Past year: ▲ 850%(0.20c – 3.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
26 Oct 2018annual report● Neutral
2018 Annual Report. The chairman calls 2018 successful, notes the unsuccessful Bivouac Peak East well, a 6.05% Byron holding, and a buy-back of 7,863,389 shares for $459,975. Farm-out talks for Cooper Basin ATP 2020/2021 have started.
15 Oct 2018contract award▲ GoodMajor
Metgasco confirms a drilling rig is contracted for SM74, allowing a February 2019 spud. The well targets 5.2m barrels of oil and 13 Bcf of gas. Metgasco pays 40% of the about US$11m dry-hole cost for 30%. Removes the rig uncertainty flagged on 19 September.
15 Oct 2018contract award▲ Good
Byron's release, not Metgasco's: it has signed a drilling contract for the White Fleet 350 rig to drill SM74 D-14 from the SM73 D platform. The rig is expected to be available in early February 2019. Metgasco's 30% earn-in, paying 40% of the US$11m well cost, is unchanged.
11 Oct 2018drilling result▼ BadMajor
The Bivouac Peak East well is a dry hole: first target water-bearing, second under 5 net feet of tight gas. Being plugged and abandoned at 17,766 ft. Cost is expected to be US$7.5m rather than US$10.5m budget (Metgasco 10%). Resolves the 75-day drilling thread.
11 Oct 2018drilling result▼ Bad
Otto's release, not Metgasco's: confirms Weiss-Adler No. 1 was drilled to 17,766 ft, found non-commercial and is being plugged. Final cost is estimated under US$7.5m versus US$10.8m originally expected. Repeats Metgasco's and Byron's news.
10 Oct 2018listing compliance notice● Neutral
ASX pauses trading in Metgasco shares pending a further announcement. The notice gives no reason. Ahead of the Bivouac Peak well result, which followed the next day (an inference, not stated in the notice).
5 Oct 2018drilling progress report● Neutral
Byron's release, not Metgasco's: the Bivouac Peak East well set a 9 5/8-inch liner at 14,422 ft and is drilling ahead at 14,856 ft MD, targeting 18,294 ft. No result yet.
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.
3 Oct 2018agm notice● Neutral
Administrative notice that the 2018 annual general meeting will be held on 28 November 2018 in Sydney. The notice of meeting is due in late October. No business information.
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.
31 July 2018quarterly activities report▲ Good
June quarter: cash $6.78m, no debt, after a $1.0m Byron repayment; notes outstanding now A$4m after a further repayment. Buy-back has bought 7.27m shares for $427k. Formal CEO search started. Says Bivouac Peak and SM-74 are fully funded without new capital.
31 July 2018quarterly activities report● Neutral
Appendix 5B for the June quarter: closing cash $6.778m, with a $1.0m Byron repayment offsetting $285k operating outflow and $330k return of capital. Estimated outflows next quarter are $2.098m, mostly exploration. Duplicates the quarterly report figures.
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.
