15 Nov 2010drilling progress report▲ Good
Songa Venus was handed over by Shell on 14 November and is under tow to Artemis-1, about eight days. Spud is expected shortly after anchoring. Rig handover is no longer pending.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
10 Nov 2010drilling progress report● Neutral
Routine weekly update: Shell now expects to hand over the Songa Venus about late evening on 12 November, then a roughly seven-day tow to Artemis-1. Another small slip in timing.
4 Nov 2010drilling progress report● Neutral
Shell now expects to hand over the Songa Venus on or about 11 November, followed by a roughly seven-day tow to the Artemis-1 location. Slight timing update only.
22 Oct 2010farm in farm out completion● Neutral
Moby confirms it received the final US$5.5m for selling its 5% of WA-360-P to MEO (US$7m total). Moby keeps 10%, carried through Artemis-1, with the rig handover expected early to mid November.
22 Oct 2010farm in farm out completion● Neutral
MEO paid the final US$5.5m to Moby, completing the US$7m purchase of an extra 5% of WA-360-P. MEO now holds 25%, with that 5% free-carried through Artemis-1. Payment followed Petrobras's cash; drilling is on track for early to mid November.
15 Oct 2010farm in farm out completion▲ GoodMajor
MEO received about US$39m from Petrobras for the WA-360-P farm-in (US$31.5m bonus plus ~US$7.5m back costs). About US$32.5m remains after paying Moby and Gascorp; with A$36.4m cash it will fund new ventures. Resolves the pending receipt.
14 Oct 2010farm in farm out agreement▲ GoodMajor
MEO opens the NT/P68 farm-out data room for the 3,700 km2 Heron area, keeping Blackwood at 100%. It proposes two appraisal wells. Heron North contingent resource (2C) is 0.39 Tcf per GCA and 0.29 Tcf per MEO. Greater Heron best-estimate prospective resource is 4.96 Tcf. Several parties have registered interest.
16 Sept 2010farm in farm out completion● Neutral
Partner Moby says its sale of a 5% WA-360-P interest to MEO for US$7m is now unconditional. The balance is due within 5 business days of MEO receiving Petrobras's payment. Moby keeps 10%, carried through Artemis-1, with drilling expected early to mid November.
15 Sept 2010farm in farm out completion▲ GoodMajor
Final regulatory approval received: Petrobras is registered on WA-360-P with 50%, leaving MEO 25%. MEO will invoice Petrobras about US$31.5m bonus plus ~US$7.5m back costs. Songa Venus handover remains on track for early November Artemis-1 drilling. This resolves the long-pending approval.
26 July 2010drilling progress report● Neutral
Field data collection for the Artemis-1 seabed site survey is complete, following the earlier sonar survey. The report is now being finalised to support well planning. A preparation step with no new result.
14 Apr 2010farm in farm out agreement▲ GoodMajor
MEO signs a binding WA-360-P farm-in with Petrobras, resolving the long delay. Petrobras earns 50% by funding the first well up to US$41m, pays a US$31.5m bonus plus about US$7.5m past costs, and MEO keeps 20%. Subject to FIRB approval.
21 Dec 2009farm in farm out agreement▲ GoodMajor
MEO's preferred farminee has board approval to complete the WA-360-P farm-in, subject to Australian approvals including FIRB; binding documents are not yet signed. MEO triggers its well option, securing 70%, and begins rig talks to drill Artemis-1 in the second half of 2010, keeping at least 20% after farm-out.
16 Nov 2009farm in farm out agreement● Neutral
MEO says the preferred WA-360-P farminee is a major international energy company entering Australia for the first time, with commercial terms agreed including integrated LNG arrangements. Its board must approve in mid-December and FIRB approval is needed. MEO cannot guarantee completion, so the earlier AGM timing has slipped.
20 Oct 2009farm in farm out agreement▲ Good
MEO says it has chosen a preferred WA-360-P farminee, with final due diligence the week of 26 October and binding agreements expected before the 18 November AGM. Identity and terms stay confidential. Progress on the delayed farm-out, but nothing binding yet.
