Past year: ▲ 850%(0.20c – 3.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 Oct 2011quarterly activities report● Neutral
September quarter report: $21.55m raised in August, with the 2011/12 campaign planned: Casino production wells, Rosella E01, Bowerbird E03 and Thornbill E03/E04 core wells. Corella P11 was worked over and is back on line. Rosella site selection expected around year end.
13 Oct 2011annual report● Neutral
2011 Annual Report restates known results: 2P reserves 428 PJ, 3P 2,542 PJ, 2C 2,511 PJ, and $21m raised. Rosella E01 is to be drilled next year, and Henderson's April 2011 appointment is noted. No new information.
6 Oct 2011price query● Neutral
ASX queried a rise from $0.335 to an intra-day high of $0.525. Metgasco knew of no undisclosed news. It pointed to ERM Power's 6% stake and recent coal seam gas sector deals, and restated that it is evaluating LNG options.
29 Sept 2011other▲ Good
ERM Power (ASX:EPW) disclosed a 5.51% substantial holding in Metgasco (18,586,989 shares), calling it a modest investment for exposure to rising east coast gas prices. A new, sizeable strategic holder joins the register.
22 Sept 2011annual report● Neutral
Audited 2011 financial report and directors' report for the year to 30 June 2011. Repeats known results: Thornbill wells, Harrier P01 and Corella P18 on dewatering, Greater Mackellar gas in place 1.3 Tcf with drilling in 2012. Financial figures not readable in the extract.
19 Sept 2011regulatory community update● Neutral
Metgasco lodged a submission to the NSW Parliament CSG inquiry, saying its operations will not harm groundwater (per an independent consultant) and citing over 300 voluntary landholder access agreements. Advocacy on the CSG regulatory concern, with no operational change.
7 Sept 2011investor presentation● Neutral
Good Oil Conference presentation, essentially the same as the August roadshow deck: 2P 428 PJ, cash about $23m including the raising, 334.8m shares, $110.5m market value at $0.33. No new information.
31 Aug 2011investor presentation● Neutral
Asia roadshow presentation restating known facts: 2P 428 PJ, 3P 2,542 PJ, cash about $23m including the raising, no debt. Shows 334.8m shares and $110.5m market value at $0.33. Quotes CSG OGIP of 24 Tcf and conventional 2 Tcf.
5 Aug 2011capital raising announcement● Neutral
58,723,231 new shares were issued under the SPP, completing the $15.3m raise. Administrative completion of the offer announced on 2 August.
2 Aug 2011capital raising announcement▲ GoodMajor
The SPP raised $15.3m at $0.26, which with the $6.25m placement gives over $21m of new funding. Money goes to gas commercialisation, CSG drilling for NSW work commitments, Rosella E01 and working capital. Resolves the open SPP thread.
29 July 2011quarterly activities report● Neutral
Appendix 5B for June quarter: cash rose to $8.9m at 30 June from $7.7m, helped by about $6.1m of share proceeds. Operating and investing outflow was $4.9m. Next-quarter outflow is estimated at $2.2m. Shares on issue 276.2m. SPP money arrived after quarter end.
29 July 2011quarterly activities report● Neutral
June quarter report: first PEL 13 reserves (2P 428 PJ), $6.25m placement, Harrier P01 at 230,000 scfd and the Richmond Dairies MOU. Greater Mackellar structure P50 1,379 Bcf; 34 line km of new seismic planned, with Rosella drilling in calendar 2012.
26 July 2011production update▲ GoodMajor
Harrier P01 is producing 230,000 scfd while still dewatering, above Corella P11's 210,000 scfd peak and the company's model. Corella P18 has exceeded 100,000 scfd against a 70,000 expectation. First stabilised-style gas rates for the multilateral pilot wells, with more expected.
22 July 2011regulatory community update● Neutral
Metgasco welcomes new NSW CSG rules (BTEX ban, fraccing moratorium to 31 December 2011, water licences, phasing out evaporation ponds). It says it uses no BTEX and no fraccing for CSG wells, so it is not affected. This addresses the earlier concern about CSG regulation.
19 July 2011capital raising announcement● Neutral
SPP closing date extended to 26 July after shareholder requests; allotment moves to 10 August. Non-executive directors will take up their full entitlements, and MD Henderson bought 300,000 shares on market at $0.305. The placement issued 23,846,153 shares.
What it means for a shareholder
300,000 new shares at A$0.305 to raise about A$91,500. That's 0.108% dilution: every existing holder's slice gets 0.108% smaller. If you held A$1,000 of shares (3,279 at the issue price), your slice goes from 0.00119% to 0.00119% of the company. To keep it you'd need 4 more shares - about A$1 at the issue price.
