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MEC RESOURCES LIMITED(MMR)

Click here for free access to this company's:
ASX, Legal & CGT Status

SHARE PRICES

(updated at weekends)

Former (or subsequent) names

 

Shareholder links

Our website ranking of MMR: rating 3
(3 out of 5)
COMPANY WEBSITE:

 

REGISTRY:

Boardroom Pty Ltd, Level 12, 225 George Street, Sydney NSW 2000

Tel : +61 2 9290 9600 or 1300 737 760
Fax : +61 2 9279 0664 or 1300 653 459
RegistryWebsite RegistryEmail

Company details

ISIN: AU000000MMR7
Address: Level 1, 9 Bowman Street South Perth WA 6151
Tel:  +61 08 9217 2400 Fax: +61 8 9200 6193

Date first listed: 29/05/2006
Company Secretary: Andrew Bald
Sector: Energy Industry Group: XEJ
Activities: Invests into exploration companies targeting potentially large energy and mineral resources - the Company has been registered as a Pooled Development Fund

News & Events

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The company releases a Company Presentation.

05/07/2021

Advent has advised that a Call For Tender for the provision of Conductor and Surface Casing & Associated Services for Advent's upcoming exploration well has been issued. The proposed well is planned to be drilled in 125m of water approximately 26km offshore and 30km SSE of the City of Newcastle. The drilling of the well is subject to funding and regulatory approvals and is expected to take around 40 days to reach Total Depth. The proposed well has two objectives: (i) a gas target and (ii) evaluation for Carbon Capture Storage, subject to funding. The PEP11 interests are: Advent Energy Limited "“ 85% and Bounty Oil & Gas Limited - 15%.

05/07/2021

The ASX has advised that "Should Advent be successful in the extension of its PEP11 oil and gas exploration lease and MEC be successful in its appeal to reinstate its status as a PDF, ASX could consider conditions for reinstatement on the basis of continuation of MEC's existing business". The Company makes a request to extend the voluntary suspension period to 31 7 2021.

22/06/2021

Advent has advised that a Call For Tender for the provision of drilling rig services for the Baleen-1 exploration well was issued today. The tender has been issued to multiple drilling contractors who have semi-submersible drilling units in the region. The Baleen-1 well is planned to be drilled in 125m of water approximately 26 km offshore and approximately 30 km SSW of the City of Newcastle. The drilling of the well is subject to regulatory approvals and is expected to take around 40 days to reach total depth.

09/06/2021

Advent's wholly owned subsidiary, Asset Energy Pty Ltd, has issued a Call For Tender for the provision of subsea wellhead equipment, materials and associated services for the Baleen drilling program. This equipment provides the "˜foundation' for the Baleen well and is the first stage of well construction.

31/05/2021

Advent has advised that after assessing proposals for Environmental Approvals for Baleen-1 it has appointed Xodus Group under a lump sum contract to prepare the Environmental Plan for first submission to the National Offshore Petroleum Safety & Environmental Management Authority. MEC confirms that the PEP11 interests are: Advent Energy Limited "“ 85% and Bounty Oil & Gas Limited (ASX:BUY) "“ 15%.

25/05/2021

The company releases a Company Presentation.

20/05/2021

Advent Energy has further reviewed research reports by the Australian Government Agency Geoscience Australia. The report confirmed natural gas features in the Offshore Sydney Basin and identified a series of large pockmarks. Advent also has noted the Federal Government funding incentives for carbon capture and storage technology announced in the Federal Government Budget. This focus on CCS has highlighted the additional objective of the Baleen Well drilling. The Baleen project is the closest potential offering of storage capacity for CCS to Sydney/Newcastle which produces approximately one third of Australia's CO2 emissions.

17/05/2021

MEC can confirm that it has now applied, through its legal representative, to the Administrative Appeals Tribunal under the Administrative Appeals Tribunal Act 1975 for review of the decision by the PDF Board. This appeal notice was lodged on 12 May 2021 well within the lodgment deadline of 28th May 2021.

14/05/2021

The Delegate of Innovation and Science Australia, as required by s55(5) of the PDF Act, has reconsidered the Committee's decision of 3 February 2021 and following review of further information provided by MEC on 18 March 2021 and 15 April 2021, the Delegate has informed MEC via letter dated 30 April 2021 that he confirms the Committee's decision of 3 February 2021 to revoke MEC's registration declaration as a PDF under s47 of the PDF Act. As the Delegate has reaffirmed the Committee's decision to revoke MEC's PDF registration, MEC will now proceed to apply to the Administrative Appeals Tribunal under the Administrative Appeals Tribunal Act 1975 for review of the decision by the PDF Board. This appeal notice will be lodged before 28th May 2021. On 23 April 2021 MEC also submitted a referral to the Commonwealth Ombudsman in relation to the revocation. MEC will also now consult its legal advisors in relation to the actions of the prior company officers responsible for the lodgment of the returns with the Department the subject of the revocation decisions.

