Past year: ▼ 77%(0.30c – 1.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
22 Nov 2019investor presentation● Neutral
AGM presentation repeats known facts: Block 9 best-estimate prospective resource 676 million barrels, Beehive 388 MMboe, and Santa Cruz approvals expected Q1 2020. Cash was about A$2.8m at 30 September 2019, down from A$3.4m at 30 June, with no debt.
14 Nov 2019business combination● Neutral
ASIC granted relief so Melbana's extension of the Metgasco offer to 13 December 2019 is valid, resolving Metgasco's validity challenge. Voting power is 20.79%; conditions other than the M&A Advisory approval remain unmet. Accepting holders get a new one-month withdrawal right.
8 Nov 2019business combination▼ Bad
Metgasco says Melbana's 7 November extension appears invalid because it omitted withdrawal rights information, and the bid's status is unclear. It says acceptances were 1.19% excluding shares controlled by Chairman Andrew Purcell. Still recommends rejecting the offer.
8 Nov 2019business combination● Neutral
Melbana responds that Metgasco's validity claims are subject to consultation with ASIC and it is premature for either side to comment. Contains no new substance on the bid.
8 Nov 2019business combination● Neutral
Melbana issued a notice that Metgasco holders who already accepted can withdraw their acceptance within one month, because the extension postponed its obligations by over a month. Procedural notice; no change to terms.
7 Nov 2019business combination● Neutral
Melbana extended its Metgasco offer from 15 November to 13 December 2019, with the conditions notice date now 5 December. Its voting power is 20.78% and conditions other than the M&A Advisory approval remain unmet. The bid stays open past the Santos 4 December decision.
6 Nov 2019business combination▼ Bad
Metgasco's second supplementary target's statement again recommends rejecting the bid. It says Total's withdrawal highlights Beehive risks, and wants a binding Cuba farm-out, a formal Santa Cruz award and Beehive certainty before changing view. No new terms.
5 Nov 2019farm in farm out agreement● NeutralMajor
Santos exercised its option over Beehive (WA-488-P) while Total declined. Santos can now take 80% by funding 100% of the Beehive-1 well, with a decision due by 4 December 2019. If not exercised, Melbana stays at 100%. Resolves the Total/Santos decision, but only half-way.
5 Nov 2019business combination● Neutral
Melbana lodged a third supplementary bidder's statement attaching the Beehive option announcement and urging Metgasco holders to accept. The offer is due to close 15 November 2019. No new terms.
5 Nov 2019business combination▼ Bad
Metgasco says Total's exit highlights Beehive risks and defers certainty to 4 December or longer. It argues Beehive is already reflected in Melbana's ~A$18.8m market cap, noting Melbana's ~A$2.7m cash. Reiterates its recommendation to reject.
24 Oct 2019business combination▼ Bad
Metgasco's board again unanimously recommends rejecting Melbana's offer, saying little has changed. It cites no update on Santa Cruz, uncertainty over Beehive, and no Block 9 farm-in. It says Melbana has no financial capacity to drill in Cuba without a partner. Repeats known objections.
24 Oct 2019business combination● Neutral
Melbana extended its Metgasco offer from 1 November to 15 November 2019, with the conditions notice date now 7 November. The notice stated voting power as 1.06%, which was wrong and corrected in the next release. Other conditions remain unmet.
24 Oct 2019admin correction● Neutral
Melbana corrected its extension notice: its voting power in Metgasco is 20.65%, not the 1.06% first stated. The offer still closes 15 November 2019 and conditions other than the M&A Advisory approval remain unmet.
22 Oct 2019regulatory community update▲ Good
The Block 9 amendments are now formally signed, and CUPET confirms Melbana is in good standing. Melbana restarted planning for a two-well 2H 2020 campaign testing four targets totalling 236 million barrels (best estimate), the best with 32% chance of success. Drilling still needs a farm-in partner.
18 Oct 2019business combination▼ Bad
Metgasco's board again recommends rejecting the bid and says it will issue a supplementary target's statement. It argues the 1 November close denies holders knowledge of the Beehive farm-in outcome. It wants written Cuban confirmation that Block 9 is in good standing and that the Santa Cruz PSC was issued.
