11 Dec 2008drilling scheduled▼ Bad
Songa Venus release now forecast for about 23 December, pending Ichthys North testing or drilling decisions. A further six-day tow follows. MEO says it is ready to spud Zeus-1.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
2 Dec 2008farm in farm out agreement▼ BadMajor
RDI's IPO is deferred into 2009, so its options to farm into WA-359-P and WA-360-P (35% each) lapsed on 1 December. RDI still funds 80% of Zeus-1 to US$31.25m. MEO expects replacement partners soon.
1 Dec 2008drilling scheduled▼ Bad
Songa Venus release slips again to mid-December because of continuing problems on the Ichthys North well. All approvals are in hand and equipment is at Dampier, so Zeus-1 remains ready to spud once the rig is free.
13 Nov 2008investor presentation● Neutral
AGM presentation reviews the board and management changes and the two Bonaparte gas discoveries, and restates the RDI alliance and Zeus. It says MEO is well placed to weather the financial storm. No new results.
5 Nov 2008drilling scheduled▼ Bad
Zeus-1 is delayed: drilling problems on the Songa Venus rig's current well push its release to late November, so spud is now forecast for early December 2008 rather than late October.
23 Oct 2008other● Neutral
MEO launches a Level I American Depositary Receipt program with Bank of New York Mellon, quoted over-the-counter as MEOAY, to widen its North American investor base. No capital is raised.
16 Oct 2008investor presentation● Neutral
Conference presentation in Hong Kong restates the RDI alliance, Zeus (10+ Tcf potential) and Tassie Shoal. It shows 417.3m shares, cash A$34m and a price of $0.18 (market cap A$75m), well below the $0.355 of August.
14 Oct 2008annual report● Neutral
The 2008 annual report, titled 'In transition', says over A$75m was raised in the year, funding the Heron-2 and Blackwood-1 discoveries. The chairman cites the RDI IPO as still planned despite market turmoil. Largely restates known events.
3 Oct 2008director officer appointment● NeutralMajor
Chairman Warwick Bisley will retire after the November AGM, with Nick Heath chairman-elect. Andy Rigg leaves at end October. Michael Sweeney and Stephen Hopley join as non-executive directors from 1 October, which MEO says completes its board renewal.
22 Sept 2008farm in farm out completion▲ GoodMajor
Cue and Gascorp decline to fund 5% each of Zeus-1, so their combined 10% reverts to MEO, lifting its WA-361-P interest from 25% to 35%. MEO pays 20% of well costs to a US$31.25m cap.
17 Sept 2008drilling scheduled● Neutral
Songa Venus rig operator confirms the rig is on track to reach the Zeus-1 location in late October 2008. MEO notes an AFR report that RDI's Hong Kong IPO is targeted by year end; Timor Sea funding still depends on that listing.
22 Aug 2008drilling scheduled▲ Good
The Zeus-1 seabed survey is complete and the government has ruled drilling is not a controlled action under the EPBC Act. The Songa Venus rig is expected on location around 31 October 2008, keeping Zeus-1 on schedule.
21 Aug 2008investor presentation● Neutral
General meeting presentation restates the RDI alliance, Heron-2 and Blackwood-1 results and Zeus-1 drilling in late October. Cash is about A$30m and market cap about $148m at $0.355. Net cost to MEO was A$69m for Heron-2 and about A$29m for Blackwood-1.
4 Aug 2008other● Neutral
Director Nicholas Heath bought 100,000 shares on market for $42,330, lifting his holding to 162,170 shares. Routine director interest notice.
17 July 2008investor presentation● Neutral
SEAAOC conference presentation covers the methanol approach to CO2-rich gas, the Tassie Shoal projects, NT/P68 discoveries, Zeus and the RDI deal. It repeats known facts with no new results.
17 July 2008director officer appointment● NeutralMajor
Co-founder Chris Hart retires as Managing Director on 25 July and stays as a non-executive director until 30 September 2008. Jürgen Hendrich joins the board as Managing Director and CEO, as foreshadowed in May.
16 July 2008contract award▲ GoodMajor
Contracts are signed for the Songa Venus rig to drill Zeus-1 in late October 2008. Reprocessed 3D shows Class 3 AVO responses like the Perseus gasfield, and MEO says Zeus could hold more than 10 Tcf. Gas is not proven.
14 July 2008director officer appointment▲ Good
Greg Short, a 33-year ExxonMobil veteran who retired in 2006, is appointed non-executive director. He adds to the board's technical depth.
14 July 2008director officer appointment● Neutral
Non-executive director James Willis resigns with immediate effect after eleven years on the board. No reason is given in the notice.
9 July 2008investor presentation● Neutral
July investor update restates the RDI alliance, with cash about A$35m and market cap $188m at $0.45. Zeus-1 drilling is planned for late October and two NT/P68 appraisal wells (Heron-3, Blackwood-2) for 2Q/3Q 2009. Mostly repeats known facts.
4 July 2008farm in farm out completion▲ Good
Cue Energy says MEO has irrevocably committed to drill Zeus-1 in WA-361-P in October 2008. Cue is carried free for a 15% interest and can pay up to 5% of the well cost to keep its 20%.
3 July 2008farm in farm out agreement▲ GoodMajor
MEO forms an alliance with Clive Palmer's RDI: it funds most of up to 9 NW Shelf wells, leaving MEO 25% of WA-361-P, and carries MEO's 20% in the Timor Sea. Mineralogy placed 21.391m shares at $0.55 ($11.8m). Timor Sea funding depends on RDI's IPO.
29 May 2008price query● Neutral
MEO tells ASX it knows of no undisclosed information behind its recent share price rise. It points to the Blackwood discovery, Zeus drilling, farm-in talks (none agreed), a Tolhurst $1.98 target and a stronger market. The price was $0.34.
20 May 2008director officer appointment● NeutralMajor
Jürgen Hendrich, a Tolhurst corporate finance director and former Esso geologist, becomes CEO from 16 June 2008. Co-founder Chris Hart is retiring from the executive role after a transition, with Hendrich to take over as Managing Director.
19 May 2008drilling result▲ Good
The Blackwood 3D survey is complete, about 384 sq km acquired on schedule. Data goes to PGS in Perth for processing to improve depth conversion and resource estimates, ahead of choosing Blackwood-2 appraisal locations.
12 May 2008director officer appointment▲ Good
Nicholas Heath, a former ExxonMobil Australia director with over 30 years' experience, joins the board to fill a casual vacancy. This appears to fill the seat left by Walter Dewé's February retirement (inference).
8 May 2008drilling progress report▲ Good
The Blackwood 3D seismic survey is about 39% acquired of the 380 sq km planned, and ahead of schedule. The data is meant to improve mapping and resource estimates for the Blackwood-1 discovery.
6 May 2008investor presentation● Neutral
May 2008 investor update repeats the Heron and Blackwood gas discoveries, the 380 sq km Blackwood 3D survey and Zeus drilling planned Q4 2008. It lists cash of about A$29M and says farm-in partners are being sought. Mostly repeats known facts.
30 Apr 2008drilling scheduled● Neutral
The Orient Explorer vessel has arrived and is starting 380 sq km of 3D seismic over Blackwood and part of Blackwood East, taking about 25 days. This is the survey announced in March, now underway to help locate appraisal wells.
23 Apr 2008admin correction● Neutral
Registry provider Link Market Services notifies a Melbourne address change effective 1 May 2008, covering many listed companies including MEO. Administrative only, with no substance for the company.