06/05/2021

The company lodges its March 2021 Quarterly Report & Appendix 4C.

26/04/2021

Advent has now received the Environmental Review Report Report for the Baleen well in in offshore license PEP11. Advent is the operator of the permit through its wholly owned subsidiary, Asset Energy Pty Ltd, in Joint Venture (85%) with Bounty Oil & Gas NL (15%). The report addresses the drill target on the Baleen prospect initially announced with total depth of 2150 metres on seismic data line B4-18.

16/04/2021

The company lodges an Amended Appendix 4C - 30 June 2020 Quarter.

15/04/2021

The company releases a response to the ASX query letter.

15/04/2021

Advent has now received a Basis of Well Design Report for the Baleen well in in offshore license PEP11. Advent is the operator of the permit through its wholly owned subsidiary, Asset Energy Pty Ltd, in Joint Venture (85%) with Bounty Oil & Gas NL (15%). Advent now intends, subject to approvals and funding, to undertake deeper drilling to also undertake evaluation of the Offshore Sydney Basin for carbon sequestration. This has resulted in a revised specification of a well to target early Permian sandstones for both hydrocarbon and carbon sequestration potential with a revised total depth being set at 3150 meters. The Basis of Well Design report is now being assessed.

08/04/2021

Newly appointed review officers of the Department have confirmed that MEC has met all the requirements of an internal review request which in turn is governed by s55 of the PDF Act. The review members have requested additional information from MEC to be provided on or before 5pm 18 March 2021 which the Company can confirm has been completed. The decision maker has 60 days to make a decision. The date therefore for the decision is no later than 27 April 2021. As soon as practicable after the decision maker confirms, varies or revokes the decision, the Department will, on the decision makers behalf, provide MEC with written notice that advises of the confirmation, variation or revocation of the decision. Depending on the outcome MEC may also apply to the Administrative Appeals Tribunal under the Administrative Appeals Tribunal Act 1975 for review of the decision as confirmed or varied by the PDF Board. MEC has requested that the revocation only be given effect at the end of all appeals process.

19/03/2021

MEC can confirm that the internal review of the decision that led to the revocation of MEC's PDF registration is a merit-based process and enables a decision maker (not involved in the first decision in this circumstance) to take a fresh look at its original decision. Newly appointed review officers have confirmed that MEC has met all the requirements of an internal review request which in turn is governed by s55 of the PDF Act. The review members have requested additional information from MEC which will be provided on or before 5pm 18 March 2021. Once MEC has confirmed it has provided the information it is satisfied with to support / strengthen its view, the review officers we will prepare a recommendation to the decision maker as to whether to confirm or revoke the original decision or vary it in such manner as the delegate thinks fit. The decision maker has 60 days to make a decision. The date therefore for decision is no later than 27 April 2021.

15/03/2021

Add Energy will deliver phased approach services to Advent Energy for the preparation and drilling of the Baleen Well PEP11. As part of the initial phase, a scope review gap analysis will be performed to determine how much work / time will be required to deliver the scope. Given that Advent Energy are still in the pre-approval stage of the license suspension and extension, the scope will be up to 20 days.

08/03/2021

Add Energy has commissioned the Xodus Group to undertake a preliminary environmental screening assessment of the proposed Baleen well activity.

01/03/2021

MEC confirms that under s55 of the PDF Act it has notified the Committee within the prescribed timeframe that it seeks a review of the decision made setting out in detail the reasons for making such request. MEC has also appointed legal counsel and obtained preliminary legal advice on the matter. The PDF Board must now reconsider the decision and may confirm or revoke it or vary it in such manner as the Board thinks fit noting however if the Board does not confirm, vary or revoke the decision before the end 60 days following MEC's formal request, the Board is taken, at the end of that period, to have confirmed the decision. MEC may also apply to the Administrative Appeals Tribunal under the Administrative Appeals Tribunal Act 1975 for review of the decision as confirmed or varied by the PDF Board. MEC has requested that the revocation only be given effect at the end of all appeals process.

01/03/2021

The company lodges its Half Yearly Report and Accounts.

26/02/2021

Advent Energy, through its wholly owned subsidiary, Asset Energy Pty Ltd, has released a statement of clarification on PEP 11 on behalf of the Joint Venture Partners Asset and Bounty Oil & Gas. The Joint Venture notes there have been reported press comments on 10 February 2021 attributed to the NSW Deputy Premier and Minister for Regional Industry and Trade, the Hon. John Barilaro MP. The Joint Venture has received no communication from the National Offshore Petroleum Titles Administrator in respect of its current applications. The Joint Venture Partners have sought clarification from NOPTA. Notwithstanding the attributed comments, the Joint Venture Partners understand that NOPTA will provide advice to the Federal Minister who is the Federal representative on the Joint Authority. BPH recently confirmed the appointment of Professor Peter Cook as an advisor on geosequestration for its project in the Offshore Sydney Basin. The Offshore Sydney Basin offers the potential opportunity for NSW to make deep cuts in its CO2 emissions through CCS -Carbon Capture and Storage.

