Past year: ▲ 850%(0.20c – 3.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
20 May 2014regulatory community update▼ Bad
The Office of Coal Seam Gas missed its 19 May deadline and could not say when it would respond on lifting the Rosella suspension. Metgasco has engaged specialist lawyers and says it remains committed to its Clarence Moreton Basin gas resources.
16 May 2014drilling progress report▼ BadMajor
Metgasco says Rosella drilling will not proceed in the near term because police resources needed for safe drilling were reallocated, even though the regulator was still considering its submission. It is cancelling rig and service contracts to minimise costs.
16 May 2014regulatory community update▼ BadMajor
Metgasco says it is shocked by the NSW Government's suspension of Rosella drilling, which it says came without warning and without explanation. It warns of substantial costs, notes the letter says PEL 16 could be cancelled for non-compliance, and rejects an ICAC referral.
16 May 2014other● Neutral
Metgasco responds to a media article linking it to ICAC and third parties, saying it has no association with those named. ERM, a roughly 13% holder, is passive with no board seat. It says it knows of no impropriety in its original licence.
15 May 2014regulatory community update▼ BadMajor
NSW Office of Coal Seam Gas orders all work on Rosella E-01 suspended until Metgasco shows it complied with PEL 16 community consultation condition 8. Metgasco says it complies, and took a 48-hour trading halt as the rig was being mobilised.
30 Apr 2014quarterly activities report▼ Bad
March quarter: Rosella E01 drilling slips to May after rig delays, with all approvals in place. Protesters camped at the site are blocking the farmer's access, with police support and security costs expected. Reserves unchanged at 2P 338 PJ, 3P 2,055 PJ.
8 Apr 2014drilling progress report▼ Bad
Rosella E01 drilling is delayed because wet weather affected Atlas Rig 3's availability. Start is now expected within about four weeks, subject to rig confirmation. All approvals and the landholder agreement are in place.
1 Apr 2014admin correction● Neutral
Metgasco says a hoax media release claiming it would stop unconventional gas activity has no substance. It intends to continue conventional and unconventional exploration.
12 Mar 2014investor presentation● Neutral
March 2014 presentation repeats known facts: 100% of four tenements (PEL 130 under review), Rosella E01 drilling in April, CSG restart when conditions allow, and Northern Rivers local sales and micro LNG as priorities. No new results.
19 Feb 2014admin correction● Neutral
Metgasco denies an internet report of a farm-in deal for Rosella E01. It says it is exploring a farm-in with several parties but none is agreed. Drilling is still planned for April 2014.
14 Feb 2014contract award▲ GoodMajor
Atlas Drilling's Rig 3 is chosen for Rosella E01, to be supplied in mid-April subject to its current Queensland contract finishing. Metgasco also rebuts an activist shareholder letter it calls false and misleading and has referred it to ASIC.
6 Feb 2014regulatory community update▲ Good
NSW Government approves the environmental review (REF) for the Rosella E01 well, clearing the way to commit a rig and services. Drilling is still targeted for April 2014.
4 Feb 2014quarterly activities report● Neutral
Permits listing for the December quarter: 100% of PEL 13, PEL 16 and PEL 426, no tenement or farm-in/out changes. Restates 2P 338 PJ and 3P 2,055 PJ. Administrative.
31 Jan 2014quarterly activities report● Neutral
December quarter: Rosella E01 planning is advanced, targeting April drilling, with four compliant rig bids and a commitment expected in February. Decommissioning largely done, and an aeromagnetic reprocessing trial supports the well location. Board changes and shareholder meetings noted.
23 Dec 2013director officer appointment● NeutralMajor
Len Gill becomes chairman immediately; Nick Heath, chairman since 2010, will retire in the first half of 2014 but stays while Rosella-1 is drilled. Investment banker Peter Berry joins as non-executive director, following the proxy contest.
3 Dec 2013drilling scheduled● Neutral
After the AGM, directors met shareholders on strategy, governance and staffing. Rosella E01 is progressing: landholder agreement signed, rig tenders out, approvals well advanced. Drilling is targeted for March/April 2014, subject to rig and approvals.
25 Nov 2013admin correction● Neutral
ASIC form correcting an earlier share filing: 2,645,611 shares cancelled (the forfeited shares), leaving 448,702,530 shares on issue. Administrative only.
29 Oct 2013investor presentation● Neutral
Managing Director's AGM presentation defends the March suspension and says CSG restarts only when government support and regulation are clear. It explains the Rosella-1 restart as a single conventional well. Repeats known facts; no new figures.
29 Oct 2013agm notice● Neutral
Chairman's AGM address recounts the 2011-13 NSW regulatory delays and the two fundraisings, and says the vote on three minority-nominated directors will decide the company's governance and direction. The text is truncated, so no outcome is shown.
28 Oct 2013quarterly activities report● Neutral
September quarter report: CSG activity stays suspended while decommissioning continues. Rosella E01 (2,100m, mean 1,304 BCF gas in place, commercially high risk) is planned for next year, with a landholder agreement close. Non-NSW opportunities reviewed; most found unsuitable.
21 Oct 2013agm notice● Neutral
Metgasco rejects the minority group's claims about delays and discounted shares. It says the AGM was called before the group's notice arrived and that the 10 million employee shares were priced at the 30-day average of 5.3 cents, with no discount. It repeats its voting recommendations.
21 Oct 2013investor presentation● Neutral
East coast gas presentation repeats known facts: 2P reserves 428 PJ before exclusion zones, cash $21m at 30 June, no debt, 445m shares, price $0.13 and market value $58m. ERM holds 12.7%. Field operations remain suspended.
18 Oct 2013remuneration report● Neutral
Managing Director Peter Henderson declines the long-term incentive award of about four million shares, and the board withdraws Resolution 5 at the 29 October AGM. He says this avoids clouding the vote on the director resolutions.
10 Oct 2013agm notice● Neutral
Replacement notice of the 29 October AGM adds the minority group's three director resolutions. The board again recommends voting for its own resolutions and against the three nominees, and attaches its reasons, the group's material and a revised notice.
4 Oct 2013agm notice▼ BadMajor
The board urged shareholders to vote for all existing AGM resolutions and against the three director nominees put forward by a minority shareholder group. It said the group would take three of five board seats without a takeover offer, and that neither remaining director would stay. The AGM was on 29 October.
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.
