Past year: ▲ 850%(0.20c – 3.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
28 Nov 2014investor presentation● Neutral
Slides accompanying the MD's AGM address, repeating the rehabilitation progress, the PPLA 9 licence wait and the Rosella suspension history. Metgasco is considering a damages claim but would prefer to settle out of court. No new developments.
28 Nov 2014other● Neutral
Chairman's AGM address criticising NSW policy shifts and the Rosella suspension. Judgment may come before Christmas; if successful, Metgasco expects settlement, otherwise it will consider damages. No new decisions are disclosed in the visible text.
28 Nov 2014investor presentation● Neutral
AGM slides repeating known points: Rosella judgment possibly before Christmas, $120m invested, and the reserves-to-resources reclassification. They also mention diversification outside NSW and some MPs backing a buyback or cancellation of licences.
28 Nov 2014investor presentation● Neutral
MD's AGM address recapping the Rosella suspension and community consultation. Notes decommissioning of all wells except two suspended for future production, some bonds repaid, and the PPLA 9 production licence still awaiting formal issue, with field activity planned before June 2015 to secure the Development Approval.
14 Nov 2014regulatory community update● Neutral
Metgasco welcomes the NSW Government's gas plan but says it leaves regulatory uncertainty, with many rules not defined until well into 2015. It is seeking a meeting with the Minister for Resources and Energy.
31 Oct 2014quarterly activities report● Neutral
September quarter: the court case was heard 20 and 21 October, with judgment unlikely before December and possibly much later. Cash was $10.3m with no debt. Exploration focus has shifted to opportunities outside NSW. Settlement talks have produced no agreement.
27 Oct 2014annual report▼ Bad
Annual report; the text is garbled, but the readable part of the chairman's letter calls the year challenging and disappointing. It repeats the Rosella suspension history, the court hearing in October and the unresolved settlement talks. The rest cannot be read.
22 Oct 2014regulatory community update● Neutral
The Supreme Court heard Metgasco's challenge to the Rosella suspension on 20 and 21 October, on schedule. Metgasco argues the suspension was unlawful. It has no indication when judgment will come.
14 Oct 2014agm notice● Neutral
The AGM is set for 28 November 2014 in North Sydney. Director nominations close on 21 October 2014. Administrative notice only.
29 Sept 2014director officer appointment● Neutral
Nicholas Heath retires from the board on 30 September 2014. He had planned to leave earlier but stayed to help with the Rosella suspension. The board will not replace him, to reduce costs. This resolves the open Heath retirement thread.
26 Sept 2014annual report▼ Bad
Full-year accounts to 30 June 2014, covering the Rosella suspension and cancelled drilling. The extract notes the PEL 426 renewal, due February 2014, had not yet been received. The impairment and reserve reclassification announced on 19 September are expected to feature in the statements.
19 Sept 2014resource reserve update▼ BadMajor
Citing NSW political uncertainty, the board will impair capitalised exploration spending to nil and reclassify all reserves (2P 338 PJ, 3P 2,055 PJ) as contingent resources, giving 4,428 PJ of 2C. This reverses the reserve bookings carried since 2012. MHA says reserves can be restored later.
10 Sept 2014investor presentation● Neutral
Good Oil Conference presentation, 'Rosella – lessons learnt', repeating the well, protest and suspension history. It shows a share price of $0.063, market cap of $28m and 449m shares. No new developments are disclosed.
28 Aug 2014regulatory community update● Neutral
The Supreme Court hearing on the Rosella drilling suspension is set for late October 2014 (dates corrected in the next release). Metgasco is again asking the Government for documents it earlier refused, while continuing confidential settlement talks.
28 Aug 2014admin correction● Neutral
Corrects the court hearing dates in the earlier release to 20 and 21 October 2014. No other change.
25 Aug 2014regulatory community update● NeutralMajor
Metgasco confirms confidential, without-prejudice talks with the NSW Government seeking an out-of-court settlement of the Rosella suspension dispute. It says court action continues and will not comment on the talks' status or outcome.
14 Aug 2014regulatory community update▼ Bad
The NSW Government missed its 8 August deadline and then said it would file no evidence in the Rosella suspension case. Metgasco says the hearing is now more likely in December rather than October, and it will seek other ways to obtain the documents.
31 July 2014quarterly activities report▼ Bad
June quarter: the Rosella suspension forced cancellation of drilling, and court evidence should finish by end August with an October hearing. Cash was $11.5 million with no debt, down from about $21 million at June 2013. Reserves unchanged at 2P 338 PJ.
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.
