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MAY - Melbana Energy

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Re: MEO - Methanol Australia

Chart looks ripe for something big. Fundamentals unimpressive however. Needs a few more 10mill volume days.
 
Re: MEO - Methanol Australia

Hi all,

Been buying in over the last 2 weeks on the dips. Has many of the characheristics of a classic BESBS play.

Will write more once finished buying in...about 20% to go.

Current purchase ave. 24.75c
 
Re: MEO - Methanol Australia

Have bought in to MEO over the last few weeks on dips.

Hoping to see it as a pure BESBS play leading into Q3 drilling. Should have enough drilling activity to come and the SP seems to be steady around the 23-25c range. Happy to take a chance here. I'd be happy with anything into the low-mid 30c range going into Heron. The company has a history of significantly higher share prices leading into drills. Sure the market is ordinary at present but only recently it ran above 30c. Decent target, drill and rig set. Lets see how it goes...

Holding MEO at 25c ave.
 
Re: MEO - Methanol Australia

Looks like drilling is now approaching. Announcement out suggesting mid-August.
Hoping to see some volume build as drilling approaches.

Holding MEO at 25c ave. :)
 
Re: MEO - Methanol Australia

BESBS Player said:
Looks like drilling is now approaching. Announcement out suggesting mid-August.
Hoping to see some volume build as drilling approaches.

Holding MEO at 25c ave. :)
Click to expand...

Disappointing finish for MEO. Although management tried to put out a couple of announcements to move the SP, little has happened. I finished selling out yesterday. One can't go broke if one makes a small profit and plays the market as it is operating at the time. I think a duster here at Heron will impact significantly on the SP given the market at present. Sticking to discipline here is paramount for me.

Not big BESBS runs happening close to drill at present. Time to get set in slightly earlier ones. This strategy worked well as the GFC impacted.
LKO (in the lead to the first Wombat drilling) .004c to .014c and BKP 0.003 & 0.004c to .018c range were such examples of early buys and 12 months of patience.

Bought 25c
Sold 25.8c ave
Profit: 3% (better than bank interest when annualised but nothing exciting):(
 
Re: MEO - Methanol Australia

27/11/2012 Suspension from Official Quotation
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01360441

MEO Australia Limited - Request for Voluntary Suspension

In accordance with Listing Rule 17.2, MEO Australia Limited (ASX: MEO) requests a voluntary suspension of its shares effective immediately pending completion of production testing the lower zone of interest in the Heron South-1 exploration well in NT/P68.

For the purposes of ASX Listing Rule 17.2, MEO provides the following information:
(a) the voluntary suspension is necessary as otherwise trading in MEO shares may take place in an uninformed market;
(b) MEO requests that the voluntary suspension remain in place until it is in a position to make an announcement to the market regarding production test results. MEO anticipates that an announcement will be made 28th November 2012 and the voluntary suspension will cease at that time; and
(c) MEO is not aware of any reason why the voluntary suspension should not be granted.

8631
 
Re: MEO - Methanol Australia

Results of last weeks trading halt was disappointing with SP dropping bigtime

ASX Ann for Trading Halt today!

04/12/2012 Trading Halt
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01363844


MEO request for trading halt:
Stocks edged lower on Wall Street Monday after a surprisingly weak manufacturing report heightened concern that fiscal deadlock in Washington is already hurting the economy.

The Dow Jones industrial average fell 59.98 points to close at 12,965.60. The Standard and Poor's 500 dropped 6.72 points to 1,409.46. The Nasdaq composite was down 8.04 points to 3,002.20

U.S. manufacturing declined in November to its weakest level since July 2009, the Institute for Supply Management reported. The ISM's index fell to 49.5 from 51.7 a month earlier, below the 51.2 reading forecast by analysts. Any number below 50 on the scale means that manufacturing is contracting. Businesses expressed concerns about the "fiscal cliff," a series of sharp government spending cuts and tax increases scheduled to start Jan. 1 unless an agreement is reached to cut the budget deficit.

