Past year: ▲ 850%(0.20c – 3.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
4 Dec 2015other● Neutral
Chairman's letter urges shareholders to accept the $25 million buy-back, saying it exceeds likely outcomes from continuing, and that the offer lapses if rejected. If accepted, cash would exceed $30 million at start of 2016, to be used for non-NSW oil and gas opportunities.
20 Nov 2015other● Neutral
Metgasco opens a shareholder information line for questions on the 16 December AGM resolutions and the $25 million settlement / buy-back vote. Administrative only.
11 Nov 2015agm notice● Neutral
With ASIC approval, the AGM is moved from 30 November to 16 December 2015 so it can be held the same day as a general meeting on selling the company's main undertaking to NSW.
2 Nov 2015asset acquisition disposition● NeutralMajor
NSW Government offers $25 million to buy back PEL 13, PEL 16 and PEL 426 and settle the legal disputes; the board unanimously recommends it, subject to a shareholder vote. This replaces the rejected earlier indicative offer. Cash backing would be $0.074/share.
30 Oct 2015quarterly activities report● Neutral
Appendix 5B for the September 2015 quarter: cash fell from $7.655m to $7.101m, with operating outflow of $537k after a $250k legal cost recovery. No debt. Estimated outflow next quarter is $882k.
30 Oct 2015quarterly activities report● Neutral
September quarter: damages claim lodged 4 September after talks failed; Government reimbursed $250,000 of legal costs. Seismic is planned for late November or early December, though Lismore Council opposes it. Rosella drilling is planned for first half of 2016; PPLA 9 still not granted. 2C resources remain 4,428 PJ.
22 Oct 2015other● Neutral
Corporate governance statement describing board functions, committees and policies against ASX principles. Administrative document with no new company developments.
20 Oct 2015annual report▼ Bad
2015 annual report: the chair and MD call the year disappointing despite the court win, with little field progress and no non-NSW deal yet. Government's indicative verbal offer was rejected. Plan is seismic in 2015 and Rosella drilling in 2016.
29 Sept 2015contract award▲ Good
Metgasco signed Terrex to acquire about 16 km of seismic in PEL 16, expected in second half of November, to firm up the Greater Mackellar structure ahead of Rosella. Rosella drilling contractor negotiations are almost complete.
7 Sept 2015regulatory community update● NeutralMajor
Metgasco served a statement of claim on the NSW Government on 4 September for damages from the unlawful 2014 Rosella suspension. Hearing dates are not set. Follows failed attempts to get compensation without court action.
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.
31 July 2015quarterly activities report● Neutral
June quarter: confidential damages talks with NSW Government are expected to finish before end August, with seismic, Rosella drilling and damages court action on hold meanwhile. Site works began, securing the Development Approval. PPLA 9 licence is still not formally issued; costs recovery sought is about $250k.
31 July 2015quarterly activities report● Neutral
June quarter cash flow: cash rose from $6.620m to $7.655m, helped by $1.69m Elk loan repayment. Operating outflow was $723k. No debt, and next-quarter outflows are estimated at $1.219m.
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.
1 May 2015quarterly activities report● Neutral
March quarter cash flow report: cash fell from $9.031m to $6.620m, with $1.69m Elk loan repaid in. Operating outflow was $1.534m. No debt, and next-quarter outflows are estimated at $824k.
30 Apr 2015quarterly activities report▲ Good
March quarter: recaps the Rosella court win (suspension quashed, compensation to be sought), the Elk merger termination and full loan repayment. PPLA 9 licence is still not formally issued after seven years; site works planned. 2C resources remain 4,428 PJ.
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.
30 Jan 2015quarterly activities report● Neutral
December quarter: details the Elk merger, which depends on Metgasco raising funds for the Grieve field, and a $2.5m secured convertible loan to Elk. The oil-price condition has already been triggered, and Metgasco can act on it. Elk's 2P reserves for Grieve are 12 million barrels, with Elk's share 3.4 million.
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.
