Past year: ▼ 77%(0.30c – 1.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
15 Aug 2006contract award▲ GoodMajor
PGS Australia awarded the Epenarra 3D seismic contract, expanded from 410 to 500 sq km, starting 13 September 2006. The Blackwood 2D survey slips from September to late October. Drilling still planned for late 2007; Epenarra mean gas resource stays 5,620 Bcf.
4 Aug 2006capital raising announcement● Neutral
Prospectus lodged for the 1-for-4 rights issue at 22.5c to raise $8,696,537, with a free 25c option attached to each new share, expiring 30 April 2007. Fully underwritten by Tolhurst Noall; closes 11 September 2006. Formalises the terms already announced.
3 Aug 2006capital raising announcement● Neutral
Letter to shareholders restates the Cambrian placement (14,055,010 shares at 22.5c, about $3.16m) and the 1-for-4 rights issue (about $8.7m). Total raising is about $13m for seismic over NT/P68. Post-issue capital is about 193.3m shares. No new terms beyond known details.
What it means for a shareholder
14.1m new shares at A$0.225 to raise about A$3.2m. That's 6.8% dilution: every existing holder's slice gets 6.8% smaller. If you held A$1,000 of shares (4,444 at the issue price), your slice goes from 0.0023% to 0.00214% of the company. To keep it you'd need 323 more shares - about A$73 at the issue price.
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28 July 2006capital raising announcement▲ Good
The 1-for-4 rights issue at 22.5 cents (about $8.7 million, with attaching 25-cent options) is now fully underwritten by Tolhurst Noall. Blackwood 2D seismic starts around 15 September 2006.
20 July 2006investor presentation● Neutral
July 2006 presentation repeats the Cambrian-funded strategy, project cost estimates (methanol US$835 million, LNG US$988 million) and plans for two wells in late 2007. No new announcement beyond the raising.
20 July 2006capital raising announcement▲ GoodMajor
MEO places 10% of its shares with Cambrian at 22.5 cents (about $3.16 million), plus a 1-for-4 rights issue at 22.5 cents (about $8.7 million), totalling about $13 million. It funds 3D seismic over Epenarra, and MEO keeps 100% of NT/P68 instead of farming out. Drilling is planned for late 2007.
6 July 2006contract award▲ Good
MEO awarded CGG a contract for about 600 line km of 2D seismic in NT/P68 in September 2006. It targets the Blackwood lead, a large Plover structure, aiming to make it drill-ready.
27 Apr 2006other● Neutral
Clarification that 5,289,740 shares moved from the former trustee, linked to ex-chairman Albers, to beneficial owners and a new trustee of the share plans. MEO restates its farm-out plan, with a second Epenarra well to be funded by the farminee.
17 Mar 2006half year report● Neutral
Re-lodgement of the half-year report to 31 December 2005, with the same content (net loss $653,393). No new information.
16 Mar 2006half year report● Neutral
Half-year to 31 December 2005 shows a net loss of $653,393. The report repeats earlier progress: gas supply talks for the methanol project, the redesigned 3+ Mtpa LNG plant, and 100% of NT/P68.
1 Mar 2006capital raising announcement▲ GoodMajor
Share trustee sold 8 million shares via Patersons to raise $1.6 million for MEO as capital, with no new shares issued (still 140,450,105). Working capital rises to about $2.6 million while MEO pursues a farmout of NT/P68.
What it means for a shareholder
8.0m new shares at about A$0.200 to raise about A$1.6m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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2 Feb 2006investor presentation● Neutral
February 2006 presentation repeats known facts about the methanol and LNG projects and NT/P68. It gives a profile of 140.45 million shares and a A$23 million market capitalisation. It confirms the company is still seeking a farminee and 3D seismic.
30 Jan 2006drilling scheduled● NeutralMajor
Methanol Australia (MEO) assigned its May 2006 Stena Clyde rig slot to Santos, which will reimburse MEO's third-party costs. No NT/P68 drilling is required in 2006. Santos will try to provide a replacement slot before end-2007, giving time to shoot 3D seismic first.
