Past year: ▲ 850%(0.20c – 3.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
2 Oct 2013annual report● Neutral
Re-lodgement of the 2013 Annual Report, with the same directors' report as the 26 September release: operations suspended in March and a 100% interest in three licences. No new information is visible in the text provided.
2 Oct 2013drilling scheduled▲ GoodMajor
Metgasco is starting preparations to resume exploration by drilling Rosella-1 in PEL 16, citing better political developments. Target depth is 2,100m, with a mean 1,304 BCF gas in place, described as commercially high risk. Final commitment awaits rig and permits; drilling is expected in the first half of 2014.
30 Sept 2013agm notice▼ BadMajor
Shareholders holding over 5% have proposed Glenda McLoughlin, Michael O'Brien and Stuart Glenn as directors and will oppose Heath's and Short's election, the remuneration report and Henderson's share award. Metgasco advises holding off voting while it considers the notices.
26 Sept 2013resource reserve update▼ BadMajor
Annual report overview: cash about $21m at 30 June 2013. 2P reserves cut 21% to 338 PJ and 3P cut 23% to 2,055 PJ, largely from the proposed 2 km exclusion zone, and reversed if it is not adopted. Exploration assets are not impaired.
26 Sept 2013annual report● Neutral
2013 Annual Report for the year to 30 June 2013 restates the year: 32 km of seismic, Thornbill E04 and Bowerbird E04 drilled, then field operations suspended in March. The company holds 100% of three licences covering about 4,556 km2. Financial details are truncated in this text.
19 Sept 2013regulatory community update▲ Good
Metgasco welcomes support for NSW coal seam gas from new Federal Industry Minister Ian Macfarlane and will attend the NSW energy security summit. It is a supportive political signal after the March suspension, but no change to operations or approvals is announced.
9 Sept 2013other● Neutral
Board letter to shareholders acknowledges frustration over share price and inactivity. It says the March suspension was right, the company keeps three licences with over 400 bcf 2P and 2,500 bcf 3P reserves, and it will resume NSW work only when government support is clear. It is also reviewing opportunities outside NSW.
6 Aug 2013director officer appointment● Neutral
Greg Short, a petroleum geoscientist with over 40 years' experience, mostly at Esso/ExxonMobil, joins the board as non-executive director. He fills the gap left by Steven Koroknay's death and is expected to help with opportunities outside NSW.
7 June 2013director officer appointment▼ Bad
Non-executive director Steven Koroknay died suddenly on 6 June 2013. He had a 40-year petroleum industry career. The board loses a director; no replacement is named in this notice.
13 Mar 2013other▼ BadMajor
Metgasco suspends its Clarence Moreton program because of regulatory uncertainty after the NSW Government's 19 February announcement. Staff will be cut, most wells rehabilitated, tenure kept with minimal work programs, and capital used to seek opportunities outside the basin.
1 Mar 2013other▼ Bad
S&P index notice: Metgasco is removed from the All Ordinaries index after the close on 15 March 2013. This is an index change, not company news.
22 Feb 2013drilling result● Neutral
Bowerbird E04 in PEL 13 reached 495m, finding the Walloon Coal Measures near the predicted depth. 34 coal samples were taken for gas analysis. Results are pending, and the well is to be plugged and abandoned.
19 Feb 2013regulatory community update▼ Bad
The NSW Government announced new CSG policies and administrative processes on 19 February. Metgasco says details are unclear but could significantly affect its operations, and has asked for an urgent meeting. A new regulatory threat after the earlier 18-month moratorium.
8 Feb 2013drilling progress report● Neutral
Rig 103 moved to Bowerbird E04 in PEL 13 after flood delays, with spud expected within days. It is a 550m vertical coal well, second of the 2013 program, to be followed by three lateral wells and the Mackellar conventional test.
29 Jan 2013drilling result● Neutral
Thornbill E04 reached 749.5m and found the Walloon Coal Measures at the predicted depth. Coal thickness and quality analysis is under way; no commercial result yet. The well has been plugged and abandoned as planned.