"The ISM numbers probably took a little air out of what was some hope for better news on where the economy is going," said Jim Dunigan, executive vice president at PNC Wealth Management in Philadelphia. "We're still in the camp that this gets resolved and we don't go over the cliff, but there's a lot of angst between now and then."

The White House and Congress are still seeking to hammer out a budget deal that will avoid the "cliff." Republicans, led by House Speaker John Boehner, have balked at President Barack Obama's opening proposal of $1.6 trillion in higher taxes over a decade, a possible extension of the temporary Social Security payroll tax cut and heightened presidential power to raise the national debt limit.

House Republicans on Monday proposed their own 10-year blueprint to President Barack Obama that calls for increasing the eligibility age for Medicare and lowering cost-of-living hikes for Social Security benefits.

"There's a sense of insecurity until the President and Boehner get their act together," said Ben Schwarz, chief market strategist at New York-based brokerage Lightspeed Financial. "If they put together a package in short order, if they do it in the next couple of weeks, you'll see a strong rally."

Stocks have fluctuated since the Nov. 6 election as investors worried that a deal may not be reached in time to avoid the tax hikes and spending cuts, which economists say could push the U.S. back into recession. The S&P 500 is still 1.3 percent below its closing level on the day that Americans went to the polls, having fallen as much as 5 percent in the weeks following the election.

Wall Street opened higher Monday following news that manufacturing in China, the world's second-largest economy, grew for the first time in 13 months and after Greece announced details of a bond buyback program. The Dow had been up as much as 62 points shortly after the opening bell.

December is historically the best month for stocks. The S&P 500 has advanced an average of 2 percent over the past 30 years during the month of December, according to research from Schaeffer's Investment Research. The next best month is April, with an average return of 1.7 percent. The worst month is September, where investors lose an average of 0.7 percent.
 
Re: MEO - Methanol Australia

ASX Announcement
22/07/2013 WA-454-P farm-out agreement executed with Origin Energy
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01426571

ASX & Media Release
WA-454-P farm-out agreement executed with Origin Energy

Key Points:
• MEO farms out 50% of WA-454-P to Origin Energy
• Origin Energy will assume operatorship of the permit
• Origin Energy to pay MEO A$5.6 million back costs and fund 80% of Breakwater-1
• Breakwater-1 to satisfy Permit year 5 work obligation (9 June 2015 – 8 June 2016)
MELBOURNE, AUSTRALIA (22nd July 2013)

MEO Australia Limited (ASX: MEO; OTCQX: MEOAY) advises that its wholly owned subsidiary Drysdale Offshore Exploration Pty Ltd (Drysdale) has executed a binding farm-out agreement (FOA) in relation to WA-454-P with Origin Energy Resources Limited, a wholly owned subsidiary of Origin Energy Limited. The FOA is subject to customary Australian regulatory approvals and the finalisation of a Joint Operating Agreement.

Origin Energy will acquire a 50% participating interest in the permit by reimbursing 80% of the costs expended by Drysdale in the permit to date and funding 80% of the cost of drilling an exploration well on the Breakwater prospect. Origin Energy will become Operator of the permit.

The untested cost of the exploration well is capped at A$35 million①. A mechanism has been agreed to adjust the cap for US$/A$ exchange rate fluctuations from a 1:1 base. Costs exceeding this cap, including production testing (if required), will be funded by the parties according to their participating interests.

The reimbursement of back costs will be made in two equal tranches of A$2.8 million. The first will be paid upon receipt of regulatory approval of the permit transfer and the second in July 2014.

MEO’s CEO and MD Jürgen Hendrich commented on the announcement:
“We are delighted to have attracted Origin Energy as our partner to unlock the tremendous opportunities we see in WA-454-P. MEO considers the Breakwater prospect has the potential to host significant gas and possibly liquids resources which, in the event of exploration success, would readily feed into a growing regional gas market.

This project has evolved in a little over 2 years from acreage award in June 2011, acquisition of 3D seismic in early 2012, to the execution of a binding farm-in agreement in July 2013. It demonstrates MEO’s business model of securing prospective acreage, adding value by undertaking diligent technical work and attracting a substantial partner to recover invested capital and fund the majority of drilling costs, while retaining a material residual interest.

