5 Mar 2010other▲ Good
S&P index rebalance notice listing Metgasco as an addition to the All Ordinaries index after the close on 19 March 2010. Not a company announcement about its operations.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
5 Mar 2010remuneration report● Neutral
Proposed grant of 250,000 unlisted options at $0.80 exercise price to new director Steven Koroknay (100,000 vesting within 1 year, 150,000 within 3 years), subject to shareholder approval at the November 2010 AGM. Administrative.
16 Feb 2010resource reserve update▲ GoodMajor
Independent certifier MHA raised PEL 16 coal seam gas 2P reserves 33% to 397 PJ (from 298) and 3P 46% to 2,239 PJ (from 1,538); 1P stays at 2.7 PJ. Delivers the upgrade flagged in January. Excludes Kingfisher; sell-down of PEL 16 continues.
12 Feb 2010investor presentation● Neutral
Notice of an audio broadcast with the Managing Director on Kingfisher flow testing, on 12 February 2010. No new information in the notice itself.
5 Feb 2010flow test result● Neutral
Kingfisher-E1 testing continues with pressure build-up on the Ripley Road zone for two more weeks. Gas is 95.8% methane. Higher zones will be perforated afterwards. No new flow rate; the 2.97 million scf/day test remains the only result.
5 Feb 2010drilling progress report▼ Bad
Corella P18's stuck drillpipe could not be freed, so the string was parted at 490m to allow a sidetrack. The rig has been demobilised until rectification work on the vertical well is done and another rig is found. A setback to the next-generation pilot well.
28 Jan 2010flow test result▲ GoodMajor
Kingfisher-E1's first test zone, a 5.3m interval in the Ripley Road sandstone near 2,044-2,050m, flowed a stabilised 2.97 million scf/day over 15 hours. This is only 5.3m of an estimated 30.3m net pay; testing continues.
20 Jan 2010director officer appointment● Neutral
Steven Koroknay, with 30+ years in oil and gas (Esso, Bridge Oil, Anzon), joined as non-executive director. This fills the board seat left by Rick Wood's October retirement (inference).
14 Jan 2010drilling progress report▼ Bad
Corella P18 intersected the vertical offtake well in the Richmond seam, but the drillpipe became stuck after a drilling break at 785m measured depth. Work is under way to clear the blockage.
12 Jan 2010resource reserve update▲ Good
Metgasco finished a PEL 16-wide coal seam gas study and gave the data to its certifiers. It expects an increase in certified 2P and 3P reserves this quarter, above the current 298 PJ and 1,538 PJ. Not yet certified.
24 Dec 2009drilling progress report● Neutral
Corella P18 reached 388m vertical depth, with 7 inch casing run and cemented. Drilling resumes to intersect the vertical offtake before in-seam drilling.
18 Dec 2009drilling progress report● Neutral
Corella P18 finished its vertical offtake well and started drilling the section that will intersect it before the in-seam leg. No results.
10 Dec 2009drilling progress report● Neutral
Corella P18 spudded on 5 December and was drilling the vertical offtake well at 197m. No results yet.
9 Dec 2009resource reserve update▲ GoodMajor
Kingfisher contingent resource raised to 77 Bcf (P50), from 37 Bcf in September 2008, with a range of 24 Bcf (P90) to 284 Bcf (P10). A further 108m of possible gas sand could lift it toward pre-drill estimates.
7 Dec 2009capital raising announcement▲ GoodMajor
The Share Purchase Plan was oversubscribed by 44%, with applications over $36m against the $25m cap, so applications will be scaled back. Shares are to be allotted on 10 December.
4 Dec 2009drilling scheduled● Neutral
Corella P18, the next-generation dual-lateral CSG pilot well, is due to spud over the weekend using Lucas Rig 150. The target is 2,000m of in-seam drilling. Corella-11 recently reached 240,000 scf/day.