24 Jan 2013investor presentation● Neutral
MD interview: program started late from rig, approval and protest issues. One of three core wells deferred, leaving two core, three lateral and one conventional well. Rosella-1 now May-June 2013, local gas sales targeted by year end, 2013 program said to be fully funded.
11 Jan 2013drilling spud● Neutral
Thornbill E04 spudded on 10 January with AJ Lucas Rig 103, planned to 800m in PEL 426 (100%). It is a simple vertical coal-mapping well to be plugged and abandoned, the first of the post-moratorium program.
24 Dec 2012drilling scheduled▲ Good
Field work on Thornbill E04, a vertical coal-mapping well in PEL 426, starts early January 2013, with all landholder and government approvals in hand. Laterals and the Greater Mackellar conventional well follow. Resolves the long-awaited program start.
13 Nov 2012investor presentation● Neutral
AGM presentation by the MD calling 2011/12 a tough year. Restates certified reserves (2P 411 Bcf, 3P 2,443 Bcf), four 100%-owned tenements and 23 Tcf gas in place. Says NSW has given CSG the green light. No new results.
12 Nov 2012drilling progress report▲ Good
The 2D seismic acquisition in PEL 16 is complete, to define the Greater Mackellar structure ahead of Rosella-1, now probably April/May 2013. Data quality is fair to good. Core wells expected to start November or early December, subject to approvals.
2 Nov 2012contract award▲ GoodMajor
Metgasco signed AJ Lucas to supply a KWL 1600 rig to drill three exploration core wells: two in PEL 426 and one in PEL 13. This is the first drilling rig commitment, resolving the open rig question for the core wells. Rig for laterals still to be committed.
1 Nov 2012investor presentation● Neutral
Global Gas Series deck repeating known facts. Updated capital structure: share price $0.21, market cap $93m, 444m shares, cash about $30m including SPP, no debt. PEL 130 now listed as a fourth tenement, subject to work program approval.
30 Oct 2012capital raising announcement▲ GoodMajor
The Share Purchase Plan raised $10.4m, on top of the $10.2m placement at $0.20 and existing cash. Funds go to three lateral CSG wells, three core wells, seismic and Rosella-1. Completes the raising that began in September.
15 Oct 2012investor presentation● Neutral
CEO interview restating strategy: NSW government support, 2,500 PJ 3P reserves, three lateral CSG wells and three core wells by mid-2013. Rosella well now targeted for Q2 2013, and first cash flow in 2013 from Richmond Dairies, subject to approval. No new results.
15 Oct 2012material agreement▲ Good
Metgasco is working with the Pacific Intermodal & Logistics Industrial Park to supply gas to a proposed Casino industrial estate, which could use 3-4 TJ a day (over 1 PJ a year). No binding sales agreement is announced; adds to the Richmond Dairies sale.
12 Oct 2012annual report● Neutral
Full audited annual report for the year to 30 June 2012. Repeats that further drilling was delayed pending NSW regulation, and the first PEL 13 reserves (31.2 PJ 2P). Rosella E01 and 34 line km of seismic still planned. Financial figures not in this extract.
11 Oct 2012investor presentation● Neutral
APPEA CSG conference deck repeating known facts. Updates capital structure: share price $0.20, market cap $78m, 392m shares, no debt. LNG Ltd now shown at 8.8%, ERM 8.1%. Local gas sales still due 2013. No new results.
10 Oct 2012annual report● Neutral
2012 Annual Review highlights the first production lease, PEL 13 and 16 renewals, $12.2m cash at 30 June and the $10.2m September placement. Chairman says progress fell well short of expectations. Restates certified reserves of about 2,500 PJ; no new results.
9 Oct 2012contract award▲ Good
Metgasco appointed CNC Project Management and OSD Pipelines to support obtaining a further production lease for Northern Rivers gas sales. It cites local market opportunities of 5 to 10 PJ a year. Follows the first production lease granted in September.
26 Sept 2012annual report● Neutral
Annual report for the year to 30 June 2012. Metgasco holds 100% of PELs 13, 16 and 426 (4,556 km2). It says further drilling was delayed pending NSW regulation. Financial figures are not in this extract.
