Past year: ▼ 77%(0.30c – 1.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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 2008quarterly activities report▲ Good
March quarter report: Heron-2 and Blackwood-1 were completed with two discoveries declared, and NW Shelf seismic was finished. MEO holds 100% of the Blackwood discovery and is preparing to farm out NT/P68 interests to fund appraisal drilling. Largely repeats known events.
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.
8 Apr 2008regulatory community update● Neutral
PGS has finished acquiring 250 line km of 2D seismic in WA-359-P, interrupted by Cyclone Melanie in December 2007. This completes the NW Shelf 2D work, with processing to follow. MEO holds 60% in the permit.
8 Apr 2008contract award▲ GoodMajor
A letter of award secures the Songa Venus rig to drill the Zeus prospect in WA-361-P in late 2008. Reprocessed Rosie 3D shows positive AVO responses similar to the Perseus gasfield. MEO plans to farm out part of its 60% to fund most of the well.
26 Mar 2008contract award● Neutral
PGS Australia is awarded a contract for about 350 sq km of 3D seismic over Blackwood, starting 20 April 2008 and taking 25 days. It is meant to sharpen mapping and pick locations for appraisal wells, following the Blackwood-1 discovery.
14 Mar 2008resource reserve update▲ GoodMajor
MEO estimates 2,473 Bcf of raw gas in place (contingent, most likely) in Greater Blackwood, with roughly 1,700 Bcf recoverable on its assumptions (MEO's own, 70% recovery). The first Tassie Shoal methanol plant needs about 1,400 Bcf. A second appraisal well, Blackwood-2, is needed.
12 Mar 2008drilling result▲ GoodMajor
Heron-2 has been formally declared a gas discovery over the Heron North Elang/Plover. Testing recorded 6-8 MMscf/d before Cyclone Helen and well collapse. The joint venture is planning a re-drill to test the 164m Plover gas sands, following up the earlier abandonment.
11 Mar 2008drilling result▲ GoodMajor
Blackwood-1 recovered gas to surface by MDT sampling and was declared a discovery, then plugged and abandoned as planned. Gas is relatively dry with 25-30% CO2, similar to Evans Shoal gas and suited to methanol. Resolves the Blackwood wildcat as a success after the Heron-2 disappointments.
7 Mar 2008investor presentation● Neutral
International investor presentation calls Heron North and Blackwood 2008 gas discoveries and says appraisal drilling is planned for late 2008. MEO is seeking a farm-in partner to fund appraisal and FEED. Zeus drilling is planned for Q4 2008. Mostly repeats known facts.
3 Mar 2008drilling result▲ GoodMajor
Blackwood-1 reached 3,286m and found gas in the Flamingo and Plover sands, with a 126m gross hydrocarbon column against a 57m pre-drill mid case. Mud gas showed no CO2. Early sign of success for the sole-risk wildcat, pending gas sampling.
25 Feb 2008half year report● Neutral
Half-year report to 31 December 2007 shows a net loss of $648,559. It recaps Heron-2 (Elang flowed up to 8 MMscf/d, Darwin failed), the Blackwood-1 spud and NW Shelf farm-in. It says Heron-3 is planned later in the year to retest the Heron North Plover.
25 Feb 2008drilling progress report● Neutral
Blackwood-1 report no. 4: the 12¼in hole reached 3,135m, about 20m above the Plover. Formation tops are about 200m shallower than predicted, so the Top Plover is revised to 3,153m from 3,351m. Plover sands were expected to be entered that day.
18 Feb 2008drilling progress report● Neutral
Blackwood-1 report no. 3: the 17½in hole reached 1,265m and 13⅜in casing is being run. The 12¼in hole to total depth starts later in the week. Top Plover is still estimated at 3,351m. No results yet.
8 Feb 2008director officer appointment● Neutral
Director Walter Dewé is resigning for personal and family reasons, effective 21 February 2008, after 10 years. A replacement will be announced later.
7 Feb 2008drilling progress report● Neutral
Blackwood-1 report no. 2: spudded 1 February; 20in casing set at 455m and blowout preventer tested. Now drilling the 17½in hole toward 1,265m. Top Plover is expected at 3,351m. No results yet.
1 Feb 2008drilling scheduled● NeutralMajor
Blackwood-1 is due to spud 1 February in NT/P68, targeting the Plover to 3,454m. MEO is funding it 100% as a sole risk wildcat. Pre-drill mid-case recoverable gas is 1,031 Bcf, with a 32% chance of geological success.
31 Jan 2008drilling result▼ BadMajor
Heron-2 has been plugged and abandoned. Only the Elang sand flowed (over 6 MMscf/d); the Darwin produced minor hydrocarbons with no consistent flow. The rig has moved to Blackwood-1, due to spud 1 February. MEO still believes significant resources may exist.
31 Jan 2008quarterly activities report● Neutral
December quarter report: Heron-2 drilled to 4,182m, NW Shelf 3D seismic acquired, and A$62.5m raised at A$1.25. Shares on issue stand at 385.9m. Largely repeats known events, with results superseded by later Heron-2 news.
24 Jan 2008investor presentation● Neutral
General meeting presentation: Darwin failed with no permeability at the well, which MEO attributes to a depth conversion error that put it on the crest. Next well is Blackwood-1 targeting Plover (~2 Tcf). MEO has A$63m cash. Meeting to ratify the 50m share placement.
21 Jan 2008well test result▼ BadMajor
The Epenarra Darwin production test failed to flow gas to surface despite perforation and two acid washes, undermining the main Heron-2 target. MEO is considering suspending the well and applying for a retention licence over Heron North on the Elang gas. Second well choice is pending.
18 Jan 2008drilling progress report● Neutral
Heron-2 weekly report no. 13: the production packer is set at 3,075m and perforating guns are being run, with the Epenarra Darwin casing perforation expected the next morning. No new results.
16 Jan 2008investor presentation● Neutral
January investor update repeating Heron-2 findings: Elang flowed about 6 MMscf/d, Plover logs look promising but untested, and the Darwin test is due this week. Says the Plover needs a dedicated appraisal well. No new results.
15 Jan 2008drilling result▼ BadMajor
The Plover re-drill was abandoned after the sidetrack hit unstable Elang shale, which collapsed and stuck the bit at 3,967m. A separate new well is needed for the Plover. The Epenarra Darwin production test is brought forward to later this week.
11 Jan 2008drilling progress report● Neutral
Heron-2 weekly report no. 12: the sidetrack is set up after the packer was milled out and a whipstock installed. Drilling of the 6in hole is due to start, with about 5 days to finish and a Plover production test next week. Repeats known results.
