Past year: ▼ 77%(0.30c – 1.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
30 Apr 2007quarterly activities report● Neutral
March quarter cash report: cash fell to A$14.2m from A$18.0m, with A$4.2m operating outflow, mainly exploration. About A$3.15m outflow is forecast for next quarter. Shares on issue rose to 224.7m after 2.4m options at 25c were exercised.
30 Apr 2007quarterly activities report● Neutral
March quarter activities report: Upstream Petroleum hired for drilling management, 2D and 3D interpretation under way, and well casing and wellhead equipment secured. The rig is expected in September 2007. Further Heron-1 gas-quality results were due in April. No new results.
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.
31 Jan 2007quarterly activities report● Neutral
December quarter report: seismic processing and drilling design continued in NT/P68, and LNG cost reviews were finalised. Methanol first-plant capex is put at US$872m. Gas supply remains unresolved, so the company is focusing on proving gas in its own permit. Nothing materially new.
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 2007agm notice● Neutral
All general meeting resolutions passed: the name change to MEO Australia, ratification of the 25m share placement, Newton's appointment, and options for Newton. This resolves the placement and director approval threads.
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.
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.
13 Nov 2006agm notice● Neutral
All AGM resolutions passed, including re-election of Bisley and Dewé and option grants to the five directors. This resolves the AGM thread.
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.
