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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
31 July 2017quarterly activities report● Neutral
Appendix 5B for the June quarter shows closing cash of $10.197m, with operating outflow of only $47k after $359k of interest income. Next-quarter outflows are estimated at $346k. Duplicates figures already in the quarterly report.
31 July 2017quarterly activities report● Neutral
June quarter: cash $10.2m, no debt, backing $0.0256 per share. Metgasco submitted a tender for State Government acreage, and says a very attractive opportunity it focused on intensely could not be closed. Byron's $1m quarterly repayments start October 2017; Bivouac Peak drilling is still no earlier than Q4 2017.
27 Apr 2017quarterly activities report● Neutral
March quarter: cash fell to $10.2m after the $8m Byron drawdown, which is now a receivable (cash plus receivables $18.2m). Bivouac Peak drilling slips to no earlier than Q4 2017, from the earlier Q1/early Q2 target. Queensland environmental authorities granted; a deal is still being negotiated.
27 Apr 2017quarterly activities report● Neutral
Appendix 5B for the March quarter shows closing cash of $10.247m after the $8m Byron advance. It estimates only $336k of outflows next quarter.
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.
31 Jan 2017quarterly activities report● Neutral
December quarter: cash $18.134m after the $9.96m capital return, no debt, backing $0.0455 per share. The Queensland blocks and Byron note are recapped; Bivouac Peak drilling is still expected in the first half of 2017. No new deal yet.
31 Jan 2017quarterly activities report● Neutral
Appendix 5B for the December quarter shows closing cash of $18.134m, with $10.907m from investment sales and $9.962m paid out as return of capital. It forecasts $8.4m of next-quarter outflows, mostly the $8m Byron loan.
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 2016quarterly activities report● Neutral
September quarter: cash $17.517m plus $10.979m in bonds and funds, no debt, backing $0.0715 per share. The $9.96m return of capital awaits the ATO ruling, with payment hoped for November. Bonds and credit are being moved to cash deposits. No new deals beyond Byron.
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.
14 Oct 2016agm notice● Neutral
Metgasco announces its 2016 annual general meeting will be held on 24 November 2016. Date notice only, with no other new 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.
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.
5 Sept 2016agm notice● Neutral
Letter urging shareholders to vote at the 12 September general meeting. Key item is the 2.5c capital return, the first distribution since the 2004 listing. Also covers cancelling forfeited shares, a further 10% buy-back and a takeover provision. Bivouac Peak cost is put at about A$2m.