5 Oct 2018drilling progress report● Neutral
Metgasco's own notice of the same update: the Bivouac Peak East well is drilling at 14,856 ft after setting a liner at 14,422 ft, and is on target for the 75-day estimate. No result yet.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
26 Sept 2018asset acquisition disposition▲ Good
Metgasco received 3,766,479 Byron shares from converting the $1m note, taking its holding to 41,663,479 shares, or 6.05% (up from 5.77%). Follows the 19 September conversion election.
24 Sept 2018drilling progress report● Neutral
Metgasco's own notice of the same update: the Bivouac Peak East well is drilling at 13,918 ft after casing at 11,890 ft. The operator says it remains on target for the 75-day estimate. No result yet.
24 Sept 2018drilling progress report● Neutral
Byron's release, not Metgasco's: the Bivouac Peak East well cemented 11 7/8-inch casing at 11,890 ft and is drilling ahead at 13,918 ft MD, heading for 18,294 ft. No result yet; Metgasco's 10% interest is unchanged.
19 Sept 2018joint venture update● NeutralMajor
Final agreements are signed for drilling SM74 from the adjacent SM73 platform and, if successful, producing through it. The SM74 spud slips from November to February-April 2019, depending on permitting and rig availability. Metgasco's 30% interest and about US$4.4m cost to reach total depth are unchanged.
19 Sept 2018asset acquisition disposition▲ Good
Metgasco elects to convert A$1m of its remaining A$4m Byron convertible notes into Byron shares at a 10% discount to the 30-day average price. The rest of the notes stay in place. The release also says Bivouac Peak is at 11,890 ft, setting casing.
13 Sept 2018investor presentation● Neutral
Conference presentation repeating known facts: two wells planned (Bivouac Peak drilling, SM74), funded with over $24m of cash and financial assets at 30 June. Shows Keybridge at 20.12% and M&A Advisory at 19.59%. Text is truncated; no new information.
4 Sept 2018drilling progress report● Neutral
Byron's release, not Metgasco's: the Bivouac Peak East well set 16-inch casing at 4,040 ft and is drilling ahead at 4,900 ft MD, on the way to 18,294 ft. No result yet; Metgasco's 10% interest is unchanged.
4 Sept 2018director officer appointment▲ GoodMajor
Ken Aitken, a petroleum engineer with 30+ years' experience, joins as Executive Director on a half-time basis, fixed pay $164,250. He will focus on new business and the Cooper Basin work program and help manage US activity. Described as the first formal executive appointment for some years.
4 Sept 2018drilling progress report● Neutral
Operator Byron reports the Bivouac Peak East well (Weiss-Adler No. 1) has set 16-inch casing at 4,040 ft and is drilling at 4,900 ft, with 75 days still expected. Metgasco's 10% interest is unchanged; no result yet. Also notes a 13 September conference presentation.
30 Aug 2018annual report▲ Good
Annual report to 30 June 2018: cash and financial assets rose from $18.2m to $24.3m, including the Byron stake now worth $11.4m. Shares rose 42% to 6.0c. Covers Frey-1 dry hole, Queensland grants and the two US wells; no acquisition has closed.
30 Aug 2018annual report● Neutral
Corporate governance checklist (Appendix 4G) lodged with the annual report, pointing to the governance statement on the website. Administrative filing with no new business information.
27 Aug 2018drilling spud● Neutral
Byron's release, not Metgasco's: the Bivouac Peak East well began drilling on 25 August and was at 1,300 ft on 26 August. About 75 days to reach 18,000 ft TVD. Repeats the spud already reported by Metgasco.
27 Aug 2018drilling spud● Neutral
Otto's release, not Metgasco's: the Bivouac Peak East well has started drilling, with about 75 days expected to reach 18,000 ft TVD. Repeats the spud already reported by Metgasco and Byron; adds Otto's own resource and interest figures.
27 Aug 2018drilling spud▲ GoodMajor
The Bivouac Peak East well (Weiss-Adler No. 1) began drilling on 25 August 2018, with about 75 days expected to reach 18,000 ft. Metgasco pays up to US$1.333m for a 10% interest. Target is 32.2 Mmboe gross prospective resource; this is the spud flagged for August.
