Past year: ▼ 77%(0.30c – 1.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
22 Nov 2013drilling progress report● Neutral
Blackwood-2 reached 3,150mMDRT and 9⅝-inch casing was cemented. The rig was being secured ahead of an approaching tropical low, a potential weather delay. Next is the final hole section to about 3,360mMDRT.
15 Nov 2013drilling progress report● Neutral
Blackwood-2 drilling ahead at 1,744mMDRT in 12¼-inch hole. No results yet; target remains about 3,360mMDRT, with MEO's 50% share carried by Eni.
7 Nov 2013drilling progress report● Neutral
Blackwood-2 spudded on 28 October 2013 and reached 1,376mMDRT, the surface casing point. The well is on track toward 3,360mMDRT; MEO's 50% cost remains carried by Eni.
28 Oct 2013drilling progress report▲ GoodMajor
The Ensco 104 rig was handed to the NT/P68 joint venture on 26 October and is on location. Blackwood-2 is expected to spud within days, targeting 3,360mRT over about 65 days. MEO's 50% cost is carried by Eni.
17 Oct 2013drilling scheduled● Neutral
Blackwood-2 will be the next well drilled by the Ensco 104 rig, expected to start in the first half of November. This narrows the earlier September-November window. MEO's 50% share of costs is carried by Eni.
3 Sept 2013resource reserve update▲ GoodMajor
MEO booked net 2C contingent resources of 110 MMboe and net best-estimate unrisked prospective resources of 1,667 MMboe (240 MMboe risked), assessed under PRMS. This is the first consolidated portfolio figure, spanning NT/P68, WA-454-P, WA-488-P, AC/P51, G2/48 and Seruway.
19 Aug 2013resource reserve update● Neutral
MEO assessed the Ramble On prospect in AC/P51 (100%) at 56 MMstb mean unrisked prospective oil, with six more leads nearby. A partial sale of up to 50% is launched ahead of 2014/15 drilling, with offers sought by 30 November 2013.
9 Aug 2013resource reserve update● Neutral
MEO completed its post-drilling review of G2/48 (50%) in the Gulf of Thailand, citing Tertiary prospects totalling 104 MMstb best estimate and a new pre-Tertiary play. It launched a partial sale of 25-50% ahead of a planned 2014 well, following the unsuccessful 2012 wells.
22 July 2013farm in farm out agreement▲ GoodMajor
Origin Energy signed a binding deal to take 50% of WA-454-P and become operator, paying A$5.6m back costs and funding 80% of Breakwater-1 (cost capped at A$35m). This resolves the open WA-454-P farmout; MEO retains 50% and seeks to offload its residual 20% well exposure.
15 July 2013resource reserve update▲ GoodMajor
MEO estimated mean prospective resources at WA-488-P's Beehive prospect of 1,009 MMstb (Carboniferous) and 575 MMstb (Ordovician), stacked objectives. A farmout offering 50-75% and operatorship is being marketed, with offers sought by 31 October 2013.
25 Mar 2013resource reserve update▲ GoodMajor
MEO upgraded Marina (WA-454-P, 100%) contingent resources using 2012 Floyd 3D seismic: oil 2C 9.2 and 3C 29 MMstb; gas 2C 169 and 3C 423 Bcf. It also assessed Marina Deep for the first time: 236 Bcf best estimate, 40% chance of success. A funding partner is being sought.
25 Mar 2013farm in farm out agreement● NeutralMajor
Eni's second Heron well election deadline was extended to 18 December 2013 for further joint venture studies, costs borne by Eni. The well completion deadline stays 12 February 2016. Eni's extra 25% option is split into separate Heron and Blackwood options.
8 Mar 2013resource reserve update▲ GoodMajor
MEO's updated Seruway PSC assessment: Ibu Horst Juaro complex over 290 million barrels mean prospective oil (largest 230m), Ibu Alpha 24 million barrels, Kuala Langsa 1.5 Tcf contingent gas with uncertain 50-80% CO2. RBC Capital Markets appointed to advise on a partial sale.
4 Mar 2013farm in farm out agreement● Neutral
MEO extended Eni's second Heron well election deadline again, to 22 March 2013. Talks are underway on a more substantial deferral so the joint venture can complete additional studies.
