Past year: ▼ 77%(0.30c – 1.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
12 Sept 2007investor presentation● Neutral
September investor update restating known facts: rig handover 22 September, Heron-2 spud 6 October, Commonwealth drilling approval granted. Adds Fugro seismic inversion supporting mapping. Wells are funded; MEO still seeks a second farm-in partner for 10-15%.
12 Sept 2007drilling progress report● Neutral
Fugro's vessel finished shallow coring at Heron-2, Heron-3B, Heron-3C and Blackwood-1, giving seabed data needed for rig insurance. It now moves to Tassie Shoal for deeper coring (about three days), enabling FEED studies if drilling confirms commercial gas.
12 Sept 2007resource reserve update▲ Good
Fugro's analysis of 2006 3D seismic outlines gas-charged zones in the Darwin (Epenarra) and Elang/Plover reservoirs, which the company says raises confidence in its mapping and well locations. This is not a resource change. Rig still on schedule for 6 October spud.
12 Sept 2007other● Neutral
Santos notice of substantial holding: its 20.67m shares fell to 7.52% of MEO, a change dated 3 May 2007, because of dilution, not selling. A late filing with no new trading.
12 Sept 2007other● Neutral
Second Santos notice: its unchanged 20.67m shares now equal 6.21% of MEO, dated 16 July 2007, again from dilution by new share issues, not selling. Administrative.
28 Aug 2007regulatory community update▲ GoodMajor
The Commonwealth environment department ruled the 2007 NT/P68 drilling campaign is not a controlled action, so no further environmental assessment or ministerial approval is needed and drilling can proceed as scheduled. Clears a regulatory step before Heron-2.
21 Aug 2007drilling scheduled▲ Good
Drilling remains on schedule: West Atlas rig to be handed to MEO by 22 September, helicopter available from 15 September, and Fugro coring starts about 31 August. Heron-2 is expected to spud around 6 October 2007, firming up the earlier September estimate.
2 Aug 2007capital raising announcement● Neutral
Offer letter for the second share purchase plan for buyers between 5 and 7 June who missed the first one: up to A$5,000 at A$1.00, closing 10 August 2007. Administrative follow-through of the ASIC relief.
17 July 2007capital raising announcement▲ Good
ASIC granted relief so MEO can offer a second share purchase plan, at A$1.00 for up to 5,000 shares, to buyers between 5 and 7 June who missed the first plan because trades did not settle in time. Fixes the problem raised on 4 July.
12 July 2007investor presentation● Neutral
July presentation restating known facts, updated for the raising: 333m shares, A$78.2m cash, and interests now NT/P68 90% and Timor Sea LNG 90%. Says Petrofac signed 29 May and parties are negotiating for a further 15%.
6 July 2007drilling progress report▲ Good
Fugro finished seafloor surveys at the four planned wells (Heron-2, Heron-3A, Heron-3B, Blackwood-1) without incident. Fugro also won the contract for shallow coring, starting early August, then Tassie Shoal boreholes to allow FEED studies in 2008 if drilling succeeds.
4 July 2007capital raising announcement▼ Bad
Some buyers of shares just before the 7 June cut-off missed the share purchase plan, because sellers failed to settle in time to be on the register by 13 June. MEO says this is a dispute between buyers and sellers and it will not intervene.
22 June 2007capital raising announcement● Neutral
Offer letter for the share purchase plan: eligible Australian and New Zealand holders at 13 June 2007 can buy up to A$5,000 of shares at A$1.00, closing 6 July. Funds go to working capital for the gas-to-liquids projects and NT/P68 appraisal. Terms of an already announced raise.
8 June 2007other● Neutral
Three directors were allowed to sell a small part of their holdings, after exercising their April 2007 options. The company says a trading blackout had stopped them selling earlier to cover exercise costs. No sizes or amounts are given.
5 June 2007investor presentation● Neutral
Investor presentation repeating known NT/P68 facts (5.6 Tcf Epenarra, 5.5 Tcf Heron North) and the Petrofac farm-in terms. It shows 275.1m shares, a A$1.10 price and Cambrian at 28.0%. Says other parties are negotiating for a further 10-15%.
