Past year: ▲ 850%(0.20c – 3.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
7 Sept 2016other▼ BadMajor
M&A Advisory, holding about 17.33% (69.5m shares), gives notice of its intention to seek removal of Executive Chairman Alexander Lang and director Philip Amery. No meeting has been requisitioned and replacements are not named. Metgasco is taking legal advice on the notice's validity.
25 Aug 2016annual report● Neutral
Appendix 4G corporate governance checklist lodged with the annual report, pointing to the governance statement on the website. Administrative, with no new business information.
25 Aug 2016annual report● Neutral
Corporate governance statement for the year to 30 June 2016. It notes the board committees were suspended after the 8 February 2016 board changes, with the full board taking over their work. Otherwise a routine compliance document.
25 Aug 2016annual report● Neutral
Annual report for year to 30 June 2016 records the $25m NSW settlement, nil resources (down from 4,428 PJ) and no capital raisings. The company is led by three directors and two staff, with the Byron agreement as its first new-business step.
28 July 2016farm in farm out agreement▲ GoodMajor
Metgasco gives notice it will farm into 10% of Byron's Bivouac Peak onshore Louisiana prospect, with initial well costs not expected above US$1.33m, and plans a 2.5c per share capital return via a general meeting in early September. First Byron line fee of A$40,000 received.
22 July 2016debt financing▲ Good
Metgasco signs the Byron convertible note and security deeds, with terms essentially as in the June heads of agreement. A 115% early-repayment option for Byron is added (days 90 to 18 months). Line fees now accrue; the board does not intend to convert. Still needs Byron shareholder approval.
22 July 2016debt financing● Neutral
Byron's own release of the signed A$8m convertible note with Metgasco, repeating the terms in Metgasco's same-day announcement: 12% coupon, 10m options at 25c, 10% Bivouac Peak farm-in option. Re-release of known facts; still subject to Byron shareholder approval.
22 July 2016debt financing▲ GoodMajor
Byron and Metgasco sign the definitive $8m convertible note agreement, matching the June heads of agreement. Early repayment terms are now set at 115% of principal in days 90 to 180 and 105% afterward. Completion still needs Byron shareholder approval, expected after a notice of meeting in late July or early August.
4 July 2016listing compliance notice▼ Bad
Metgasco explains to ASX that the former CEO's final director's interest notice was lodged late, on 23 June instead of by 8 June, because of an administrative oversight. It calls this an isolated incident and says its processes are improved. Minor compliance matter.
9 June 2016material agreement▲ GoodMajor
Metgasco confirms a binding agreement to lend Byron up to $8m (max exposure about A$7.8m, roughly 27% of its resources), secured over SM 70/71. It gets 10m options and a right to farm into Bivouac Peak (about A$1.3m). The board will consider a first distribution in the second half of 2016.
9 June 2016debt financing▲ GoodMajor
Byron Energy's announcement of the Heads of Agreement: Metgasco to provide an up-to-$8m, 3-year, 12% convertible note for Byron's SM 71 Gulf of Mexico project. Metgasco also receives 10m options at 25c and an option on a 10% Bivouac Peak interest. This is the first new-business deal after the NSW exit.
1 June 2016director officer appointment● NeutralMajor
CEO Peter Henderson leaves after five years with $330,000 in leaving costs, and Chairman Alexander Lang becomes Executive Chairman. Strategy now targets income-producing oil and gas exposure and rules out single-project or exploration-heavy deals. Assets are $28.6m ($0.0715/share); a capital return is possible in late 2016 if no deal is done.
13 May 2016other● Neutral
Metgasco moves its share registry to Registry Direct from close of business 13 May 2016, as part of its cost-cutting program. Administrative, with no effect on holdings.
18 Feb 2016security holder rights change● Neutral
Metgasco sets up a free share sale facility for 1,470 of about 4,200 holders with parcels under $500 (8,197 shares or less). Minimum sale price is $0.06, with a 31 March 2016 deadline to opt out. It aims to cut administration costs.
