Past year: ▲ 850%(0.20c – 3.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
19 Sept 2013regulatory community update▲ Good
Metgasco welcomes support for NSW coal seam gas from new Federal Industry Minister Ian Macfarlane and will attend the NSW energy security summit. It is a supportive political signal after the March suspension, but no change to operations or approvals is announced.
9 Sept 2013other● Neutral
Board letter to shareholders acknowledges frustration over share price and inactivity. It says the March suspension was right, the company keeps three licences with over 400 bcf 2P and 2,500 bcf 3P reserves, and it will resume NSW work only when government support is clear. It is also reviewing opportunities outside NSW.
6 Aug 2013director officer appointment● Neutral
Greg Short, a petroleum geoscientist with over 40 years' experience, mostly at Esso/ExxonMobil, joins the board as non-executive director. He fills the gap left by Steven Koroknay's death and is expected to help with opportunities outside NSW.
22 July 2013quarterly activities report▼ Bad
June quarter was quiet: 12 of 19 wells decommissioned, and new business options outside the basin are being assessed. NSW regulatory clarity is still awaited. Proposed exclusion zones could cut 2P reserves about 15-20% and 3P about 20-30% (company expectation).
7 June 2013director officer appointment▼ Bad
Non-executive director Steven Koroknay died suddenly on 6 June 2013. He had a 40-year petroleum industry career. The board loses a director; no replacement is named in this notice.
26 Apr 2013quarterly activities report▼ Bad
March quarter: operations suspended after the NSW announcement, with staff cut from 27 to 6. Thornbill E04 found about 11m of coal; licences kept on smaller work programs. Rosella E01 environmental submission awaits approval; other-area options are being evaluated.
13 Mar 2013other▼ BadMajor
Metgasco suspends its Clarence Moreton program because of regulatory uncertainty after the NSW Government's 19 February announcement. Staff will be cut, most wells rehabilitated, tenure kept with minimal work programs, and capital used to seek opportunities outside the basin.
1 Mar 2013other▼ Bad
S&P index notice: Metgasco is removed from the All Ordinaries index after the close on 15 March 2013. This is an index change, not company news.
22 Feb 2013drilling result● Neutral
Bowerbird E04 in PEL 13 reached 495m, finding the Walloon Coal Measures near the predicted depth. 34 coal samples were taken for gas analysis. Results are pending, and the well is to be plugged and abandoned.
19 Feb 2013regulatory community update▼ Bad
The NSW Government announced new CSG policies and administrative processes on 19 February. Metgasco says details are unclear but could significantly affect its operations, and has asked for an urgent meeting. A new regulatory threat after the earlier 18-month moratorium.
8 Feb 2013drilling progress report● Neutral
Rig 103 moved to Bowerbird E04 in PEL 13 after flood delays, with spud expected within days. It is a 550m vertical coal well, second of the 2013 program, to be followed by three lateral wells and the Mackellar conventional test.
31 Jan 2013quarterly activities report● Neutral
December quarter: 32 km of seismic completed, Thornbill E04 drilled to 749.5m, and SPP raised about $10m. The third core well is deferred; a rig for laterals and Rosella is hoped to be committed in February. Water plan approval still awaited.
29 Jan 2013drilling result● Neutral
Thornbill E04 reached 749.5m and found the Walloon Coal Measures at the predicted depth. Coal thickness and quality analysis is under way; no commercial result yet. The well has been plugged and abandoned as planned.
24 Jan 2013investor presentation● Neutral
MD interview: program started late from rig, approval and protest issues. One of three core wells deferred, leaving two core, three lateral and one conventional well. Rosella-1 now May-June 2013, local gas sales targeted by year end, 2013 program said to be fully funded.
11 Jan 2013drilling spud● Neutral
Thornbill E04 spudded on 10 January with AJ Lucas Rig 103, planned to 800m in PEL 426 (100%). It is a simple vertical coal-mapping well to be plugged and abandoned, the first of the post-moratorium program.