11/02/2021

Advent Energy Ltd appoints Andrew Hogan as contracts manager for Baleen well. The upcoming Baleen well plays a key role in the portfolio of Advent as new gas resources are urgently required to meet domestic demand in the South and East of Australia. The well also has the potential to play an important role in the transition to net zero carbon emissions as it will be evaluated for future use as part of an East Coast Carbon Capture and Storage program, complementing similar projects underway in Victoria and elsewhere.

10/02/2021

MEC provides a commentary by investee company, Advent Energy contributing to net zero Baleen well objectives.

09/02/2021

Investee company Advent has provided the following additional clarification in relation to the announcement of 5 February 2021. Advent has, on behalf of the PEP11 joint venture submitted to the National Offshore Petroleum Titles Administrator (NOPTA) a further application to extend the current PEP11 permit in offshore NSW. The application comprises a 24-month suspension of the Permit Year 4 work program commitments, with a corresponding 24-month extension of the current permit term. This application was accepted for processing by NOPTA on the 4 February 2021. This application was lodged to ensure the company is not in breach of the Year 4 PEP11 work program and expenditure commitments. The Joint Authority also confirmed in a release that it regarded the COVID-19 pandemic as a force majeure event. MEC has been informed by Advent that it does not foresee this recent application interfering with the NOPTA application to extend the permit terms for PEP11. Advent has further advised MEC that the NOPTA application extension to the permit terms for PEP11 is in the final phase of decision process and is now with the Joint Authority for decision.

08/02/2021

MEC Resources Limited was notified on 5 February 2021 by the Innovation Investment Committee of Innovation and Science Australia that the Committee has revoked MEC's PDF registration as a result of the Company contravening ss19(1), 27, 27A and 42 of the Pooled Development Fund Act 1992.

08/02/2021

Advent Energy Ltd has on behalf of the PEP11 joint venture submitted to the National Offshore Petroleum Titles Administrator an application to extend the PEP11 permit offshore NSW. The application has been made under the COVID-19 -Work Bid Exploration Permits announcement. The application for a 24-month suspension of the Permit Year 4 work program commitments, with a corresponding 24-month extension of the permit term and was accepted for processing by NOPTA on 4th Feb 2021.

05/02/2021

MEC Resources Limited refers to the announcement made by BPH Energy Ltd and released on the ASX platform on 5 February 2021 entitled "PEP 11 Drilling BPH Energy Limited (ASX: BPH)".

05/02/2021

The company lodges its Quarterly report Dec 2020 and Appendix 4C.

01/02/2021

The company releases the results of its meeting.

01/02/2021

A submission, which included various supporting evidence, was made to the ASIC regarding Mr Breeze's illegal removal from the Company as a director. On 4 January 2021 the ASIC accepted the submission and lodged a Notice of Revocation on the ASIC website document number 031113498. The practical effect of this Notice of Revocation is that a document lodged with the ASIC on 26 November 2016 by an officer of the Company at the time, document number 7E8563094, to remove Mr Breeze as a director of MEC is withdrawn. This in turn validates statements made by the Company in its ASX release on 22 October 2020 concerning Mr Breeze's continuing appointment as a director of MEC.

25/01/2021

BPH advises that its investee company, Advent Energy Ltd, through its wholly owned subsidary, Asset Energy Pty Ltd, has signed a Preliminary Well Services Agreement with Add Energy. Under the agreement, Add Energy will initiate a review of rig availability and engagement terms for the Baleen well program. They will also develop a scope of supply lfor regulatoryo and environmental compliance and review the drilling campaign schedule including a review of the program for geosequestration drilling research as part of the Baleen drill project.

13/01/2021

The Company makes a request to extend the voluntary suspension period to Friday, 15 January 2021 or the Company releasing an announcement in respect to a shareholder meeting.

05/01/2021

The company releases a Letter to Shareholders regarding the 2020 AGM.

31/12/2020

The company's aGM will be held at: 2:00pm (WST) on Friday, 29 January 2021 at 15 View Street NORTH PERTH WA 6006.

31/12/2020

The company makes a request to extend the voluntary suspension period to 18 December 2020 or the company releasing an announcement in respect to a shareholder meeting.

