Past year: ▼ 77%(0.30c – 1.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
7 Sept 2021capital raising announcement▲ GoodMajor
Entitlement offer closed: 133.5m shares taken up by shareholders, 79.9m applied for as extra shares, leaving 143.1m shortfall shares for the underwriters. The chairman says Melbana is now fully funded for its share of the Cuba wells.
30 Aug 2021drilling progress report● Neutral
Camp and rig parts are arriving at the Alameda-1 site, and spud remains on or about 13 September despite some delayed shipments. Zapato-1 pad work continues; the offer closes 3 September.
26 Aug 2021capital raising announcement● Neutral
Confirms the supplementary prospectus has been sent to shareholders. Administrative notice only.
20 Aug 2021capital raising announcement● Neutral
Supplementary prospectus adds disclosure on the 356,438,678 options for sub-underwriters, valued at $0.0013 each (theoretical cost $463,370). Adds disclosure only; offer terms are unchanged.
20 Aug 2021regulatory community update▲ Good
Regulator approved a 20-month suspension and extension of WA-488-P, with the permit term now ending 21 May 2025. This satisfies one condition precedent for the sale to EOG; other conditions remain.
18 Aug 2021auditor change● Neutral
MNSA appointed auditor from 16 August 2021 after Grant Thornton resigned with ASIC consent. The board says the change followed the head office move to Sydney; shareholders will vote to ratify at the AGM.
16 Aug 2021drilling progress report▲ Good
Alameda-1 drilling is now forecast to start 13 September 2021 after a satisfactory rig inspection and agreed mobilisation dates. This firms up the early-September timing; Zapato-1 civil works have also begun.
13 Aug 2021capital raising announcement● Neutral
Confirms the entitlement offer prospectus has been sent to shareholders. Administrative notice only.
4 Aug 2021investor presentation● Neutral
Presentation backing the $7.1m entitlement offer, which supports the two Cuba Block 9 exploration wells. It restates terms already announced (2-for-13 at $0.02, free options at $0.035); no new information.
4 Aug 2021capital raising announcement● Neutral
Prospectus lodged for the 2-for-13 entitlement offer at $0.02 per share, raising up to $7,128,773, with a free option per two shares, fully underwritten by Canaccord. Formal documentation of the offer announced 30 July; non-participants are diluted.
30 July 2021capital raising announcement● NeutralMajor
Melbana is raising up to about $7.13m through a 2-for-13 entitlement offer at 2 cents, with a free option per two shares at 3.5 cents, fully underwritten by Canaccord. About $6.0m is for Cuba drilling. Non-participants are diluted.
13 July 2021drilling progress report● Neutral
Drilling equipment began arriving in Cuba, with all items due by late August, and the rig inspection was scheduled for July. Drilling of Alameda-1 was forecast to start in September 2021, in line with the earlier Q3 expectation.
6 July 2021director officer appointment● Neutral
Theo Renard appointed Chief Financial Officer and Company Secretary, replacing Melanie Leydin, who retired as the corporate office moved from Melbourne to Sydney.
28 May 2021admin correction● Neutral
Re-release of the 28 May chairman share-sale notice, now with the substantial holder form attached. It shows M&A Advisory selling 148,975,180 shares at 1.8 cents, leaving 9.49%. No change to the announcement text.
28 May 2021other● Neutral
Executive Chairman Andrew Purcell sold part of his holding in off-market sales to existing shareholders, citing tax obligations and a property purchase. He remained the largest shareholder with an indirect interest of about 9.5%.
7 May 2021asset acquisition disposition▲ Good
Melbana received about $397,000 after Rouge Rock sold AC/P50 to Santos and SapuraOMV, plus a 10% share of future royalties. This continues the 2018 sale; an option over AC/P51 could bring similar payments.
30 Apr 2021other● Neutral
Registered office and principal place of business changed from Melbourne to Level 15, 9 Hunter Street, Sydney. Administrative notice only.
28 Apr 2021drilling progress report● Neutral
Alameda-1 pad is finished and Zapato-1 pad work starts mid-May at lower than budgeted cost. Drilling now projected Q3 2021, described as 'best case' because COVID shipping delays equipment. This pushes the spud later than mid-2021.
23 Apr 2021asset acquisition disposition▲ GoodMajor
Melbana agreed to sell WA-488-P (Beehive) to EOG Resources for US$7.5m upfront, US$5m contingent, and US$10m per 25 million boe produced. EOG plans a 2022 well. This resolves the long farmout search; the sale remains subject to conditions.
1 Apr 2021director officer appointment● Neutral
New employment agreement for Executive Chairman Andrew Purcell: $360,000 fixed pay, up to 50% cash bonus, and $150,000 a year of performance rights issued every three years. Equity parts need shareholder approval.
18 Mar 2021contract award▲ GoodMajor
Sherritt International's subsidiary was appointed drilling contractor for the two Block 9 wells in Cuba, supplying a rig already in-country and crews. This resolves the long-pending drilling contract; drilling is still expected mid-2021.
12 Mar 2021half year report● Neutral
Half-year to 31 Dec 2020 shows a loss of $136,488 (previous year $1,418,518). Sonangol's 70% Block 9 entry completed, Alameda-1 pad nearly done, and Beehive best estimate 416 million boe after 3D review. Largely repeats known facts.
8 Feb 2021drilling progress report● Neutral
Long-lead pipe supply contract awarded; the drilling contract is still to be signed. Alameda-1 now expected mid-2021 (previously March). Cash on hand ~A$16.5m after January cash calls. Melbana is carried for 85% of drilling costs.
4 Jan 2021asset acquisition disposition▲ Good
Melbana confirmed it received 3,998,274 shares in Byron Energy (ASX: BYE) under the in-specie distribution carried out by Metgasco, announced on 29 December 2020.
26 Nov 2020asset acquisition disposition▲ GoodMajor
Melbana was awarded two 100% offshore permits, WA-544-P and NT/P87, next to its Beehive permit, for an initial six years. Guaranteed work for years 1–3 is mainly studies and reprocessing; a well, est. $30m each, is due in year 6.
25 Nov 2020other● Neutral
Notice that Executive Chairman Andrew Purcell gave a Finance News Network interview, with links. The announcement itself contains no new company information.
24 Nov 2020other● Neutral
20m unlisted options (strike 1.8 cents) expired on 23 November 2020. Shares on issue remain 2,316,851,412 and no options remain listed. Housekeeping only.
19 Nov 2020other● Neutral
Company constitution lodged. The visible text is a table of contents and shows no stated change to shareholder rights.
19 Nov 2020investor presentation● Neutral
AGM presentation: cash ~A$4.9m at 30 Oct 2020, no debt, ~2,317m shares, market cap ~A$30.1m. CUPET extended the Block 9 drilling start deadline to 7 July 2021. Contractor contract being finalised. Largely repeats known facts.
16 Nov 2020other● Neutral
Notice that Executive Chairman Andrew Purcell will take part in a Finance News Network CEO Showcase on 17 November 2020. No new company information.
