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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
27 July 2016quarterly activities report● Neutral
Appendix 5B for the June 2016 quarter: cash fell from $18.053m to $17.742m, including a $333k separation payment to the former managing director and a $551k share buy-back of 9,337,430 shares. Estimated outflow next quarter is $244k. No debt; 401,108,520 shares on issue.
27 July 2016quarterly activities report● Neutral
June quarter: cash $17.742m plus $10.927m in bonds and funds, no debt, backing $0.0715 per share. NSW wind-up finished, with $311k of bonds and $295k of land and equipment sales received. No new CEO planned. Byron deal is the only new business so far.
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.
11 Apr 2016quarterly activities report● Neutral
Appendix 5B for March 2016 quarter: cash fell from $31.587m to $18.052m after $10.85m was put into bonds and funds and $1.917m went on the buy-back. Estimated outflow next quarter is $364k. No debt; 410,445,950 shares at quarter end.
11 Apr 2016quarterly activities report● Neutral
March quarter: Northern Rivers wind-up is done, land sold for about $250k, and the buy-back bought 38.0m shares at an average of $0.059 (reported as $0.59146, apparently a typo) for $2.25m. Cash is $18.05m plus $10.85m in bonds and funds. No new business has been secured yet.
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.
20 Jan 2016quarterly activities report▲ Good
Appendix 5B for December 2015 quarter: cash rose from $7.101m to $31.587m, helped by the $25m settlement. Operating outflows were $838k before it. Estimated outflow next quarter is $1.128m, including $244k of restructuring costs. No debt; 442,479,671 shares after cancellation.
20 Jan 2016quarterly activities report● Neutral
December quarter: the $25m settlement was paid, ending Metgasco's 10 years in the Northern Rivers; the 4,428 PJ 2C resource was written to nil. Plans: decommission two wells, cut costs, start a buy-back in February 2016, and secure a new business 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 2015agm notice● Neutral
AGM results: remuneration report voted down (111.4m against vs 93.4m for), Greg Short re-elected, nominee Grant Dunham not elected, and cancellation of 1,524,877 forfeited shares passed.
16 Dec 2015agm notice● Neutral
Chairman's opening address to the AGM and general meeting, calling the day disappointing for Northern Rivers gas supporters. It outlines the meeting order only; no new information.
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.