Past year: ▼ 77%(0.30c – 1.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
16 Dec 2010investor presentation● Neutral
The CEO says about 40% of shares traded in three days after the dry hole, at prices barely above cash backing. About A$100m uncommitted cash (~18.5c a share) will fund Heron farm-out, Tassie Shoal and buying producing or exploration assets. Heron deal targeted end Q1 or early Q2 2011.
13 Dec 2010drilling result▼ BadMajor
Artemis-1 reached 3,500m and found no hydrocarbons in the target reservoirs; it will be plugged and abandoned. A dry hole for the ~12 Tcf prospect (32% chance of success), though Petrobras already paid its US$31.5m bonus.
8 Dec 2010drilling progress report● Neutral
The over-pressured zone was stabilised with heavier mud and the well drilled to 2,976m so the zone can be sealed behind casing. Casing is being prepared, with drilling expected to resume on 10 December.
6 Dec 2010drilling progress report● Neutral
Artemis-1 reached 2,936m and was shut in on 5 December after hitting an over-pressured gas zone above the main target. Crews are circulating heavier mud to resume drilling. No result on the main objective yet.
6 Dec 2010drilling progress report● Neutral
Cue Energy re-released MEO's 6 December Artemis-1 update: over-pressured gas zone met at 2,936m, well shut in, mud being circulated. Cue holds 15%. Repeats known information.
3 Dec 2010director officer appointment● Neutral
Managing Director Jürgen Hendrich bought 25,000 shares on market for $10,750 on 3 December, lifting his indirect holding to 1,725,000 shares. Small purchase, made while Artemis-1 was drilling.
1 Dec 2010drilling progress report● Neutral
Artemis-1 spudded at 00:45 on 25 November and is cased at 1,870m. Crews are installing blow-out equipment, with drilling of the next hole section planned for 3 December and about 2.5 days then to reach the main target.
25 Nov 2010drilling spud● Neutral
Partner Cue Energy reports Artemis-1 in WA-360-P was spudded on 24 November 2010. Cue holds a no-cost 15% and outlines its own Carnarvon Basin seismic plans with Woodside and Apache. Confirms the well MEO operates is underway; no new MEO information.
25 Nov 2010capital raising announcement▲ GoodMajor
MEO placed 62.8m shares at 52c to raise A$32.6m, a 13.2% increase, mostly to North American and UK institutions, just before the Artemis-1 result. Cash rises above A$100m, for growth including Tassie Shoal; no acquisition yet met its criteria.
24 Nov 2010drilling spud▲ GoodMajor
Songa Venus arrived at the Artemis-1 location on 23 November, ran its anchors and is ballasted for drilling. Spud of the ~12 Tcf prospect is expected the evening of 24 November, the start of the well the Petrobras deal funded.
18 Nov 2010investor presentation● Neutral
Technical update for the AGM repeats the Artemis case (~12 Tcf mean, 32% chance of success), Heron ~5 Tcf best estimate and the farm-out in progress. WA-361-P leads need more work. Nothing new.
18 Nov 2010agm notice● Neutral
AGM CEO presentation recapping 2010: Petrobras farm-in, US$39m received, WA-361-P raised to 50%, NT/P68 renewed, AC/P50-51 acquired. Rig arrival at Artemis-1 is expected 23 November. Tassie Shoal still seeks third-party gas. Nothing new.
17 Nov 2010drilling progress report● Neutral
Rig tow update: Songa Venus had covered 28.1% of the 646.7 nautical mile journey by 17 November. Arrival at Artemis-1 is expected late on 23 November, weather permitting, with spud shortly after.
16 Nov 2010asset acquisition disposition● Neutral
MEO completed the purchase of Gascorp's 15% of WA-361-P for US$1m, taking it to an unconditional 50%. It lodged the permit renewal, relinquishing 7 of 15 blocks. Leads independent of Artemis need more work. Resolves the pending Gascorp deal and renewal.
15 Nov 2010asset acquisition disposition▲ GoodMajor
MEO agreed to buy 100% of Timor Sea permits AC/P50 and AC/P51 (1,944 km2) from Silver Wave for US$270,000. Silver Wave may buy back 10%, and RedRock gets a 5% carried option. This is the first new-venture acreage since the Chief Geoscientist hire.
