Past year: ▲ 850%(0.20c – 3.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
5 Feb 2020business combination● NeutralMajor
Melbana's offer closed 31 January 2020 with acceptances for 27.81% of Metgasco shares. The 50.1% minimum was waived, so Melbana is now a large minority holder, short of control. Its new shares are due to be issued by 14 February.
31 Jan 2020quarterly activities report● Neutral
December quarter report recaps the Vali-1 ST1 gas discovery (over 35m net pay), the Vintage farm-in to Cervantes (Q3 CY2020) and the PRL 211 term sheet. Byron distribution cut to 20m shares; Board still recommends rejecting Melbana. Largely repeats known events.
29 Jan 2020drilling progress report● Neutral
Vintage says the SLR 185 rig has left the Vali site and this is the last Vali-1 drilling update. Volume estimates and commercialisation plans will follow after joint venture approval. Metgasco holds 25%. Other Vintage wells also covered.
23 Jan 2020business combination▼ BadMajor
Melbana declared its takeover offer wholly unconditional, freeing it from all outstanding conditions; voting power is 23.19%. Resolves the conditions thread; accepting holders can no longer rely on the 50.1% minimum, and the Board still recommends rejecting the offer.
23 Jan 2020business combination● Neutral
Melbana's statutory notice repeats that the offer is freed from all unfulfilled conditions, breaches waived, and voting power is 23.19%. It duplicates the unconditional declaration of the same day and adds no new information.
21 Jan 2020drilling progress report● Neutral
Vintage reports Vali-1 ST1 (3,217m) cased and suspended, rig released 17 January. Joint venture is assessing the size and commercial potential of the gas discovery; results to follow. Metgasco holds 25%. Also covers Vintage's Galilee and Otway wells.
20 Jan 2020farm in farm out completion▲ GoodMajor
Metgasco executes the restated L14 farm-out with Jade and Vintage, as per the 15 November term sheet. Vintage funds 50% of Cervantes for 30% and pays $100k to Metgasco. Cervantes drilling is committed for Q3 CY2020, gross cost $5-7m. Metgasco has a right to a second well.
16 Jan 2020drilling result▲ GoodMajor
Metgasco confirms the Vali-1 ST1 gas discovery in ATP 2021: over 35m of net pay over a 312m gross Patchawarra interval, on the high side of pre-drill estimates. The 25% interest was free-carried to case and suspend; resolves the Vali-1 thread.
16 Jan 2020drilling result▲ GoodMajor
Vintage, as operator, announces a gas discovery at Vali-1 ST1: over 35m of net gas pay in the Patchawarra, on the high side of pre-drill estimates. The well will be cased and suspended; the Vali resource is to be re-assessed later.
14 Jan 2020drilling progress report▲ Good
Metgasco says Vali-1 ST1 reached 3,217m and logs show gas in multiple upper Patchawarra sands; the lower section is still to be logged. Gross well cost is expected at or under the $5.3m farm-in cost cap. Free-carried at 25%.
14 Jan 2020drilling progress report▲ Good
Vintage reports Vali-1 ST1 reached 3,217m on 10 January, with initial logs showing gas in multiple Patchawarra sands. Evaluation continues. Metgasco is free-carried at 25%. Other Vintage wells are also covered in the update.
7 Jan 2020drilling progress report● Neutral
Metgasco reports Vali-1 ST1 at 3,059m in the Patchawarra, with gas shows described as encouraging but unquantified until logs are run. Drilling is slow due to hard rock. Free-carried at 25%.
7 Jan 2020business combination● Neutral
Melbana extends its takeover offer to 31 January 2020 (conditions notice 23 January). One condition is now fulfilled; the others remain, and its voting power is 20.77%. The 50.1% minimum is still unmet; accepting holders get withdrawal rights.
7 Jan 2020drilling progress report● Neutral
Vintage reports Vali-1 ST1 at 3,059m with additional gas shows, though drilling is slow through hard rock. Gas significance is unclear until logs are run. Metgasco is free-carried at 25%; total depth is expected late this week or early next.
31 Dec 2019drilling progress report● Neutral
Metgasco confirms the Vali-1 side-track (ST1) after the well deviated over 24 degrees. It is at 2,657m, with high gas shows over substantial thicknesses and oil shows. Still free-carried at 25%; total depth expected by the end of the week.
