Past year: ▲ 850%(0.20c – 3.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
23 July 2014regulatory community update● Neutral
The NSW Government lodged its response to Metgasco's amended court summons on 21 July. Metgasco calls it free of surprises and will present its evidence on 28 July, disputing the claim that its consultation failure was apparent by 14 May.
7 July 2014regulatory community update▼ BadMajor
Chairman says the suspension has cost about $3 million and, per the letter, about a 40% share price fall. Court hearing is likely no earlier than October. Staff cut further, cash conserved, and opportunities outside the Northern Rivers will be considered.
4 July 2014regulatory community update● Neutral
Metgasco will pursue judicial review after the Minister kept the Rosella suspension in place. It says the regulator's reasons have changed and the Government has produced few documents under the court's notice to produce.
1 July 2014director officer appointment● Neutral
Nicholas Geddes resigns as co-secretary of Metgasco. CFO Sean Hooper continues as sole company secretary.
27 June 2014regulatory community update● Neutral
The Supreme Court made procedural orders on Metgasco's challenge to the Rosella suspension, with the next hearing set for 4 July. Metgasco is still assessing the Government's 26 June refusal to lift the suspension.
26 June 2014regulatory community update▼ BadMajor
The regulator says the Rosella drilling suspension will stay in place despite Metgasco's request for reconsideration. Metgasco is disappointed, rejects the consultation claim, and will continue its legal action if it finds the original errors unaddressed.
23 June 2014regulatory community update● Neutral
Metgasco has received some documents from the Office of Coal Seam Gas on the suspension decision, with more promised this week. It will make court submissions on whether the material was adequate.
16 June 2014regulatory community update● Neutral
Metgasco agreed to adjourn the first court hearing from 13 June to 27 June. In return the NSW Government committed to best endeavours to decide by 25 June whether to keep the suspension, and to release its decision documents by 20 June.
3 June 2014regulatory community update● NeutralMajor
Metgasco files for Supreme Court judicial review to set aside the Rosella suspension as unlawful and procedurally unfair, and will seek an expedited hearing. The regulator said it is inclined to maintain the suspension. Damages claim is being considered.
2 June 2014regulatory community update▲ GoodMajor
ICAC will not hold an inquiry into Metgasco, saying the referral contained no information indicating corrupt conduct. This resolves the 15 May referral thread; the Rosella suspension remains in place and disputed.
29 May 2014regulatory community update● Neutral
The NSW Premier has referred Metgasco's request for review to the resources minister, with a reply still awaited. Metgasco has written to all state MPs rebutting claims made about it, and asked ICAC to expedite any matters referred to it.
22 May 2014regulatory community update▼ BadMajor
Chairman Len Gill calls the Rosella suspension a breach of process and denial of natural justice. He puts the direct loss at up to $3 million in cancellation costs, and says Metgasco has asked the Premier for an independent review and called the OCSG's actions unlawful.
20 May 2014regulatory community update▼ Bad
The Office of Coal Seam Gas missed its 19 May deadline and could not say when it would respond on lifting the Rosella suspension. Metgasco has engaged specialist lawyers and says it remains committed to its Clarence Moreton Basin gas resources.
16 May 2014drilling progress report▼ BadMajor
Metgasco says Rosella drilling will not proceed in the near term because police resources needed for safe drilling were reallocated, even though the regulator was still considering its submission. It is cancelling rig and service contracts to minimise costs.
16 May 2014regulatory community update▼ BadMajor
Metgasco says it is shocked by the NSW Government's suspension of Rosella drilling, which it says came without warning and without explanation. It warns of substantial costs, notes the letter says PEL 16 could be cancelled for non-compliance, and rejects an ICAC referral.
16 May 2014other● Neutral
Metgasco responds to a media article linking it to ICAC and third parties, saying it has no association with those named. ERM, a roughly 13% holder, is passive with no board seat. It says it knows of no impropriety in its original licence.
15 May 2014regulatory community update▼ BadMajor
NSW Office of Coal Seam Gas orders all work on Rosella E-01 suspended until Metgasco shows it complied with PEL 16 community consultation condition 8. Metgasco says it complies, and took a 48-hour trading halt as the rig was being mobilised.
8 Apr 2014drilling progress report▼ Bad
Rosella E01 drilling is delayed because wet weather affected Atlas Rig 3's availability. Start is now expected within about four weeks, subject to rig confirmation. All approvals and the landholder agreement are in place.
1 Apr 2014admin correction● Neutral
Metgasco says a hoax media release claiming it would stop unconventional gas activity has no substance. It intends to continue conventional and unconventional exploration.
12 Mar 2014investor presentation● Neutral
March 2014 presentation repeats known facts: 100% of four tenements (PEL 130 under review), Rosella E01 drilling in April, CSG restart when conditions allow, and Northern Rivers local sales and micro LNG as priorities. No new results.
19 Feb 2014admin correction● Neutral
Metgasco denies an internet report of a farm-in deal for Rosella E01. It says it is exploring a farm-in with several parties but none is agreed. Drilling is still planned for April 2014.
14 Feb 2014contract award▲ GoodMajor
Atlas Drilling's Rig 3 is chosen for Rosella E01, to be supplied in mid-April subject to its current Queensland contract finishing. Metgasco also rebuts an activist shareholder letter it calls false and misleading and has referred it to ASIC.
6 Feb 2014regulatory community update▲ Good
NSW Government approves the environmental review (REF) for the Rosella E01 well, clearing the way to commit a rig and services. Drilling is still targeted for April 2014.
23 Dec 2013director officer appointment● NeutralMajor
Len Gill becomes chairman immediately; Nick Heath, chairman since 2010, will retire in the first half of 2014 but stays while Rosella-1 is drilled. Investment banker Peter Berry joins as non-executive director, following the proxy contest.
3 Dec 2013drilling scheduled● Neutral
After the AGM, directors met shareholders on strategy, governance and staffing. Rosella E01 is progressing: landholder agreement signed, rig tenders out, approvals well advanced. Drilling is targeted for March/April 2014, subject to rig and approvals.
25 Nov 2013admin correction● Neutral
ASIC form correcting an earlier share filing: 2,645,611 shares cancelled (the forfeited shares), leaving 448,702,530 shares on issue. Administrative only.
29 Oct 2013investor presentation● Neutral
Managing Director's AGM presentation defends the March suspension and says CSG restarts only when government support and regulation are clear. It explains the Rosella-1 restart as a single conventional well. Repeats known facts; no new figures.
21 Oct 2013investor presentation● Neutral
East coast gas presentation repeats known facts: 2P reserves 428 PJ before exclusion zones, cash $21m at 30 June, no debt, 445m shares, price $0.13 and market value $58m. ERM holds 12.7%. Field operations remain suspended.
18 Oct 2013remuneration report● Neutral
Managing Director Peter Henderson declines the long-term incentive award of about four million shares, and the board withdraws Resolution 5 at the 29 October AGM. He says this avoids clouding the vote on the director resolutions.
4 Oct 2013agm notice▼ BadMajor
The board urged shareholders to vote for all existing AGM resolutions and against the three director nominees put forward by a minority shareholder group. It said the group would take three of five board seats without a takeover offer, and that neither remaining director would stay. The AGM was on 29 October.