MEO will seek to defray the residual 20% cost exposure to Breakwater-1 prior to drilling.”

WA-454-P Location Map
 

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MEO - MEO AUSTRALIA LIMITED

Strange that I could not find MEO using search

ASX ANN today
MEO 11/12/2013 11:16:22 AM Trading Halt

11 December 2013
MEO Australia Limited
TRADING HALT
The securities of MEO Australia Limited (the “Company”) will be placed in Trading Halt Session State at the request of the Company, pending the release of an announcement by the Company. Unless ASX decides otherwise, the securities will remain in Trading Halt Session State until the earlier of the commencement of normal trading on Friday, 13 December 2013 or when the announcement is released to the market.

Request for trading halt
MEO Australia Limited (ASX: MEO) requests a trading halt of its shares for up to 2 days effective immediately pending a decision to conduct a production test on the Blackwood-2 exploration well by NT/P68 Operator, Eni Australia Limited.

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 on whether a production test of the Blackwood-2 exploration well will be undertaken by NT/P68 Operator, Eni Australia Limited. MEO anticipates that an announcement will be made prior to the commencement of normal trading on 13th December 2013 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.
 
Re: MEO - MEO Australia

ASX Ann today

MELBOURNE, AUSTRALIA (13th December, 2013)

Blackwood-2 Progress Report No.7
Key Points:
• Wireline logging, pressure testing and side wall coring program complete
• Gas shows have been observed below the previously interpreted gas water contact
• Production testing to resolve fluid phase uncertainty and reservoir productivity

MEO Australia Limited (ASX: MEO; OTCQX: MEOAY) advises that the wireline logging, pressure testing and coring program at Blackwood-2 has been completed. The presence of gas and
reservoir productivity could not be conclusively established during this wireline logging phase.

MEO has been advised by the NT/P68 Operator that Blackwood-2 will be production tested to resolve uncertainties regarding fluid content and reservoir productivity.

Test interval(s) are yet to be advised and will be reported in due course

Progress Summary
Progress since last report:
− Carried out wireline logging and side wall coring program
− Ran 178mm (7”) liner
Present Operation (at 06:00 Darwin time, 13th December 2013) :
− Completing installation of 178mm (7”) liner
Outlook:
− Complete installation of 178mm (7”) liner
− Carry out production test
− Plug and abandon well

The market did not like the ANN:

MEO $0.050 $-0.011 (-18.03%) @ MEO AUSTRALIA LTD FPO (ORDINARY FULLY PAID) Fri 13 Dec 2013 10:45 AM
 
Re: MEO - MEO Australia

Methinks MEO has good prospects of finding "dryholes"!

The share price on 29th August 2010 was $0.345!
 
Re: MEO - MEO Australia

MEO 10/04/2014 9:59:12 AM MEO Australia Limited announces Share Purchase Plan

Underwritten Share Purchase Plan to fund New Zealand work program
Key Points:
• MEO launches Share Purchase Plan (“SPP” or “Offer”) to existing shareholders to fund Phase-1 program of the New Zealand (Puka) farm-in.

• SPP offered at 20% discount to the average market price of MEO’s shares quoted on the ASX during the 5 trading days immediately prior to and including the SPP closing date.

• Patersons Securities Limited is Lead Manager and Underwriter to the Offer and has underwritten the SPP to MEO’s 15% placement capacity.

MELBOURNE, AUSTRALIA (10th April, 2014)
MEO Australia Limited (ASX: MEO) advises that it will be offering existing eligible shareholders the opportunity to participate in the SPP. Shareholders who are recorded on the share register as at 7:00pm AEST on Wednesday 9th April, 2014 with a registered address in either Australia or New Zealand will be eligible to participate in the SPP.

