19 Oct 2010investor presentation● Neutral
Notice of an audio broadcast on 19 October with the Managing Director commenting on field and commercialisation activities. It carries no content itself.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
15 Oct 2010annual report● Neutral
2010 Annual Report, mostly restating the year: Kingfisher discovery (80 PJ P50 to 298 PJ P10, described as the largest onshore gas find in NSW in over a century), PEL 16 2P of 397 PJ, 100% of all three permits, and power station approval. No new results seen.
27 Sept 2010material agreement▲ Good
Metgasco confirms an MOU with LNG Ltd to study supplying gas to Gladstone or a Port of Brisbane LNG project, with a preferred LNG option expected to be selected in 2011 if feasible. Same deal as LNG Ltd's release, from Metgasco's side.
27 Sept 2010material agreement▲ GoodMajor
Metgasco signed an MOU with Norway-listed FLEX LNG to study a floating offshore LNG project using its Clarence Moreton gas. It is a second LNG option alongside the LNG Ltd study, with a preferred LNG option to be chosen in 2011 if feasible.
27 Sept 2010material agreement▲ GoodMajor
LNG Ltd, Metgasco's largest shareholder with 5.03%, signed an agreement to jointly study sending Metgasco gas to LNG Ltd's Gladstone LNG project. Metgasco's internal estimate suggests enough gas for up to 3 mtpa over 20 years, needing about 3,600 PJ. This is a study only.
23 Sept 2010annual report● Neutral
Audited accounts for the year to 30 June 2010 restate known items: Kingfisher discovery (80 PJ P50, 298 PJ P10), PEL 16 2P of 397 PJ, Corella P18 stuck pipe, and power station approval. Text is truncated, so the financial results are not visible.
22 Sept 2010drilling progress report▼ Bad
About 43 line km of seismic has been acquired in PEL 13 and 16 before heavy rain forced the crew to demobilise. Thornbill E01 and E02 top holes are cased, but rain is stopping the rig moving there. Both are delays to existing plans.
16 Sept 2010investor presentation● Neutral
Managing Director's Rodman & Renshaw (New York) presentation, mostly repeating known facts: 100% of 4,620 km2 across three permits, certified reserves, and cash of A$20m. Market value quoted as A$128m at $0.51 (13 Sept). No new results visible.
15 Sept 2010drilling result▲ Good
Bowerbird E01 core hole reached 780m, with about 29m of gas-bearing coal and siltstone; gas content results await desorption testing. The 2010 seismic survey (~200 line km) has started, with Terrex on site, aimed at Kingfisher limits and other leads.
9 Sept 2010drilling progress report● Neutral
Bowerbird E01 (PEL 13) was at 642m with about 13.7m of gas-bearing coal intersected, in the Eden Creek fairway. Thornbill E01 and E02 in PEL 426 follow, with top holes drilled. Drilling in progress, with no gas content results yet.
8 Sept 2010investor presentation● Neutral
CFO's Good Oil Conference presentation, repeating known facts: about 252 million shares, 380 Bcf 2P reserves, Kingfisher flowing about 3 million scf/d, and cash of A$20m at 30 June. Market value is quoted at A$110m at $0.44 (31 Aug). No new results.
2 Sept 2010drilling spud● Neutral
Bowerbird E01 core well spudded 2 September 2010 in PEL 13 (MEL 100%), targeting 700m. The rig will then move to PEL 426 to drill Thornbill E01 and E02, testing Walloon coals near the Banyabba anticline.
27 Aug 2010drilling scheduled● Neutral
Bowerbird E01 core well is expected to start next week in PEL 13, about 3.7km west of Corella P11, targeting 700m. It is meant to help define the coal seam gas fairway and inform trial production planning.
9 Aug 2010other● Neutral
Update on gas commercialisation: power station progress continues, and options under review include local customers, power stations, mini-LNG and export LNG. Internal estimates suggest enough gas for an LNG plant of up to 3 million tonnes a year, but the company says substantial further work is needed to certify reserves.