8 Feb 2016director officer appointment● NeutralMajor
Alexander Lang and Terry White join the board as non-executive directors, and Lang becomes Chairman. Greg Short resigns as Chairman and director for family reasons, and Len Gill also resigns now. This completes the board renewal flagged after the December settlement.
2 Feb 2016half year report● Neutral
Half-year report to 31 December 2015 records the $25m NSW settlement ending 10 years in the Northern Rivers, with the 4,428 PJ 2C resource written to nil. Wind-up is under way, cost cuts continue, and a new oil and gas business is sought in the first half of 2016.
14 Jan 2016director officer appointment● Neutral
Philip Mackey of Company Matters replaces Sean Hooper, who resigned as Company Secretary and CFO, as Company Secretary. Accounting moves to a contract service, which the company expects to bring significant operating cost savings.
23 Dec 2015director officer appointment● NeutralMajor
Len Gill steps down as Chairman, to retire from the board by end of February 2016, citing the change in Northern Rivers focus. Greg Short becomes Chairman and Philip Amery, a capital markets adviser, joins as non-executive director.
22 Dec 2015asset acquisition disposition▲ GoodMajor
Metgasco received $25 million plus $430,000 of refunded bonds after shareholders approved the buy-back on 16 December. PEL 13 and PEL 16 are cancelled and the PEL 426 and PPLA 9 applications and court action withdrawn. Cash is expected to be about $31m, or $0.071/share.
18 Dec 2015admin correction● Neutral
Clarified re-release of the 16 December AGM results; the vote counts and outcomes appear unchanged.
17 Dec 2015other● Neutral
Company constitution document as at 28 November 2014. Administrative, with no new company developments.
16 Dec 2015investor presentation● Neutral
Chairman's general meeting address sets out the $25m buy-back for the permits and settlement within 30 days. It warns of a likely highly dilutive raising if rejected, and flags cost control, board changes and a buyback of up to 10% of capital, with details in January 2016.
16 Dec 2015investor presentation● Neutral
Managing Director's AGM presentation recaps the Rosella suspension, court win and negotiations leading to the $25m offer. It outlines decommissioning of two wells (about $200,000), Casino closure and redundancies, and the sale of Richmond Valley land, and a pivot to non-NSW business. Mostly repeats known facts.
4 Dec 2015other● Neutral
Chairman's letter urges shareholders to accept the $25 million buy-back, saying it exceeds likely outcomes from continuing, and that the offer lapses if rejected. If accepted, cash would exceed $30 million at start of 2016, to be used for non-NSW oil and gas opportunities.
20 Nov 2015other● Neutral
Metgasco opens a shareholder information line for questions on the 16 December AGM resolutions and the $25 million settlement / buy-back vote. Administrative only.
2 Nov 2015asset acquisition disposition● NeutralMajor
NSW Government offers $25 million to buy back PEL 13, PEL 16 and PEL 426 and settle the legal disputes; the board unanimously recommends it, subject to a shareholder vote. This replaces the rejected earlier indicative offer. Cash backing would be $0.074/share.
22 Oct 2015other● Neutral
Corporate governance statement describing board functions, committees and policies against ASX principles. Administrative document with no new company developments.
20 Oct 2015annual report▼ Bad
2015 annual report: the chair and MD call the year disappointing despite the court win, with little field progress and no non-NSW deal yet. Government's indicative verbal offer was rejected. Plan is seismic in 2015 and Rosella drilling in 2016.
29 Sept 2015contract award▲ Good
Metgasco signed Terrex to acquire about 16 km of seismic in PEL 16, expected in second half of November, to firm up the Greater Mackellar structure ahead of Rosella. Rosella drilling contractor negotiations are almost complete.
7 Sept 2015regulatory community update● NeutralMajor
Metgasco served a statement of claim on the NSW Government on 4 September for damages from the unlawful 2014 Rosella suspension. Hearing dates are not set. Follows failed attempts to get compensation without court action.
