MAY - Melbana Energy

[Putty7]

Re: MEO - Methanol Australia

Yes they have just clarified what most expected them to do anyway, until they release the actual arrangements won't do a lot, hopefully that won't be to far away.

 

[TraderMC]

Re: MEO - Methanol Australia

At least a date given as to when the agreement should be executed by would have been most appreciated!!! Nothing we didn't allready know today! Who? and When? was what everyone was expecting i think, just two MINOR details left out???? It is quite simple really, to have added the extra info but MEO doesn't seem to think that is relevant i suppose??? They are very good at the suspense game?? Only thing I can think off is that they are flat out getting paperwork together that they don't have the time to worry about the shareholders feelings!! Have to laugh on this, i've never seen anything quite like this!!!

 

[Mozi]

Re: MEO - Methanol Australia

At least a date given as to when the agreement should be executed by would have been most appreciated!!!

I dare say that the Foreign Investment Review Board (FIRB) will have a large bearing on the timing of this. And MEO don't control the speed (or otherwise) of the FIRB's decisions - or so I assume

 

[bigdog]

Re: MEO - Methanol Australia

This article was written before today's MEO ASX ANN and could have assumed that partner would have been included in today's MEO ANN!!

The partner's name was not included in today's ANN.

http://research.scottrade.com/publi...xt=meo&section=headlines&searchtype=0&filter=

MEO to reveal partner in gas prospect
Sunday 12/20/2009 6:07 PM ET - Abix

MEO Australia is expected to announce a partner for its Artemis gas prospect offshore Western Australia on 22 December 2009. The company had been seeking a joint-venture partner for the project during the second half of 2009. It has indicated that the partner is a large international company that is not presently involved in the Australian oil and gas industry.

Publication Date: 21 December 2009

MEO AUSTRALIA LIMITED - ASX MEO
PETROBRAS
PETROLEO BRASILEIRO SA
STATOIL AS
CAIRN ENERGY PLC
WOODSIDE PETROLEUM LIMITED - ASX WPL
CHEVRON CORPORATION
CUE ENERGY RESOURCES NL - ASX CUE
MOBY OIL AND GAS LIMITED - ASX MOG

 

[TraderMC]

Re: MEO - Methanol Australia

I'm aware that the FIRB needs to approve it all, but I would assume that the documents be signed, stating such conditions, such as the FIRB approval etc. I wouldn't imagine no documents are being signed until the FIRB approval. Doesn't sound right. Binding agreements normally would have conditions, subject to......... etc. And then put forward to the FIRB which from my knowledge Meo is expecting an approval (or disapproval) by feb/march . Surely an agreement must be executed before they can present it to the FIRB????

 

[Pivotonian]

Re: MEO - Methanol Australia

I'm aware that the FIRB needs to approve it all, but I would assume that the documents be signed, stating such conditions, such as the FIRB approval etc. I wouldn't imagine no documents are being signed until the FIRB approval. Doesn't sound right. Binding agreements normally would have conditions, subject to......... etc. And then put forward to the FIRB which from my knowledge Meo is expecting an approval (or disapproval) by feb/march . Surely an agreement must be executed before they can present it to the FIRB????

Given the time required for approval, I would think you could make an application to FIRB in anticipation of executing a binding agreement. Otherwise there would often be a hella long time with the parties doing nothing but waiting around for approval.

But that shouldn't hold up the agreement itself - as you say, FIRB approval would normally be a condition precedent to completion of the deal.

 

[radioham6]

Re: MEO - Methanol Australia

I see MEO has had a nice rise over this morning.

Up around 11% at the time of writing......

I can't find any announcements anywhere.

Has anyone got any news relating to the rise?

 

[xolstis]

Re: MEO - Methanol Australia

I see MEO has had a nice rise over this morning.

Up around 11% at the time of writing......

I can't find any announcements anywhere.

Has anyone got any news relating to the rise?

