Proactiveinvestors Australia Melbana Energy Ltd https://www.proactiveinvestors.com.au Proactiveinvestors Australia Melbana Energy Ltd RSS feed en Thu, 18 Jul 2019 23:49:43 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Melbana Energy finalises long-term contract for Santa Cruz oil field production sharing ]]> https://www.proactiveinvestors.com.au/companies/news/210545/melbana-energy-finalises-long-term-contract-for-santa-cruz-oil-field-production-sharing-210545.html Melbana Energy Ltd (ASX:MAY) has finalised a binding contract with CubaPetroleo that provides Melbana a long-term right to share in any enhanced production from the Santa Cruz oil field.

The contract comes after Melbana completed an initial assessment which yielded several promising opportunities to enhance production from the area.

Melbana had previously secured exclusive rights to conduct the assessment and also to negotiate the binding incremental oil recovery (IOR) production sharing contract from CubaPetroleo, the national oil company of Cuba.

 

Melbana chief executive officer Robert Zammit said securing the Santa Cruz IOR opportunity was a key plank in the company’s strategy to become a producer in the near-term.

“I am pleased that we have identified potential opportunities to enhance production at Santa Cruz and that we have had CubaPetroleo’s support to complete our commercial negotiations promptly and lock in the opportunity.

“Our ability to identify the enhanced oil opportunities in Santa Cruz was greatly accelerated given our learnings from Block 9.

“During our marketing activities for Block 9, we noted strong investor and industry interest for Santa Cruz, given its size and existing production.

“In due course, Melbana will likely seek to fund the field work required to increase oil production from Santa Cruz at the asset level.”

READ: Melbana Energy signs farmout deal with Chinese firm for its Cuban oil asset

The Santa Cruz IOR production sharing contract is split into multiple phases, with an initial study period of desk-based technical work followed by an implementation phase.

The initial study period will last a maximum of 8 months at which point Melbana may elect to proceed to the next implementation phase.

This will include a minimum program of two side-track wells from existing well bores to new geological targets.

To accelerate the oil production enhancing opportunities Melbana has engaged a Canadian consultant with extensive Cuban IOR experience to identify possibly debottlenecking opportunities.

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Wed, 05 Dec 2018 01:58:00 +1100 https://www.proactiveinvestors.com.au/companies/news/210545/melbana-energy-finalises-long-term-contract-for-santa-cruz-oil-field-production-sharing-210545.html
<![CDATA[News - Melbana Energy signs farmout deal with Chinese firm for its Cuban oil asset ]]> https://www.proactiveinvestors.com.au/companies/news/206539/melbana-energy-signs-farmout-deal-with-chinese-firm-for-its-cuban-oil-asset-206539.html Melbana Energy Ltd (ASX:MAY) has signed a letter of intent (LOI) with Anhui Guangda Mining Investment Co Ltd (AGMI) with respect to its Block 9 Production Sharing Contract (PSC) in Cuba.

AGMI is a Chinese company providing oilfield services and equipment both in China and internationally, with assets in excess of US$1 billion, oil production of 6,000 barrels/day and over 1000 employees.

The terms of the LOI state that AGMI will fully fund the drilling of a minimum of three exploration wells in Block 9, one on each of Melbana’s three highest ranked and high impact targets (Alameda, Zapato and Piedra) prior to July 2020, with two exploration wells to be drilled prior to November 2019.

Block 9 map showing location of key drilling targets

Melbana chief executive officer Robert Zammit said: “We are very pleased to have agreed LOI terms for the Block 9 farmout with AGMI where the minimum commitment to fully fund the drilling of our three preferred high impact prospects occurs at no further cost to Melbana shareholders.

“As AGMI proceeds with further activity in the block, Melbana will also be fully carried for all further activity and costs, including any appraisal, development, production costs and bank guarantee obligations while earning a 12.5% share of the profit oil under the Block 9 PSC and recovering its back costs of approximately US$3.5 million in the event of a commercial development.”

READ: Melbana Energy secures $3.5 million for Cuba oil assets

The farmout follows from the recently released prospective resource assessment of Block 9 by independent expert McDaniel & Associates Consultants, who have significant Cuban experience certifying reserves for Sherritt International (TSE:S).

McDaniel’s assessment identified a best estimate oil in place of 15.7 billion barrels and prospective resources of 718 million barrels of oil equivalent from three prospects and 16 leads.

 

Zammit added: “AGMI is prepared to commit significant resources to complete a drilling and development program in Cuba and has substantial experience operating onshore in multiple jurisdictions.

“We have a mutual understanding of the opportunity that Block 9 provides for significant oil discoveries and we look forward to finalizing a binding agreement late in the current quarter.”

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Mon, 08 Oct 2018 14:49:00 +1100 https://www.proactiveinvestors.com.au/companies/news/206539/melbana-energy-signs-farmout-deal-with-chinese-firm-for-its-cuban-oil-asset-206539.html
<![CDATA[Media files - Melbana Energy developing a 'game changer' prospect, in addition to other assets ]]> https://www.proactiveinvestors.com.au/companies/stocktube/10630/melbana-energy-developing-a-game-changer-prospect-in-addition-to-other-assets-10630.html Thu, 27 Sep 2018 12:20:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/10630/melbana-energy-developing-a-game-changer-prospect-in-addition-to-other-assets-10630.html <![CDATA[News - Melbana Energy secures $3.5 million for Cuba oil assets ]]> https://www.proactiveinvestors.com.au/companies/news/205391/melbana-energy-secures-35-million-for-cuba-oil-assets-205391.html Melbana Energy Ltd (ASX:MAY) has secured commitments to raise $3.5 million from institutional and sophisticated investors as part of an oversubscribed share placement.

