Melbana funds Cuba operations through $6.6MM offeringMelbana Energy raised $A6.6 million through a private placement, the majority
of which will be used to fund pre-drilling operations at its Block 9 production sharing
contract onshore Cuba. The placement gave existing shareholders the right to buy one
share for each two shares they own at $0.01 each. The initial plan was to issue 476
million shares, about 30% of its outstanding capital, for an expected A$4.8 million
in gross proceeds. The issue was oversold
and the company grossed A$6.6...
Sep 06, 2017
MEO advances Beehive farmout with four suitors reviewing data - September 20, 2016MEO Australia has four potential partners reviewing technical data for its shallow-water WA-488-P permit (100% WI) containing the Beehive oil prospect off Western Australia. It is seeking responses by the end of October. It says recent 2D seismic reprocessing and inversion has reinvigorated interest in Beehive, now seen as one of Australia’s largest prospects. The farmout is intended to advance technical assessment and eventual drilling. MEO now estimates mean-case prospective resources of 940...
Sep 20, 2016
MEO finishes placement for Cuba finds - September 7, 2016MEO Australia Ltd. placed about 46.9 million shares at $0.036 each with institutional and sophisticated investors for about $1.69 million total proceeds to fund exploration activities in Cuba. The company said that the price per share of the oversubscribed placement represented a nearly 17% discount to its volume weighted average price for the 10 trading days preceding Aug....
Sep 07, 2016
MEO in talks with Beehive suitors, aiming for farmout in Q4 - August 30, 2016MEO Australia is in preliminary talks with a number of potential partners for its Beehive oil prospect on the WA-488-P permit (100% WI) in Western Australia’s offshore Bonaparte Basin and hopes to close a farmout deal in Q4. Recent 2D seismic reprocessing and inversion indicate one of Australia’s largest prospects with multi-billion-barrel potential. The prospect lies in 40-m water depth next to the producing Blacktip field and targets a Carboniferous carbonate buildup with 400 m of mapped...
Aug 30, 2016
Origin takes full ownership of Bonaparte Gulf permit - July 20, 2016Origin Energy is acquiring MEO Australia’s 50% WI in the WA-454-P exploration permit in the Bonaparte Gulf off Western Australia’s northern coast, increasing its ownership to 100%. MEO sought unsuccessfully to bring an additional partner into the permit. Although no deal value was disclosed, MEO received A$5.6 million (US$5.1 million) cash from its initial farm-out to Origin in 2013. Separately, MEO granted Rouge Rock 45% WI in its AC/P50 and AC/P51 licenses off Western Australia in exchange...
Jul 20, 2016
Leni Gas Cuba & Knowlton Capital form LGC CapitalSpecialist investment company Leni Gas Cuba Ltd. and Montreal’s Knowlton Capital finished up their reverse takeover, resulting in the formation of TSX-listed LGC Capital Ltd. and a delisting for Leni Gas Cuba from the ISDX.?The new LGC has 234 million common shares issued and outstanding with old LGC shareholders owning almost 85% of the new company. The transaction involved Knowlton consolidating its 46.6 million common shares using multiplier 0.7825 for 36.4 million shares then issuing an...
Jul 13, 2016
Tag completes Puka oil find acquisition onshore New Zealand - June 29, 2016Toronto-listed Tag Oil came forward as the buyer of insolvent Kea Petroleum’s operated 70% WI in New Zealand’s onshore 2012 Puka oil discovery, saying it has closed the acquisition for NZ$250,000 cash (US$174,000). MEO Australia, which owns the other 30% WI, announced in February that Kea’s liquidators had struck a deal to sell permit PEP 51153 containing Puka and the deeper Shannon prospect. The 21,000- acre permit in the Taranaki Basin lies 7 km east of Tag’s producing Cheal oil and gas field...
Jun 29, 2016
MEO to pursue Beehive farmout on strong seismic results - June 29, 2016MEO Australia plans a renewed farm-out effort in 2H16 for its WA-488-P permit (100% WI) in Western Australia’s offshore Bonaparte Basin. Recently completed 2D seismic reprocessing and inversion over the permit’s oil-prone Beehive prospect indicate one of Australia’s largest prospects with multi-billion-barrel potential. The prospect lies in 40 m water depth next to the producing Blacktip field and targets two objectives: one Carboniferous and one Ordovician. The Carboniferous objective is a...