Create a free account to see this worked out for your own holding.
14 July 2011resource reserve update▲ GoodMajor
First certified reserves in PEL 13: 31.2 PJ 2P, 302.4 PJ 3P and 1,334.1 PJ 2C, from just two Bowerbird wells covering 21% of the licence. Total 2P rises to 428 PJ and 3P to 2,542 PJ. Resolves the expected June-quarter PEL 13 booking.
20 June 2011capital raising announcement● Neutral
Share purchase plan launched at $0.26, up to $15,000 per holder, capped at $21m in total; the price is about 11.5% below the five-day average. Closes 21 July. Funds go to Casino gas and 6MW power, PEL 13/426 drilling and Rosella E01. Follows the $6.25m placement.
17 June 2011investor presentation● Neutral
Investor update accompanying the capital raising: seeks about $21m via a non-underwritten placement at $0.26 (17.5% discount to the 14 June close) plus an SPP. Reserves restated (2P 397 PJ); cash $7.7m at 31 March, no debt. Largely repeats the 17 June raising.
17 June 2011capital raising announcement● NeutralMajor
Metgasco raised about $6.25m via a placement at $0.26 a share, well below the $0.45 plan price of 2010, with a share purchase plan of up to $15,000 per holder at the same price. Funds go to local gas supply, a 6MW first stage of the power station, PEL 13/426 drilling and the Rosella E01 well. Trading resumes.
14 June 2011material agreement▲ GoodMajor
Metgasco signed a non-binding MOU to supply gas to Richmond Dairies in Casino. A final agreement is expected by end 2011 and first sales by 3Q 2012, subject to approvals. It would be the company's first gas sale, though small in volume.
31 May 2011drilling progress report▲ Good
Harrier P01 and Corella P18 are both producing gas and water continuously, with gas restricted to dewater efficiently. Water sits 400m and 200m above the coal seam respectively. Management calls the signs positive for commercial rates, but no stabilised gas rate is yet reported.
25 May 2011investor presentation● Neutral
Citibank conference presentation restates known facts: 2P 397 PJ, first PEL 13 reserves expected soon, Harrier testing under way. Market value was A$82m at $0.33 and cash was $7.7m at 31 March 2011, down from $13.3m. No debt.
17 May 2011other● Neutral
Metgasco reported that the WorleyParsons LNG feasibility study found several economically attractive LNG options. At 1.5 million tonnes a year and $10/mmbtu, 20-year revenue would be US$29 billion, with first LNG possible in 2019 if appraisal began in early 2012.
17 May 2011other▲ GoodMajor
WorleyParsons study found three LNG options economically attractive: Gladstone, Port of Brisbane, or floating LNG off NSW. At 1.5 mtpa and US$10/mmbtu, revenue would be US$29bn over 20 years. Assumed schedule puts first LNG in 2019 if work starts early 2012.
9 May 2011resource reserve update▲ Good
Metgasco has sent its PEL 13 coal seam gas analysis to certifier MHA and expects to book first reserves there this quarter. No reserve figure yet. Currently no PEL 13 reserves are booked.
29 Apr 2011quarterly activities report▲ Good
March quarter: Kingfisher E01 achieved a stabilised 170 mcfd from the upper Gatton, resolving the open question. Harrier P01 and Corella P18 are complete and dewatering. Mackellar North lead was upgraded to 1,312 Bcf (P50). WorleyParsons LNG study received. Henderson began 5 April.
5 Apr 2011director officer appointment● NeutralMajor
Peter Henderson started as Managing Director and CEO this week, earlier than the May 2011 date previously advised. David Johnson, the founding MD, will continue as a consultant to the company.
30 Mar 2011drilling progress report▲ Good
Corella P18 was sidetracked to 861m MD with a 607m in-seam lateral and is producing about 30 barrels of water a day, with wellhead pressure above 100 psi. Harrier P01's first lateral is done at 1,229m, and the second lateral is at 1,150m.
14 Mar 2011half year report● Neutral
Half-year report to 31 December 2010 restates the period's activity: Thornbill, Bowerbird and South Casino drilling, 140 line km seismic, Kingfisher partial frac, and LNG work. Reserves are unchanged (2P 397 PJ). Financial statements are not in the text provided. Text truncated.
4 Mar 2011other▼ Bad
S&P index rebalance notice listing many companies. Metgasco (MEL) appears among the removals from the All Ordinaries, effective after close on 18 March 2011. A third-party index change, not company news.