15/12/2020

Advent has informed MEC of its intension to withdraw its prior request for an in-specie distribution subject to settlement of its claim total of $872,288, made up of a claim which is owed a total of $242,155 by MEC to Advent Energy Limited and a further sum of $593,343 plus interest and costs of $36,790 by MEC to Asset Energy Pty Ltd giving a total of $872,288 and approval of shareholders of the terms of settlement. The in-specie distribution, if completed in full, will result in the Company disposing of its major investment and as a result there will most likely be a directive from the ASX to require MEC to recomply with the requirements of Chapters 1 and 2 of the ASX Listing Rules for the securities of the Company to be re-instated to official quotation. Furthermore, the Company is a registered PDF and, in this regard, the proposed in-specie distribution adds an element of complexity and risk in the management of the PDF requirements. The MEC Board considers this risk to be greater than the benefits. There will be a substantial reduction in the Company's assets which will decrease the value of the Company.

14/12/2020

The company has entered into a settlement agreement with both Advent Energy and Asset Energy in relation to writs and demands issued by both Advent and Asset.

14/12/2020

Both the company and Advent are reviewing options regarding the in-specie distribution framework and will be submitting this to the ASX for their consideration. The discussions with Advent and Asset Energy are progressing. The company makes a request to extend the voluntary suspension period to 11 December 2020 or the company releasing an announcement in respect to the potential in-specie distribution and outcome of writs and demands issued by both Advent and Asset, whichever occurs earlier.

27/11/2020

The Company makes a request to extend the voluntary suspension period to Friday, 27 November 2020 or the Company releasing an announcement in respect to the potential in-specie distribution and outcome of writs and demands issued by both Advent and Asset , whichever occurs earlier.

06/11/2020

The company lodges its Sept 2020 Quarterly Report & Appendix 4C.

02/11/2020

The proposed in-specie distribution of shares the company holds in Advent Energy will be subject to shareholder approval at a general meeting of shareholders. The notice of meeting has been drafted and is expected to be ready for submission to the ASX in the near future. The company is consulting further with Advent about the in-specie distribution framework to enable it to complete its due diligence and issue a prospectus. The discussions with Advent and Asset Energy remain in progress. The company makes a request to extend the voluntary suspension period to 6 November 2020 or the company releasing an announcement in respect to the potential in-specie distribution and outcome of writs and demands issued by both Advent and Asset, whichever occurs earlier.

26/10/2020

The Company has been notified by Mr David Breeze, BPH Energy Limited, Grandbridge Limited, Trandcorp Pty Ltd, Trandcorp Pty Ltd ATF the Trancorp Super Fund A/C and Protax Nominees Pty Ltd ATF Richards Super Fund that the intention to call a meeting of shareholders under section 249F of the Corporations Act has been withdrawn. No meeting will therefore be held, and shareholders are advised that no action is required.

26/10/2020

The company lodges its Annual Report to shareholders.

14/10/2020

The Company is consulting further with Advent about the in-specie distribution framework to enable it to complete its due diligence and issue a Prospectus. The current board of MEC remains committed to holding the meeting to vote on the in-specie distribution of the Advent shares that it holds and the Company continues to consult with the ASX on this matter. The Company makes a request to extend the voluntary suspension period to Friday, 23 October 2020 or the Company releasing an announcement in respect to the potential in-specie distribution and outcome of writs and demands issued by both Advent and Asset , whichever occurs earlier.

08/10/2020

15,792,200 Ordinary Fully Paid Shares which were subject to voluntary escrow to 4 October 2020 have been released from escrow on 6 October 2020.

07/10/2020

The company has entered into a standstill agreement with both Advent Energy and Asset Energy in relation to writs and demands issued by both Advent and Asset, the effect of which is to allow the parties time to negotiate the resolution of the pending claims.

02/10/2020

The Directors of MEC Resources Limited regret the late lodgement of the Company's Annual Report and acknowledge that this is unacceptable. There are a number of factors which have impacted the lodgement of the Annual Report including the recent board restructure and importantly the new board members becoming familiar with a number of key items relating to the preparation of the Annual Report. The Board has been busy working with the Company auditors and its legal advisors and in doing so is endeavoring to complete and lodge the Annual Report in the next 7 working days.

01/10/2020

MEC awaits information from Advent Energy such that it is able to complete a notice of meeting and prospectus. The Company awaits information from Advent to enable it to complete its due diligence and issue a Prospectus. The Company makes a request to extend the voluntary suspension period to Friday, 29th September 2020 or the Company releasing an announcement in respect to potential investments under its expanded investmen mandate and/or potential in-specie distribution, whichever occurs earlier.

14/09/2020

The requisition under Section 249D of the Corporations Act 2001 has been withdrawn. Accordingly, the general meeting of shareholders which has been convened for Tuesday, 6 October 2020 will not proceed.

11/09/2020

The company has received a writ of sumons from Advent. The writ is to appear in the District Court of Western Australia and alleges that the company owes Advent an amount of $242,155.21. The company is in th process of obtaining legal advice in respect to the claims made in the writ and its present intention is to defend these claims.

