Past year: ▼ 77%(0.30c – 1.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
23 Sept 2010investor presentation● Neutral
SEAAOC Darwin presentation arguing ~25 Tcf of undeveloped Timor Sea gas is held back by high CO2 and other hurdles. It pitches Tassie Shoal's methanol-plus-LNG hub as the regional solution. Repeats known strategy; no new announcements.
16 Sept 2010annual report● Neutral
MEO's statutory financial report and directors' report for the year to 30 June 2010 are lodged. The excerpt shows only the directory and director biographies, with no financial figures, so no new substance can be reported.
16 Sept 2010farm in farm out completion● Neutral
Partner Moby says its sale of a 5% WA-360-P interest to MEO for US$7m is now unconditional. The balance is due within 5 business days of MEO receiving Petrobras's payment. Moby keeps 10%, carried through Artemis-1, with drilling expected early to mid November.
15 Sept 2010farm in farm out completion▲ GoodMajor
Final regulatory approval received: Petrobras is registered on WA-360-P with 50%, leaving MEO 25%. MEO will invoice Petrobras about US$31.5m bonus plus ~US$7.5m back costs. Songa Venus handover remains on track for early November Artemis-1 drilling. This resolves the long-pending approval.
14 Sept 2010investor presentation● Neutral
BBY conference presentation repeats the Artemis story: A$188m market cap at 39.5c, A$36m cash plus US$39m Petrobras payment, drilling expected in November. Regulatory approval was then expected in September. No new information.
8 Sept 2010investor presentation● Neutral
RIU Good Oil conference presentation on monetising big gas via LNG or methanol. It repeats the ~12 Tcf Artemis prospect (32% chance of success), NT/P68 farm-out pending resource certification, and Tassie Shoal. No new announcements in the excerpt.
19 Aug 2010capital raising announcement● Neutral
The trustee of MEO's treasury share scheme sold all its 10.1m shares, raising about A$3.4m for MEO as equity capital. No new shares are issued, so shares on issue stay at 477.2m. The scheme will not be renewed.
What it means for a shareholder
10.1m new shares at about A$0.3366 to raise about A$3.4m. That's 2.1% dilution: every existing holder's slice gets 2.1% smaller. If you held A$1,000 of shares (2,971 at the issue price), your slice goes from 0.000622% to 0.00061% of the company. To keep it you'd need 63 more shares - about A$21 at the issue price.
Create a free account to see this worked out for your own holding.
19 Aug 2010admin correction● Neutral
Corrects the number of treasury shares sold on 19 August to 10,122,918 (from 10,122,198). Proceeds of about A$3.4m and all other details are unchanged.
9 Aug 2010investor presentation● Neutral
August investor update: 477.2m shares, market cap A$177m at 37c, cash A$36m plus US$39m Petrobras payment expected after approvals. Lists Artemis-1 for November and NT/P68 farm-out as imminent. Largely repeats known facts; the Artemis chance of success is given as 32%.
6 Aug 2010investor presentation● Neutral
MEO displayed two posters on the NT/P68 farm-out at the Singapore Scout Check industry meeting, downloadable from its website. This supports the planned NT/P68 farm-out marketing but contains no new results or terms.
4 Aug 2010investor presentation● Neutral
CEO conference presentation on Timor Sea gas-to-liquids, arguing methanol can absorb CO2 from high-CO2 gas, with Tassie Shoal ready to proceed once gas supply is confirmed. Repeats known strategy; no new announcements in the excerpt.
27 July 2010other● Neutral
Duplicate of the previous notice: Greg Short's 112,444 shares transferred from his savings plan trustee to direct holding, with no change in total. Administrative re-lodgement.
27 July 2010other● Neutral
Director Greg Short's 112,444 shares moved from his share savings plan trustee into his direct name. No shares were bought or sold, so this is an administrative change.
26 July 2010drilling progress report● Neutral
Field data collection for the Artemis-1 seabed site survey is complete, following the earlier sonar survey. The report is now being finalised to support well planning. A preparation step with no new result.