As per the placement, 194 million shares will be issued priced at 1.8 cents along with a 1:3 unlisted option exercisable at 3 cents expiring 18 months from their grant date.

Notably, Melbana’s chairman Andrew Purcell has agreed 5.62 million shares, which will be subject to shareholder approval as customary under the ASX listing rules.

Funding will be used primarily to continue preparations for Block 9 drilling and advance the technical and geological evaluation of the Santa Cruz incremental oil recovery opportunity.

Seven potential near-term catalysts

Melbana Energy’s CEO Robert Zammit said: “The funds raised allow us to continue to progress our Cuban projects without delay, while we continue our Block 9 farm-out negotiations with a view to finalising a preliminary farm-out agreement shortly.

“As we have recently outlined, the company has seven potential near-term catalysts, each of which offers opportunity for a substantial increase in value in the company.

“We are appreciative of the strong interest in the placement from both new and existing shareholders including a number of new institutional shareholders.”

Melbana owns 100% of Block 9, an onshore block in Cuba within a proven hydrocarbon system.

It has an estimated potential for ~15.7 billion barrels of oil in place, and estimated recoverable Prospective Resources of 718 million barrels of oil.

Melbana plans to drill up to two wells, testing four prospects with potential for 5 billion barrels of oil in place and 236 million barrels recoverable.

Santa Cruz is an existing oil field and Melbana was awarded an exclusive right in February 2018 to assess oil recovery opportunities.

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Fri, 21 Sep 2018 12:06:00 +1000 https://www.proactiveinvestors.com.au/companies/news/205391/melbana-energy-secures-35-million-for-cuba-oil-assets-205391.html
<![CDATA[News - Melbana Energy identifies previously producing shallow water target at Pukatea well ]]> https://www.proactiveinvestors.com.au/companies/news/189563/melbana-energy-identifies-previously-producing-shallow-water-target-at-pukatea-well-189563.html Melbana Energy Ltd (ASX:MAY) has received encouraging information regarding the Pukatea-1 exploration well located in New Zealand, in which it has a 30% interest.

The company’s joint venture partner is TAG Oil Ltd (TSE:TAO).

The primary objective of the January drilling campaign is to identify deepwater hydrocarbons in the Tikorangi limestone.

However, a technical reassessment of the Pukatea-1 project has identified a secondary objective in the shallower Mt Messenger sands within the Puka field.

Oil first discovered at Mt Messenger in 2012

Oil was first discovered in the Mt Messenger sands in 2012 in Puka-1.

Production from Puka-1 and Puka-2 progressed under an extended test period until January 2015, but these wells are currently shut-in.

The operators have made technical adjustments to the drilling plan which include an additional wireline logging run for data gathering.

A separate casing string will also be used to isolate the Mt Messenger formation, providing the option to review the commercial merits of the sands based on the strength of technical data.

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Mon, 08 Jan 2018 09:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/189563/melbana-energy-identifies-previously-producing-shallow-water-target-at-pukatea-well-189563.html
<![CDATA[News - Melbana Energy raising up to $6.6 million for oil drilling program in Cuba ]]> https://www.proactiveinvestors.com.au/companies/news/182432/melbana-energy-raising-up-to-66-million-for-oil-drilling-program-in-cuba-182432.html Melbana Energy Ltd (ASX:MAY) is getting ready to drill for oil in Cuba after accepting commitments from investors to raise up to circa $1.8 million via a placement of shares, at $0.01 each.

In addition to the placement and to enable all Melbana shareholders to participate, the company is undertaking a 1 for 2 pro-rata entitlement offer of shares to raise up to circa $4.8 million.

Proceeds from the capital raising will allow Melbana to undertake the necessary initial preparations for the planned Cuba drilling program in 2018 at its fully-owned Block 9 PSC (production sharing contract).

READ: Melbana Energy eyes world-class oil exploration block in Cuba

Cuba block 9 PSC has an exploration potential of circa 12.5 billion barrels of oil-in-place with recoverable prospective resources of 637 million barrels of oil.

The two highest priority drill targets, Alameda-1 and Zapato, have a combined exploration potential of 200 million barrels.

Significantly, Alameda-1 alone presents an opportunity to drill three objectives with a combined exploration potential of over 2.5 billion barrels oil-in-place and 130 million barrels of recoverable oil.

The work Melbana has undertaken on its Cuba onshore Block 9 PSC during the past 18 months has demonstrated that it is a world class exploration opportunity with enormous exploration potential.

Given this potential, the company is aiming to drill up to two wells in Cuba in mid-2018 within the current highest priority prospects, Alameda-1 and Zapata.

However, there is a significant amount of preparatory work that needs to occur to get Melbana into a position to drill and the funds raised from the capital raising will be primarily used for this purpose.

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Tue, 15 Aug 2017 14:47:00 +1000 https://www.proactiveinvestors.com.au/companies/news/182432/melbana-energy-raising-up-to-66-million-for-oil-drilling-program-in-cuba-182432.html
<![CDATA[News - Melbana Energy to boost cash for multi-billion barrel oil hunt in Cuba ]]> https://www.proactiveinvestors.com.au/companies/news/182293/melbana-energy-to-boost-cash-for-multi-billion-barrel-oil-hunt-in-cuba-182293.html Melbana Energy Ltd (ASX:MAY) has a portfolio of assets which include interests in Cuba, where it is targeting multi-billion barrel oil potential.

