Past year: ▲ 850%(0.20c – 3.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
8 Feb 2018regulatory community update▲ GoodMajor
Native Title agreements with the Wongkumara people were signed 6 February 2018 for Cooper Basin blocks ATP 2020 (535km2) and ATP 2021 (369km2), the last step before grant. Award expected shortly. Consultant geologist Trudy Bretherton is engaged for early exploration work.
2 Feb 2018director officer appointment▲ Good
Dr Robbert Willink, a geologist with 40 years' industry experience including Origin Energy, joins as independent non-executive director from 5 February 2018. He fills the seat vacated by Terry White's July 2017 resignation. Announced amid the board dispute.
2 Feb 2018director officer appointment▼ BadMajor
M&A Advisory serves its own notice seeking to remove Lang, Patton and Amery, a counter-move to the bid to remove its nominee Purcell. The company is taking legal advice on validity; no replacement directors named. Both sides now face a vote at the 11 April meeting.
1 Feb 2018director officer appointment▼ BadMajor
Directors Lang, Amery and Patton give notice of a meeting to remove fellow director Andrew Purcell, the M&A Advisory nominee. This opens a board fight, building on the earlier tension with M&A Advisory, the company's largest shareholder at about 19.2%.
9 Nov 2017investor presentation● Neutral
AGM chairman's slides recap known facts: cash $6.9m, 37.897m Byron shares, $8m Byron receivable with first $1m repaid, Bivouac Peak drilling expected 2H 2018. Overhead costs cut 50% to about $105k a month. Shares up about 53% over 16 months.
10 Oct 2017annual report● Neutral
2017 Annual Report with the Executive Chairman's letter, recapping the Byron deals, the Queensland blocks awaiting Wongkumara native title agreements, and a Queensland Government tender that was not won. Largely repeats known facts.
4 Oct 2017drilling result▼ BadMajor
Frey-1 was plugged and abandoned for lack of significant hydrocarbon shows, a dry hole for Metgasco's new Cooper Basin farm-in. The company says cost is within budget and the investment was under 3% of assets. It is still evaluating other Cooper farm-ins.
4 Oct 2017drilling result▼ Bad
Operator Senex's monthly report confirms Frey-1 reached 1,394 m without significant hydrocarbons and will be plugged and abandoned. This repeats Metgasco's own announcement; the rest covers Senex's unrelated Surat Basin gas wells.
26 Sept 2017farm in farm out agreement● NeutralMajor
Metgasco agrees to farm into the Frey-1 oil well in PEL93, South Australian Cooper Basin, for a 20% interest, paying 30% of drilling costs (about $600k of a $2m cap). Operator Senex and Cooper Energy are partners; the well spudded 23 September. It is Metgasco's first new drilling exposure since the NSW losses.
31 Aug 2017annual report● Neutral
Full-year financial report to 30 June 2017. Byron's A$8m note is carried at about $7.19m, and the Byron options fell from $879,900 to $267,400, a $612,500 non-cash loss. The board sees no impairment; Bivouac Peak approvals are still ongoing.
31 Aug 2017annual report● Neutral
Appendix 4G governance checklist lodged with the annual report, pointing to the corporate governance statement on the website. Administrative; no new business information.
31 Aug 2017annual report● Neutral
Corporate governance statement as at 31 August 2017, setting out board roles and policies. It notes the Nomination and Remuneration Committee remains suspended after 2016 board changes. Administrative, with no new business information.
14 Aug 2017material agreement● NeutralMajor
Metgasco takes up its priority right in Byron's raising, paying A$2,652,790 for 37.897m shares at 7c, giving a 5.77% stake. It also gets an option to farm into another new Byron Gulf of Mexico block. Byron note amortisation starts next quarter.
1 Aug 2017director officer appointment● Neutral
Non-executive director Terry White resigned effective 31 July 2017, after serving since February 2016 and sitting on the New Business and Investment Committee. No reason is given in the text. The board drops to Lang plus three non-executives.
8 Mar 2017half year report● Neutral
Half-year to 31 December 2016: operating loss $423,856, cash $18.134m, no debt, backing $0.0455 per share. The company says it plans to commit to new opportunities in the first half of 2017. Largely recaps known events.
