2 Apr 2010securities registration● Neutral
MNP Petroleum Corp amended an already-effective registration statement.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
31 Mar 2010substantial holder notice● Neutral
Peter-Mark Vogel reported a MNP Petroleum Corp shareholding of 16,171,132 shares (13.58% of votes) in a periodic institutional filing.
31 Mar 2010substantial holder notice● Neutral
Heinz J. Scholz reported a MNP Petroleum Corp shareholding of 23,317,450 shares (19.30% of votes) in a periodic institutional filing.
29 Mar 2010director interest notice● Neutral
MNP Petroleum Corp director Heinz J Scholz sold 1,169,166 shares.
15 Mar 2010director interest notice● Neutral
Richard Schenz became a MNP Petroleum Corp director and company insider (initial ownership filing).
4 Mar 2010director interest notice● Neutral
Ari Muljana became a MNP Petroleum Corp CFO and company insider (initial ownership filing).
25 Feb 2010asset acquisition disposition▲ GoodMajor
Manas completed the sale of its Albanian assets on February 24, 2010, under a February 12 share purchase agreement that replaced the November 2009 letter of intent with WWI Resources (now renamed Petromanas Energy). It received CDN$2,000,000 in cash and 100,000,000 Petromanas shares (about 30.47%), with up to 150,000,000 more shares to come on set conditions, and Petromanas repaid about US$8.5 million of loans owed to DWM. Manas officers and directors took over Petromanas management and half its board, so shareholders now hold Albania exposure through Petromanas shares rather than direct ownership.
20 Nov 2009material agreement● NeutralMajor
On November 19, 2009 Manas signed a binding letter of intent to sell a subsidiary holding all its Albanian assets (three production sharing contracts, 100% working interest, 1.7 million net acres) to TSX Venture-listed WWI Resources. It would receive at least 100,000,000 WWI shares and a cash signing bonus, with up to 150,000,000 more WWI shares if operational targets are met. The sale needs due diligence, a definitive agreement, regulatory and shareholder approvals and a WWI private placement. Manas and WWI would each appoint three directors to WWI's board, and Manas's current officers would become WWI's officers. The deal is not yet completed, and it would swap direct Albanian ownership for WWI shares.
17 Nov 2009late filing notice▼ Bad
MNP Petroleum Corp notified the SEC that its quarterly report would be filed late.
10 Nov 2009material agreement▲ GoodMajor
Albania approved a production sharing contract on July 8, 2009 (effective July 31, 2009) giving DWM Petroleum two onshore blocks, Blocks 2-3 (about 3,439 km²). Completing all three phases would take seven years and cost at least $25,100,000, with Phase 1 due within three years, including a minimum $8,000,000 exploration well. This adds to the Albania blocks approved in December 2007.
30 July 2009securities registration● Neutral
MNP Petroleum Corp registered a securities offering with the SEC.
18 May 2009late filing notice▼ Bad
MNP Petroleum Corp notified the SEC that its quarterly report would be filed late.
12 May 2009auditor change● Neutral
On May 6, 2009 Manas hired BDO Visura as its auditor and on May 7 dismissed Deloitte AG, which it says was part of an overall effort to reduce costs. Deloitte's report on 2008 included substantial doubt about Manas continuing as a going concern; the filing reports no disagreements.
12 May 2009capital raising announcement● Neutral
On April 28, 2009 Manas granted options on 4,400,000 shares at $0.26 per share, expiring April 28, 2012, to three people: an officer, an employee and an executive of a consultant. They vest in 12 quarterly installments. The filing's header says April 28, 2008, which looks like a typo (inference).
What it means for a shareholder
4.4m new shares at US$0.260 to raise about US$1.1m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
27 Apr 2009material agreement▲ GoodMajor
On April 21, 2009 DWM Petroleum signed production contracts with Mongolia's Petroleum Authority, completing the assignment of blocks 13 and 14 (over 20,000 km²). Manas owns 74%, with the rest held by a Mongolian oil and gas company and two investors. The contracts give a five-year exploration period and a twenty-year exploitation period. This moves the Mongolian project, which earlier financings tied interests to, from rights to signed contracts.