24 Dec 2012drilling scheduled▲ Good
Field work on Thornbill E04, a vertical coal-mapping well in PEL 426, starts early January 2013, with all landholder and government approvals in hand. Laterals and the Greater Mackellar conventional well follow. Resolves the long-awaited program start.
13 Nov 2012agm notice● Neutral
Chairman's AGM address: the 18-month NSW moratorium consumed a good portion of the 2011 funds, which were not enough for the work program when approvals came, hence the recent raising. He says the outlook is now brighter.
13 Nov 2012agm notice● Neutral
AGM results: remuneration report, Len Gill's re-election, Grant Thornton as new auditor, and share issues to Peter Henderson and the 51m-share ratification all passed. The 10% placement facility was withdrawn. Auditor change from BDO.
13 Nov 2012investor presentation● Neutral
AGM presentation by the MD calling 2011/12 a tough year. Restates certified reserves (2P 411 Bcf, 3P 2,443 Bcf), four 100%-owned tenements and 23 Tcf gas in place. Says NSW has given CSG the green light. No new results.
12 Nov 2012drilling progress report▲ Good
The 2D seismic acquisition in PEL 16 is complete, to define the Greater Mackellar structure ahead of Rosella-1, now probably April/May 2013. Data quality is fair to good. Core wells expected to start November or early December, subject to approvals.
2 Nov 2012contract award▲ GoodMajor
Metgasco signed AJ Lucas to supply a KWL 1600 rig to drill three exploration core wells: two in PEL 426 and one in PEL 13. This is the first drilling rig commitment, resolving the open rig question for the core wells. Rig for laterals still to be committed.
1 Nov 2012investor presentation● Neutral
Global Gas Series deck repeating known facts. Updated capital structure: share price $0.21, market cap $93m, 444m shares, cash about $30m including SPP, no debt. PEL 130 now listed as a fourth tenement, subject to work program approval.
30 Oct 2012capital raising announcement▲ GoodMajor
The Share Purchase Plan raised $10.4m, on top of the $10.2m placement at $0.20 and existing cash. Funds go to three lateral CSG wells, three core wells, seismic and Rosella-1. Completes the raising that began in September.
16 Oct 2012quarterly activities report● Neutral
September quarter Appendix 5B: cash rose to $20.1m from $12.2m after $9.8m raised from the placement, against a $1.85m operating and investing outflow. No debt. Next-quarter outflow estimated at $6.7m. Shares on issue 391.7m.
16 Oct 2012quarterly activities report▲ Good
Quarter report: Metgasco was offered a new licence, PEL 130, next to PEL 13, and raised $10.2m. Rosella-1 drilling now planned for Q2 2013, after seismic. Core wells could start shortly before year end, laterals early 2013. Farm-in talks on conventional continue.
15 Oct 2012investor presentation● Neutral
CEO interview restating strategy: NSW government support, 2,500 PJ 3P reserves, three lateral CSG wells and three core wells by mid-2013. Rosella well now targeted for Q2 2013, and first cash flow in 2013 from Richmond Dairies, subject to approval. No new results.
15 Oct 2012material agreement▲ Good
Metgasco is working with the Pacific Intermodal & Logistics Industrial Park to supply gas to a proposed Casino industrial estate, which could use 3-4 TJ a day (over 1 PJ a year). No binding sales agreement is announced; adds to the Richmond Dairies sale.
12 Oct 2012annual report● Neutral
Full audited annual report for the year to 30 June 2012. Repeats that further drilling was delayed pending NSW regulation, and the first PEL 13 reserves (31.2 PJ 2P). Rosella E01 and 34 line km of seismic still planned. Financial figures not in this extract.
11 Oct 2012investor presentation● Neutral
APPEA CSG conference deck repeating known facts. Updates capital structure: share price $0.20, market cap $78m, 392m shares, no debt. LNG Ltd now shown at 8.8%, ERM 8.1%. Local gas sales still due 2013. No new results.
10 Oct 2012annual report● Neutral
2012 Annual Review highlights the first production lease, PEL 13 and 16 renewals, $12.2m cash at 30 June and the $10.2m September placement. Chairman says progress fell well short of expectations. Restates certified reserves of about 2,500 PJ; no new results.
