Past year: ▼ 77%(0.30c – 1.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
28 Oct 2020drilling progress report● Neutral
Alameda-1 pad is slowed by heavy rain, now due by year-end. Long-lead orders approved by the joint venture. Alameda-1 is expected to start March 2021 (~75 days), then Zapato-1 in June. Melbana is carried for half its share of costs.
22 Oct 2020joint venture update▲ GoodMajor
Sonangol paid EUR3m (~A$5m), completing repayment of Melbana's ~A$5.7m Block 9 past costs. About A$7.5m of 2020 partner funding is now in. This resolves the past-costs thread, though the amount is stated higher than the earlier ~A$5m.
28 Sept 2020other● Neutral
8.5m unlisted options (strike 3.2 cents) expired on 27 September 2020. Shares on issue stay at about 2,316.9m; 20m options at 1.8 cents remain. Housekeeping only.
24 Sept 2020drilling progress report● Neutral
Civil works began on the Alameda-1 well pad in Cuba's Block 9; the drilling contractor deal is advanced and tubulars tender done. $2.4m of past costs received, ~$3m more called in October. Drilling now mid Q1 2021 (earlier Q4 2020), a slip.
9 Sept 2020other● Neutral
Notice that Executive Chairman Andrew Purcell gave a Stockhead TV interview, with a video link. The announcement itself contains no new company information.
27 Aug 2020annual report● Neutral
Annual report to 30 June 2020 shows Block 9 at 30% after Sonangol's conditions were met on 14 August. Melbana has applied to CUPET to extend the November 2020 first-well commitment. AGM is set for 19 November 2020. Financial figures are not in the visible text.
27 Aug 2020annual report● Neutral
Appendix 4G and corporate governance statement lodged with the annual report for the year to 30 June 2020. It points to the website statement, current at 26 August 2020. Administrative filing with no new company information.
24 Aug 2020resource reserve update▲ GoodMajor
Melbana's own 3D seismic reassessment lifts Beehive's best-estimate prospective resource about 7% to 419 MMboe, from McDaniel's 388 MMboe in 2018. Farmout is underway, with drilling possible in late 2021. Unrisked resource, not a discovery.
17 Aug 2020farm in farm out completion▲ GoodMajor
Formal Cuban approval was received, so from 17 August 2020 Sonangol holds 70% and Melbana 30% of Block 9. This satisfies the farm-in's last condition. Well pad construction is expected next month, and a tubulars tender is running.
21 July 2020investor presentation● Neutral
Melbana's chairman presented at an investor webinar on Block 9 drilling preparations, with a corporate overview attached. The visible text contains no new information.
17 July 2020investor presentation● Neutral
Melbana presented at a Stockhead oil and gas video conference, attaching a corporate overview. It is a presentation; the visible text contains no new information.
8 July 2020joint venture update▲ Good
Sonangol paid EUR425,000 (about A$675,000) as an advance on Melbana's roughly $5m past costs; the rest is due once Cuba formally recognises Sonangol's interest. Well pad construction for Alameda-1 is expected to start by end of August; first well still Q4 2020.
19 June 2020other● Neutral
Notice that Executive Chairman Andrew Purcell gave a media interview, with a website link. No new company information in the announcement itself.
17 June 2020business combination● Neutral
Melbana, Metgasco's 27.8% largest shareholder, urged Metgasco holders to vote for its nominees Matthew Worner and Michael Sandy. It says it does not seek control, and notes an unaccepted compromise and the still-undistributed Byron shares. Continues the April board-change push.
29 May 2020regulatory community update▲ GoodMajor
The regulator approved a 12-month suspension of Beehive's (WA-488-P) work commitment. Permit Year 3 now ends 21 December 2021, so the well deadline moves out a year. This delivers the extension Melbana said it would seek after Santos's option lapsed.
27 May 2020farm in farm out agreement▲ GoodMajor
Melbana signed the formal Block 9 farm-in with Sonangol, replacing the December heads of agreement. Sonangol funds 85% of the Alameda and Zapato wells to earn 70%, and pays about $5m of past costs. Cuban approval received but still being documented; first well Q4 2020.
