Past year: ▲ 850%(0.20c – 3.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
3 Sept 2015admin correction● Neutral
Metgasco corrects a media report of a substantial Government offer: it was a non-binding indicative offer with a value range and conditions. Directors do not consider the range acceptable to shareholders, even at the upper end.
2 Sept 2015admin correction● Neutral
Clarification that the seismic program announced the previous day will be west of Lismore, not east.
1 Sept 2015regulatory community update● NeutralMajor
Settlement talks with NSW Government failed. Metgasco will start court action for damages, prepare judicial review to renew PEL 426 and award PPLA 9, and finalise contracts for seismic and Rosella drilling. It remains open to resuming settlement talks.
27 Aug 2015annual report● Neutral
Annual financial report for year to 30 June 2015. The year was mostly spent on the court action. Decommissioning was completed with bonds returned except Corella P01, Harrier P01 and Rosella. PEL 426 renewal still outstanding; Rosella farmout talks continue.
1 July 2015regulatory community update● Neutral
Metgasco confirms the NSW Energy Minister's comments that it is in discussions with Government over damages from the 2014 Rosella suspension and the future of its Northern Rivers gas operations. No further detail given as talks are commercial-in-confidence.
27 May 2015regulatory community update▲ Good
Metgasco is pursuing recovery of about $360,000 in legal fees after the court ordered costs against the NSW Government, and expects to recover the bulk of them. Follows the April court win.
25 May 2015regulatory community update▲ GoodMajor
NSW Government will not appeal the 24 April Supreme Court ruling that overturned the Rosella drilling suspension; the appeal deadline was 22 May. Metgasco wants to meet Government on damages, prefers an out-of-court settlement, and is ready to drill Rosella.
29 Apr 2015other● Neutral
Metgasco's share trading policy, covering insider trading rules, blackout periods and bans on short selling and hedging. Administrative governance document with no new company developments.
24 Apr 2015regulatory community update▲ GoodMajor
Justice Button found the Rosella suspension unlawful, procedurally unfair, and that the regulator confused consultation with persuasion. Costs went to Metgasco, which will seek compensation. It wants to talk to Government before drilling again in the Northern Rivers.
24 Apr 2015regulatory community update▲ GoodMajor
The NSW Supreme Court rules in Metgasco's favour on the Rosella suspension, and the drilling suspension is lifted. This resolves the case heard in October 2014. Metgasco is reviewing the decision in detail before a fuller response.
15 Apr 2015debt financing▲ Good
Elk Petroleum has repaid all funds lent under the convertible loan, $1,749,456 including interest. This closes out the loan tied to the terminated merger.
13 Apr 2015regulatory community update● Neutral
Metgasco is advised the NSW Supreme Court will hand down judgment on the Rosella drilling suspension on 24 April 2015, after the October 2014 hearing. This resolves the open question of timing. Metgasco argues the suspension was unlawful on three grounds.
16 Mar 2015material agreement termination▼ BadMajor
Metgasco terminates the Elk merger because the oil-price condition was triggered and it judges the chance of acceptable financing very low. Elk has 30 days to repay the loan ($1.69m drawn of $2.5m). Metgasco will keep seeking value from its NSW acreage and non-NSW opportunities.
21 Jan 2015director officer appointment● Neutral
Non-executive director Peter Berry, who joined in December 2013, has resigned from the board. No reason or replacement is given in the text.
22 Dec 2014business combination● NeutralMajor
Elk Petroleum announces an all-scrip merger with Metgasco by scheme of arrangement, at about 0.67 Metgasco shares per Elk share. Metgasco holders would own about 77%. It adds the US Grieve oil project (production targeted 2017) and diversifies beyond NSW, extending the search for non-NSW assets.
28 Nov 2014investor presentation● Neutral
Slides accompanying the MD's AGM address, repeating the rehabilitation progress, the PPLA 9 licence wait and the Rosella suspension history. Metgasco is considering a damages claim but would prefer to settle out of court. No new developments.
28 Nov 2014other● Neutral
Chairman's AGM address criticising NSW policy shifts and the Rosella suspension. Judgment may come before Christmas; if successful, Metgasco expects settlement, otherwise it will consider damages. No new decisions are disclosed in the visible text.
28 Nov 2014investor presentation● Neutral
AGM slides repeating known points: Rosella judgment possibly before Christmas, $120m invested, and the reserves-to-resources reclassification. They also mention diversification outside NSW and some MPs backing a buyback or cancellation of licences.
28 Nov 2014investor presentation● Neutral
MD's AGM address recapping the Rosella suspension and community consultation. Notes decommissioning of all wells except two suspended for future production, some bonds repaid, and the PPLA 9 production licence still awaiting formal issue, with field activity planned before June 2015 to secure the Development Approval.
14 Nov 2014regulatory community update● Neutral
Metgasco welcomes the NSW Government's gas plan but says it leaves regulatory uncertainty, with many rules not defined until well into 2015. It is seeking a meeting with the Minister for Resources and Energy.
27 Oct 2014annual report▼ Bad
Annual report; the text is garbled, but the readable part of the chairman's letter calls the year challenging and disappointing. It repeats the Rosella suspension history, the court hearing in October and the unresolved settlement talks. The rest cannot be read.
22 Oct 2014regulatory community update● Neutral
The Supreme Court heard Metgasco's challenge to the Rosella suspension on 20 and 21 October, on schedule. Metgasco argues the suspension was unlawful. It has no indication when judgment will come.
29 Sept 2014director officer appointment● Neutral
Nicholas Heath retires from the board on 30 September 2014. He had planned to leave earlier but stayed to help with the Rosella suspension. The board will not replace him, to reduce costs. This resolves the open Heath retirement thread.
26 Sept 2014annual report▼ Bad
Full-year accounts to 30 June 2014, covering the Rosella suspension and cancelled drilling. The extract notes the PEL 426 renewal, due February 2014, had not yet been received. The impairment and reserve reclassification announced on 19 September are expected to feature in the statements.
19 Sept 2014resource reserve update▼ BadMajor
Citing NSW political uncertainty, the board will impair capitalised exploration spending to nil and reclassify all reserves (2P 338 PJ, 3P 2,055 PJ) as contingent resources, giving 4,428 PJ of 2C. This reverses the reserve bookings carried since 2012. MHA says reserves can be restored later.
10 Sept 2014investor presentation● Neutral
Good Oil Conference presentation, 'Rosella – lessons learnt', repeating the well, protest and suspension history. It shows a share price of $0.063, market cap of $28m and 449m shares. No new developments are disclosed.
28 Aug 2014regulatory community update● Neutral
The Supreme Court hearing on the Rosella drilling suspension is set for late October 2014 (dates corrected in the next release). Metgasco is again asking the Government for documents it earlier refused, while continuing confidential settlement talks.
28 Aug 2014admin correction● Neutral
Corrects the court hearing dates in the earlier release to 20 and 21 October 2014. No other change.
25 Aug 2014regulatory community update● NeutralMajor
Metgasco confirms confidential, without-prejudice talks with the NSW Government seeking an out-of-court settlement of the Rosella suspension dispute. It says court action continues and will not comment on the talks' status or outcome.
14 Aug 2014regulatory community update▼ Bad
The NSW Government missed its 8 August deadline and then said it would file no evidence in the Rosella suspension case. Metgasco says the hearing is now more likely in December rather than October, and it will seek other ways to obtain the documents.
