Past year: ▲ 850%(0.20c – 3.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
2 July 2019farm in farm out completion▲ Good
Vintage's own release, not Metgasco's, of the same executed ATP 2021 farm-in and joint operating agreement: 50% and operatorship once ministerial approval comes. Vintage will project-manage the first well, Vali-1, targeted for 2019. Repeats Metgasco's announcement.
2 July 2019drilling progress report● Neutral
Metgasco's own notice of the same update: the SM74 D-14 bypass well is drilling at 13,988 ft, about 70 ft from the original hole, with revised tools to avoid the earlier stuck pipe. Target zone not yet reached; no result.
25 June 2019drilling progress report● Neutral
SM74 D-14 hit 14,423 ft, where the drilling assembly got stuck, so the well will be sidetracked from 13,320 ft. It crossed 50 ft of possible hydrocarbon sand in the 13,000 sand, but commercial significance is unknown until final logs. Adds cost and delay risk.
21 June 2019drilling progress report● Neutral
Byron's release, not Metgasco's: SM74 D-14 passed its casing pressure test and is drilling ahead at 12,960 ft. Target sands still expected below 13,800 ft. No result yet.
21 June 2019drilling progress report● Neutral
Metgasco's own notice of the same update: SM74 D-14 passed its casing pressure test and is drilling ahead at 12,960 ft. No result yet.
20 June 2019admin correction● Neutral
Metgasco confirmed its 10m Byron options at 25c expire on 21 July 2019, not 24 June as it had inadvertently stated in some earlier announcements. It still intended to exercise them before expiry, subject to market conditions.
19 June 2019drilling progress report● Neutral
Byron's release, not Metgasco's: SM74 D-14 reached 12,726 ft and is cementing 9-5/8 inch casing. Target sands are expected below 13,800 ft. No result yet.
19 June 2019drilling progress report● Neutral
Metgasco's own notice of the same update: SM74 D-14 has drilled to 12,726 ft and 9-5/8 inch casing is being cemented. Drilling continues to the target sands. No result yet.
31 May 2019other● Neutral
Metgasco says it has paid its full US$4.39m SM74 well budget. It holds $1.952m cash, $1.389m bonds and 40.3m Byron shares worth $12.5m, after selling 6m Byron shares at 28c in mid-May. It plans to exercise its 10m Byron options and says no capital raising is needed.
31 May 2019investor presentation● Neutral
Investor presentation repeating known facts: SM74 D-14 is drilling, the ATP 2021 farm-out to Vintage is agreed, and funds are A$3.34m plus Byron shares. Says production revenue is possible in Q4 2019 if SM74 succeeds. Share price A$0.046, 390.6m shares.
27 May 2019drilling progress report● Neutral
Metgasco's own notice of the same update: SM74 D-14 is drilling at 4,490 ft after cementing casing at 3,510 ft. No result yet; Metgasco's 30% interest is unchanged.
27 May 2019drilling progress report● Neutral
Byron's release, not Metgasco's: SM74 D-14 has set 13-3/8 inch casing at 3,510 ft and is drilling ahead at 4,490 ft. Planned depth remains 16,747 ft. No result yet.
22 May 2019farm in farm out agreement▲ Good
Vintage's own release, not Metgasco's, of the same ATP 2021 deal: Vintage to earn 50% and operate the permit, with final documents targeted by 30 June 2019. Planning for a first well in 2019 is under way. Repeats Metgasco's announcement.
22 May 2019farm in farm out agreement▲ GoodMajor
Metgasco signs a binding Heads of Agreement for Vintage Energy to earn 50% and operatorship of Cooper Basin ATP 2021. Vintage funds 65% of the first well (up to $3.445m), pays $527,800 of back-costs and $70,000 of seismic. First well at Vali targeted for second half 2019.
16 May 2019drilling spud● Neutral
Byron's release, not Metgasco's: the SM74 D-14 well began drilling on 15 May 2019 from the SM73 D platform, targeting 16,747 ft in about 50 days. Metgasco's 30% interest is unchanged. Ends the rig delay thread.
