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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
30 Oct 2020quarterly activities report● Neutral
September quarter report: Sonangol's 70% entry approved, tenders done, and past costs largely repaid. Cash was A$2.513m. Beehive farmout continues with parties doing due diligence. Spud is mid Q1 2021. Melbana also invested ~$175,000 in Metgasco's placement at 2.5 cents.
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.
28 July 2020quarterly activities report● Neutral
June quarter report: Sonangol farm-in documentation completed, with formal Cuban approval still awaited. Beehive has several interested parties in the data room and a 12-month extension to December 2021. Cash was A$1.78m. Repeats known events.
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.
30 Apr 2020quarterly activities report● Neutral
March quarter report: Block 9 farm-in paperwork progressed and drilling tenders issued, with the two-well campaign now planned for Q4 2020 (previously Q3). Beehive partner talks begun after Santos's option lapsed. Cash was A$1.5m; COVID-19 cost cuts took effect 1 April, including 50% lower director entitlements.
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.