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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
31 Jan 2006quarterly activities report● Neutral
December 2005 quarter update: Tassie Shoal methanol project (50% with Air Products, A$2 billion) and 100%-owned Timor Sea LNG project are still awaiting gas supply deals. LNG design raised to over 3 Mtpa. Farm-in talks continue for NT/P68, where Epenarra is estimated at 5.6 Tcf.
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.