09/09/2020

The company received a notice advising that BPH Energy, Grandbridge Limited, Tandcorp Pty Ltd, Trandcorp Pty Ltd ATF the Transcrp Super Fund A/C, Protax Nominees Pty Ltd ATF the Richards Super Fund A/C and Mr David Breeze, who in aggregate hold 7.27% of the Company's issued share capital, intend to move resolutions for the removal of the current directors of MEC. The company also received notice from BPH that the convening shareholders intend to call a meeting of shareholders. Shareholders are advised that no action is required at this time.

08/09/2020

The Offshore Sydney basin offers a substantial opportunity to make a meaningful impact on the reduction of CO2 emissions through CCS -Carbon Capture and Storage (geo-sequestration of CO2 emissions).

08/09/2020

Mr Stephen Harrison has agreed to take carriage of the process of securing the requisite information and documentation to complete the notice of meeting and prospectus to effect the in-specie distribution and to continue with the company's attempts to engage with Advent. Mr Harrison has agreed to resign as a director of the company in order to undertake this task.

02/09/2020

The company releases a letter to its shareholders regarding the general meeting to be held on 6 October. Majority of the directors recommend to vote against the resolutions at the general meeting.

01/09/2020

The company's general meeting will be held at Level 12, 255 George Street, Sydney, NSW 2000 on Tuesday, 6 October 2020 at 3.00 pm AEDT. A majority of the directors of the company recommend that shareholders vote AGAINST the 7 resolutions. They do not consider the resolutions to be in the best interests of the company or its shareholders.

01/09/2020

The Board of MEC had sought to engage with the Board of Advent on a number of occasions and in mid August 2020, MEC wrote to Advent and proposed the formation of a committee whose function would be to assist Advent with the preparation of the relevant materials to complete the notice of meeting and prospectus. The Board of MEC remains committed to the in-specie distribution however after discussions with 3rd parties, the Board believes there are a number of alternatives that could yield faster and better solutions for all shareholders of Advent, including both MEC and BPH. To date, the company has note received further information or documentation to requests for further information, nor to its offer of assistance, from Advent.

01/09/2020

The company lodges its Preliminary Final Report.

31/08/2020

MEC awaits information from Advent Energy such that it is able to complete a notice of meeting and prospectus. The company makes a request to extend the voluntary suspension period to 11 September 2020 or the company releasing an announcement in respect to potential investments under its expanded investment mandate and/or potential in-specie distribution, whichever occurs earlier.

31/08/2020

The company has received a write of summons from Asset. The writ is to appear in the District Court of Western Australia and alleges that the company owes Asset an amount of $593,796 in respect to the purported loans to MEC. The company is in the process of obtaining legal advice in respect to the claims made in the writ and its present intention is to defend these claims.

27/08/2020

MEC awaits information from Advent Energy such that it is able to complete a notice of meeting and prospectus. The Company makes a request to extend the voluntary suspension period to Friday, 28th August 2020 or the Company releasing an announcement in respect to potential investments under its expanded investment mandate and/or potential in-specie distribution, whichever occurs earlier.

14/08/2020

BPH Energy released an announcement entitled "PEP 11 Update". MEC has a 49.4% interest in Advent Energy and is Advent's largest shareholder.

14/08/2020

On 11 August 2020, the company received a notice from shareholders, who together hold at least 5% of the company's issued share capital, requisitioning a general meeting of the company. The shareholderes propose the following items of business for consideration at a general meeting: the removal of Messrs Andrew Bald, Stephen Harrison, Anthony Hamilton and all other directors appointed after the section 203D notice dated 10 August 2020 and prior to the date of the general meeting, as directors from the company; and the appointment of Messrs Roderick Corps, Andrew Jones and Andrew Coloretti as directors. The company will now undertake the necessary steps to convene a general meeting in compliance with the Corporations Act.

13/08/2020

Shareholders in this company should consider crystallising a capital loss in 2020/21 by selling their worthless shares, which they can achieve online by entering transaction details here. While this usually makes good economic sense, we recommend you seek professional advice before buying or selling securities, your accountant is probably the best person.

13/08/2020

BPH Energy released an announcement on 10 August entitled "PEP 11 Update". The update details the geological and geophysical basis for the exploration well at Baleen within PEP11 in the offshore Sydney Basin. The report identifies a revised drill target on the Baleen prospect on seismic data line B4-18 with total depth of 2150 metres.

11/08/2020

The company releases an Appendix 2A.

04/08/2020

At this stage, MEC continues to await the requisite information from Advent Energy in order to complete its notice of meeting and prospectus and assuming this information is provided in the near future, MEC is targeting convening a shareholders meeting circa early September. The Company makes a request to extend the voluntary suspension period to Friday, 14th August 2020 or the Company releasing an announcement in respect to potential investments under its expanded investment mandate and/or potential in-specie distribution, whichever occurs earlier.

03/08/2020

The company lodges its Appendix 4C - quarterly.