5 June 2007capital raising announcement● Neutral
Re-release of Petrofac's London announcement of its 10% NT/P68 farm-in, which is conditional on government approval of the assignment. Also reminds buyers they must acquire shares by 7 June 2007 to join the A$1.00 share purchase plan. Nothing new.
4 June 2007farm in farm out agreement▲ GoodMajor
Petrofac Resources farms into NT/P68 for 10% by funding 25% of 2007 appraisal well costs, with an option to reach 15% and to join the LNG/methanol projects. Alongside, a placement of 41.25m shares at A$1.00 raised A$41.25m, plus a share purchase plan. Follows the earlier partner talks.
28 May 2007drilling progress report▲ Good
Fugro's reservoir study and JRS's stress work identified target zones and fracture orientation for the appraisal wells, now fixed. Site surveys at well locations (35-70m water) are under way. MEO is negotiating with several farm-in parties but plans to sell only a minority interest.
20 Apr 2007price query● Neutral
Asked by ASX about the share price rising from 72.5c to 91.5c, MEO said it knew of no unannounced information. It cited confidential farm-in talks with international corporations (none agreed), its environmental approvals, and expected 25c option exercise lifting cash above $26m.
5 Apr 2007drilling progress report▲ Good
PGS delivered the final Epenarra depth-migrated 3D volume on schedule; interpretation has begun. Fugro-Jason and JRS were hired for fracture studies to guide Heron-2, and Upstream Petroleum was appointed to manage the 2007 drilling campaign.
5 Apr 2007investor presentation● Neutral
International investor presentation restating known NT/P68 and LNG/methanol project facts: ~11 Tcf gas in place, West Atlas rig secured, Heron-2 and Blackwood-1 planned. It shows 223.5m shares and a market value of A$150m at 67c. Notes Xtract and Cambrian have agreed merger terms.
1 Mar 2007resource reserve update▲ GoodMajor
Early 3D interpretation shows a flat event on Heron North and South, possibly a gas-water contact. Estimated gas column exceeds 350m and P50 gas in place rises 65% to 5.5 Tcf. Combined with Epenarra, resources exceed 11 Tcf. Unproven until appraisal drilling.
23 Feb 2007director officer appointment● Neutral
New CFO Colin Naylor replaces David Hill as Company Secretary. Administrative change only.
19 Feb 2007resource reserve update▲ GoodMajor
CSIRO and IPSA studies of Heron-1 rock samples indicate Epenarra gas likely has high condensate (~100 bbl/MMscf) and low CO2 (1-3%), seen as suitable for LNG. This supports earlier modelling, but Heron-2, scheduled for September 2007, must confirm it.
14 Feb 2007director officer appointment● Neutral
Colin Naylor, with 22 years' resource experience at Woodside and BHP Petroleum, was appointed CFO. Andrew Hodgson was appointed Operations Geologist for the 2007 NT/P68 drilling program. Both are staffing additions ahead of drilling.
31 Jan 2007drilling progress report▲ Good
PGS finished the Epenarra 3D time-migrated processing; interpretation starts immediately. Depth migration is 10% complete, with the final volume still due 1 April 2007. Appraisal wells are now described as being drilled in the third and fourth quarters of 2007.
29 Jan 2007regulatory community update▲ GoodMajor
The Federal Government granted Major Project Facilitation status to the Timor Sea LNG Project and renewed it for the Tassie Shoal Methanol Project (first granted December 2001). Both already hold environmental approvals. It helps with government approvals but does not fund or secure gas supply.
19 Jan 2007admin correction● Neutral
ASIC has certified the change of name from Methanol Australia Limited to MEO Australia Limited. Administrative notice completing the name change.
17 Jan 2007security holder rights change● Neutral
Shareholders approved the change of name to MEO Australia Limited, reflecting a broader focus beyond methanol. Up to three wells in NT/P68 are planned from the third quarter, with the West Atlas rig due late August 2007.
17 Jan 2007drilling progress report● Neutral
Blackwood 2D processing is 80% done, with delivery now expected 9 February 2007 (slightly later than the 5 February target). Fugro has been engaged for site surveys at the three well locations from late May 2007, required by the rig's insurers.
