Past year: ▲ 850%(0.20c – 3.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
9 Oct 2012contract award▲ Good
Metgasco appointed CNC Project Management and OSD Pipelines to support obtaining a further production lease for Northern Rivers gas sales. It cites local market opportunities of 5 to 10 PJ a year. Follows the first production lease granted in September.
26 Sept 2012annual report● Neutral
Annual report for the year to 30 June 2012. Metgasco holds 100% of PELs 13, 16 and 426 (4,556 km2). It says further drilling was delayed pending NSW regulation. Financial figures are not in this extract.
18 Sept 2012capital raising announcement● Neutral
The Share Purchase Plan opens, letting eligible holders buy up to $15,000 of shares at $0.20, about an 18% discount to the five-day average price. Capped at $20m and not underwritten; closes 22 October. Funds go to 3 dual lateral wells and 4 core wells.
17 Sept 2012other● Neutral
Trading resumed after the suspension, following the placement and Share Purchase Plan announcement. Administrative notice only.
17 Sept 2012investor presentation● Neutral
Investor presentation from 13-14 September repeating the earlier deck: $0.235 share price, $80m market cap, cash $12m at 30 June, no debt, local gas sales due 2013. No new information.
17 Sept 2012capital raising announcement● NeutralMajor
Metgasco raised about $10m in a placement at $0.20 per share, plus a Share Purchase Plan for existing holders at the same price. Funds go to lateral CSG wells and licence commitments. Cash was $12.2m at 30 June.
13 Sept 2012other● Neutral
LNG Ltd, now Metgasco's largest shareholder at 10.2%, welcomed the licence renewals and first production lease. The rest is about LNG Ltd's own Gladstone project and PetroChina's purchase of Molopo's Queensland gas assets, not Metgasco.
13 Sept 2012other● Neutral
Metgasco's shares were suspended at the company's request pending an announcement about a placement. This is the first sign of a capital raising after the licence renewals.
11 Sept 2012regulatory community update▲ GoodMajor
NSW Government released new CSG regulations, renewed PEL 13 and 16 and granted Metgasco's first Petroleum Production Lease. This ends the licence-renewal freeze flagged in the June quarterly, though the CEO says the new rules may add cost and are cumbersome.
31 Aug 2012investor presentation● Neutral
Investor deck restating known figures: share price $0.235, market cap $80m, cash $12m at 30 June, no debt, 340.7m shares. Local gas sales now due to start in 2013. LNG Ltd holds 10.25% and ERM Power 7.96%. No new results.
21 Aug 2012price query● Neutral
ASX queried the rise from 18.5 cents to an intraday high of 27.5 cents on heavy volume. Metgasco said it knew of no unannounced information and had no explanation for the price move.
31 July 2012quarterly activities report▼ Bad
NSW Government has not renewed exploration leases or granted production licences, delaying the work program. Rosella-E01 seismic now expected in Q3, well in late 2012 or first half 2013. Drilling rig contract is on hold; company hopes to start drilling by Q4 2012. Reserves unchanged (2P 428 PJ).
31 July 2012quarterly activities report● Neutral
June quarter Appendix 5B: cash fell to $12.2m from $15.0m after a $2.8m operating and investing outflow. No debt. Next-quarter outflow estimated at $6.0m. Shares on issue 337.4m.
18 July 2012director officer appointment▲ Good
Dr Simon Hann appointed Drilling and Production Manager, joining from Santos/GLNG where he managed CSG drilling and completions. Adds drilling expertise as the company moves from exploration towards commercialisation.
28 May 2012regulatory community update● Neutral
Metgasco released a Lawrence Consulting study claiming its proposed Northern Rivers gas operations could bring $2.1bn of total expenditure over 20 years and about 950 ongoing jobs. These are the company-commissioned study's projections, not results.
28 May 2012regulatory community update● Neutral
Duplicate of the same release: a company-commissioned study projects $2.1bn of total expenditure over 20 years and about 950 operations jobs in the Northern Rivers. Re-release with no new information.
30 Apr 2012quarterly activities report● Neutral
March quarter Appendix 5B: cash fell to $15.0m from $17.9m after a $2.8m operating and investing outflow. No debt. Next-quarter outflow estimated at $6.3m, up from $4.3m, consistent with the planned drilling. Shares on issue 337.4m.
30 Apr 2012quarterly activities report▼ Bad
March quarter: field work limited while government approval restrictions apply. Wet weather again delayed seismic, pushing Rosella-E01 from mid to late 2012. Drilling program of 3 core wells, 2-3 lateral pilot wells and Rosella is expected to start late May or June, subject to approvals.
26 Mar 2012investor presentation● Neutral
Notice that the Managing Director's Excellence in Oil and Gas presentation can be heard online. No content in the announcement itself.
5 Mar 2012investor presentation● Neutral
International roadshow deck (Hong Kong, New York, London) restating known figures: 2P 412 Bcf, cash $17m at 31 December, 338.6m shares, $122m market value at $0.36. Greater Mackellar drilling now stated as second half 2012. No new results.
2 Mar 2012other▼ Bad
S&P's March 2012 quarterly rebalance listed Metgasco among the additions to the All Ordinaries index, effective after the close on 16 March 2012. The notice contained no company operational news.
1 Mar 2012director officer appointment● Neutral
Glenda McLoughlin retired as director and company secretary effective 29 February 2012, as previously advised. Sean Hooper is now listed as Chief Financial Officer. Completes the retirement flagged in the quarterly report.
23 Feb 2012half year report● Neutral
Auditor's independence declaration and review report on the half-year to 31 December 2011. BDO found nothing to suggest the accounts are not in accordance with the Corporations Act. Financial figures are not in this extract.
31 Jan 2012quarterly activities report● Neutral
December quarter report: first gas sale (Richmond Dairies, 10 years, from 2012) is subject to infrastructure approvals. Core studies show better reservoir quality in deeper sections, to be targeted in 2012 drilling. CFO Glenda McLoughlin plans to retire. Reserves unchanged (2P 428 PJ).
31 Jan 2012quarterly activities report● Neutral
December quarter Appendix 5B: cash fell to $17.9m from $20.3m after a $2.5m operating and investing outflow. No debt. Next-quarter outflow estimated at $4.3m. Shares on issue 338.6m.
12 Jan 2012contract award▲ GoodMajor
Metgasco signed a binding 10-year gas sale agreement with Richmond Dairies, its first gas sale from Casino, with supply planned from 2012. It is subject to approvals for the supply infrastructure. This converts the earlier non-binding MOU.
14 Nov 2011other● Neutral
Chairman's AGM address defends the company's community and environmental record, citing land access agreements with over 250 landowners. It restates the shift from exploration to development and first Casino gas deliveries. No new operational information.
14 Nov 2011agm notice● Neutral
All AGM resolutions passed on a show of hands, including Heath's re-election and deferred shares for Henderson (845,161) and McLoughlin (596,774). A change-of-control rule was added to the share plan. Resolution 7 was withdrawn. Henderson share approval thread is resolved.
14 Nov 2011investor presentation● Neutral
MD's AGM presentation restates reserves (2P 428 PJ, 3P 2,542 PJ) and Greater Mackellar OGIP (1,312 Bcf), with Rosella to be drilled mid-2012. It adds that a WorleyParsons LNG study found all options economically feasible, which is the company's own claim.
31 Oct 2011quarterly activities report● Neutral
September quarter Appendix 5B: cash rose to $20.3m from $8.9m, helped by $15.3m of share proceeds, after $3.5m operating and investing outflow. No debt. Next-quarter outflow estimated at $4.2m. Shares on issue 337.4m.