Word's probably got out about identity of farminee in some insider circles... can't think of anything else in recent happenings that could otherwise explain this

 

[radioham6]

Re: MEO - Methanol Australia

Word's probably got out about identity of farminee in some insider circles... can't think of anything else in recent happenings that could otherwise explain this

Yes sounds about right. As I stated, nothing on the net about answering my questions.....

I also see they received a speeding ticket too from the ASX.

 

[Solitus]

Re: MEO - Methanol Australia

I noticed MOG (15% partner for WA-160P) are up today on no news, and it made me think of MEO. Still no news on the farm-in front?

I'm half-watching MEO interestedly, although I sold out in the mid-40's.

Looking at this week's 30min chart, a big drop on Monday's trading as it fell below 40c and looks like it hit a bunch of stops to push it lower, although I suspect this is a false break to the sub-40c mark caused by those same stops?

 

[bigdog]

Re: MEO - Methanol Australia

15/03/2010 9:49:00 AM TRADING Halt
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01046676

MEO Australia Limited (ASX: MEO) requests a trading halt of its shares of up to 2 days effective immediately pending an announcement regarding the outcome of the WA-360-P farm-out process.

For the purposes of ASX Listing Rule 17.1, MEO provides the following information:
(a) the trading halt is necessary as otherwise trading in MEO shares may take
place in an uninformed market;
(b) MEO requests that the trading halt remain in place until it is in a position to make an announcement to the market regarding the outcome of the WA-360-P farm-out. MEO anticipates that an announcement will be made prior to the commencement of normal trading on 17 March 2010 and the trading halt will cease at that time; and
(c) MEO is not aware of any reason why the trading halt should not be granted.

 

[Putty7]

Re: MEO - Methanol Australia

Sold out of MEO a week ago but still holding MOG, not sure if tomorrow will bring the announcement everyone has been holding for but it would be nice to find out who the farminee is, will be watching for tomorrows announcement as curiosity alone will get the better of me, would be nice to see these get another run and would be happy to try and get in if it happens. It wouldn't surprise me if it was announced before open but hopefully not.

 

[bigdog]

Re: MEO - Methanol Australia

First trading halt - Now suspension. You would think you have everything signed before you effect a trading halt!!!

17/03/2010 10:11:00 AM Suspension from Official Quotation
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01047754

Request for suspension
MEO Australia Limited (ASX: MEO) in accordance with Listing Rule 17.2, requests a suspension of the company’s securities.

For the purposes of ASX Listing Rule 17.2, MEO provides the following information:

(a) MEO and its preferred farm-in party (the “Farminee”) require two side
agreements to be executed by all WA-360-P Permit Participants prior to
executing the already finalised farmin agreement. The side agreements were
executed by all parties on 5th March 2010 except for one of the current joint
venture participants.

This joint venture participant has advised it is considering its position in relation to the side agreements.

(b) MEO expects the suspension to last no longer than three trading days.

(c) At the end of the suspension, MEO will either announce that all joint venture particpants have executed the side agreements and the Farminee has executed the agreed farmin agreement or not.

(d) MEO is not aware of any reason why the suspension should not be granted.

 

[bigdog]

Re: MEO - Methanol Australia

MEO SP $0.385 +$0.015 (+4.054%) at 10:49 AM

Today Opened at 0.340 with High of 0.420 and Low of 0.305

22/03/2010 10:07:00 AM WA-360-P activity update
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01048861

WA-360-P activity update

Key Points

• Whilst Farm-in terms had been agreed between MEO and preferred farminee, the Farm-in Agreement has not yet been executed
  
• Side agreements developed to address the establishment of a stand-alone LNG project and to improve aspects of the Joint Operating Agreement (JOA)
  
• Side agreements were executed by all except one party on 5th March 2010
  
• Remaining party advised on 17th March 2010 it would not execute the side agreements “as currently presented”
  