31/07/2020

The following unlisted options have expired in accordance with the terms of which they were issued: 1,111,110 for an exercise price of $0.04. Expiry date is on 17 July 2020. The updated capital structure is as follows: listed ordinary fully paid shares: 684,451,176.

20/07/2020

MEC continues to await the requisite information from Advent Energy in order to complete its notice of meeting and prospectus and assuming this information is provided in the near future, MEC is targeting convening a shareholders meeting circa late August. The Company makes a request to extend the voluntary suspension period to Friday, 31st July 2020 or the Company releasing an announcement in respect to potential investments under its expanded investment mandate and/or potential in-specie distribution, whichever occurs earlier.

20/07/2020

MEC refers to the announcement made by BPH Energy on the ASX platform on 7 July 2020 entitled "BPH Energy investee Advent Energy - PEP 11 Review - Ampolex". MEC is the largest shareholder in Advent Energy Limited holding 49.4% of the issued share capital of Advent Energy.

07/07/2020

The Company makes a request to extend the voluntary suspension period to Friday, 17th July 2020 or the Company releasing an announcement in respect to potential investments under its expanded investment mandate and/or potential in-specie distribution, whichever occurs earlier.

03/07/2020

MEC reiterates that it intends to call a meeting of shareholders to effect the in-specie distribution of the Advent Energy shares that it holds and is presently awaiting further information from Advent Energy to finalise the requisite notice of meeting and prospectus. MEC is targeting convening a shareholders' meeting to be held in mid to late August.

02/07/2020

MEC has written to the boards of Advent and Asset and advised them that their claims are denied and that any legal proceedings to recover the alleged debts will be opposed.

25/06/2020

The Company makes a request to extend the voluntary suspension period to Friday, 3rd July 2020 or the Company releasing an announcement in respect to potential investments under its expanded investment mandate and/or potential in-specie distribution, whichever occurs earlier.

19/06/2020

Advent Energy limited and Asset Energy Pty Ltd have each served a notice of demand on MEC primarily in respect of costs incurred by Advent and Asset but claimed by MEC in its 30 June 2018 and 30 June 2019 annual Research and Development Tax Incentive claims with the Australian Taxation Office. The claim against MEC by Advent is $242,155.21, and by Asset $593,343.17.

17/06/2020

MEC Resources Limited has 9,696,476 Unquoted Options on issue expiring at 5pm (AWST) on 6 July 2020. The exercise price of the Options is $0.04 cents per Option. The consequences for option holders when they do not exercise their Options by 6 July 2020 is that the Options will lapse, and no further entitlement will exist.

17/06/2020

The Company makes a request to extend the voluntary suspension period to Friday, 19th June 2020 or the Company releasing an announcement in respectto potential investments under its expanded investment mandate and/or potential in-specie distribution, whichever occurs earlier. Th company is seeking additional information from Advent Energy such that it can finalise a prospectus in relation to the proposed in-specie distribution of shares in Advent Energy Limited.

05/06/2020

The company has 59,114,729 Unquoted Options on issue expiring 22 June 2020.

27/05/2020

The Company makes a request to extend the voluntary suspension period to Friday, 5th June 2020 or the Company releasing an announcement in respectto potential investments under its expanded investment mandate, whichever occurs earlier.

22/05/2020

The Company makes a request to extend the voluntary suspension period to Friday, 22nd May 2020 or the Company releasing an announcement in respectto potential investments under its expanded investment mandate, whichever occurs earlier. The Company is also finalising a Prospectus in relation to the proposed in-specie distribution of shares of Advent Energy Limited.

12/05/2020

The company lodges its Appendix 4C - quarterly.

30/04/2020

The Company makes a request to extend the voluntary suspension period to Friday, 8 May 2020 or the Company releasing an announcement in respect to potential investments under its expanded investment mandate, whichever occurs earlier.

24/04/2020

The following unlisted options have expired in accordance with the terms of which they were issued: 2,400,000 - $0.06 (exercise price) - 31 March 2020 (expiry date).

01/04/2020

The company makes a request to extend the voluntary suspension period to Friday, 24 April 2020 or the company releasing an announcement in respect to potential investments under its expanded investment mandate, whichever occurs earlier.

20/03/2020

The company makes a request to extend the voluntary suspension period to Friday, 20 March 2020 or the company releasing an announcement in respect to potential investments under its expanded investment mandate, whichever occurs earlier.

06/03/2020

The company lodges its Half Yearly Report and Accounts.

02/03/2020

The company makes a request to extend the voluntary suspension period to Friday, 6 March 2020 or the company releasing an announcement in respect to potential investments under its expanded investment mandate, whichever occurs earlier.