The SPP is partially underwritten by Patersons Securities Limited to MEO’s 15% placement capacity and will raise in the order of A$2.9 million depending on final pricing. MEO reserves the right to accept oversubscriptions above the underwritten amount at its discretion as permitted by the ASX Listing Rules. Funds raised will be used for the firm Phase I work program designed to enhance production from the Puka oil accumulation, onshore New Zealand (refer details in ASX release dated 7th April 2014).

3242
 

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Re: MEO - MEO Australia

What they needed the money for!!

http://www.lse.co.uk/AllNews.asp?co...pproval_For_Puka_Site_Deal_With_MEO_Australia

Kea Petroleum Granted Approval For Puka Site Deal With MEO Australia
Fri, 2nd May 2014 12:20

LONDON (Alliance News) - Kea Petroleum PLC Friday said that approval has been granted for the company to transfer a 30% participating interest in petroleum exploration permit PEP51153 licence, located onshore in Taranaki in New Zealand, to MEO Australia Ltd.

Kea said PEP51153 contains the Puka discoveries and the suspended Douglas well.

The New Zealand-focused oil and gas company said that New Zealand government consent has been granted for the transfer. The consent was the final condition to approve the transfer under the staged farm-out agreement.

Last month, Kea said it had agreed to a NZD14 million staged work programme on site to boost production and further appraise the Puka discovery.

As part of the deal, MEO Australia will earn a 30% interest in the site via a payment of NZD4 million in order to complete the phase 1 plan for the site, which consists of the workover of both existing Puka wells to boost production, drilling of a new well, and testing of the suspended Douglas 1 well.

Following the completion of this, MEO can elect to earn a further 20% interest in the site, within six months, through a further payment of NZD7.5 million, which will be used for a second phase on site.

The second phase would include the construction of a new central drilling and production facility, drilling of further appraisal wells and horizontal drilling techniques.

Kea said its phase 1 plan is scheduled to start at the end of June.

Both work programme phases are designed to move the discovery towards full field development in 2016 by reducing uncertainties in relation to resource size and recovery, the company said.

Kea said that at the conclusion of Phase 1 or 2, both parties have agreed that MEO Australia has the option to enter into negotiations to acquire KEA's remaining interest in the permit.

Kea Petroleum shares were up 2.4% at 2.00 pence Friday morning.

4263
 
Re: MEO - MEO Australia

MEO 13/05/2014 10:00:19 AM Completion of MEO Australia Share Purchase Plan

ASX & Media Release

Completion of MEO Australia Share Purchase Plan

Key Points:
• $2.46 million raised from Share Purchase Plan (SPP) (before costs)
• 123.2 million new MEO shares will be issued on 14th May 2014
• New shares can be traded commencing 15th May 2014
• Funds raised from the SPP will be used to fund the Puka Phase 1 Work Program

MELBOURNE, AUSTRALIA (13th May 2014)

MEO Australia Limited (ASX: MEO) advises that the Share Purchase Plan (SPP) which cl Wednesday 7th
May 2014 raised $2,464,476 with 442 shareholders participating. There wa shortfall and therefore no
shares will be issued to the Underwriter.

The shares subscribed for under the SPP are priced at 2.0 cents, representing a 20% discou the
average price of MEO’s shares quoted on the ASX during the 5 days immediately prior to including
the Closing Date.

MEO will issue 123,223,800 new shares on Wednesday 14th May 2014 and these shares wil eligible to
commence trading from Thursday 15th May 2014. Holding statements will be dispatc on 15th May 2014
to shareholders that participated in the SPP.

Funds raised under the SPP will be used to fund MEO’s obligations for the Puka Far Agreement.

The Board of Directors thanks all shareholders who participated in the SPP for their support.

4534
 
Re: MEO - MEO Australia

http://www.lse.co.uk/AllNews.asp?co...t_Funding_Obligations_With_New_Financing_Deal

Alliance News

Kea Petroleum To Meet Funding Obligations With New Financing Deal
Fri, 23rd May 2014 14:58

LONDON (Alliance News) - Kea Petroleum PLC Friday said it has agreed a deal to issue up to GBP2.0 million of convertible loan notes to Darwin Strategic Ltd, meaning the company can meet its funding obligations under a recent farm-in agreement.