13 Feb 2013farm in farm out agreement● Neutral
MEO agreed to extend Eni's deadline to elect a second Heron well to 1 March 2013, from the original 60 days after Heron South-1 finished on 14 December. The decision on Heron remains open.
4 Feb 2013farm in farm out agreement▲ GoodMajor
Eni elected to drill a well on the Blackwood gas discovery in NT/P68, fully funded by Eni including testing, with MEO's 50% carried. Drilling must occur within 18 months. This resolves the open Blackwood election, so MEO does not regain 100%.
24 Dec 2012drilling progress report▼ Bad
Gurame SE-1XST was plugged and abandoned after production testing and the rig released 22 December. The CEO says the upper reservoir did not flow and its effect on the whole resource must be assessed. Ibu Horst farmout still planned for February 2013.
21 Dec 2012farm in farm out agreement▲ GoodMajor
MEO signed a binding farm-in with Finder Exploration for a 65% interest and operatorship of NT/P79 in the Joseph Bonaparte Gulf, reimbursing A$200,000 of sunk costs. MEO carries study costs; a joint farmout is proposed before a 2014/15 well decision.
14 Dec 2012drilling progress report● Neutral
Heron South-1 was plugged and abandoned and the rig released 14 December, as planned after testing. MEO will remap and update the Heron resource. Eni's 60-day window to elect a second Heron well is running.
13 Dec 2012farm in farm out agreement● Neutral
MEO and Eni agreed to defer Eni's Blackwood well election deadline by one month to 4 February 2013. If Eni does not elect to drill, MEO regains 100% of the Blackwood area. This updates the earlier 5 January date.
13 Dec 2012drilling progress report▼ Bad
Sainampueng-1 was plugged and abandoned and the rig released 9 December, safely. MEO will evaluate the well, including a ~60m shale with gas shows that may indicate source rock. Confirms the earlier dry-hole outcome.
6 Dec 2012drilling result▼ BadMajor
Sainampueng-1 was stopped early at 2,323m after major mud loss. Logs show no reservoir in the drilled interval, and deeper targets were not reached. MEO says the prospect was only partly tested. The well is being plugged and abandoned.
6 Dec 2012drilling progress report▼ Bad
Gurame SE-1XST logging is done. Mud-loss problems at 3,145m and well integrity risks stopped further drilling, so the Belumai and deeper targets were not evaluated. The well was plugged back to 2,926m ahead of the Baong production test.
30 Nov 2012drilling progress report● Neutral
Sainampueng-1 began drilling 23 November and was at 2,237m on 29 November after 9⅝in casing was set at 1,441m. It targets a 10-25 MMstb prospect. No result yet.
28 Nov 2012drilling progress report● Neutral
Gurame SE-1XST drilled to 3,145m with strong gas shows, then lost mud circulation, which MEO attributes to natural fractures in the Belumai sands. The well was stabilised and logging is next. Baong production testing follows. No flow result yet.
23 Nov 2012drilling result▼ BadMajor
Anchan-1 in G2/48 reached 1,678m on 21 November without significant hydrocarbons, a dry hole. Pearl Oil paid all costs and it met the Year 5 obligation. Sainampueng-1, which MEO partly funds, is next.
21 Nov 2012drilling progress report● Neutral
Heron South-1: the 4½in slotted liner is installed to 4,453.5m and the well displaced to brine. A test string is being installed to test the lower of the two gas zones first. No test results yet.
19 Nov 2012drilling progress report▲ Good
Gurame SE-1XST logs show gas-saturated Baong sands, with fractures and some matrix permeability. A 7in liner is cemented at 2,961m. MEO will production test the Baong, funded by a $10m placement, after first drilling toward the Belumai sands.
16 Nov 2012drilling spud● Neutral
Anchan-1 spudded 15 November in the Gulf of Thailand G2/48 concession, operated by Pearl Oil (Mubadala). Expected to take 7-10 days. It meets the Year 5 obligation, which was before MEO's entry, so Pearl Oil pays all costs. Sainampueng-1 follows.
14 Nov 2012drilling progress report● Neutral
Heron South-1: the 7-inch liner is cemented at 4,255m. A clean-out run precedes the 4½-inch slotted liner, then two separate production tests. No test results yet.