Melbana has a 100% interest in Block 9 PSC located onshore, with the company targeting drilling up to two wells commencing mid-2018.

The company also has interests in New Zealand and Australia.

Melbana is now heading to market with a capital raising, and the ASX has granted the company a trading halt to prepare.

The halt will remain in place until the opening of trade on Tuesday 15th August 2017, or earlier if an announcement is made to the market.

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Fri, 11 Aug 2017 09:57:00 +1000 https://www.proactiveinvestors.com.au/companies/news/182293/melbana-energy-to-boost-cash-for-multi-billion-barrel-oil-hunt-in-cuba-182293.html
<![CDATA[News - Melbana Energy eyes world-class oil exploration block in Cuba ]]> https://www.proactiveinvestors.com.au/companies/news/175248/melbana-energy-eyes-world-class-oil-exploration-block-in-cuba-175248.html Melbana Energy (ASX:MAY) has recently updated the exploration potential of its onshore Block 9 in Cuba to 12.5 billion barrels of oil-in-place with prospective resources of 637 million barrels of oil.

The 100% owned Block 9 production sharing contract (PSC) is a large, 2380 square kilometre block located along trend from the multi-billion barrel Varadero oil field.

A prospectivity assessment undertaken by Melbana in 2016 and upgraded in February 2017 confirmed Block 9 as one of the world’s most exciting exploration plays.

The prospectivity assessment also identified 19 individual prospects and leads which Melbana has been prioritising to focus on the highest impact, lowest risk drill opportunities.

Melbana’s highest ranked drilling opportunity is the proposed Alameda-1 well which will test an exploration potential of over 2.5 billion barrels of oil-in-place and 130 million barrels of recoverable oil.

The most recent increase in the assessed exploration potential is due to the identification of the U1 lead, a shallow structure with a prospective recoverable resource of 25 million barrels of oil.

Melbana is now focusing on detailed planning for a drilling campaign in Block 9 PSC.

The company’s objective is to accelerate the drilling of two wells in Block 9 PSC during the first half of 2018.

Based on Melbana’s current estimates, a two-well campaign would cost in the range of US$20-30 million

Cuba’s reported current production is around 45,000 barrels per day of oil and 3 million cubic metres per day of gas.

Importantly, operators in Cuba incur globally competitive operating costs of circa US$7 per barrel.

MEO Australia changed to Melbana Energy in November 2016, changing its ASX ticker code from MEO to MAY.

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Thu, 23 Mar 2017 08:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/175248/melbana-energy-eyes-world-class-oil-exploration-block-in-cuba-175248.html
<![CDATA[News - MEO Australia Ltd to raise $1.69M for Cuban oil exploration ]]> https://www.proactiveinvestors.com.au/companies/news/165436/meo-australia-ltd-to-raise-169m-for-cuban-oil-exploration-70546.html MEO Australia Ltd (ASX:MEO) has accepted commitments to raise about $1.69 million via the placement of shares at $0.036 each, to progress its oil exploration activities in northern Cuba.

A number of existing shareholders showed support for the placement and the company has welcomed a number of new investors to its share register.

The proceeds from the placement will be used to accelerate MEO’s onshore exploration activities on Block 9 in Cuba, including the preparation of a drilling program for up to two wells in Block 9.

Block 9 is a large onshore petroleum exploration block which is about 588,000 acres, located in northern Cuba.

It is situated in an untapped region of the Gulf of Mexico, which is one of the world’s largest petroleum mega provinces.

Critically, the United States Geological Survey estimates that the total undiscovered, technically recoverable oil in the North Cuba basin, where Block 9 is located, is 4.6 billion barrels.

MEO expects to complete the preliminary stage of Block 9 assessment in the fourth quarter of 2016.

The company had executed the Block 9 production sharing contract with the national oil company Cuba Petróleo Union in 2015.

Subject to receiving a waiver from the ASX listing rules in relation to the offer price, MEO will also provide an opportunity for eligible shareholders to acquire new shares at $0.036.

The company is targeting to raise about $1 million through the share purchase plan.

MEO’s cash balance as at 30 June 2016 was $4.1 million.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Fri, 19 Aug 2016 08:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/165436/meo-australia-ltd-to-raise-169m-for-cuban-oil-exploration-70546.html
<![CDATA[News - MEO Australia Ltd heads to market ]]> https://www.proactiveinvestors.com.au/companies/news/165435/meo-australia-ltd-heads-to-market-70495.html MEO Australia Ltd (ASX:MEO) has been granted a trading halt by the ASX, pending details of a capital raising.

The halt will remain in place until the opening of trade on Friday 19th August 2016, or earlier if an announcement is made to the market.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Wed, 17 Aug 2016 10:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/165435/meo-australia-ltd-heads-to-market-70495.html
<![CDATA[News - MEO Australia Ltd is Thursday's ASX Most Traded with 82 million ]]> https://www.proactiveinvestors.com.au/companies/news/158975/meo-australia-ltd-is-thursdays-asx-most-traded-with-82-million-69687.html Thursday's ASX Volume Leaders at the close.