• Preferred farminee considering whether 85% alignment is sufficient to proceed
  
• Preparing to re-open farm-in if transaction cannot be completed
  
• Option secured over drilling rig for late 3Q/early 4Q drilling of Artemis-1

Melbourne, Australia (22nd March, 2010), MEO Australia Limited (ASX: MEO) advises that all issues in respect of the farm-in agreement and associated side agreements for WA-360-P1 have been agreed with its preferred farminee. Unanimous agreement to the two side agreements was a pre-requisite to execution of the farm-in agreement. Three of the four parties executed the two side agreements on 5th March 2010. The remaining party advised on 17th March that its board would not execute the documents “as currently presented”. MEO has invited the remaining party to table their substantive issues and continues to seek an expedient outcome that is acceptable to all parties.

Background
The preferred farminee was selected on the basis of the tangible benefits it brings to the WA-360-P Join Venture, including:
- An extremely well resourced global energy company who is a recognized technology leader
- Independence from existing and planned LNG projects, allowing the most economically attractive development option to be pursued in the event of exploration success
- The rights conferred upon all parties to participate in a stand-alone LNG project at the same participating interest as its upstream

In October 2009, MEO introduced the WA-360-P partners to the preferred farminee. At this meeting, the requirement for two side agreements to be executed by all parties was tabled, including:

1. A Heads of Agreement (HoA) to facilitate alignment and effective operation of the proposed joint venture with respect to the potential implementation of an integrated LNG project in the event of exploration success; and

2. A side letter acknowledging certain requirements. The side letter subsequently developed into an Acknowledgement and Amendment Agreement (AAA) which included minor amendments to clarify and improve certain operating aspects of the Joint Operating Agreement (JOA) requested by the preferred farminee.

The HoA and AAA were subsequently executed by three of the four parties on 5th March 2010. On 17th March the remaining party advised MEO that its board “is unable to agree to the documents as currently presented”. MEO remains actively engaged with this party to ascertain what their substantive issues are and will endeavour to have these resolved to the satisfaction of all parties.

Concurrently, the preferred farminee is evaluating the implications of proceeding with the transaction where three of the four parties representing 85% of the Joint Venture have committed to the side agreements. MEO expects to be advised of this decision once the evaluation has been completed.

Implications
Irrespective of the outcome of this transaction, MEO is committed to drilling the ~12 Tcf2 Artemis prospect in 2010 and has secured an option over a drilling rig for a spud date between 1st September 2010 and 1st December 2010. The funds raised from sophisticated and professional investors in late 2009 are considered sufficient to underpin the drilling of Artemis-1.

While the Company continues to expend every effort to ensure that the farm-in transaction as envisaged will be consummated, MEO is preparing to re-open the farm-in opportunity in the event that the preferred farminee elects to withdraw from the transaction.

 

[Pivotonian]

Re: MEO - Methanol Australia

Hmmmm, so MEO closed down 1c at 36c, with the identity of the farminee still unknown.

I wonder if the "renegade" partner is CUE or MOG?

 

[AngusSmart]

Re: MEO - Methanol Australia

Present interests in WA-360-P are:
MEO (North West) 70% And operator
Moby (Rankin Trend) 15%
Cue Energy Resources Ltd (Cue Exploration Pty Ltd) 15%

they were talking about 3 out of 4 agreeing but i count 100% there.. or was Meo trying have less stake in it all

 

[Pivotonian]

Re: MEO - Methanol Australia

Present interests in WA-360-P are:
MEO (North West) 70% And operator
Moby (Rankin Trend) 15%
Cue Energy Resources Ltd (Cue Exploration Pty Ltd) 15%

they were talking about 3 out of 4 agreeing but i count 100% there.. or was Meo trying have less stake in it all

As I read it, the three parties to sign the documents are MEO, the farminee and one of CUE/MOG. The fourth that has refused is the other of CUE/MOG.

 

[happytown]

Re: MEO - Methanol Australia

...