31 Dec 2019drilling progress report● Neutral
Vintage reports Vali-1 deviated over 24 degrees from vertical, so it was plugged back and side-tracked from 1,644m. Vali-1 ST1 is at 2,657m with high gas shows. Metgasco remains free-carried at 25%; target depth expected by the end of the week.
24 Dec 2019drilling progress report● Neutral
Metgasco reports Vali-1 on schedule at 2,106m, with Jurassic oil shows not considered a viable target. Primary target is the Patchawarra Formation. Metgasco stays free-carried at 25%; net best-estimate prospective resource is 9.5 Bcf. No result yet.
24 Dec 2019drilling progress report● Neutral
Vintage's operations update says Vali-1 reached 2,081m on schedule, with oil shows in the Jurassic. Metgasco holds 25%, free-carried. The update also covers Vintage's other wells. No result yet for Metgasco.
24 Dec 2019admin correction● Neutral
Vintage corrects its earlier update: the 2,081m depth at Vali-1 was in the Nappamerri Group, not the Westbourne Formation. Correction only; nothing else changes.
23 Dec 2019business combination● Neutral
Melbana files a supplementary bidder's statement attaching its own news: a binding heads of agreement for Sonangol to take 70% of Cuba Block 9. Nothing changes in the Metgasco offer terms; the bid still closes 15 January 2020.
20 Dec 2019security holder rights change● NeutralMajor
Metgasco takes up about half its Byron entitlement (1,111,112 shares at $0.27), lifting its holding to 43,444,495 shares. The planned in-specie distribution is cut from 30m to 20m shares, with a meeting now expected mid-February. Metgasco expects about $7.5m of cash and financial assets post-distribution.
17 Dec 2019drilling spud▲ GoodMajor
Drilling began on 17 December 2019 at Vali-1 in Cooper Basin ATP 2021, using the SLR-185 rig. Metgasco is free-carried with a 25% interest, and net best-estimate prospective resource is 9.5 Bcf.
12 Dec 2019director officer appointment● Neutral
CEO Ken Aitken's time commitment rises from 0.8 to 1.0 full-time equivalent, with annualised pay unchanged at $300,000 plus superannuation. A terms change, not a leadership change.
10 Dec 2019drilling scheduled● Neutral
Operator Vintage says the SLR-185 rig is released and moving to Vali-1, with spud around 15 December. Net prospective resource to Vintage is 17.6 Bcf; target depth is 3,140 metres. Confirms timing already flagged.
10 Dec 2019drilling scheduled● Neutral
Metgasco confirms the rig is mobilising to Vali-1, with spud expected around 15 December. It stays free-carried at 25%, with 9.5 Bcf net best-estimate prospective resource and a 34% chance of success.
5 Dec 2019business combination● Neutral
Melbana extends its bid to 15 January 2020 (conditions notice 7 January) and waives breaches from the Cervantes and PRL 211 deals. Its stake is 20.75% and the 50.1% minimum remains unmet; accepting holders get withdrawal rights.
28 Nov 2019investor presentation● Neutral
AGM presentation recaps the Cervantes and Odin farm-ins, the Vali-1 spud, Byron stake plans and the Melbana bid. It lists cash of A$1.28m (30 Sep) and Byron shares worth A$12.70m. No new announcements.
22 Nov 2019farm in farm out agreement▲ GoodMajor
The ATP2021 JV signs a term sheet to farm into PRL 211. Metgasco pays about $1.0m (25% of the Odin well) for a net 21.25%, with a spud targeted Q4 FY20. Gross best-estimate is 12.6 Bcf; conditions are due by 31 January 2020.
22 Nov 2019security holder rights change● Neutral
Metgasco will keep its Byron shares through 11 December to take up its entitlement rights in Byron's 1-for-18 offer at 27c. Distribution work is paused, and the shareholder meeting slips from mid-December to mid-late January.
22 Nov 2019farm in farm out agreement● Neutral
Vintage signs a term sheet, with 90 days' exclusivity, to farm into Senex's PRL 211 and operate it. Odin gas structure straddles PRL 211 and ATP 2021; gross best-estimate 12.6 Bcf. Conditions must be met by 31 January 2020.