Company NameCodeLastChangeVolume MEO Australia Ltd MEO $0.042 180% 82,620,047 Predictive Discovery Ltd PDI $0.020 81.82% 61,082,272 Segue Resources Ltd SEG $0.003 50% 57,426,912 ResApp Health Ltd RAP $0.295 1.72% 53,500,459 Prospect Resources Ltd PSC $0.034 0% 48,547,181 LWP Technologies Ltd LWP $0.004 0% 37,498,791 Centaurus Metals Ltd CTM $0.012 33.33% 33,345,858 XPED Ltd XPE $0.076 0% 30,374,092 Atlas Iron Ltd AGO $0.010 -9.09% 26,444,750 Burey Gold Ltd BYR $0.081 14.09% 22,753,805

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 08 Jul 2016 08:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/158975/meo-australia-ltd-is-thursdays-asx-most-traded-with-82-million-69687.html
<![CDATA[News - MEO Australia Ltd tops ASX % Gainers intra-day ]]> https://www.proactiveinvestors.com.au/companies/news/158974/meo-australia-ltd-tops-asx-gainers-intra-day-69676.html Thursday's leading ASX % Gainers intra-day.

Company NameCodeLastChangeVolume MEO Australia Ltd MEO $0.038 153.33% 49,636,237 Lindian Resources Ltd LIN $0.002 100% 360,000 Predictive Discovery Ltd PDI $0.017 54.55% 23,054,220 Valmec Ltd VMX $0.160 52.38% 476,459 Segue Resources Ltd SEG $0.003 50% 16,275,742 Nvoi Ltd NVO $0.099 41.43% 5,079,214 East Energy Resources Ltd EER $0.004 33.33% 842,526 Iron Mountain Mining Ltd IRM $0.044 33.33% 406,590 Summit Resources Ltd SMM $0.140 33.33% 53,815 Questus Ltd QSS $0.040 33.33% 320,475

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 07 Jul 2016 14:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/158974/meo-australia-ltd-tops-asx-gainers-intra-day-69676.html
<![CDATA[News - Mosman Oil & Gas leaves offer terms for MEO Australia unchanged ]]> https://www.proactiveinvestors.com.au/companies/news/158973/mosman-oil-gas-leaves-offer-terms-for-meo-australia-unchanged-62791.html Mosman Oil & Gas (LON:MSMN) said it has opted not to further amend the terms of its takeover offer for MEO Australia (ASX:MEO).

The bid has been declared unconditional and the first tranche of shares has been issued to MEO shareholders, Mosman revealed.

The second tranche will be sent out after the offer closes on 12 June.

Mosman raised its offer for MEO Australia twice, finally settling on terms of one Mosman share for every five held in MEO, which was four times as generous as the initial sighting shot.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Sat, 06 Jun 2015 12:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/158973/mosman-oil-gas-leaves-offer-terms-for-meo-australia-unchanged-62791.html
<![CDATA[News - Mosman Oil raises MEO Australia offer for a second time ]]> https://www.proactiveinvestors.com.au/companies/news/158972/mosman-oil-raises-meo-australia-offer-for-a-second-time-62123.html Mosman Oil & Gas (LON:MSMN) has raised its offer for MEO Australia (ASX:MEO) for a second time.

The bid, which has also been extended until 12 June, is now one Mosman share for every five in MEO.

Its original offer in December was one share for every 20 MEO, but this was subsequently raised in January to one for ten.

Mosman has also lifted many of the conditions of the offer including the requirement for a minimum acceptance of 90%.

In a statement the company said: “The Mosman directors are of the opinion that implementing the above, together with the recent share placement directly answers many of the issues raised by MEO in their target statement, and supplementary target statements.”

In a second supplementary target statement published yesterday, MEO again urged its shareholders to reject the offer and highlighted Mosman’s cash position, share price volatility and the possibility of a share issue before September.

At the start of April, Mosman raised £500,000 through the issue of 10mln shares at 5p each.

Mosman shares were boosted earlier this week by a report on the potential gas and oil resources at the Murchison prospect on New Zealand’s South Island.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 04 May 2015 08:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/158972/mosman-oil-raises-meo-australia-offer-for-a-second-time-62123.html
<![CDATA[News - MEO Australia signs farm-in option agreement for three of its Australian permits ]]> https://www.proactiveinvestors.com.au/companies/news/158971/meo-australia-signs-farm-in-option-agreement-for-three-of-its-australian-permits-60777.html MEO Australia (ASX:MEO) has executed an option agreement with an unnamed international exploration company that could accelerate exploration of its offshore oil and gas tenements.

The farminee has already exercised its option to acquire a 30% interest in WA-488-P, which contains the giant Beehive prospect, in return for funding 30% of forward expenditure.

This follows completions of their technical assessment.

In the absence of MEO having a funding alternative, provisions are included for the Farminee to acquire an additional 10% equity in return for procuring full funding of a 3D seismic survey over the Beehive prospect and an additional 40% for funding the proposed Beehive-1 well.

With regards to AC/P51 (which contains the Ramble On prospect) or AC/P50, the agreement provides an option to the farminee to conditionally acquire a 30% interest in the applicable permit and be obligated to fund 30% of the forward expenditure in the permit.

The farminee is currently undertaking their technical assessment of AC/P50 and AC/P51.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 18 Feb 2015 16:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/158971/meo-australia-signs-farm-in-option-agreement-for-three-of-its-australian-permits-60777.html
<![CDATA[News - Mosman Oil & Gas makes move to buy MEO Australia ]]> https://www.proactiveinvestors.com.au/companies/news/158970/mosman-oil-gas-makes-move-to-buy-meo-australia-59552.html Mosman Oil & Gas (LON:MSMN) has made an opportunistic move to acquire ASX listed MEO Australia (ASX:MEO).

It has made a paper offer, one Mosman share for every 20 MEO shares, which is worth about £6.5mln or A$12.4mln.