3 Dec 2009asset acquisition disposition● Neutral
Molopo confirms settlement of the sale of its PEL 13 and PEL 426 interests to Metgasco for $7m, as agreed on 2 October. Confirms the Metgasco announcement.
3 Dec 2009asset acquisition disposition▲ GoodMajor
Metgasco confirms settlement of the $7m purchase of Molopo's 43.4% in PEL 426 and 25% CSG/50% conventional in PEL 13. This resolves the 2 October deal and gives Metgasco the remaining interests in both permits.
30 Nov 2009drilling result▲ GoodMajor
Metgasco declared Kingfisher-E1 a major gas discovery: multiple gas sands from 1,058m to 2,067m, at least 32m of gas-bearing sand, and a 25 km2 closure. It calls it NSW's first significant conventional gas find in over a century. Testing over three months.
27 Nov 2009drilling result▲ Good
Kingfisher-E1 reached total depth of 2,090m with more gas intervals at 2,044m, 2,058m and 2,066m, and no obvious water-bearing sands down to the last gas interval. Wireline logging comes next, then casing for testing.
26 Nov 2009investor presentation● Neutral
AGM presentation reviews 2009 and sets 2010 goals: regional CSG drilling and core drilling for reserves, Kingfisher field planning, and gas market and pipeline work. It lists Kingfisher gas zones to 1,942m. Mostly repeats known facts.
24 Nov 2009drilling progress report▲ Good
Preliminary interpretation: three further good to very good gas zones in the Gatton Sandstone, at 1,450m, 1,850m and 1,930m, in addition to the tested zone near 1,270m. Drilling at 1,970m; logs will decide testing.
20 Nov 2009drilling progress report▲ Good
Kingfisher-E1 found another gas-bearing zone at 1,710m (2.5m of fair sand) and was drilling at 1,762m. Logging and test decisions wait until the well reaches total depth.
13 Nov 2009drilling progress report▲ Good
Kingfisher-E1 hit a strong gas kick at 1,452m (indicated pressure 2,200 psi), controlled by heavier mud, with more gas shows below. The company says this supports the field's prospectivity. Logging comes after reaching total depth; drilling at 1,519m.
10 Nov 2009flow test result▲ Good
Kingfisher-E1 flowed 900,000 scf/day over a 4-hour test at 1,274m in the Heifer Creek sandstone, equivalent to the zone found in Riflebird-E14. Testing was cut short by some hole instability; drilling resumed, at 1,302m.
6 Nov 2009drilling progress report● Neutral
Kingfisher-E1 reached 995m; 7 inch casing is being run and cemented before drilling resumes to about 2,100m. The 1,500m production test is still planned. No new result.
4 Nov 2009investor presentation● Neutral
Investor update restates known positions: 2P 298 PJ and 3P 1,538 PJ in PEL 16, Corella-11 at 220,000 scf/day, Kingfisher OGIP 82 Bcf (P50), 100% of tenements after the Molopo buyout, and the PEL 16 partner process. Share price $0.50, cash $14.4m. No new results.
4 Nov 2009capital raising announcement▲ GoodMajor
Metgasco launched a Share Purchase Plan letting shareholders buy up to $15,000 each at $0.45, about 13.5% below the recent average price, capped at $25m and not underwritten. Funds go to accelerated exploration, appraisal and development after the Molopo deal. Closes 3 December.
2 Nov 2009drilling progress report● Neutral
Kingfisher-E1 was drilling at 792m, with 7 inch casing due at 950m. A short production test of the Heifer Creek and Gatton sandstones is planned at 1,500m before drilling to about 2,100m. No new result yet.
30 Oct 2009quarterly activities report▲ GoodMajor
Kingfisher-E1 was at 485m. Corella-11 hit a new peak of 220,000 scf/day. Metgasco began seeking a partner for its PEL 16 coal seam gas assets, and plans the Corella P18 multilateral pilot after Kingfisher. The Molopo deal is described as acquired, though it is still conditional.