Past year: ▲ 850%(0.20c – 3.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
18 Aug 2020capital raising announcement● Neutral
The share purchase plan closing date is extended from 24 August to 4 September 2020 to give shareholders more time. Other terms are unchanged. Funds are for Vali development to meet the Q1 2021 production target.
13 Aug 2020drilling progress report▲ Good
Vali-1 ST1 flow-back ended at 4.9 MMscfd, with about 53% of stimulation fluid recovered. The formal flow-test program has now begun. No stabilised test result yet.
6 Aug 2020drilling progress report▲ Good
Metgasco's version of the Vali flow-back update: gas reached 3.7 MMscfd at 800 psi with about 44% of fluids recovered. Final flow testing is due around 10 August. Net 2C remains 9.4 Bcf. These are clean-up rates, not the formal test.
6 Aug 2020drilling progress report▲ Good
Operator Vintage reports strong gas flow back from Vali-1 ST1, reaching 3.7 MMscfd at 800 psi with about 40% of stimulation fluid recovered. Flow testing is expected around 10 August. Its 18.8 Bcf net figure is Vintage's share, not Metgasco's 9.4 Bcf.
29 July 2020capital raising announcement● Neutral
Offer letter for the share purchase plan at $0.025, up to $30,000 per eligible holder, a 24.5% discount, targeting up to $2m. Attaching options need shareholder approval. Closing date is 24 August, later than the 19 August in earlier notes. Implements the 20 July raising.
27 July 2020drilling progress report▲ Good
Operator Vintage and Metgasco report all six Vali-1 ST1 fracture stages completed. Gas flared briefly from two zones, but this was not a measured flow test. Flow testing starts in coming days; net 2C stays at 9.4 Bcf.
27 July 2020drilling progress report▲ Good
Operator Vintage completes all six Vali-1 ST1 fracture stimulation stages. Gas was flared briefly from two zones, but this was not a measured flow test. Plugs are milled out and flow testing starts in coming days, with results to be announced.
20 July 2020investor presentation● Neutral
Presentation supporting the $1.375m placement and share purchase plan at $0.025. It links the raise to the fall in Byron's value and to Vali testing, with production targeted by Q1 CY2021. Odin is now shown as Q3/Q4 CY21 and Cervantes as Q1/Q2 CY21. Maximum shares post-raising are 525.6m.
20 July 2020capital raising announcement● NeutralMajor
Metgasco raises $1.375m through a placement of 55m shares at $0.025 (24.2% discount), with 1-for-3 options at $0.05. A share purchase plan of $1m, up to $2m, follows at the same price. Funds go to Vali testing and commercialisation, the Perth Basin and working capital.
What it means for a shareholder
55.0m new shares at A$0.025 to raise about A$1.4m. That's 11% dilution: every existing holder's slice gets 11% smaller. If you held A$1,000 of shares (40,000 at the issue price), your slice goes from 0.00886% to 0.0079% of the company. To keep it you'd need 4,874 more shares - about A$122 at the issue price.
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16 July 2020drilling progress report▲ Good
Operator Vintage reports the first of six Vali-1 ST1 fracture stimulation stages, in the deep Tirrawarra Sandstone, was completed on 15 July. The remaining five stages are expected over about 10 days, then flow testing. No flow results yet.
16 July 2020other● Neutral
ASX temporarily pauses trading in Metgasco pending a further announcement. No reason is given in the notice. Inference: this likely precedes the capital raising announced four days later.
16 July 2020drilling progress report▲ Good
Metgasco reports the first Vali-1 ST1 fracture stimulation stage was completed successfully, with five Patchawarra stages to follow before flow testing. The CEO is confident a commercial gas project can be established. No flow results yet.
8 July 2020drilling progress report● Neutral
Vintage says Vali-1 ST1 fracture stimulation is expected to start 12 July, with Condor's equipment being mobilised, followed by flow testing. Nothing new on results. Vintage's figure of 18.8 Bcf net is its own share; Metgasco's net is 9.4 Bcf.
8 July 2020drilling progress report● Neutral
Metgasco repeats that Vali-1 ST1 fracture stimulation is expected to start 12 July, followed by testing. The CEO says a commercial Vali project would move the company from explorer to producer in CY21. No new results.
17 June 2020security holder rights change▼ Bad
Melbana, holding about 27.8%, urges shareholders to vote for its nominees Sandy and Worner and removal of Amery and Patton at the general meeting. It cites the undistributed Byron shares and Metgasco's $140,000 cash at 31 March. This is Melbana's campaign statement, not company news.