21/02/2020

BPH Energy has now converted a receivable of $162,566 into 3,251,320 shares in investee Advent at a conversion price of $0.05 per share. Grandbridge , has also converted a receivable of $505,325 into 10,106,500 shares in Advent at a conversion price of $0.05 per share. The effect on the capital structure of BPH investee Advent has been to increase the number of shares on issue from 177,595,234 to 190,953,234 shares upon the completion of the conversion representing a 7.52 % dilution effect to existing Advent shareholders including MEC Resources Limited. BPH's direct shareholding in Advent has increased from 22.6% to 22.7%, and GBA's direct shareholding in Advent has increased from 6.6% to 11.4%, and MEC's direct shareholding in Advent has now fallen from 53% to 49.3%.

13/02/2020

MEC advises that it was not provided with the opportunity to review the BPH Announcement prior to its release and that the cross-announcement was not authorized by the MEC board of directors. MEC is seeking clarification from Advent as to the failure to provide MEC with the notice of meeting and in respect to the matters considered at the general meeting, following which, MEC intends to obtain legal advice in respect to the validity of any purported approvals. MEC has, on a number of occasions, requested that Advent provide the requisite information to enable the company to prepare the prospectus level disclosure in accordance with the requirements under the Corporations Act and ASIC Regulatory Guide 228. At the date of the announcement, MEC has yet to receive a response from Advent on any of the requested information required to prepare the documents to effect the In-Specie Distribution.

13/02/2020

The company makes a request to extend the voluntary suspension period to Friday, 21 February 2020 or the company releasing an announcement in respect to potential investments under its expanded investment mandate, whichever occurs earlier.

07/02/2020

BPH advises that it intends to convert a receivable of $162,566 into 3,251,320 shares in Advent at a conversion price of $0.05 per share. Grandbridge Ltd in accordance with shareholder approval received by Advent shareholders on 29 November 2019, intends to now convert a receivable of $505,325 into 10,106,500 shares in Advent at a conversion price of $0.05 per share. The effect on the capital structure of BPH investee Advent will be to increase the number of shares on issue from 177,595,234 to 190,953,234 shares upon the completion of the conversion representing a 7.52 % dilution effect to existing Advent shareholders including MEC. As a result of these conversions BPH's direct shareholding in Advent will increase from 22.6% to 22.7%, GBA's direct shareholding in Advent will increase from 6.6% to 11.4%, and MEC's direct shareholding in Advent will fall from 53% to 49.3%.

07/02/2020

The company lodges an Appendix 4C - quarterly.

30/01/2020

The company has become aware of an announcement made by BPH Energy on 28 January 2020 in relation to Advent Energy, in which the company is the major shareholder holding 53% therein. BPH has informed the market that Advent has submitted to the National Offshore Petroleum Titles Administrator an application to enable the drilling of the Baleen drill target in the PEP11 permit offshore NSW. Advent, through wholly owned subsidiary, Asset Energy, holds an 85% interest and is the operator of the permit.

29/01/2020

The company makes a request to extend the voluntary suspension period to Friday, 7 February 2020 or the company releasing an announcement in respect to potential investments under its expanded investment mandate, whichever occurs earlier.

24/01/2020

The securities of MEC Resources Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of MMR, pending the release of an announcement.

17/01/2020

The suspension of trading in the securities of MEC Resources Limited will be lifted immediately, following the release by MMR of an announcement regarding a settlement with BPH Energy Ltd.

12/08/2019

The Board of MEC Resources advises that it has reached a settlement of the various legal disputes between MEC Resources and BPH Energy Limited, Grandbridge Limited, Trandcorp Pty Ltd and David Breeze. The terms of settlement are recorded in a deed of settlement, to which MEC's 53%-owned subsidiary Advent Energy Pty Ltd is also a party. The directors of MEC Resources have agreed to the settlement to resolve the continual disputes which have impeded the progress of both MEC Resources and Advent Energy over the period since November 2016, and the resultant series of expensive and value-destructive legal actions. As a result of the settlement, both companies should now be free to pursue commercial activities intended to generate value for shareholders.

12/08/2019

The board of BPH has reached a settlement with MEC Resources Limited in relation to the oppression proceedings it commenced in the Supreme Court of Western Australia earlier this year with Grandbridge Limited, Trandcorp and Mr. David Breeze. BPH, MEC, GBA, Trandcorp and Mr. David Breeze settled a number of other proceedings and entered into a deed of settlement and release with Advent Energy and other relevant parties.

09/08/2019

The securities of MEC Resources Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of MMR, pending the release of an announcement.

09/08/2019

The securities of MEC Resources Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of MMR, pending the release of an announcement.

09/08/2019

The suspension of trading in the securities of MEC Resources Limited will be lifted immediately, following the release by the Company of an announcement clarifying the independent expert's report.

09/07/2018

The company provides further advice to ASX regarding the planned farm-out of PEP11 to RL Energy Pty Ltd. The Company holds an interest in PEP11 through 85% titleholder Asset Energy Pty Ltd, a wholly owned subsidiary of investee Advent Energy Ltd. The Company has been advised that RL Energy Pty Ltd continues to progress suitable funding arrangements for the planned future work programme, and the Company will update the market once these are finalised.