25 Sept 2009farm in farm out agreement▼ Bad
MEO misses its 30 September target: WA-360-P farm-out talks are incomplete and now expected to conclude during October. It says considerable progress has been made. This is a slip in the timetable, still with no partner named.
1 Sept 2009farm in farm out agreement● Neutral
The window for indicative WA-360-P farm-in offers has closed. MEO is evaluating them before negotiating a binding deal, and says it remains on track to complete a farm-in by 30 September. No partner named.
14 Aug 2009resource reserve update▲ GoodMajor
MEO raised Artemis pre-drill mean gas-in-place: 10.8 Tcf for Calypso sands and 9.5 Tcf for Legendre sands, from 9.5 Tcf before. Geological chance of success is 32%. 20 parties remain; offers due 31 August, farm-out targeted by 30 September.
21 July 2009farm in farm out agreement● Neutral
WA-360-P data room closing extended to 14 August so several companies can review the new Artemis 3D data. MEO says the data has significantly de-risked Artemis and is confident the 9.5 Tcf estimate will rise.
15 July 2009drilling result▲ GoodMajor
Preliminary interpretation of the new Artemis 3D confirms it as an attractive target, with a larger structure and amplitudes consistent with a possible gas-water contact. Gas-in-place will likely exceed 9.5 Tcf. MEO says it is confident of a farm-in this quarter; offer deadline may be extended.
30 June 2009drilling progress report▲ Good
Processing of the 250 km2 Artemis 3D seismic survey finished on schedule, with data in house 30 June. It is key to de-risking the ~9.5 Tcf Artemis prospect; indicative farm-in offers remain due 31 July. Meets the end-June timetable.
31 Mar 2009drilling progress report▲ Good
Artemis 3D acquisition finished 31 March with no safety incidents or weather downtime. Processed data is expected by end June, ahead of a 2Q09 farm-out to fund a 2010 well. Completes the survey MEO committed to on 10 March.
23 Mar 2009drilling progress report● Neutral
Artemis 3D survey is about 51% acquired after resuming on 16 March, with completion expected in roughly a week. Farm-out still planned for 2Q09. Progress only.
16 Mar 2009drilling progress report● Neutral
Artemis 3D survey started 10 March but a water quality problem sent the vessel back to Dampier on 11 March, at the contractor's cost. About 6% is acquired; recording was due to resume 16 March.
19 Feb 2009drilling progress report● Neutral
The Songa Venus was released from Zeus-1 on 18 February and handed to Anzon after 33 days on location, with no reportable safety incidents. This closes out the well operations.
13 Feb 2009drilling result▼ Bad
Cue's relay of MEO's 13 February update: pressure testing confirmed the primary sands are water bearing, and Zeus-1 is being plugged and abandoned. Rig release is expected early next week.
13 Feb 2009drilling result▼ BadMajor
Zeus-1 is a dry hole: pressure testing confirmed the primary Legendre sands are water bearing, and the well is being abandoned. MEO calls it disappointing but sees untested NW Shelf potential, and plans a WA-360-P farm-out from 2Q09 for a 2010 well.
12 Feb 2009drilling result▼ Bad
Wireline logs show two excellent-quality Legendre sands over a 143m gross interval, likely largely water bearing. Anomalies at the top of both warrant pressure sampling. Gas there would imply untested potential updip. The well will then be abandoned.
11 Feb 2009drilling result● Neutral
Cue's relay of MEO's 11 February preliminary result: about 44m of potential Legendre reservoir with elevated gas readings, inconclusive logs, and no reservoir in the Forestier. Further tests are under way.
11 Feb 2009drilling result● NeutralMajor
Zeus-1 reached 3,642m. Elevated gas readings were seen over about 44m of Legendre, but logs were inconclusive. The secondary Forestier target lacks reservoir. Further wireline testing follows, so the result is mixed and not yet confirmed.
10 Feb 2009drilling progress report● Neutral
Zeus-1 reached 3,290m, with 6 days lost to weather in total. The primary Legendre target and total depth are expected within 24 hours. No results yet.