23 Jan 2017debt financing● NeutralMajor
Metgasco confirms Byron issued it the full A$8.0m convertible note on 20 January 2017, repayable by 21 July 2019 and secured over Byron's assets and SM 70/71 interest. This completes the July 2016 funding deal, turning cash into a secured receivable.
23 Jan 2017joint venture update● Neutral
Byron says it has drawn the full A$8m Metgasco convertible note, mainly to develop its SM 71 oil project, now planned as a Byron-operated manned platform costing about US$3.0m extra. Byron says more funding is needed by mid-2017, a risk for Metgasco's security.
22 Dec 2016asset acquisition disposition▲ GoodMajor
Metgasco wins two Queensland Cooper/Eromanga Basin exploration blocks (PLR 2015-5-16, 530km2; PLR 2015-5-19, 370km2) by competitive tender, its first new acreage since the NSW licences were lost. Grant awaits Native Title and environmental approvals; about $300k is forecast over 12-18 months.
21 Dec 2016security holder rights change▲ Good
The ATO published its final class ruling (CR 2016/93) confirming the 2.5c return of capital paid on 16 November is not deemed a dividend. This resolves the open tax-ruling thread. Individual tax outcomes may still vary by shareholder.
24 Nov 2016investor presentation● Neutral
Chairman's slides for the 24 November AGM recap the $25m NSW settlement, the Northern Rivers wind-down, board changes and the Byron note and Bivouac Peak farm-in. Largely repeats known facts. The capital return is described as paid on 16 November.
7 Nov 2016security holder rights change▲ GoodMajor
Having received a draft ATO class ruling, Metgasco will proceed with the 2.5c per share return of capital, resolving the pending condition. Record date is 11 November and payment date 16 November 2016.
7 Nov 2016security holder rights change● Neutral
Formal ASX notice of the 2.5c cash return of capital: record date 11 November, payment 16 November, funded from cash on hand. It repeats the same-day announcement, with the ATO draft ruling noted as satisfied.
3 Nov 2016other● Neutral
Metgasco says it has adopted a new securities trading policy and a continuous disclosure policy, and attaches both. Governance administration with no effect on the business.
26 Oct 2016annual report● Neutral
The 2016 annual report is lodged. The chairman's letter recaps the $25m NSW settlement, board changes, and the Patton and Purcell appointments. This is a re-release of the report lodged 25 August, with no new business information.
28 Sept 2016admin correction● Neutral
ASIC form records cancellation of 2,643,697 forfeited shares, with nothing paid on them, effective 12 September. Issued shares fall to 398,464,823. Completes the cancellation item approved at the general meeting.
27 Sept 2016security holder rights change● Neutral
Metgasco says the 2.5c capital return approved on 12 September still awaits an ATO class ruling, whose timing is uncertain. Payment will follow promptly once it is issued. Continues the open capital-return thread.
27 Sept 2016director officer appointment● NeutralMajor
M&A Advisory nominee Andrew Purcell joins the board as a non-independent director and M&A withdraws its notice to remove Lang and Amery, resolving the dispute. M&A is now described as the 19.20% largest holder. Purcell must keep a 10% interest or resign.
22 Sept 2016farm in farm out completion▲ GoodMajor
Metgasco signs the formal Bivouac Peak participation agreement, completing the July farm-in notice. Byron shareholders approved the note and options on 12 Sept. Its 10% interest (7.45% NRI) costs about US$1.3m; first well, targeting 32,270 Mboe gross prospective resource, is expected Q1 or early Q2 2017.
19 Sept 2016director officer appointment● Neutral
John Patton, nominated by 10.54% holder Keybridge Capital, joins as a non-independent non-executive director. He is a former Ernst & Young partner and Epic Energy CFO. Keybridge intends to grow its stake. The board says M&A Advisory has sent no further notice on removing directors.
8 Sept 2016other● Neutral
Board gives its account of the M&A Advisory removal notice: Purcell allegedly demanded two board seats and the chair, and M&A's holding is stated as 11.3% registered. The board says it won't depart from independence guidelines but will assess two seats on merit. No s249F meeting notice yet.
