Past year: ▲ 850%(0.20c – 3.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
18 Sept 2012capital raising announcement● Neutral
The Share Purchase Plan opens, letting eligible holders buy up to $15,000 of shares at $0.20, about an 18% discount to the five-day average price. Capped at $20m and not underwritten; closes 22 October. Funds go to 3 dual lateral wells and 4 core wells.
17 Sept 2012other● Neutral
Trading resumed after the suspension, following the placement and Share Purchase Plan announcement. Administrative notice only.
17 Sept 2012investor presentation● Neutral
Investor presentation from 13-14 September repeating the earlier deck: $0.235 share price, $80m market cap, cash $12m at 30 June, no debt, local gas sales due 2013. No new information.
17 Sept 2012capital raising announcement● NeutralMajor
Metgasco raised about $10m in a placement at $0.20 per share, plus a Share Purchase Plan for existing holders at the same price. Funds go to lateral CSG wells and licence commitments. Cash was $12.2m at 30 June.
13 Sept 2012other● Neutral
LNG Ltd, now Metgasco's largest shareholder at 10.2%, welcomed the licence renewals and first production lease. The rest is about LNG Ltd's own Gladstone project and PetroChina's purchase of Molopo's Queensland gas assets, not Metgasco.
13 Sept 2012other● Neutral
Metgasco's shares were suspended at the company's request pending an announcement about a placement. This is the first sign of a capital raising after the licence renewals.
11 Sept 2012regulatory community update▲ GoodMajor
NSW Government released new CSG regulations, renewed PEL 13 and 16 and granted Metgasco's first Petroleum Production Lease. This ends the licence-renewal freeze flagged in the June quarterly, though the CEO says the new rules may add cost and are cumbersome.
31 Aug 2012investor presentation● Neutral
Investor deck restating known figures: share price $0.235, market cap $80m, cash $12m at 30 June, no debt, 340.7m shares. Local gas sales now due to start in 2013. LNG Ltd holds 10.25% and ERM Power 7.96%. No new results.
21 Aug 2012price query● Neutral
ASX queried the rise from 18.5 cents to an intraday high of 27.5 cents on heavy volume. Metgasco said it knew of no unannounced information and had no explanation for the price move.
18 July 2012director officer appointment▲ Good
Dr Simon Hann appointed Drilling and Production Manager, joining from Santos/GLNG where he managed CSG drilling and completions. Adds drilling expertise as the company moves from exploration towards commercialisation.
28 May 2012regulatory community update● Neutral
Metgasco released a Lawrence Consulting study claiming its proposed Northern Rivers gas operations could bring $2.1bn of total expenditure over 20 years and about 950 ongoing jobs. These are the company-commissioned study's projections, not results.
28 May 2012regulatory community update● Neutral
Duplicate of the same release: a company-commissioned study projects $2.1bn of total expenditure over 20 years and about 950 operations jobs in the Northern Rivers. Re-release with no new information.
26 Mar 2012investor presentation● Neutral
Notice that the Managing Director's Excellence in Oil and Gas presentation can be heard online. No content in the announcement itself.
5 Mar 2012investor presentation● Neutral
International roadshow deck (Hong Kong, New York, London) restating known figures: 2P 412 Bcf, cash $17m at 31 December, 338.6m shares, $122m market value at $0.36. Greater Mackellar drilling now stated as second half 2012. No new results.
2 Mar 2012other▼ Bad
S&P's March 2012 quarterly rebalance listed Metgasco among the additions to the All Ordinaries index, effective after the close on 16 March 2012. The notice contained no company operational news.
1 Mar 2012director officer appointment● Neutral
Glenda McLoughlin retired as director and company secretary effective 29 February 2012, as previously advised. Sean Hooper is now listed as Chief Financial Officer. Completes the retirement flagged in the quarterly report.
23 Feb 2012half year report● Neutral
Auditor's independence declaration and review report on the half-year to 31 December 2011. BDO found nothing to suggest the accounts are not in accordance with the Corporations Act. Financial figures are not in this extract.
12 Jan 2012contract award▲ GoodMajor
Metgasco signed a binding 10-year gas sale agreement with Richmond Dairies, its first gas sale from Casino, with supply planned from 2012. It is subject to approvals for the supply infrastructure. This converts the earlier non-binding MOU.
14 Nov 2011other● Neutral
Chairman's AGM address defends the company's community and environmental record, citing land access agreements with over 250 landowners. It restates the shift from exploration to development and first Casino gas deliveries. No new operational information.
14 Nov 2011investor presentation● Neutral
MD's AGM presentation restates reserves (2P 428 PJ, 3P 2,542 PJ) and Greater Mackellar OGIP (1,312 Bcf), with Rosella to be drilled mid-2012. It adds that a WorleyParsons LNG study found all options economically feasible, which is the company's own claim.
13 Oct 2011annual report● Neutral
2011 Annual Report restates known results: 2P reserves 428 PJ, 3P 2,542 PJ, 2C 2,511 PJ, and $21m raised. Rosella E01 is to be drilled next year, and Henderson's April 2011 appointment is noted. No new information.
6 Oct 2011price query● Neutral
ASX queried a rise from $0.335 to an intra-day high of $0.525. Metgasco knew of no undisclosed news. It pointed to ERM Power's 6% stake and recent coal seam gas sector deals, and restated that it is evaluating LNG options.
29 Sept 2011other▲ Good
ERM Power (ASX:EPW) disclosed a 5.51% substantial holding in Metgasco (18,586,989 shares), calling it a modest investment for exposure to rising east coast gas prices. A new, sizeable strategic holder joins the register.
22 Sept 2011annual report● Neutral
Audited 2011 financial report and directors' report for the year to 30 June 2011. Repeats known results: Thornbill wells, Harrier P01 and Corella P18 on dewatering, Greater Mackellar gas in place 1.3 Tcf with drilling in 2012. Financial figures not readable in the extract.
19 Sept 2011regulatory community update● Neutral
Metgasco lodged a submission to the NSW Parliament CSG inquiry, saying its operations will not harm groundwater (per an independent consultant) and citing over 300 voluntary landholder access agreements. Advocacy on the CSG regulatory concern, with no operational change.
7 Sept 2011investor presentation● Neutral
Good Oil Conference presentation, essentially the same as the August roadshow deck: 2P 428 PJ, cash about $23m including the raising, 334.8m shares, $110.5m market value at $0.33. No new information.
31 Aug 2011investor presentation● Neutral
Asia roadshow presentation restating known facts: 2P 428 PJ, 3P 2,542 PJ, cash about $23m including the raising, no debt. Shows 334.8m shares and $110.5m market value at $0.33. Quotes CSG OGIP of 24 Tcf and conventional 2 Tcf.
5 Aug 2011capital raising announcement● Neutral
58,723,231 new shares were issued under the SPP, completing the $15.3m raise. Administrative completion of the offer announced on 2 August.
2 Aug 2011capital raising announcement▲ GoodMajor
The SPP raised $15.3m at $0.26, which with the $6.25m placement gives over $21m of new funding. Money goes to gas commercialisation, CSG drilling for NSW work commitments, Rosella E01 and working capital. Resolves the open SPP thread.
26 July 2011production update▲ GoodMajor
Harrier P01 is producing 230,000 scfd while still dewatering, above Corella P11's 210,000 scfd peak and the company's model. Corella P18 has exceeded 100,000 scfd against a 70,000 expectation. First stabilised-style gas rates for the multilateral pilot wells, with more expected.