Jun 29, 2016
MEO Australia says it will renew efforts in the Bonaparte Basin in Australia - April 27, 2016MEO Australia says it will renew its effort to farm out a stake in offshore WA-488-P of the Bonaparte Basin in Australia in the second half of 2016. The license contains the Beehive prospect, a potentially giant, dual-objective prospect with best-estimate gross unrisked prospective resources of 598 MMbo. The company originally announced it would market the asset in May 2015, offering 50%. That would have left it with...
Apr 27, 2016
MEO to place 140 million shares to gross $1.4 million - March 24, 2016MEO Australia Limited said it will place more than 140 million shares with Leni Gas Cuba at A$0.01 each to gross $1.4 million for its exploration program in Cuba’s 919-sq-mile offshore Block 9. The raise will make London-based Leni Gas Cuba MEO’s single-largest shareholder with 15.8% of the company, it said. MEO CEO Peter Strickland said, “We are delighted to welcome Leni Gas Cuba as a cornerstone...
Mar 24, 2016
Kea's liquidators selling off Pukka discoveryKea Petroleum’s operated 70% WI in New Zealand’s onshore permit PEP 51153 is being sold by the company’s liquidators. Lying in the Taranaki Basin east of Waihapa and Kahili fields, the 20,900-acre permit contains the 2012 Pukka oil discovery in the Mount Messenger formation. Test wells drilled in 2013 produced 100 bo/d but were later suspended due to mechanical difficulties and low oil prices. PEP 51153 also contains the Shannon prospect directly below the Mount Messenger. MEO Australia owns...
Mar 16, 2016
Licensing - October 30, 2015• The Australian government granted Bass Strait Oil a 12-month workprogram suspension and permit extension for the Vic/P68 license offshore Victoria. Bass now has until November 2016 to meet its third-year program commitment to collect 225 sq km of 3D seismic data. The permit contains the Leatherjacket discovery, which yielded a 25 m oil column for ExxonMobil in 1986. Bass is sole owner but is looking for a partner. • Beijing Energy Investment Holding Co. won three blocks offered by...
Oct 30, 2015
South Pacific - June 30, 2015• Kea Petroleum is selling its 100% WI in PEP 381204 to New Endeavor Resources Ltd. for US$500,000. The license is an onshore/offshore block on the northeastern margin of the Taranaki Basin and contains the Mauku prospect. Kea will also receive a royalty of 2.5% on any production achieved from the license. In addition, Kea is selling its 70% interest in PEP 51153 license in New Zealand to the Caliera Fund Ltd. for $350,000. PEP 51153 is situated onshore along the eastern margin of the Taranaki...
Jun 30, 2015
Latin America Briefs - February 4, 2016• Abu Dhabi’s state-owned Mubadala is acquiring an 11.47% stake in Eike Batista’s troubled oil firm OGP, formerly known as OGX, as part of the Brazilian tycoon’s latest attempt to cut his debt. Mubadala is Batista’s main creditor, having lent him $2 billion in 2012. In addition to the OGP stake, Mubadala will get a vacant hotel in Rio de Janeiro, a 26.45% stake in coal company CCX Carvao da Colombia, 21.04% of miner MMX Mineracao e Metalicos and 28.79% of shipbuilder OSX Brasil. •...
Feb 04, 2016
Briefs - June 30, 2015• Union Jack Oil is acquiring an additional 2% interest in PEDL 253 from Egdon Resources and Montrose Industries. Consideration consists of a 4% carry on the drilling of the Biscathorpe-2 well. The license is onshore UK in the South Humber Basin fairway. Drilling targets the Biscathorpe prospect with prospective resources of 17.8 MMbbl. Following the deal, Union Jack will have a 12% stake. It previously picked up a 10% interest from Egdon and Montrose by agreeing to pay 20% of the costs on the...
Jun 30, 2015