7 Aug 2018director officer appointment● NeutralMajor
Executive Chairman Alexander Lang retired from the board after 2½ years to take a full-time role in a private enterprise. Director Philip Amery, appointed in December 2015, was elected the new Executive Chairman.
19 July 2018farm in farm out agreement▲ GoodMajor
Metgasco farms into the Gulf of Mexico SM-74 prospect with Byron, earning 30% by funding 40% of the test well (budget US$4.4m of US$11m). Gross prospective resource is 5.2m barrels oil and 13 Bcf gas. Its second US well after Bivouac Peak; drilling is targeted for October.
19 July 2018joint venture update▲ Good
Byron's release, not Metgasco's: Metgasco farms into South Marsh Island 74 for a 30% interest by paying 40% of the well cost (US$4.4m of US$11m). Well planned from an existing platform for November 2018; Byron says up to US$20m could be saved. Gross prospective resource 5.2m barrels oil and 13 Bcf gas.
9 July 2018joint venture update● Neutral
Byron's release, not Metgasco's: all partners are committed to the Bivouac Peak East well, to spud in late August. Metgasco keeps 10% and pays US$1.33m of the first US$10m of costs. Estimated well cost is US$10.8m; about 75 days to reach depth.
3 July 2018other● NeutralMajor
Board issues an updated vision and strategy: diversified energy investments in Australia and North America, developing the Cooper Basin permits, and a stated aim to start shareholder distributions by FY2020. Limits exposure to any one project to 30% of the balance sheet.
2 July 2018admin correction● Neutral
Share registry moves to Link Market Services from 2 July 2018. Administrative notice only, with no impact on holdings.
28 June 2018farm in farm out completion▲ GoodMajor
Metgasco elected to join the Weiss-Adler et al No. 1 well at Bivouac Peak, expected to spud in August and drill to 18,294 ft. It earns a 10% interest (7.45% NRI) by paying up to US$1.333m of drilling costs, targeting a 32.27 million boe gross prospective resource.
25 June 2018joint venture update▲ Good
Byron's release, not Metgasco's: all key Bivouac Peak drilling permits are approved, and drilling could start in August. Metgasco and Otto have until 9 July to elect to join the well, which targets 18,294 ft. Resolves the permit thread for the well.
29 May 2018regulatory community update▲ GoodMajor
Queensland grants Metgasco Cooper Basin permits ATP 2020 and ATP 2021, the 100%-owned blocks it won as preferred tenderer in 2016. This ends the long wait after the native title deals. Geological mapping and seismic review will be accelerated.
6 Apr 2018director officer appointment● Neutral
Ahead of the 11 April meeting, the board rebuts a letter Andrew Purcell sent to some shareholders, saying he bypassed the proper process. It has complained to ASIC. Dr Willink says he is not allied with Purcell. Continues the board fight.
27 Mar 2018joint venture update▲ GoodMajor
Byron Energy's first oil from SM71 lifts Metgasco's 5.77% Byron stake to $17.05m (gain $14.4m) at 45c, plus options worth $2.0m. $6.0m of the $8m note remains outstanding. Details its extra Gulf of Mexico farm-in rights (10% or 15% minimum); still evaluating new business.
8 Mar 2018half year report▲ Good
Half-year to 31 December 2017: operating profit of $831,749, plus a $7.579m unrealised gain on Byron shares through other comprehensive income. Cash $5.842m, no debt. The company plans to commit to new opportunities in the first half of 2018, subject to suitable ones appearing.
2 Mar 2018joint venture update▲ Good
Metgasco takes up its option for a 10% interest in two new leases adjoining Bivouac Peak (about 330 acres in total), keeping 10% of the whole prospect. The original lease is extended to 1 September 2019. Permits and drilling are still expected in the second half of 2018.
26 Feb 2018joint venture update● Neutral
Byron's release (not Metgasco's): the Bivouac Peak permit application is under review, and the lease is extended to 1 September 2019. Byron adds two adjoining state leases and lifts its working interest to 95%. Drilling and approvals are still expected in the second half of 2018.
16 Feb 2018joint venture update▲ Good
Metgasco keeps an interest in PRL 237, the retained eastern part of the Frey-1 area, after the dry hole. It values its Byron shares at $10.8m, up 307% on cost, and reports $6.0m of the Byron loan outstanding, convertible from July 2018.