6 Apr 2009financial restatement▼ Bad
On March 31, 2009 Manas decided its June 30 and September 30, 2008 quarterly statements must be restated. A beneficial conversion feature on convertible debentures (the filing dates them April 30, 2008 and says they are redeemable April 30, 2010) was expensed all at once instead of over the two-year term. The fix means $517,498 less expense in the second quarter and $62,657 more in the third. This is a second restatement after the February 2008 one. The filing says the company has no audit committee.
1 Apr 2009late filing notice▼ Bad
MNP Petroleum Corp notified the SEC that its annual report would be filed late.
8 Dec 2008debt financing● Neutral
On December 5, 2008 certain directors and executive officers lent Manas a total of $540,646 through promissory notes. They carry no interest unless Manas defaults (then 12%), and must be repaid when Manas raises $1,000,000 or more in debt or equity, or 90 days after a demand.
27 Oct 2008capital raising announcement● Neutral
On October 21, 2008 Manas issued 1,160,000 bonus shares to employees, officers and a director, with a six-month lock-up and, for all but 60,000 shares, a 3% per quarter limit on sales. This adds a small number of new shares.
15 Sept 2008capital raising announcement▼ BadMajor
On September 4, 2008 Manas sold 4,000,000 units at $0.65 each ($2,600,000) to two US investors. Each unit has one share, one warrant exercisable at $0.95 for two years, and a share of rights in Mongolia's Sulinkheer 13 and 14 contracts, totalling 8% of Manas's interest there. This adds new shares and warrants, and gives away part of the Mongolian interest; the units were priced far below the $4.50 paid in July 2007 and the $2.10 warrant strike from May 2008 (inference: share value fell). The filing also lists an Item 4.02 restatement notice, but the text shown does not describe one. The 8% interest granted here looks like the same 8% promised to the August debenture holder, but the filing does not say whether they are the same.
25 Aug 2008capital raising announcement● NeutralMajor
On August 19, 2008 Manas and Santos amended their 2006 Kyrgyzstan farm-in so that Santos starts the Phase 2 work program (drilling three exploration and three appraisal wells) on October 1, 2008, alongside Phase 1, rather than after it. Separately, on August 18 Manas borrowed $2 million through two-year 8% convertible debentures, secured on its Kyrgyz assets and convertible at the price of a future public offering. Debenture holders also receive an interest in 8% of Manas's interest in Mongolian lots 13 and 14. The Santos change speeds up the work Santos funds; the loan adds secured debt.
12 Aug 2008late filing notice▼ Bad
MNP Petroleum Corp notified the SEC that its quarterly report would be filed late.
1 Aug 2008securities registration● Neutral
MNP Petroleum Corp filed the final prospectus for a registered offering.
25 July 2008securities registration● Neutral
MNP Petroleum Corp amended a filing by which it registered a securities offering with the SEC.
18 June 2008securities registration● Neutral
MNP Petroleum Corp amended a filing by which it registered a securities offering with the SEC.
16 May 2008capital raising announcement● NeutralMajor
On May 15, 2008 Manas issued $4,000,000 of two-year convertible debentures at 8% interest to four non-US investors, with 1,000,000 two-year warrants at $2.10 per share. Interest and principal can be paid in cash or in shares priced at 90% of the recent average price, and the debentures must be redeemed if a public offering of at least $20 million is completed. This adds debt and potential dilution; the filing says some conversion terms had not yet been reviewed or approved by the investors.
24 Apr 2008securities registration● Neutral
MNP Petroleum Corp amended a filing by which it registered a securities offering with the SEC.
23 Apr 2008securities registration● Neutral
MNP Petroleum Corp amended a filing by which it registered a securities offering with the SEC.
1 Apr 2008late filing notice▼ Bad
MNP Petroleum Corp notified the SEC that its annual report would be filed late.
14 Mar 2008director interest notice● Neutral
Gupta Rahul Sen became a MNP Petroleum Corp Chief Financial Officer and company insider (initial ownership filing).