MEA, a partner of AIM peer Kea Petroleum (LON:KEA), owns a portfolio of exploration, appraisal and development assets in Australia and New Zealand.

Mosman says the combination of Mosman and MEO will deliver benefits to both sets of shareholders as the merged group would be an attractive investment proposition.

It adds that by being listed on AIM, Mosman has exposure to one of the largest global investment communities and the company has created considerable investment interest since it listed earlier in 2014.

MEO is already the subject of a takeover bid but, according to Mosman, a separate dispute between the rival bidder and its major shareholder raises questions over that deal going through.

Evoworld Corporation owns just shy of 20% of Neon Energy, which has already entered into a merger agreement with MEO. The shareholder has, however, called for a general meeting in order to remove Neon’s management team.

John Barr, Mosman’s executive chairman, said: “The Mosman directors believe that there is a strong possibility that the proposed merger between MEO and Neon will not occur, and that the takeover bid [from Mosman] affords the MEO shareholders a viable alternative.

“The Mosman directors believe that the combined resources of Mosman and MEO will deliver benefits to both shareholder groups and establish an expanded company as an attractive investment proposition for investors."

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 12 Dec 2014 12:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/158970/mosman-oil-gas-makes-move-to-buy-meo-australia-59552.html
<![CDATA[News - MEO Australia to divulge well logging data ]]> https://www.proactiveinvestors.com.au/companies/news/158969/meo-australia-to-divulge-well-logging-data-56947.html MEO Australia (ASX:MEO) has been granted a trading halt by the ASX, with its shares placed in pre-open.

MEO requested the halt pending the completion and evaluation of well logging data from the Puka 3 exploration well in permit PEP51153, onshore New Zealand.

Puka-3 targets thicker sand development interpreted from the reprocessed 3D seismic as compared to the Puka-1 and Puka-2 wells, which currently produce a total of about 110 barrels of oil per day.

Operator Kea noted the pump stroke rate and other parameters at the two wells were set conservatively and that production could be increased significantly.

MEO is investing NZ$4 million to earn an initial 30% interest in PEP51153.

It has an option to increase its participating interest to 50% by funding NZ$7.5 milion of a proposed NZ$9 million Phase II program and has 6 months following the completion of Phase I to determine whether to exercise this option.

The halt will remain in place until the opening of trade on Tuesday 19th August 2014, or earlier if an announcement is made to the market.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 15 Aug 2014 13:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/158969/meo-australia-to-divulge-well-logging-data-56947.html
<![CDATA[News - MEO Australia and Minera Gold among Thursday's ASX Volume Leaders ]]> https://www.proactiveinvestors.com.au/companies/news/158968/meo-australia-and-minera-gold-among-thursdays-asx-volume-leaders-56787.html Thursday's leading volume stocks on the ASX.

CompanyCodeLastChangeVolume MEO Australia MEO $0.084 110% 101,481,299 Minera Gold MIZ $0.004 0% 93,426,141 Yellow Rock Resources YRR $0.025 38.89% 68,109,672 Blaze International BLZ $0.001 0% 45,098,700 Nido Petroleum NDO $0.050 0% 37,098,378 Dexus Property DXS $1.140 -0.87% 32,287,792 Segue Resources SEG $0.014 0% 25,344,331 Focus Minerals FML $0.014 16.67% 22,855,127 Qantas QAN $1.305 0.77% 21,162,250 Platypus Minerals PLP $0.001 0% 18,271,382

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 08 Aug 2014 08:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/158968/meo-australia-and-minera-gold-among-thursdays-asx-volume-leaders-56787.html
<![CDATA[News - MEO Australia in pre-open ]]> https://www.proactiveinvestors.com.au/companies/news/158967/meo-australia-in-pre-open-51297.html MEO Australia's (ASX: MEO) shares are in pre-open this morning, following the ASX granting the company a trading halt.

The halt was requested pending an announcement on the result of production testing the Blackwood-2 exploration well by NT/P68 Operator, Eni Australia Limited.

The halt will remain in place until the opening of trade on Monday 23rd December 2013, or earlier if an announcement is made to the market.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 19 Dec 2013 14:20:00 +1100 https://www.proactiveinvestors.com.au/companies/news/158967/meo-australia-in-pre-open-51297.html
<![CDATA[News - MEO Australia granted trading halt ]]> https://www.proactiveinvestors.com.au/companies/news/158966/meo-australia-granted-trading-halt-51065.html MEO Australia (ASX: MEO) has been granted a trading halt by the ASX this morning, with its shares placed in pre-open.

MEO requested the halt pending a decision to conduct a production test on the Blackwood-2 exploration well by NT/P68 Operator, Eni Australia Limited.

The halt will remain in place until the opening of trade on Friday 13th December, or earlier if an announcement is made to the market.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 11 Dec 2013 13:40:00 +1100 https://www.proactiveinvestors.com.au/companies/news/158966/meo-australia-granted-trading-halt-51065.html
<![CDATA[News - MEO Australia upgrades Marina oil and gas resources ]]> https://www.proactiveinvestors.com.au/companies/news/158965/meo-australia-upgrades-marina-oil-and-gas-resources-41217.html MEO Australia (ASX: MEO) has upgraded the discovered and prospective resources at its Marina gas and probable oil discovery in the Joseph Bonaparte Gulf, offshore Western Australia, based on data from the 2012 Floyd 3D seismic survey.

Marina is now assessed as having best estimate (2C) contingent recoverable resources of 9.2 million barrels of oil and 169 billion cubic feet of gas, up 4.2MMbl of oil and 71Bcf of gas from the previous estimates.

