2 July 2018admin correction● Neutral
Share registry moves to Link Market Services from 2 July 2018. Administrative notice only, with no impact on holdings.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
27 Apr 2018quarterly activities report● Neutral
March quarter: cash $6.39m, no debt, after a further $1.0m Byron repayment. Purcell was removed as a director at the reconvened 16 April meeting, resolving the board dispute. Native title done, Queensland grants 'imminent'. One near-term acquisition is under evaluation, with no guarantee.
27 Apr 2018quarterly activities report● Neutral
Appendix 5B for the March quarter: closing cash $6.393m, with a $1.0m Byron repayment offsetting $449k of operating outflow. Estimated outflows next quarter are $439k. Duplicates the quarterly report figures.
13 Apr 2018agm notice● Neutral
The board explains the adjournment and says earlier votes and proxies stay valid. Proxies can be changed until 4pm on 15 April for the 16 April reconvened meeting. Directors repeat their recommendation: for removing Purcell, against the three counter-removals.
11 Apr 2018agm notice● Neutral
At the 11 April meeting, M&A Advisory (19.2% holder) moved to adjourn, and the motion passed on a poll. The removal votes are postponed to a reconvened meeting at 4pm on 16 April 2018. Continues the board dispute.
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.
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 2018agm notice● Neutral
The board convenes a members' meeting for 11 April 2018 to vote on removing director Andrew Purcell, following the notice from Lang, Amery and Patton. Venue to be advised.
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%.
31 Jan 2018quarterly activities report▲ Good
December quarter: Wongkumara Native Title talks for ATP 2020/2021 concluded in January 2018, resolving that open thread. Cash $5.84m, no debt. Byron shares worth $11.9m against $2.7m cost; second $1m repayment received. Frey-1 cost Metgasco $684k.
31 Jan 2018quarterly activities report● Neutral
Appendix 5B for the December quarter: closing cash $5.842m, with a $1.0m Byron repayment offsetting $2.179m of investment spending. Next-quarter outflows are estimated at $474k. Duplicates figures in the quarterly report.
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.
31 Oct 2017quarterly activities report● Neutral
September quarter: cash $6.9m, no debt, backing $0.0173 per share, after the $2.65m Byron share purchase. The State Government tender failed, resolving that open thread. Bivouac Peak drilling now slips to second half of 2018. First $1m Byron repayment received after quarter end.
31 Oct 2017quarterly activities report● Neutral
Appendix 5B for the September quarter: closing cash $6.904m, down from $10.197m, after $2.652m spent on Byron shares and $641k operating outflow. Next-quarter outflows estimated at $372k. Duplicates figures in the quarterly report.
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.
15 Sept 2017agm notice● Neutral
Metgasco will hold its 2017 AGM on 9 November 2017 in Sydney, with the notice of meeting due in early October. Administrative notice only.
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.