Past year: ▼ 77%(0.30c – 1.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
14 Dec 2016drilling scheduled▲ GoodMajor
The PEP51153 joint venture (Melbana 30%, TAG 70%) approved drilling Pukatea-1 in Q3/Q4 2017. Best-estimate prospective resource is 12.4 million boe, chance of success raised to 19%. Melbana's dry-hole share is about A$2.5m. Firms up the earlier Q4 2016 well decision.
12 Sept 2016farm in farm out agreement▲ Good
Four substantial companies were reviewing technical data in the Beehive (WA-454-P... WA-488-P, MEO 100%) farm-out, with MEO seeking responses by end October 2016, subject to market conditions. No deal was agreed. The Carboniferous prospective resource Best Estimate was 558 MMboe (high case 2,033 MMboe) with a 16% chance of success.
15 Aug 2016drilling scheduled▲ Good
Operations update: MEO aims to finalise a drilling plan for up to two Block 9 wells by Q1 2017, targeting the A2 Lead and a Marti-5 follow-up. Upper Sheet and Shallow Tertiary results due Q4 2016; Beehive farm-out targeted to complete in Q4 2016.
7 July 2016resource reserve update▲ GoodMajor
Cuba Block 9 prospectivity assessment completed for the first of three plays: Lower Sheet Play has 8.183 billion barrels oil-in-place and 395 million barrels unrisked best-case prospective resource (100% basis; 267 million net to MEO), across 15 leads. Accelerated drilling being examined.
5 July 2016farm in farm out agreement▲ GoodMajor
Rouge Rock has an option to take 45% of AC/P50 and AC/P51 by funding the remaining work program, indicatively worth A$1.15m, to May 2018. MEO would keep 55% (subject to a 5% Far Cape option) and be free-carried. Joint farm-out planned for 2017.
6 June 2016farm in farm out completion● Neutral
TAG Oil has completed buying Kea's 70% of PEP51153 in New Zealand and becomes operator, resolving the liquidation-driven uncertainty. MEO keeps 30%. Work program revised: gravity data by March 2017, then one well or surrender by February 2018.
2 June 2016resource reserve update▲ GoodMajor
Beehive reprocessing and inversion in WA-488-P (MEO 100%) is complete, and MEO says results exceeded expectations and support a Carboniferous carbonate reservoir with shale seal. Resource table unchanged (best case 558 MMboe); farm-out effort planned for second half of 2016.
14 Apr 2016resource reserve update▲ Good
Early reprocessing of old seismic over the Beehive prospect (WA-488-P, MEO 100%) shows markedly better data quality, which MEO says supports its interpretation. Full work is due mid-2016 and a renewed farm-out is planned for the second half. Resource figures are unchanged (best case 558 MMboe Carboniferous).
9 Feb 2016drilling result▲ Good
Review of old Block 9 wells in Cuba found several recovered oil, such as Guadal-1 (over 30 barrels of light oil on test) and Marti-5. Seismic reprocessing has begun, with the prospectivity assessment due by mid-2016. These are historical results, not new drilling.
20 Oct 2015farm in farm out completion▼ BadMajor
Rex withdrew from its 30% farm-in to WA-488-P after changing strategy, paying MEO US$53,500 compensation. MEO returns to 100% of the permit holding the Beehive prospect and continues talks with other parties. Reverses the May 2015 Rex farm-in.
21 May 2015farm in farm out completion▲ GoodMajor
MEO signed the 30% WA-488-P farm-out to a subsidiary of SGX-listed Rex International, leaving MEO at 70%. Options could lift Rex's share, leaving MEO a fully carried 20% through Beehive-1. Beehive mean prospective resource is 925 MMstb (Carboniferous), unrisked, 16% chance of success. Completes the March-approved deal.
17 Mar 2015farm in farm out agreement▲ GoodMajor
The unnamed international farminee has received final board approval to exercise its option for 30% of WA-488-P (Beehive). Final documents are due in about 8 weeks, subject to regulatory approvals. This confirms the 18 February option; further options could leave MEO with a carried 20%.
18 Feb 2015farm in farm out agreement▲ GoodMajor
MEO signed an option deal with an unnamed international explorer for farm-ins to WA-488-P, AC/P50 and AC/P51. The farminee immediately took up 30% of WA-488-P (Beehive), subject to board approval; extra options could leave MEO with a fully carried well for 20%. Final documents due in about two months.
29 Oct 2014farm in farm out completion● NeutralMajor
Eni will not drill a second Heron well and withdraws from the Heron Area, so MEO regains 100% there. Eni also declined to lift its Blackwood interest above 50% and will keep 50%. This resolves the 28 October option thread; Eni's US$75m on FID is not mentioned.