2C resources for Marina Deep have also been assessed for the first time at 236Bcf of gas.

MEO said the upgrade represents the culmination of many months of high quality technical work by its technical team and vindicates the value of 3D seismic.

Recent activity in the Northern Territory gas market highlights the significant unmet demand for gas in the domestic market and the potential for new sources of gas to meet that market.

This places Marina, which hosts liquids rich gas and potentially commercial oil in two of the five hydrocarbon bearing reservoirs intersected by the Marina-1, in a strong position.

MEO is searching for a funding partner to assist with appraising the assessed upside potential of the existing discovered resource as well as testing the deeper potential at Marina.

A successful appraisal could lead to a commercial development at Marina.

MEO acquired the 601 square kilometre Floyd 3D seismic survey over the Marina discovery, the Breakwater prospect and two additional leads in early 2012. Final processed products were delivered towards the end of 2012.

The company had $42.4 million in cash as of 31 December 2012.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 25 Mar 2013 17:10:00 +1100 https://www.proactiveinvestors.com.au/companies/news/158965/meo-australia-upgrades-marina-oil-and-gas-resources-41217.html
<![CDATA[News - MEO Australia and Eni observe more gas shows at Heron South-1 ]]> https://www.proactiveinvestors.com.au/companies/news/158964/meo-australia-and-eni-observe-more-gas-shows-at-heron-south-1-34395.html MEO Australia (ASX: MEO) and Eni have recorded gas shows and elevated resistivity readings while drilling the Heron South-1 well towards the gas water contact in the target Elang Plover objective.

The significance of these shows will be evaluated with a comprehensive formation evaluation program that will be carried out after drilling at Heron South-1 is completed.

MEO added that palynology analysis of core chip samples of a section where gas shows were encountered in reservoir quality sands appeared to be sandstone above the main Elang-Plover objective.

Heron South-1 is being drilled to determine the extent and productivity of the Elang-Plover reservoir and the gas composition.

Eni is earning an initial 50% interest in the Heron area by funding two wells on the structure. It also has an option to earn a 50% interest in the Blackwood area by acquiring a minimum 500 square kilometre 3D seismic survey and drilling a well in the area.

The Italian major has a further option to acquire an additional 25% interest in both areas of the permit by funding MEO’s share of the work program, including additional appraisal wells, required to reach a Final Investment Decision (FID) for either Heron and/or Blackwood.

MEO has estimated the Greater Heron structure could hold mean prospective recoverable raw gas of 5 trillion cubic feet, potentially sufficient to underpin a liquefied natural gas development.

 

Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.

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Thu, 11 Oct 2012 16:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/158964/meo-australia-and-eni-observe-more-gas-shows-at-heron-south-1-34395.html
<![CDATA[News - MEO Australia on track for drilling of Indonesian gas appraisal well ]]> https://www.proactiveinvestors.com.au/companies/news/158963/meo-australia-on-track-for-drilling-of-indonesian-gas-appraisal-well-33592.html MEO Australia (ASX: MEO) is on schedule to spud its appraisal well in the Gurame oil and gas field off northern Sumatra on 22 September after it received handover of the Hercules 208 jack-up drilling rig yesterday.

The Gurame SE-1X well was selected as the lowest risk drill-ready candidate with the highest probability of advancing the Best Estimate Prospective Recoverable Resource of 497 billion cubic feet of gas and 57 million barrels of oil towards commercial development.

Managing director Jürgen Hendrich said there was no question that a substantial in-place resource is present at Gurame and the company was excited about the prospects of a commercial development.

He noted that while the blowout at the discovery well demonstrated that hydrocarbons were capable of flowing at the field, commercial flow rates under controlled conditions had not yet been achieved.

“We have designed the well to maximise the chances of achieving a commercial flow rate. If this can be demonstrated, the prospects of developing the Gurame resource and delivering value to shareholders will take a tremendous step forward.”

Gurame

The Gurame field in the Seruway Production Sharing Contract was first discovered in 1968 and has been delineated by six wells, several of which recovered oil from the two target horizons.

A modern transition zone 3D seismic survey was acquired by the previous operator, however no wells have drilled the deeper targets using this data.

Gurame SE-1X will test the main Baong and Belumai reservoirs within a structural closure that is substantially higher than where oil samples were recovered in previous wells.

MEO expects the target reservoirs at this location to be naturally fractured and gas bearing, a combination which should enhance the potential to achieve a commercial flow rate.

The Seruway PSC is located within the offshore portion of the North Sumatra Basin, Indonesia and contains multiple existing gas and oil discoveries as well as undrilled prospects

MEO has a 100% interest in Seruway.

 

Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.

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Wed, 19 Sep 2012 10:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/158963/meo-australia-on-track-for-drilling-of-indonesian-gas-appraisal-well-33592.html
<![CDATA[News - MEO Australia and Eni continue drilling towards Heron South 1 target ]]> https://www.proactiveinvestors.com.au/companies/news/158962/meo-australia-and-eni-continue-drilling-towards-heron-south-1-target-33548.html MEO Australia (ASX: MEO) and Eni Australia are drawing closer towards total depth at their Heron South 1 well in the Timor Sea offshore Northern Territory that is targeted at determining the productivity of the Elang-Plover reservoir.

Eni is currently preparing to drill ahead to a depth of 3,833 metres after completing a formation integrity test.

There have been no reportable incidents and well operations are proceeding according to plan.

Heron South 1 was spudded on 24 August by the Ensco 109 jack up drilling rig with drilling expected to take about 60 days to complete.