2 July 2010flow test result● NeutralMajor
Kingfisher Test 5 flowed gas at 168,000 scfd, well below the 2.97 million scfd of Test 1, and suggests natural fracturing. The company is designing a frac stimulation to trial on this zone, reflecting that many zones are tight gas.
22 June 2010flow test result▲ Good
Test 5 began 17 June on a 3m upper Gatton zone (1,450-1,453m), with wellhead pressure of 2,040 psi. Tests so far all show gas, typically above 95% methane, with variable quality from conventional to tight gas. Flow results are still to come.
16 June 2010director officer appointment● NeutralMajor
Deputy Chairman Nicholas Heath becomes Chairman from 1 July 2010, replacing founding chairman Dr Peter Power, who retires. Len Gill, a former TXU Australia CEO and current Alinta Energy chairman, joins as a non-executive director, bringing power-sector experience as the company moves toward development.
11 June 2010investor presentation● Neutral
Managing Director's North Coast Energy Forum presentation on natural gas and energy supply, mostly general background on gas versus coal. Text is truncated and no new company results are visible.
9 June 2010regulatory community update▲ GoodMajor
NSW Planning approved the 30MW Richmond Valley Power Station near Casino, resolving the long-outstanding development approval. It would use about 2.3 PJ of gas a year. Final investment decision still depends on commercial negotiations and board approval.
21 Apr 2010other● Neutral
Notice of an audio broadcast of the Managing Director's 21 April conference presentation. No new information.
19 Apr 2010investor presentation● Neutral
Managing Director's Sydney conference presentation covering the Clarence Moreton Basin, Kingfisher testing (2.97 million scfd from Test 1), leads and prospects, and $29m cash with no debt. Repeats known facts; no new results.
6 Apr 2010investor presentation● Neutral
Re-lodgement of the Managing Director's IIR CSG conference presentation from 29-31 March, which was already released. No new information.
31 Mar 2010drilling result▲ Good
Bowerbird E2 in PEL 13 reached 672m, with 42m of gassy coal and gas-bearing shale found from 296m and about 17m of core taken. Testing and lab analysis come next. An encouraging early sign, but no flow rates yet.
29 Mar 2010investor presentation● Neutral
Managing Director's conference presentation covering Metgasco's acreage, certified reserves (2P 381 Bcf, 3P 2,153 Bcf) and Corella-11 production history, with comparison to the US Evergreen coal seam story. Repeats known facts.
17 Mar 2010investor presentation● Neutral
CFO presentation at a coal seam methane conference, repeating known points: Kingfisher discovery, reserve upgrade, 100% permit ownership and the 2010 PEL 13 core drilling program. No new figures.
17 Mar 2010drilling spud● Neutral
Bowerbird E-2 core well spudded in PEL 13 as the first well of the 2010 coal seam gas program. Targeting 700m, it will test the Richmond and I/J/K seams along a possible gas fairway extending about 20 km northwest of Corella-11.
16 Mar 2010half year report● Neutral
Half-year to 31 December 2009 report restates the period's events: Kingfisher discovery, 100% of all permits, $25m SPP, the reserve upgrade, and Corella P18 pipe stuck with a completion program being developed. Cash $29.8m. Text provided is truncated; no financial results visible.
11 Mar 2010investor presentation● Neutral
London conference presentation by the CFO repeating known facts: Kingfisher discovery, 397 PJ 2P reserves, $29m cash, no debt, 100% of all three permits. Market cap about $150m at $0.60. No new information.
10 Mar 2010admin correction● Neutral
Clarifies that only 3.7m of Kingfisher's estimated 30.3m net pay has been tested. A further 2.3m is untested in the Ripley Road, and 24.3m sits in the Gatton Sandstone. This tempers the earlier January result, which came from just a small part of the pay.
10 Mar 2010flow test result● Neutral
Ripley Road testing is finished. A second 12m zone (1,980-2,035.5m) was stopped early because pressure built up slowly. Five Gatton zones are next, taking up to 12 weeks, with results feeding reserve estimates. Gas is 95.8% methane with no condensate.