-ended employment agreement from 1 July 2011, replacing his three-year 2008 term. Fixed pay is A$495,000 and he is granted 3.0m options at 50c, subject to shareholder approval.
1 July 2011farm in farm out completion● Neutral
Petrofac did not exercise its option to take 5% of NT/P68 and the Tassie Shoal projects, which expired 30 June 2011. MEO keeps that interest ahead of the Eni farm-in. Closes the Petrofac option thread.
28 June 2011asset acquisition disposition▲ GoodMajor
MEO bought 100% of offshore Seruway PSC, North Sumatra, for US$5.0m cash up front, with future cost recovery paid from production. It has two gas discoveries and a commitment to shoot 700 km2 of 3D seismic and drill one well by end-2012.
27 June 2011asset acquisition disposition● NeutralMajor
MEO bought a 30% interest in South Madura PSC, onshore Indonesia, from Cooper Energy for US$0.5m cash. The licence expires 13 October 2013. A first step into South East Asia and the new-ventures plan.
14 June 2011regulatory community update▲ GoodMajor
MEO was awarded new Bonaparte Basin permit WA-454-P (4,320 km2) at 100%, containing the 2007 Marina gas and condensate discovery. Year 1 work is a 300 km new 2D seismic survey and studies (A$300,000), with an exploration well in year 5.
18 May 2011farm in farm out agreement▲ GoodMajor
Binding deal signed: Eni earns 50% of Heron and becomes operator by funding two wells, and may exit after the first. Eni has options on Blackwood and a further 25%, with US$75m payable to MEO at a final investment decision. Resolves the farm-out thread.
4 May 2011investor presentation● Neutral
New York conference presentation repeating known facts: 539.9m shares, A$98m cash, market cap about A$108m at 20c. Says 5+ new-venture deals are at advanced stages and the Heron farm-out is pending. No new results.
3 May 2011director officer appointment● Neutral
Director Stephen Hopley joined the Remuneration and Nomination Committee from 29 April 2011. It now has Chairman Nick Heath, Michael Sweeney and Hopley. Governance housekeeping.
11 Apr 2011quarterly activities report● Neutral
March quarter: cash A$98.4m. The Heron farm-in offer is still being documented. Several conditional new-venture offers have been made, none yet binding. Priorities are signing the Heron deal, Tassie Shoal gas supply and new ventures. Routine quarterly.
11 Apr 2011quarterly activities report● Neutral
Quarterly cash report: cash ended March at A$98.4m, down from A$100.3m, with no debt. Next-quarter spending is forecast at A$2.6m. Routine quarterly filing.
4 Apr 2011director officer appointment▲ Good
MEO added a Senior Geophysicist, a Senior Commercial Analyst and a New Ventures Adviser (former Tap Oil CEO Peter Stickland). Geophysicist John Moore retires from his technical role on 30 June. Supports the new-ventures push using the ~A$100m cash.
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.
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.
11 Jan 2011quarterly activities report● Neutral
December quarter: cash ended at A$100.3m after the Petrobras bonus and back costs (~A$39.4m) and the A$32.6m raising. Planned spending next quarter is A$3.0m. Routine quarterly.
11 Jan 2011quarterly activities report● Neutral
Quarterly review: Artemis-1 dry, WA-361-P renewed, AC/P50-51 acquired, cash A$100.3m. Several parties said they would submit Heron farm-in offers in Q1 2011. WA-360-P expires 31 January 2012, with a relinquish-or-renew decision before then.
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.