22 July 2010contract award▲ GoodMajor
MEO signs a rig assignment agreement for the Songa Venus to drill Artemis-1, taking a slot from Shell's program. Shell estimates the rig will be released between early and late November 2010, later than the earlier September-December window's start. This resolves the open rig contract thread.
15 July 2010quarterly activities report● Neutral
June quarter: FIRB cleared the Petrobras farm-in, MEO bought 5% more of WA-360-P and agreed 15% more of WA-361-P. Cash was A$36.0m, excluding the Petrobras payment. The Artemis-1 rig contract is still being finalised, and NT/P68 resource certification is due this quarter.
15 July 2010quarterly activities report● Neutral
Appendix 5B for June quarter: cash A$36.0m, down from A$39.4m, with A$3.6m operating and investing outflow. Next quarter's outflow is forecast at A$9.0m, mostly exploration. No debt; 477.2m shares on issue.
14 July 2010other● Neutral
Chairman Nick Heath's share savings plan bought 35,088 shares on market for $10,000, taking his holding to 1,035,088 shares. Routine director dealing notice.
13 July 2010asset acquisition disposition● NeutralMajor
MEO agrees to buy a further 15% of WA-361-P from Gascorp for US$1m cash, lifting its interest from 35% to 50% once approved. The permit is in the final year of its term and MEO plans to apply for renewal later this year. Leads still need more work.
2 July 2010security holder rights change● Neutral
1.1 million MEO 50c options held by the CEO lapsed on 30 June 2010 because the share price did not stay at or above 85c for 50 trading days. Shares on issue are unchanged at 477.2m.
28 June 2010regulatory community update▲ GoodMajor
FIRB has no objections to Petrobras taking 50% of WA-360-P, clearing a key condition of the April farm-in. Remaining permit-transfer approvals are underway, a site survey is running and the rig contract is being finalised. The US$39m payment is not yet due.
15 June 2010other● Neutral
Hopley's family pension fund bought another 20,000 shares for $5,800, taking its holding to 70,000 shares. Routine director dealing notice.
10 June 2010joint venture update● Neutral
Moby confirms the sale of 5% of WA-360-P to MEO for US$7m, leaving Moby with a 10% interest still carried through Artemis. Moby says the proceeds strengthen its working capital. This is the counterparty side of MEO's same-day announcement.
10 June 2010asset acquisition disposition▲ GoodMajor
MEO agrees to buy a further 5% of WA-360-P from Moby for US$7m cash, to rise to 25% after the Petrobras deal closes. The extra interest is free-carried through Artemis-1, planned for late 2010. The balance is paid after Petrobras pays MEO.
26 May 2010other● Neutral
Director Stephen Hopley's family pension fund bought 20,000 shares for $5,900, lifting its holding to 50,000 shares. Routine director dealing notice.
24 May 2010other● Neutral
Hendrich's spouse-controlled entity bought another 200,000 shares for $52,000, bringing his total to 1,700,000 shares. Routine director dealing notice, the third purchase in this run.
4 May 2010other● Neutral
Letter to shareholders recaps the Petrobras WA-360-P farm-in (about US$39m on approval, MEO keeps 20%) and says Tassie Shoal still lacks a gas supply on acceptable terms. The board says it needs new projects to diversify beyond the Timor Sea and Carnarvon assets. Text is truncated.
3 May 2010other● Neutral
Hendrich's spouse-controlled entity bought a further 139,000 shares on market for $50,735, taking his total to 1,500,000 shares. Routine director dealing notice, continuing the buying from 30 April.
30 Apr 2010other● Neutral
Managing Director Jürgen Hendrich's spouse-controlled entity bought 100,000 MEO shares on market for $38,000, lifting his total holding to 1,361,000 shares. Routine director dealing notice.
29 Apr 2010investor presentation● Neutral
Investor update repeats known facts: market cap about A$198m at 41.5c, cash A$39.4m plus US$39m from Petrobras on approval, about 13,500 holders. Artemis-1 is planned for late 2010. No new announcements in the excerpt.
