MEO Australia Limited (MEO)



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General Information
Company Name: MEO Australia Limited
Stock Code: MEO
Website: www.meoaustralia.com.au
GICS Sub-Industry: Oil & Gas Exploration & Production
Market Cap ($M): 19
Equiv. Shares (M): 750

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 0.025 $ 0.027 $ 0.028 $ 0.025 $ 0.027 4,413,866 $ -0.002  -7.407 %

Company Overview

Business Description:
MEO Australia Limited (MEO) is an independent oil and gas exploration company. MEO has a diverse portfolio of exploration and appraisal projects located offshore North West Australia, Indonesia and the Gulf of Thailand. The portfolio currently has 2C contingent resoruces of 110MMboe, with additional un-risked prospective resources of 1,667MMboe (best estimate).

Strategy Analysis:
MEO aims to complete a successful farm-out of an interest in NT/P68 which should lead to exploration drilling in 2011. With cash in hand and other companies seeking to relinquish interests in Timor Sea gas resources, MEO are actively looking for the right opportunity to secure a gas supply to enable the Tassie Shoal projects to progress. MEO Australia reported negative cash flow of $6.24m for quarter ended 31 December 2012. Operating cash flow for the period was $(25.07m). Payments for exploration and evaluation were $(23.78m). Investing cash flow was $(7,000). Financing cash flow was $18.84m. Cash in hand at the end of the quarter was $42.38m.


Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2014  A -135.9 -21.1 -- 0.0 0.0 0.0 --
2013  A -67.2 -11.3 -- 0.0 0.0 0.0 --
2012  A -5.7 -1.1 -- 0.0 0.0 0.0 --
Source: Aspect actuals / Thomson IBES estimates

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2012 A 2013 F 2014 F 2012 A 2013 F 2014 F 2012 A 2013 F 2014 F
Beach Energy (BPT) $1,661 M 0.8455 -0.2928 -0.0641 6.4516 9.1233 9.7487 3.13 3.13 6.77
MEO Australia (MEO) $20 M -- -- -- -- -- -- 0.00 -- --
Oil Search (OSH) $13,095 M 0.5489 1.5187 0.4014 50.2924 19.9675 14.2478 0.52 0.95 3.05
Santos (STO) $12,514 M 0.1518 0.2015 0.4633 24.5614 20.4429 13.9708 2.35 3.14 4.16
Woodside Petroleum (WPL) $32,932 M -0.0512 0.4517 -0.1568 17.2940 11.9132 14.1292 6.96 6.67 5.66

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
MEO -- -- 0.70 -- --
Market 0.91 15.3 1.22 1.74 1.54
Sector 1.12 12.2 0.84 0.67 4.44

Directors
Name Position Start Date
Mr Jurgen Hendrich Chief Executive Officer,Managing Director 25 July 2008
Mr Michael J F Sweeney Non-Executive Director 01 October 2008
Mr Stephen Hopley Non-Executive Director 01 October 2008
Mr Gregory Allen Short Non-Executive Director,Non-Executive Chairman 14 July 2008

Management
Name Position
Colin Naylor Chief Financial Officer,Company Secretary
R J D Gard Commercial Manager
R Zammit Executive Manager Business Development
P Stickland Exploration Manager
K Hendrick Implementation Manager

Substantial Shareholders
Holding Name
32,351,482 (5.16%) Raydale Holdings Pty Ltd
40,816,327 (6.51%) Asian Energy Ltd

Calendar of Events
Date Event
22 October 2015 Report (Quarterly)
25 September 2015 Report (Annual)
24 July 2015 Report (Quarterly)
28 April 2015 Report (Quarterly)
15 January 2015 Report (Quarterly)
© 2011 Morningstar, Inc. All rights reserved. The data and content contained herein are not guaranteed to be accurate, complete or timely. Neither Morningstar, nor its affiliates nor their content providers will have any liability for use or distribution of any of this information. To the extent that any of the content above constitutes advice, it is general advice that has been prepared by Morningstar Australasia Pty Ltd ABN: 95 090 665 544, AFSL: 240892 (a subsidiary of Morningstar, Inc.), without reference to your objectives, financial situation or needs. Before acting on any advice, you should consider the appropriateness of the advice and we recommend you obtain financial, legal and taxation advice before making any financial investment decision. If applicable investors should obtain the relevant product disclosure statement and consider it before making any decision to invest. Some material is copyright and published under licence from ASX Operations Pty Limited ACN 004 523 782 ("ASXO"). DISCLOSURE: Employees may have an interest in the securities discussed in this report. Please refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/fsg.asp.

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