The proceeds of the issue will be used to fund Kea's NZD1.0 million commitment under phase 1 of the farm-out agreement with MEO Australia Ltd, and to meet its ongoing working capital requirements.

The deal replaces a previous convertible note facility agreed in January, under which Darwin had agreed conditionally to subscribe for GBP1.2 million of convertible loan notes.

According to Kea Petroleum, GBP800,000 of the original has been issued to date, and the obligation over the remainder is no longer in place. In addition, both parties agreed to the early expiration of the GBP5.0 million equity finance facility announced in January.

"Following the successful negotiations of the farm-in agreement with MEO Australia Ltd, announced in April 2014, regarding the Puka prospect, it was important that we moved quickly to secure the finance required to enable us to meet our initial funding obligations," Ian Gowrie-Smith, chairman, said in a statement.

"We are pleased that Darwin, with whom we have developed a successful relationship in recent months, have agreed to continue their support of the company by increasing their commitment to the company by a further GBP1.4 million, to GBP2.5 million," the chairman added.

Kea shares were Friday quoted at 2.20 pence, up 12.8%.

4727
 
Re: MEO - MEO Australia

Nearly the entire May shows a marked absence of sellers, unwilling to sell any lower. Finally, buyers gave in and pushed back up with volume. That's when my scans alerted me to buy the pullback.
After bouncing off the Fib 161.8% ceiling, it's now back to the first resistance at 2.7c. Time to buy back in?

MEO 23-06-14.gif
 
Re: MEO - MEO Australia

MEO is earning a 30% interest in the permit in return for funding NZ$4mln, which is 80% of a NZ$5mln first phase of work

http://mail.proactiveinvestors.co.u...a-petroleum-puka-3-drilling-begins-70586.html

Kea Petroleum - Puka 3 drilling begins
By Jamie Ashcroft July 22 2014, 10:55am

Drilling has now begun on Kea Petroleum’s (LON:KEA) third well on the Puka field.

Puka 3 is a major component of the work programme committed as part of MEO‘s farm-in for the project, which was agreed back in April.

"We have eagerly been awaiting the drilling of the Puka 3 appraisal well,” said Ian Gowrie-Smith, Kea chairman. “The results will help us to gain a better understanding of the resource size and deliverability, to enable us to plan for further commercial development."

The well will target the Mt Messenger formation, anticipated at a depth of 1,580 metres, which was observed in a 3D seismic survey over the south-western part of the PEP51153 area.
 
Re: MEO - MEO Australia

MEO 25/07/2014 9:46:03 AM Quarterly Activities Summary for Period Ended 30th June 2014
http://www.asx.com.au/asxpdf/20140725/pdf/42r0nwwnyryv0n.pdf

Quarterly activities summary for Period ended 30th June 2014

Significant activities during quarter:
• Executed binding farm-in agreement with Kea Petroleum to earn an initial 30% interest in the producing Puka oil discovery (PEP 51153) onshore New Zealand

• Received NZ regulatory approvals for transfer of participating interest in PEP 51153

• Received final reprocessed 3D data over Puka oil discovery, optimised Puka-3 location

• Raised $2.5m before costs from Share Purchase Plan towards funding the Puka farm-in

• Received final $2.8m cash payment from Origin Energy relating to WA-454-P farmin

• Agreed proposed Breakwater-1 (WA-454-P) well location with Origin Energy

• Signed Strategic Co-operation Framework Agreement with Shenzhen based HongFu Fund and evaluated 2 significant producing assets of which one remains in the sale process

• Received regulatory approval to vary work programs for AC/P50 & AC/P51

• Executed binding option agreement with Apache Northwest Pty Ltd (“Apache”) giving Apache until 30th September 2014 to farm in to both AC/P50 & AC/P51 for a 70% interest by funding 100% of costs up to and including drilling of first well in each permit

Activities subsequent to end of quarter:
• Commenced drilling Puka-3 appraisal/development well

6612
 

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