Past year: ▼ 77%(0.30c – 1.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
17 Jan 2007drilling progress report● Neutral
Epenarra 3D processing is 92% through time migration, with excellent quality, on schedule and under budget. The final depth-migrated volume is due 1 April 2007. Heron-2 timing is now August/September 2007.
11 Dec 2006drilling progress report▲ Good
Epenarra 3D primary processing is 49% complete and ahead of schedule, due 25 January 2007. Depth migration follows. Heron-2 is still planned for August 2007.
11 Dec 2006director officer appointment● Neutral
John Newton, CEO of AIM-listed Xtract Energy, joined the board to fill a casual vacancy. The company says he brings international financing access. His appointment goes to shareholders for approval.
11 Dec 2006drilling progress report▲ Good
Blackwood 2D processing is ahead of schedule, with completion now expected 5 February 2007 (earlier guidance was mid-March). Demultiple processing is under way.
5 Dec 2006other● Neutral
Trading resumed after the suspension, following the $12 million placement announcement. Administrative notice only.
5 Dec 2006capital raising announcement▲ GoodMajor
Placed 25 million shares at 48c to raise A$12m before costs from institutions, managed by Tolhurst Noall and WH Ireland. Funds go to long-lead items for the three-well NT/P68 program in the second half of 2007. This dilutes existing holders.
What it means for a shareholder
25.0m new shares at A$0.480 to raise about A$12.0m. That's 10% dilution: every existing holder's slice gets 10% smaller. If you held A$1,000 of shares (2,083 at the issue price), your slice goes from 0.000937% to 0.000842% of the company. To keep it you'd need 234 more shares - about A$112 at the issue price.
Create a free account to see this worked out for your own holding.
4 Dec 2006other● Neutral
Trading in the company's shares and options was suspended at its request, pending an announcement. It was lifted the next day after the placement news.
28 Nov 2006drilling progress report● Neutral
Processing of the Blackwood 2D data has started at CGG in Perth, with completion expected mid-March 2007. It will help confirm the Blackwood-1 location.
24 Nov 2006investor presentation● Neutral
November investor presentation largely repeats known facts: up to 800m bbl condensate, three wells from August 2007, 197.3m shares and 52.7m options. Adds project economics, e.g. LNG NPV US$1,547m on stated assumptions (company figures).
23 Nov 2006drilling progress report● Neutral
Epenarra 3D processing by PGS is 25% done, with completion expected late February 2007. Full-area depth migration is being used to correct seafloor reef and channel distortions. Heron-2 is still planned for August 2007.
13 Nov 2006security holder rights change● Neutral
Directors plan to seek shareholder approval early 2007 to rename the company MEO Australia Limited, keeping the MEO code. The stated reason is a broader focus on upstream gas, LNG and methanol. Announced at the 10 November AGM.
10 Nov 2006investor presentation● Neutral
AGM presentation repeats known facts: Epenarra about 6 Tcf, 3D and 2D seismic done, three wells from August 2007 (Heron-2, Blackwood-1, Heron-3). It flags an intended name change to MEO Australia and shows 2006 NT/P68 spend of US$11m.
10 Nov 2006drilling result▲ Good
Blackwood 2D acquisition finished 9 November, within budget with no safety incidents. Processing is expected to finish early January 2007, then confirm the Blackwood-1 location. This completes the seismic acquisition phase.
8 Nov 2006drilling progress report● Neutral
The Blackwood 2D survey is about 74% acquired and on schedule, with completion expected 9 November. Data quality is excellent. (The release's key point says '3D', but the text refers to the 2D survey.)
2 Nov 2006other● Neutral
Media background document recounting company history (Timor Sea Petroleum, Evans Shoal sale to Santos in 2001, Air Products 50% in methanol) and describing its projects. No new announcement or figures.
2 Nov 2006resource reserve update▲ GoodMajor
A study by consultant IPSA suggests Epenarra could hold at least 650 million barrels of in-place condensate, with 120-300 bbl/MMscf yields. P50 gas in place stays at 5.6 Tcf. Refines the earlier condensate estimates (about 675m bbl at 120 bbl/MMscf) with a consultant-backed range.
2 Nov 2006drilling progress report▲ Good
The CGG Duke began the 600 line km Blackwood 2D infill survey a week early, with about 8 days of acquisition expected. It should firm up the Blackwood-1 location. This continues the seismic program; the rig is due August 2007.
1 Nov 2006price query● Neutral
ASX queried a jump from 38.5c to 48c. The company said it knew of no unannounced information, cited the completed 3D survey, and noted unsolicited talks with large international firms. It argued a Nexus-Shell deal implies 78c a share for NT/P68 (company's own estimate).
31 Oct 2006drilling progress report▲ Good
The 500 sq km Epenarra 3D survey was completed on 30 October 2006, well within budget with no safety incidents. Data goes to Perth for processing to pick the Heron-2 location. The West Atlas rig is due after its August 2007 completion.
25 Oct 2006drilling progress report▲ Good
Epenarra 3D seismic is 84% acquired with excellent data quality. No other new information.
18 Oct 2006drilling progress report▲ Good
Epenarra 3D seismic is 62% acquired and ahead of schedule. The Blackwood 2D survey by CGG is now due in early November 2006.
12 Oct 2006annual report● Neutral
2006 annual report restates the year: strategy shifted from funding by farm-out to funding by equity, $16.5 million raised, Cambrian became a major shareholder, seismic began, and a rig was secured for up to 3 wells in 2007. Largely repeats known events.
11 Oct 2006contract award▲ GoodMajor
Letters of intent secure the West Atlas jack-up rig for a minimum 12 months, shared with Coogee Resources. It is due at Heron-2 in August 2007 to drill two firm wells (Heron-2, Blackwood-1) plus an option for a third. This resolves the open rig thread.
11 Oct 2006drilling progress report▲ Good
Epenarra 3D seismic is 41% acquired and ahead of schedule. Data quality is excellent. Processing has started on board the vessel.
3 Oct 2006drilling progress report▲ Good
The 3D survey over Epenarra began 27 September 2006; about 19% of the 500 sq km is acquired and it is ahead of schedule. Condensate estimate at 120 bbl/MMscf is about 675 million barrels. A rig for Heron-2 is still being secured.
27 Sept 2006annual report● Neutral
Financial report for the year to 30 June 2006 shows a net loss of $1,108,168 (versus $653,393 for the half-year to December 2005). The company had 8 employees. Principal activities unchanged: the methanol and LNG projects and exploration.
15 Sept 2006capital raising announcement● Neutral
The rights issue was undersubscribed: valid applications were for 4,437,901 of 38,651,278 shares offered. The remaining 34,213,377 shares fall to the underwriter, Tolhurst Noall. The raising is still funded because it was fully underwritten.
15 Sept 2006investor presentation● Neutral
September 2006 presentation repeats known facts: Epenarra about 6 Tcf, over 800 million barrels condensate, 3D and 2D seismic, drilling Heron-2 and Blackwood-1 in Q4 2007. Shows 193.3m shares post rights issue. No new announcement.
4 Sept 2006resource reserve update▲ GoodMajor
A wetness study estimates Epenarra condensate-to-gas ratios of 120-300 barrels per million cubic feet. Using 150 and the 5,620 Bcf mean gas, in-place condensate is about 800 million barrels. This adds a liquids upside to the prospect; the Heron-2 rig is still being secured.
18 Aug 2006admin correction● Neutral
Administrative notice that the rights issue prospectus was posted on 17 August 2006. No new information.