Eni is earning an initial 50% interest in the Heron area by funding two wells on the structure. It also has an option to earn a 50% interest in the Blackwood area by acquiring a minimum 500 square kilometre 3D seismic survey and drilling a well in the area.

The Italian major has a further option to acquire an additional 25% interest in both areas of the permit by funding MEO’s share of the work program, including additional appraisal wells, required to reach a Final Investment Decision (FID) for either Heron and/or Blackwood.

MEO will receive a one off bonus payment of US$75 million for the first discovery to reach FID.

Following appraisal of the Heron and/or Blackwood gas discoveries, the joint venture will evaluate all potential development options including incorporating a gas processing hub at Tassie Shoal, about 75 kilometres from the Heron South-1 location.

 

Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.

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Tue, 18 Sep 2012 10:10:00 +1000 https://www.proactiveinvestors.com.au/companies/news/158962/meo-australia-and-eni-continue-drilling-towards-heron-south-1-target-33548.html
<![CDATA[News - MEO Australia poised to drill highly anticipated Gulf of Thailand oil well ]]> https://www.proactiveinvestors.com.au/companies/news/158961/meo-australia-poised-to-drill-highly-anticipated-gulf-of-thailand-oil-well-33135.html MEO Australia (ASX: MEO) and Pearl Oil Offshore have selected the Sainampueng-1 prospect as the optimal location to test whether Block G2/48 in the Gulf of Thailand is capable of producing oil with drilling expected to start during the fourth quarter.

Sainampueng-1 targets mean unrisked prospective resources of 10 million barrels (MMbbl) of oil with upside of up to 27Mbbl.

It was selected from 23 prospects and leads identified by a detailed interpretation of a 450 square kilometre 3D seismic survey targeting the southern Rayong Graben in later 2011.

These leads and prospects cover multiple play types at a number of target levels with a cumulative unrisked mean prospective recoverable oil resource potential of more than 100MMbbl of oil.

"The shallow water Gulf of Thailand emerging oil province is an exciting oil play to be participating in. MEO is delighted to be partnering with a proven and seasoned operator.  Success at Sainampueng-1 has the potential to open up a new basin with significant follow up potential," MEO managing director Jürgen Hendrich said.

Sainampueng-1 will be drilled by the Ensco 85 drilling rig.

Block G2/48 and Pearl Oil

MEO hd acquired a 50% stake in the block on 27 February 2012 after executing a binding farm-in agreement with veteran Gulf of Thailand operator Pearl Oil.

The Gulf of Thailand is host to an emerging oil play within the smaller basins offsetting the larger and established Patani Basin. Historically, these smaller basins were thought to be too shallow to generate oil.

However, oil discoveries have been made in at least six of these smaller basins adding about 150MMbbl of oil reserves in the past 5 years.

G2/48 contains the Rayong Basin and has only had two wells drilled in it, both having exhibited hydrocarbon shows.

The Rayong Basin shares similar geological characteristics as the adjacent oil bearing basins, however is not yet considered proven to be oil generative.

Pearl Oil also operates the Jasmine oil field to the south that has produced over 40MMbbl of oil since production started in June 2005 and the 31MMbbl barrel Manora oil development to the west.

 

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Thu, 06 Sep 2012 09:10:00 +1000 https://www.proactiveinvestors.com.au/companies/news/158961/meo-australia-poised-to-drill-highly-anticipated-gulf-of-thailand-oil-well-33135.html
<![CDATA[News - MEO Australia: Seismic data increasing value of portfolio ]]> https://www.proactiveinvestors.com.au/companies/news/158960/meo-australia-seismic-data-increasing-value-of-portfolio-31440.html MEO Australia’s (ASX: MEO) focus on acquiring quality seismic data is poised to upgrade the value of its portfolio of petroleum assets, including a potential connection between its prospects and a major gas field in the Carnarvon Basin, offshore Western Australia.

Initial evaluation of the Foxhound multi-client 3D survey over WA-360-P the company had purchased in May supports a postulated connection of the Jurassic reservoirs forecast at the Maxwell prospect to the Triassic reservoirs of Chevron’s (NYSE: CVX) Wheatstone gas field, which holds 4.5 trillion cubic feet of gas.

This postulated connection extends north from Wheatstone through the adjacent permit and continues to Maxwell.

MEO is now working on full depth correction of the seismic data. This will be combined with the results of the Ananke-1 well that Woodside Petroleum (ASX: WPL) is drilling inWA-269-P to possibly advance the Maxwell prospect to drillable status.

“MEO has made a substantial investment in high quality seismic acquisition and processing in most of our project areas in the last year,” MEO managing director Jürgen Hendrich said.

“We are very encouraged by the preliminary interpretation that reinforces the exploration concepts and strategies we have for these high potential opportunities.

“It is apparent that the acquisition of seismic data will result in a significant upgrading of the value of MEO’s portfolio. We look forward to completing this process ahead of realising the value of these opportunities.”

Breakwater and Marina

MEO’s prospective Marina and Breakwater structures in WA-454-P have been confirmed by preliminary evaluation of the Floyd 3D seismic that was completed this year.

The final processed data will be available in September where it will play a key role in the farm-out process that is expected to be launched in the fourth quarter of this year by reducing uncertainty and risk for both opportunities.

Marina is estimated to hold best (2C) contingent resources of 6.5 million barrels (MMbbl) of oil and 98 billion cubic feet (Bcf) of gas while the undrilled Breakwater prospect could hold 2C contingent oil resources of 52MMbbl if oil is present along with 636Bcf of gas.