23 Apr 2020business combination● NeutralMajor
Melbana, holding about 27.8% of Metgasco, asked Metgasco to call a meeting to remove two directors and appoint Matthew Worner and Michael Sandy. It cites a 65% share price fall under the current chairman and delay of the Byron share distribution. Escalates its stance from bidder to activist shareholder.
4 Mar 2020farm in farm out completion▼ BadMajor
Santos failed to farm down by 4 March 2020, so its option over Beehive expired and it has no further interest. Melbana holds 100% of WA-488-P again and is seeking partners to drill, and plans to seek an extension of its drilling deadline. Reverses the Santos farm-out hope.
3 Mar 2020half year report● Neutral
Half-year loss to 31 December 2019 was A$1.42m (A$1.97m a year earlier). Funding adequacy remains a key focus; Melbana expects about $5m from Sonangol this financial year and may need to raise capital. Permits may be surrendered if work commitments cannot be met. Issued 434.6m shares for Metgasco.
21 Feb 2020director officer appointment● NeutralMajor
Chairman Andrew Purcell becomes Executive Chair on $300,000 a year, with a cash bonus of up to 100% tied to two-year targets. Michael Sandy steps down as interim CEO and returns to non-executive director. This ends the interim CEO arrangement and the CEO search.
14 Feb 2020other● Neutral
Required shareholder data after the Metgasco bid: Melbana now has about 2,317m shares on issue. M&A Advisory (Purcell family) is the top holder with 13.21% plus a separate 2.70% line. Top 20 hold 39.41%. Administrative.
5 Feb 2020business combination● NeutralMajor
The Metgasco offer closed on 31 January 2020 with acceptances for 27.81% of Metgasco. That is short of the original 50.1% target, but gives Melbana a sizeable minority stake. New Melbana shares are due to be issued by 14 February 2020.
24 Jan 2020joint venture update● Neutral
Block 9 two-well planning continues: Sonangol is finalising farmout and operating agreements and reviewing due diligence, with Cuban approvals for the transfer in process. CUPET says its restructuring should finish in February 2020, after which Santa Cruz contract work may resume.
23 Jan 2020business combination● Neutral
Formal notice that the Metgasco offers are free of all unfulfilled conditions, and any breaches before 23 January have been waived. Voting power is 23.19%. Repeats the unconditional declaration made the same day.
23 Jan 2020business combination● NeutralMajor
Melbana declared its Metgasco takeover offers wholly unconditional, freeing them from all remaining conditions including the 50.1% minimum acceptance. Voting power is 23.19%. The bid no longer needs majority control to proceed, so Melbana may end up a large minority holder rather than owner.
7 Jan 2020business combination● Neutral
Melbana extended the Metgasco offer to 31 January 2020, with the conditions notice due 23 January. The Listing Rule 10.1 condition is satisfied, but other conditions remain. Voting power is 20.77%. Accepting holders again get a one-month withdrawal right.
23 Dec 2019farm in farm out agreement▲ GoodMajor
Melbana signed a binding heads of agreement for Sonangol (Angola's national oil company) to take 70% of Cuba Block 9 by funding 85% of a two-well campaign. Melbana keeps 30% and operatorship, and Sonangol pays about $5.0m of past costs. Subject to due diligence and approvals; first well expected Q3 2020. Resolves the long-running farm-out search.
23 Dec 2019business combination● Neutral
Melbana's fourth supplementary bidder's statement attaches the Sonangol Block 9 announcement and urges Metgasco holders to accept. The offer is due to close 15 January 2020 unless extended. No new terms.
5 Dec 2019business combination● Neutral
Melbana extended its Metgasco offer to 15 January 2020, with the conditions notice due 7 January. It waived breaches caused by Metgasco's Perth Basin and Cooper Basin farm-in deals. Its stake is 20.75% and the 50.1% minimum acceptance condition is still unmet. Accepting holders get a new withdrawal right.
4 Dec 2019farm in farm out agreement● NeutralMajor
Santos conditionally exercised its option for 80% of Beehive (WA-488-P), but only if it farms part of it down by 4 March 2020 and the permit year is extended to suit 2021 rig availability. If it proceeds, Melbana keeps 20%, free-carried on Beehive-1. Otherwise Melbana keeps 100%.