15 Nov 2010drilling progress report▲ Good
Songa Venus was handed over by Shell on 14 November and is under tow to Artemis-1, about eight days. Spud is expected shortly after anchoring. Rig handover is no longer pending.
10 Nov 2010drilling progress report● Neutral
Routine weekly update: Shell now expects to hand over the Songa Venus about late evening on 12 November, then a roughly seven-day tow to Artemis-1. Another small slip in timing.
5 Nov 2010investor presentation● Neutral
North American roadshow deck: market cap A$239m at 50c, cash A$71m at 31 October, 477.2m shares. Repeats the ~12 Tcf Artemis prospect (32% chance of success) and Petrobras terms, with drilling expected November/December. No new information.
4 Nov 2010drilling progress report● Neutral
Shell now expects to hand over the Songa Venus on or about 11 November, followed by a roughly seven-day tow to the Artemis-1 location. Slight timing update only.
25 Oct 2010regulatory community update▲ Good
Western Australian regulator approved drilling of Artemis-1 and accepted the well management plan, the final approval needed. The Songa Venus rig handover is now expected around mid November, followed by a roughly seven-day tow.
22 Oct 2010farm in farm out completion● Neutral
Moby confirms it received the final US$5.5m for selling its 5% of WA-360-P to MEO (US$7m total). Moby keeps 10%, carried through Artemis-1, with the rig handover expected early to mid November.
22 Oct 2010farm in farm out completion● Neutral
MEO paid the final US$5.5m to Moby, completing the US$7m purchase of an extra 5% of WA-360-P. MEO now holds 25%, with that 5% free-carried through Artemis-1. Payment followed Petrobras's cash; drilling is on track for early to mid November.
21 Oct 2010investor presentation● Neutral
CEO interview on the Heron farm-out: up to 50% offered for funding two appraisal wells costing about US$60m each. Prospective resource is 3.7–6.6 Tcf (best estimate 5.0 Tcf). Blackwood is retained 100%. No timetable; picking the right partner matters more.
15 Oct 2010farm in farm out completion▲ GoodMajor
MEO received about US$39m from Petrobras for the WA-360-P farm-in (US$31.5m bonus plus ~US$7.5m back costs). About US$32.5m remains after paying Moby and Gascorp; with A$36.4m cash it will fund new ventures. Resolves the pending receipt.
15 Oct 2010annual report● Neutral
2010 Annual Report restates the year's highlights: Petrobras farm-in on the ~12 Tcf Artemis prospect, a US$41m drilling carry, US$39m cash due, extra 5% and 15% permit interests, NT/P68 renewal and a Heron farm-out planned. Tassie Shoal still has no gas supply. Nothing new.
15 Oct 2010quarterly activities report● Neutral
September-quarter report: Petrobras's 50% of WA-360-P registered, Songa Venus rig deal signed, Greater Heron best estimate 4.96 Tcf, treasury shares sold for A$3.44m. Cash was A$36.8m, excluding ~US$39m Petrobras money due in October. Largely restates known events.
15 Oct 2010quarterly activities report● Neutral
Appendix 5B for the September quarter: cash ended at A$36.8m, helped by A$3.4m from treasury share sales. Operating outflow was about A$2.3m. Next quarter's forecast spend is A$5.1m. Shares on issue remain 477.2m; no debt.
14 Oct 2010farm in farm out agreement▲ GoodMajor
MEO opens the NT/P68 farm-out data room for the 3,700 km2 Heron area, keeping Blackwood at 100%. It proposes two appraisal wells. Heron North contingent resource (2C) is 0.39 Tcf per GCA and 0.29 Tcf per MEO. Greater Heron best-estimate prospective resource is 4.96 Tcf. Several parties have registered interest.
8 Oct 2010price query● Neutral
MEO answers an ASX query after its shares rose from 49c to 55c intraday, saying it knows of no undisclosed information. It expects a half-year gain on disposal from the Petrobras farm-out, with about A$41m proceeds against roughly A$12m capitalised costs.
4 Oct 2010director officer appointment▲ Good
Errol Johnstone starts as Chief Geoscientist, with 29 years at ExxonMobil, to lead the new ventures push with Exploration Manager Dave Maughan. This fills the TBA role shown in presentations and supports the stated aim of diversifying the portfolio.