16 May 2019drilling spud▲ GoodMajor
Metgasco's own notice that SM74 D-14 spudded 15 May 2019, about 3 months later than the Feb-Apr window set in 2018. Targets 5.2 mmbo and 13.2 bcf gross (1.56 mmbo and 3.96 bcf net to Metgasco). Company says its share is fully funded; Ken Aitken is now named CEO.
29 Apr 2019quarterly activities report● Neutral
March quarter: Byron note facility finished (A$1m repaid 22 Jan, last A$1m converted to shares 31 Jan). Metgasco paid US$4.39m for its SM74 well share. SM74 spud slipped to first half of May on rig delay. Farm-out talks continue on Cooper ATP 2021; CFO Langan became company secretary.
1 Apr 2019joint venture update● Neutral
Metgasco has paid Byron US$4,393,590 as its share of the SM74 well cost, 40% of the US$11.42m budget less amounts already billed. A spud date update is promised. Funds the Raptor well for its 30% interest.
28 Mar 2019director officer appointment● Neutral
Mark Langan, already CFO, becomes Company Secretary after Philip Mackey resigns. Administrative change.
14 Mar 2019drilling scheduled▼ Bad
The SM74 Raptor well spud slips from early March to late April/early May 2019 because the rig's handover from the previous operator is late. Also flags shallow oil prospects in ATP 2021 and ongoing Cooper farm-out talks.
1 Mar 2019half year report▼ Bad
Half-year to December 2018: operating loss of $8.589m, including a $5.495m unrealised loss on the Byron shares plus impairment from the dry Bivouac Peak well. Cash was $5.678m with no debt. Farm-out partner still being sought.
25 Feb 2019investor presentation● Neutral
Technical update restating plans: the Raptor well at SM74 is expected in March, with revenue possible by Q3 2019 on success. Vali and Odin are in ATP 2021, and three companies are reviewing the farm-out data room. No new results.
31 Jan 2019asset acquisition disposition▲ Good
Metgasco converts its last A$1m Byron note into shares, ending the loan facility. It now owns about 6.7% of Byron and holds 10m options at 25c exercisable until 24 June. Says it remains fully funded, with SM-74 spud expected early March.
31 Jan 2019quarterly activities report● Neutral
December quarter: SM74 Raptor spud is now expected in early March 2019. Byron repaid another A$1.0m, leaving A$1.0m outstanding. Metgasco's Byron shares have an unrealised gain of about A$8.4m. Cooper farm-out talks continue, with a well planned for the second half of 2019.
17 Jan 2019joint venture update▲ Good
Byron's release, not Metgasco's: reprocessed seismic data across its South Marsh Island area is said to lower the risk of the SM74 Raptor prospect. Metgasco's 30% earn-in, paying 40% of the US$11m well cost, is unchanged.
15 Jan 2019director officer appointment● Neutral
Terms confirmed for Ken Aitken as CEO: fixed pay of $262,800, no share-based component, and his time commitment rises from 0.5 to 0.8 full-time equivalent. Follows his 27 November move off the board.
28 Nov 2018investor presentation● Neutral
AGM slides repeat known facts: SM74 spud planned for early 2019, cash A$5.2m, no debt, 390.6m shares, and market value A$16.8m at 4.3c. Keybridge holds 20.12% and M&A Advisory 19.59%. No new announcements.
27 Nov 2018director officer appointment● NeutralMajor
Ken Aitken resigns from the board but stays as part-time Chief Executive Officer on a continuing contract. He had joined as Executive Director on 4 September 2018. He is not standing for re-election, so two AGM items are withdrawn.
26 Nov 2018resource reserve update▲ GoodMajor
Metgasco books prospective gas resources for two ATP 2021 Cooper Basin prospects: Vali (26.3 Bcf best-case in place) and Odin (12.0 Bcf). The company holds 100%, plans a well in the second half of 2019, and has a farm-out under way. These are undrilled prospects, not discoveries.
30 Oct 2018quarterly activities report● Neutral
September quarter: the Bivouac Peak well was plugged, with its cost under US$1.0m for Metgasco's 10%. The SM-74 well is set for February 2019, with US$4.4m funded. Byron note balance is A$2.0m after a conversion and repayments, and the Cooper farm-out has begun.