3 June 2020drilling progress report▲ Good
Operator Vintage says six-stage Vali-1 ST1 fracture stimulation starts early July, followed by extended flow testing, with results expected early August. Condor is engaged and talks with Santos on gas infrastructure access have begun. Vintage's release quotes net 2C of 18.9 Bcf, which is Vintage's share (Metgasco's is 9.4 Bcf).
3 June 2020drilling progress report▲ Good
Metgasco's version of the Vintage update: six-stage Vali-1 ST1 stimulation starts early July, flow test results expected early August, Condor engaged, Santos infrastructure talks begun. The CEO expects a positive result and revenue from Vali within 12 months. Net 2C is 9.4 Bcf.
14 May 2020investor presentation● Neutral
Update says Vali-1 stimulation is on track for early/mid Q3, with possible first gas by Q1 2021. Holds about 40m Byron shares (~A$6.0m); more funding needed for Vali. Directors waive fees; the Board calls Melbana's notice 'meritless and vexatious'; meeting set for 23 June.
29 Apr 2020security holder rights change▼ Bad
Metgasco said the section 249D notice received from Melbana on 23 April 2020 was considered valid. It said it would take the steps needed to convene a general meeting under the Corporations Act and current ASIC guidance.
23 Apr 2020security holder rights change▼ BadMajor
Melbana, the 27.7% holder whose takeover bid closed in January, formally requests a general meeting to appoint Michael Sandy and Matthew Worner as directors and remove Chairman Philip Amery and John Patton. Metgasco is checking the notice's validity.
1 Apr 2020director officer appointment● Neutral
Mark Langan resigns as joint Company Secretary following the head office move to Perth. Paul Bird continues as sole Company Secretary. Administrative.
31 Mar 2020regulatory community update▼ BadMajor
Letter responds to COVID-19 and the oil price fall. The planned 20m Byron share distribution is deferred, and the Board and CEO cut pay 50% (CFO 30%) to at least 30 June. Vali testing (late Q2), Cervantes and Odin timing are under review.
23 Mar 2020other● Neutral
Board notes the death of David Johnson, founding director and Managing Director of Metgasco until 2011. No business or financial implications are stated.
11 Mar 2020half year report● Neutral
Half-year report to 31 December 2019 recaps the period: ATP 2021 farm-outs, Vali-1 spud and side-track, the Cervantes farm-in with Vintage, the PRL 211 term sheet and the Melbana bid. The text provided is truncated and no financial figures are visible.
3 Mar 2020resource reserve update▲ GoodMajor
Metgasco books its first Cooper Basin resource: independently certified gross 2C Contingent Resource of 37.7 Bcf at Vali, 9.4 Bcf net to its 25%. This is 7% above the pre-drill best estimate and resolves the pending reassessment; stimulation and flow test planned Q2 CY2020.
3 Mar 2020resource reserve update▲ Good
Vintage, as operator, announces an independently certified gross 2C Contingent Resource of 37.7 Bcf at Vali, ahead of pre-drill prospective resources. Metgasco's 25% share is not stated here. Stimulation and flow testing are planned before the end of the financial year.
24 Feb 2020farm in farm out agreement▲ Good
Vintage reports the binding PRL 211 farm-in is executed, replacing the November term sheet. Vintage 42.5% (operator), Bridgeport 21.25%, Metgasco 21.25%, Senex 15% free-carried. Completion by 31 March 2020; Odin spud targeted Q4 FY20.
24 Feb 2020farm in farm out agreement▲ GoodMajor
Metgasco confirms the binding PRL 211 farm-in is signed, replacing the 22 November term sheet. It earns 21.25% by paying about $1.0m (25% of the Odin well); spud targeted Q4 FY20, completion by 31 March 2020, subject to ministerial approvals and funding.
17 Feb 2020other● Neutral
Administrative filing of the shareholder distribution schedule and top 20 holders after Melbana's bid closed without compulsory acquisition. Melbana holds 27.67% of 390.6m shares; Keybridge 4.71%. Total shares unchanged.
12 Feb 2020director officer appointment● Neutral
Head office moves from Sydney to West Perth from 17 February to support Metgasco's role as seconded operator of Cervantes. Paul Bird, with 22 years' finance experience, becomes CFO and joint Company Secretary, replacing the Company Matters team including Mark Langan.