1 Oct 2014farm in farm out agreement▼ BadMajor
Apache chose not to exercise its option to take 70% of AC/P50 and AC/P51, so the option lapsed on 30 September 2014. MEO keeps 100% and says it will consider other farm-in offers before the April 2015 permit renewal. This ends the Apache thread.
19 Aug 2014drilling result▼ BadMajor
Puka-3 reached 2,200m and found thicker reservoir, but mostly water-bearing with an oil-water contact much shallower than expected. It is being plugged and abandoned as uncommercial. MEO still gets 30% of Puka-1 and 2 oil and has six months to decide on Phase II.
15 Aug 2014farm in farm out agreement● Neutral
MEO and Eni again extended the NT/P68 notice dates, for the second Heron well and Eni's option on a further 25% of Blackwood, from 29 August to 28 October 2014. The 12 February 2016 Heron drilling deadline is unchanged.
1 Aug 2014drilling progress report● Neutral
Puka-3 was drilling ahead at 839m after setting surface casing, aiming for thicker sand to the north. Puka-1 and Puka-2 combined production recovered to about 110 bopd after the Puka-2 pump was replaced. No result yet.
23 July 2014drilling spud● NeutralMajor
Puka-3 spudded on 22 July 2014 at the Puka field in New Zealand, targeting Mt Messenger sands at about 1,580m vertical depth. It is the main Phase I well of MEO's 30% farm-in; success would advance the field toward development.
25 June 2014drilling scheduled▲ Good
Operator Kea signed a rig contract for Puka-3, targeting Mt Messenger sands at about 1,580m, with spud expected late July 2014. This is the main Phase I well of MEO's 30% Puka farm-in; MEO gains 30% of Puka oil production once it is complete.
25 June 2014farm in farm out agreement▲ GoodMajor
MEO granted Apache an option to 30 September 2014 to take 70% of AC/P50 and AC/P51 and operatorship from April 2015 renewal, carrying MEO's costs through the first well in each permit. This advances the ongoing partial sale; Ramble On is estimated at 39 MMbbl best-case prospective.
23 May 2014farm in farm out agreement● Neutral
MEO and Eni extended the notice dates for the second Heron well election and Eni's option to take an extra 25% of Blackwood to 29 August 2014, from 3 June and 2 July. The 12 February 2016 drilling deadline is unchanged. Decisions on NT/P68 are pushed back.
30 Apr 2014farm in farm out completion▲ GoodMajor
New Zealand regulator consented to transfer of a 30% interest in PEP 51153 to MEO, the final condition of the Kea farm-in announced 7 April. MEO now holds 30% of the Puka oil discovery; Phase I work is due to start before end of June 2014.
7 Apr 2014farm in farm out agreement▲ GoodMajor
MEO signed a binding farm-in with Kea Petroleum to earn 30% of New Zealand's PEP 51153, containing the Puka oil discovery, by funding NZ$4m of a NZ$5m program. An option for a further 20% costs NZ$7.5m. Puka produces about 80 bopd; 2C contingent resource is 3.0 million barrels. A new onshore oil direction after Blackwood-2.
7 Jan 2014farm in farm out agreement▼ BadMajor
Mubadala is exiting G2/48 effective 6 January 2014 after the farm-out drew no acceptable offer. MEO has sought to defer the well obligation into 2015 to continue at 100%; if refused, MEO also exits. This contradicts the earlier plan for a partial sale ahead of a 2014 well.
6 Jan 2014drilling progress report● Neutral
Blackwood-2 was plugged and abandoned and the rig released on 3 January 2014. MEO's 50% cost was fully carried. MEO will now integrate the results to understand the effect on resource estimates.
17 Dec 2013farm in farm out agreement● Neutral
MEO signed binding amendments extending Eni's second Heron well election from 18 December 2013 to five months after Blackwood-2 completion, so results can inform the decision. The drilling deadline stays at 12 February 2016.
13 Dec 2013drilling result● Neutral
Blackwood-2 logging could not conclusively show deeper gas or reservoir productivity, though gas shows were seen below the earlier gas-water contact. Eni will production test to resolve this; the result is unclear for the Blackwood appraisal.
6 Dec 2013drilling progress report● Neutral
Blackwood-2 reached total depth of 3,425mMDRT, deeper than the 3,360m planned, with 60m of core recovered. Wireline logging is next, followed by a production test if warranted. No hydrocarbon result yet.
29 Nov 2013drilling progress report● Neutral
Blackwood-2 weather standby for the tropical low is complete and the rig is preparing to drill the final 8½-inch section from 3,150mMDRT. No results yet.
