Past year: ▼ 77%(0.30c – 1.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 Mar 2009drilling progress report▲ Good
Artemis 3D acquisition finished 31 March with no safety incidents or weather downtime. Processed data is expected by end June, ahead of a 2Q09 farm-out to fund a 2010 well. Completes the survey MEO committed to on 10 March.
23 Mar 2009drilling progress report● Neutral
Artemis 3D survey is about 51% acquired after resuming on 16 March, with completion expected in roughly a week. Farm-out still planned for 2Q09. Progress only.
19 Mar 2009investor presentation● Neutral
London small-mid caps presentation reviews board, management and portfolio, notes Zeus-1 was unsuccessful, and says Artemis is being readied for a 2Q09 farm-out. Plans over three wells in 2010 subject to farm-out. Largely repeats known facts.
16 Mar 2009drilling progress report● Neutral
Artemis 3D survey started 10 March but a water quality problem sent the vessel back to Dampier on 11 March, at the contractor's cost. About 6% is acquired; recording was due to resume 16 March.
10 Mar 2009contract award▲ GoodMajor
MEO signed PGS to shoot a 250 km2 Artemis 3D seismic survey in WA-360-P for about US$3.4m. By paying 90% it lifts its interest to 70% and extends its drill/drop option to 31 Dec 2009. Data due about 90 days after completion.
6 Mar 2009other● Neutral
S&P announced its March quarterly index rebalance, effective 20 March 2009, adding MEO Australia to the S&P/ASX 300. Index membership only; no company news or change to operations.
27 Feb 2009investor presentation● Neutral
Singapore Asia Upstream conference presentation repeats the Carnarvon and Bonaparte portfolio, Artemis (>5 Tcf potential) and the Tassie Shoal hub, with NT/P68 farm-in sought in 2Q09 for two 2010 wells. No new results or figures.
19 Feb 2009drilling progress report● Neutral
The Songa Venus was released from Zeus-1 on 18 February and handed to Anzon after 33 days on location, with no reportable safety incidents. This closes out the well operations.
17 Feb 2009investor presentation● Neutral
Brisbane GTL conference presentation describes the Carnarvon and Bonaparte focus and the Tassie Shoal methanol hub. It states Zeus-1 was dry, and that MEO is seeking a farminee in 2Q09 with drilling planned in 2010. No new results.
13 Feb 2009drilling result▼ Bad
Cue's relay of MEO's 13 February update: pressure testing confirmed the primary sands are water bearing, and Zeus-1 is being plugged and abandoned. Rig release is expected early next week.
13 Feb 2009drilling result▼ BadMajor
Zeus-1 is a dry hole: pressure testing confirmed the primary Legendre sands are water bearing, and the well is being abandoned. MEO calls it disappointing but sees untested NW Shelf potential, and plans a WA-360-P farm-out from 2Q09 for a 2010 well.
12 Feb 2009drilling result▼ Bad
Wireline logs show two excellent-quality Legendre sands over a 143m gross interval, likely largely water bearing. Anomalies at the top of both warrant pressure sampling. Gas there would imply untested potential updip. The well will then be abandoned.
11 Feb 2009drilling result● Neutral
Cue's relay of MEO's 11 February preliminary result: about 44m of potential Legendre reservoir with elevated gas readings, inconclusive logs, and no reservoir in the Forestier. Further tests are under way.
11 Feb 2009drilling result● NeutralMajor
Zeus-1 reached 3,642m. Elevated gas readings were seen over about 44m of Legendre, but logs were inconclusive. The secondary Forestier target lacks reservoir. Further wireline testing follows, so the result is mixed and not yet confirmed.
10 Feb 2009drilling progress report● Neutral
Zeus-1 reached 3,290m, with 6 days lost to weather in total. The primary Legendre target and total depth are expected within 24 hours. No results yet.
4 Feb 2009regulatory community update▲ Good
Regulator approved work program changes: the WA-359-P well moves to permit year 6 (from 1 Feb 2010) and WA-360-P year 4 is extended to 31 Jan 2010. This gives time for 3D seismic over Artemis and backs the 2010 drilling plan.
4 Feb 2009drilling progress report● Neutral
Cue's relay of MEO's update: Zeus-1 at 2,380m, with the rig de-manned ahead of a possible cyclone. Nothing new.
3 Feb 2009drilling progress report● Neutral
Zeus-1 drilled to 2,380m on prognosis, after 5.5 days lost to the cyclone and a blowout preventer seal failure. The rig is being secured again ahead of another tropical low. No results.
28 Jan 2009drilling progress report● Neutral
Cue's relay of MEO's weekly report: casing set, rig moved off for Cyclone Dominic and re-manning under way. No new information.
27 Jan 2009drilling progress report● Neutral
Surface casing was set at 1,874m. The rig was moved off location on 25 January to avoid Tropical Cyclone Dominic and is being re-manned. No results yet.
21 Jan 2009drilling progress report● Neutral
Cue's relay of the MEO weekly report: Zeus-1 at 1,480m and drilling ahead, with 13-3/8 inch casing planned at 1,885m. Nothing new.
20 Jan 2009drilling progress report● Neutral
MEO confirms Zeus-1 spudded on 17 January and was drilling ahead at 1,020m. No results yet; the primary target is expected around 3,455m.
19 Jan 2009drilling spud▲ GoodMajor
Partner Cue Energy reported that Zeus-1 spudded on 17 January 2009, with 30-inch casing run and cemented to 271m. The well is testing a complex structural/stratigraphic play with the Legendre Sandstones as a primary target.
16 Jan 2009drilling progress report● Neutral
The Songa Venus arrived at the Zeus-1 location on 16 January and began running anchors. Drilling is expected to start over the weekend. RDI still pays 80% of the well to US$31.25m, and weekly updates are promised.
15 Jan 2009investor presentation● Neutral
January investor update restates the new board, the two Bonaparte gas discoveries, Zeus (>15 Tcf potential) and Artemis (>5 Tcf potential). It shows A$29m cash at 31 Dec 2008, 417.3m shares and a $0.27 price. No new results.
12 Jan 2009price query● Neutral
ASX queried the share price jump from $0.185 to $0.30. MEO said it knows of no undisclosed information and pointed to the 8 January rig handover and Zeus-1 volume estimates, with the rig under tow.
8 Jan 2009drilling scheduled▲ Good
The Songa Venus is handed over on 8 January for a seven-day tow, with Zeus-1 spud expected about 17 January. MEO says Zeus could hold about 15 Tcf gas in place in the primary target plus 3.7 Tcf in a shallower one. Gas is not proven.
2 Jan 2009material agreement termination▼ BadMajor
RDI's options over the Timor Sea projects (NT/P68, Tassie Shoal methanol and LNG) lapsed unexercised on 31 December 2008 because RDI did not list. MEO plans a farmout process in the June quarter. Rig handover is expected 8 January.
23 Dec 2008farm in farm out agreement▲ GoodMajor
Partners grant MEO a 12-month extension, to 31 December 2009, of the drill/drop decision on WA-359-P and WA-360-P (60% each), in return for more 3D seismic. MEO will seek farm-in partners to drill in 2010. Cyclone Billy delays the rig to about 5 January.
16 Dec 2008drilling scheduled▼ Bad
A tropical low and possible cyclone interrupt the rig, pushing its release to about 29 December. The tow to Zeus-1 would then take six to seven days.