16 Oct 2019business combination● Neutral
Melbana's second supplementary statement extends the offer to 1 November, notes the shareholder approval, and waives breaches from Metgasco's sale of 8 million Byron shares. It disputes Metgasco's target's statement and says Block 9 is compliant. It expects Block 9 drilling in 2H 2020 if a farm-out succeeds.
15 Oct 2019business combination● Neutral
Melbana extended its Metgasco offer period from 24 October to 1 November 2019, with the conditions-status notice date moved to 24 October. Its voting power was 20.42%, and all conditions other than the M&A Advisory approval remained unmet.
14 Oct 2019business combination▲ Good
Melbana confirmed the M&A Advisory participation condition was fulfilled on 14 October 2019 following the shareholder vote. Its voting power in Metgasco is 20.42%. Other bid conditions remain outstanding, including the 50.1% minimum acceptance.
10 Oct 2019business combination● Neutral
Metgasco says its target's statement was posted to shareholders on 9 October 2019. Administrative notice; the recommendation to reject is in the statement itself.
8 Oct 2019business combination▼ BadMajor
Metgasco's directors unanimously recommend rejecting Melbana's offer, calling it wholly inadequate. They say it is a 20.0% discount to market on 2 October closing prices. Melbana's own expert valued the offer at 4 to 4.4c against Metgasco shares at 4.4 to 5.5c. This is the formal rejection of the bid.
3 Oct 2019business combination▼ Bad
Metgasco says Melbana has not disclosed the outcome of the Cuban Council of Ministers meeting on its Block 9 extension and guarantee waiver, and would not confirm whether they were granted. It raises serious concerns about whether bid recipients are informed. Block 9 approval was an open thread.
3 Oct 2019business combination● Neutral
Melbana lodged a supplementary bidder's statement attaching the Block 9 approval and Beehive option extension announcements, and urges Metgasco holders to accept. The offer is due to close 24 October 2019 unless extended. No new terms.
3 Oct 2019regulatory community update▲ GoodMajor
Cuban authorities approved Melbana's Block 9 amendments. The current sub-period extends to 1 November 2020 with one well still required, the exploration period extends a year, and Melbana is in compliance or waived. About 1% of the area is relinquished, cutting best-estimate prospective resource from 718 to 676 million barrels. Resolves the open extension thread.
3 Oct 2019farm in farm out agreement● NeutralMajor
Melbana agreed to Santos and TOTAL's request to extend their Beehive (WA-488-P) option period by one month. They now have until 4 November 2019 to decide, and the options expire 4 December 2019. They said technical work was complete and they needed time for commercial analysis and internal approvals.
25 Sept 2019business combination▼ Bad
Metgasco's directors unanimously say Melbana's offer materially undervalues the company and advise shareholders to take no action. A formal recommendation is due in the target's statement by 9 October. This is a rejection signal, not yet the formal response.
25 Sept 2019business combination● Neutral
Melbana confirmed the bidder's statement was sent to Metgasco holders on the 17 September record date, and the offers are dated 24 September 2019. Administrative notice with no new substance.
24 Sept 2019business combination● Neutral
Melbana began posting its bidder's statement to Metgasco shareholders on 24 September 2019. The offer, 4 Melbana shares per Metgasco share, closes 7pm Sydney time on 24 October 2019 unless extended. The statement was lodged 10 September, so this is mainly the formal despatch.
16 Sept 2019business combination● Neutral
Melbana set 7pm on 17 September 2019 as the record date for deciding who receives bid documents in its takeover offer for Metgasco. Administrative timetable notice with no new terms.
12 Sept 2019investor presentation● Neutral
Good Oil Conference presentation with the usual disclaimers and company data: about 1,875m shares, market cap about A$20.6m, cash about A$3.7m at 30 June 2019. Repeats known information; no new substance in the text provided.
10 Sept 2019business combination● NeutralMajor
Melbana lodged its bidder's statement for the off-market all-share takeover of Metgasco. This formalises the bid announced in July; the offer close date is left blank in the text provided.