09/07/2018

The securities of MEC Resources Limited will be suspended from quotation immediately, in accordance with Listing Rule 17.3.

09/07/2018

The suspension of trading in the securities of MEC Resources Limited will be lifted immediately following the release of an announcement.

16/05/2018

The company issues a replacement prospectus which replaces the offer announced on 13 April 2018.

16/05/2018

The company provides an update on the processing of the 2D seismic data recently obtained in Petroleum Exploration Permit 11. Processing has commenced and is due to be completed within the third quarter 2018. Interpretation and integration with the existing dataset will then be undertaken. The conditional farmin agreement to PEP 11 that had been signed by Asset Energy and RL Energy provides for RL Energy to acquire 3D seismic data to meet the future 500km2 PEP11 permit work commitment acquire 3D seismic data to meet the future 500km2 PEP11 permit work commitment. Upon completion of the survey, Asset Energy will hold at least 25%, RL Energy will hold up to 60% and Bounty Oil and Gas NL will hold 15% of PEP11.

16/05/2018

The securities of MEC Resources Limited will be suspended from quotation immediately, in accordance with Listing Rule 17.3.

10/05/2018

The suspension of trading in the securities of MEC Resources Ltd will be lifted immediately, following receipt of an announcement by the Company.

13/04/2018

MEC Resources Ltd is aware of recent unauthorised communication to shareholders concerning the exploration of PEP11, offshore Sydney Basin. The Company's investee Advent Energy Ltd holds an 85% interest in PEP11 through wholly owned subsidiary Asset Energy Pty Ltd. Shareholders should note that the letter was not sent by MEC.

13/04/2018

ASX has suspended the securities of MEC Resources Limited from official quotation pursuant to Listing Rule 17.3

13/04/2018

The suspension of trading in the securities of MEC Resources Limited will be lifted immediately, following receipt of an announcement.

16/05/2017

The notice purporting to convene a third EGM of the company to be held on 29 June 2017 has been withdrawn by Grandbridge Limited, a company controlled by Mr. David Breeze, and his associated parties. The company also provides a response to Grandbridge Limited's announcement dated 15 May 2017.

16/05/2017

The securities of MEC Resources Limited will be suspended from official quotation immediately in accordance with Listing Rule 17. 3, pending the release of an announcement.

16/05/2017

the suspension of trading in the securities of the company will be lifted immediately, following receipt of an announcement about the final logging data on the New Seaclem 1 exploration well in PEP 11

04/01/2011

the securities of the Company will be suspended from quotation immediately, at the request of the Company, pending release of an announcement in relation to New Seaclem 1, PEP 11

30/12/2010

MEC Resources Ltd investee company Advent Energy Ltd says drilling at the New Seaclem 1 well off Australia's east coast has revealed a reservoir and sea pairs consisting of high-porosity Tertiary sandstones along with several formational and intraformational seals. Advent says a seismic line oriented south-west to north-east suggests there is significant updip structural potential which has not been tested. Further seismic data is required, and the joint venture will announce additional details in due course. Advent subsidiary Asset Energy is increasing its interest in PEP11 from 25% to 85% on completion of the New Seaclem 1 well, thereby reducing Bounty Oil & Gas's interest from 75% to 15%. Advent shareholders include MEC, BPH Energy Ltd, Grandbridge Ltd and Talbot Group Investments.

30/12/2010
OFX Transferring Money Internationally to Free

 

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    Directors' on-market share transactions (last 5)

     

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    Directors & Executives (current)

    NAMETITLEDATE OF APPT
    Douglas VerleyNon Exec Director11/02/2020
    David BreezeDirector20/04/2005
    Geoffrey MurrayDirector22/10/2020
    Andrew JonesDirector23/09/2020
    Tony HustonDirector22/10/2020

    Date of first appointment, title may have changed.

    Directors & Executives (former)

    NAMETITLEDATE OF APPOINTMENTDATE OF RESIGNATION
    Robert MaruscoDirector23/09/202022/10/2020
    Andrew BaldNon Exec Director23/09/2020
    Anthony HamiltonNon Exec Director03/08/202023/09/2020
    Stephen HarrisonNon Exec Director03/08/202001/09/2020
    Michael SandyChairman24/07/201803/08/2020
    Matthew BattrickNon Exec Director04/09/201711/02/2020
    Deborah AmbrosiniManaging Director, CFO15/02/201026/03/2019
    Hock GohChairman, Managing Director17/11/200624/07/2018
    Heng YuNon Exec Director24/11/201624/07/2018
    Darryl MooreNon Exec Director10/04/201724/07/2018
    KO YapNon Exec Director01/12/200524/07/2018
    Chin Tong LimNon Exec Director01/12/200502/04/2012

    Date of first appointment, title may have changed.