An oil discovery at Breakwater would make for a fairly easy decision to commercialise while the gas can be easily tied into Eni’s producing Blacktip gas field to the southeast.

Timor Sea (Ashmore Cartier region)

Over in AC/P50 and AC/P51, preliminary evaluation of the Zeppelin 3D seismic data has confirmed promising leads in the gaps between the existing 2D seismic and in areas that were not resolvable on the Onnia 3D seismic that was shot in 1998.

While mapping is still underway, the data has already revealed a three-way dip closed structural lead with up to 300 metres of interpreted vertical closure with evaluation of direct hydrocarbon indicators illustrated in the seismic section being carried out.

The final processed data is expected in September. This will allow more accurate resolution and mapping of the leads and possible advancement to drillable status.

Seruway production sharing contract

MEO expects to receive the final Ibu Horst 3D data over the Seruway PSC in North Sumatra in August though fast track data received to date has already allowed it to identify a number of appraisal as well as exploration targets.

Strong amplitude anomalies in the shallow section are evident and thought to indicate the presence of gas. Deeper structures with carbonate build-ups are also present.

Delivery of the final processed volume will enable MEO to develop a comprehensive prospects and leads inventory.

Comment

While the interpretation of the seismic data is still in its preliminary stages, it has already served to reduce uncertainty over existing prospects and allowed MEO to identify new targets.

Importantly, it positions the company to proceed with its planned farm-outs in the coming months.

 

Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.

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Wed, 18 Jul 2012 13:10:00 +1000 https://www.proactiveinvestors.com.au/companies/news/158960/meo-australia-seismic-data-increasing-value-of-portfolio-31440.html
<![CDATA[News - MEO Australia: easier North American trading with upgrade to United States OTC-QX listing ]]> https://www.proactiveinvestors.com.au/companies/news/158959/meo-australia-easier-north-american-trading-with-upgrade-to-united-states-otc-qx-listing-27961.html MEO Australia (ASX: MEO, OTCQX: MEOAY) is now more accessible to North American investors after its American Depository Receipt program was upgraded to the OTC-QX, the United States’ third highest traded market.

Shares in the company had been trading in the OTC market since October 2008 with each ADR representing 10 Australian shares.

The company is in talks with highly credible potential customers who have expressed interest in buying methanol from its proposed Tassie Shoal methanol project in the Timor Sea and is also planning to drill in September an oil exploration well the G2/48 block in the Gulf of Thailand.

MEO managing director Jürgen Hendrich said the move to the OTC-QX platform was a logical step for the company, which was seeking to broaden its investor profile in international markets.

“This upgrade provides North American investors with greater real time access to Company news and facilitates real time trading in the ADR’s.”

Project pipeline

Besides its Tassie Shoal and Thai exploration, MEO is also preparing to participate in the drilling of the Heron South-1 well offshore Northern Territory, which is operated by Italian giant Eni, in July or August.

The company is also acquiring additional existing 3D seismic over its WA-360-P permit in the Carnarvon Basin that will determine whether the identified Maxwell prospect can be matured to drillable status. The prospect has estimated recoverable resources of about 1 trillion cubic feet of gas.

Last, but not least, MEO is processing 3D seismic it had shot over WA-454-P, Petrel Sub-basin, to more accurately map and estimate resources at the Marina gas and liquids discovery as well as mature the Breakwater prospect.

This will play a key role in adding technical value ahead of securing a partner to fund drilling in the permit.

 

Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.

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Mon, 23 Apr 2012 10:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/158959/meo-australia-easier-north-american-trading-with-upgrade-to-united-states-otc-qx-listing-27961.html
<![CDATA[News - MEO Australia: Blackwood East 3D seismic survey completed ]]> https://www.proactiveinvestors.com.au/companies/news/158958/meo-australia-blackwood-east-3d-seismic-survey-completed-23882.html MEO Australia (ASX: MEO) farm in partner Eni Australia has completed acquisition of the Bathurst 3D seismic survey covering the Blackwood East structure.

A total of 766 square kilometres of 3D data was acquired using GGG Veritas survey vessel M/V Veritas Viking II.

The survey was acquired in accordance with a farm in agreement signed with Eni in May 2011.

This agreement allows for Eni to earn a 50% interest in the Blackwood gas discovery by acquiring a minimum of 500 square kilometres of 3D seismic data over the Blackwood area and drilling one exploration well.

Eni has 365 days from the completion of the 3D survey to decide whether to drill the Blackwood-2 well.

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Fri, 06 Jan 2012 14:28:00 +1100 https://www.proactiveinvestors.com.au/companies/news/158958/meo-australia-blackwood-east-3d-seismic-survey-completed-23882.html
<![CDATA[News - MEO Australia on track to announce WA-360-P farm-in partner in September ]]> https://www.proactiveinvestors.com.au/companies/news/158957/meo-australia-on-track-to-announce-wa-360-p-farm-in-partner-in-september-2422.html MEO Australia (ASX: MEO) has advised that the timeframe for submission of indicative offers to farm-in to the company's WA-360-P permit has now closed.

Jürgen Hendrich managing director of MEO said indicative offers are being evaluated ahead of entering into further negotiations aimed at reaching a binding agreement.

Hendrich said the Company remains on track to complete a farm-in transaction by 30th September as previously advised.

MEO was trading at 56 cents.

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Wed, 02 Sep 2009 10:02:00 +1000 https://www.proactiveinvestors.com.au/companies/news/158957/meo-australia-on-track-to-announce-wa-360-p-farm-in-partner-in-september-2422.html