The HoA and AAA were subsequently executed by three of the four parties on 5th March 2010. On 17th March the remaining party advised MEO that its board “is unable to agree to the documents as currently presented”. MEO remains actively engaged with this party to ascertain what their substantive issues are and will endeavour to have these resolved to the satisfaction of all parties.

...

CUE is the party that "is unable to agree to the documents as currently presented."

from their ann yesterday

...

CUE is not a party to those negotiations, but has been asked to vary a number of significant provisions of the current JVOA (together with a Heads of Agreement WA-360-P).

In our view the proposed amendments disadvantage Cue and its shareholders relative to the status quo. We are continuing discussions in an attempt to resolve these differences.

...

 

[bigdog]

Re: MEO - Methanol Australia

Indicated opening SP currently +$0.045 (+12.329%) @ Wed 14 Apr 2010 9:57 AM

Share price close & volume for four past days
Date.......... ..Close ....Volume
13-Apr-2010 0.3650 2,737,801
12-Apr-2010 0.3700 4,872,295
09-Apr-2010 0.3600 3,436,927
08-Apr-2010 0.3450 2,563,116

Almost there!!
"Farm-in is subject to Australian regulatory approvals including Foreign Investment Review Board"

ASX ANN TODAY

14/04/2010 9:39:00 AM MEO Executes binding farm-in agreement
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01054695

MEO Executes binding farm-in agreement with Petrobras International Braspetro BV

Key Points:
● MEO executes binding farm-in agreement for Exploration Permit WA-360-P with Petrobras International Braspetro BV, a subsidiary of Petrobras, Brazil’s National Oil Company

● MEO to be free carried for up to three wells and receive a cash consideration/bonus

● Farm-in is subject to Australian regulatory approvals including Foreign Investment Review Board

MELBOURNE, AUSTRALIA (April 14th, 2010) MEO Australia Limited (ASX: MEO) and Petrobras International Braspetro BV - a subsidiary of Petrobras, Brazil’s National Oil Company - have executed a binding farm-in agreement for the WA-360-P Exploration Permit in the Carnarvon Basin, offshore Western Australia.

Key terms of the farm-in agreement include:
- Petrobras to earn 50% equity in WA-360-P by funding 100% of the first well to a cap of US$41m (MEO retains 20% interest)
- Upon receipt of all regulatory and Australian Government approvals, including Foreign Investment Review Board approval, Petrobras will pay MEO a cash bonus of US$31.5 million and reimburse MEO’s share of the past costs of approximately US$7.5 million
- In the event of a successful discovery, Petrobras will carry MEO’s share of the cost to drill and test two follow up wells in the Permit to a cap of US$62 million per well, together with payment of an additional US$31.5m cash bonus in January 2011
- MEO to remain Operator until the completion of the first well after which Petrobras has the option to assume Operatorship

The farm-in represents Petrobras’s initial entry into the Australian petroleum industry and is subject to receipt of relevant Australian regulatory and Governmental approvals including Foreign Investment Review Board approval. Applications seeking these approvals are in preparation.

MEO has secured an option over a drilling rig to drill the first well, Artemis-1, in late 2010. The Artemis prospect is estimated to contain mean prospective resources of approximately 12 Tcf proximal to established and planned LNG processing infrastructure.

WA-360-P Participants
Petrobras International Braspetro BV (a subsidiary of Petrobras) 50%*
North West Shelf Exploration Pty Ltd (MEO subsidiary) 20%*
Cue Energy Resources Limited (ASX: CUE) 15%
Rankin Trend Pty Ltd a wholly owned subsidiary of Moby Oil & Gas (ASX: MOG) 15%

3611

 

[doogle]

Re: MEO - Methanol Australia

OK finally after all this time we are off!!! The Brazilians are here for the first time too - this is interesting stuff. I imagine this will make some impact in the wider market/news.

OK now we can really watch the share price with interest. Long time holder with enormous patience.