30 Apr 2009farm in farm out completion● Neutral
Molopo re-lodges Metgasco's Orara-E1 announcement: the well will be plugged and abandoned, and Molopo's PEL 426 interest falls to 43.4% against Metgasco's 56.6%. Duplicate of Metgasco's release.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
27 Apr 2009capital raising announcement▲ Good
The $7.7m rights offer closed on 24 April and was fully subscribed, with allotment due 30 April. Completes the funding secured by underwriting.
15 Apr 2009other● Neutral
Notice of an audio broadcast of managing director David Johnson on building a presence in coal seam and conventional gas. No new information.
14 Apr 2009capital raising announcement● Neutral
Timetable for the rights offer: closes 24 April, allotment 30 April, normal trading of new shares from 1 May, holding statements 4 May. Administrative.
8 Apr 2009investor presentation● Neutral
Managing director's April presentation largely repeating the March capital-raising deck: 298 PJ 2P, Kingfisher estimates and the $0.40 placement and rights offer. No new results.
3 Apr 2009capital raising announcement● Neutral
Rights offer booklet dispatched: one new share per eight held at $0.40 to raise about $7.7m, closing 24 April 2009. The price is a 23% discount to the five-day average price to 11 March. Proceeds fund reserve drilling, power station, pipeline and working capital.
3 Apr 2009capital raising announcement● Neutral
Managing director's letter appoints Bell Potter as lead manager and underwriter for up to $6.6m of the $7.7m rights offer; the remaining $1.1m is directors' entitlements. The underwriting can be terminated on events such as material market disruption.
3 Apr 2009capital raising announcement▲ Good
The $7.7m rights offer is fully secured: directors commit $1.1m and Bell Potter underwrites up to $6.6m. With the $8m placement, $15.7m is raised before costs. Part funds further Kingfisher appraisal drilling.
31 Mar 2009investor presentation● Neutral
CFO presentation at a coal seam methane conference repeating known figures: 298 PJ 2P, the 2.7 PJ 1P certification, Kingfisher estimates and Corella-11 at 200,000 scf/day. No new results.
25 Mar 2009other● Neutral
Notice of an audio broadcast of managing director David Johnson on the investor update and capital raising. No new information.
23 Mar 2009other● Neutral
Cover note saying the rights issue letter to eligible shareholders was mailed. No substantive content in the text provided.
23 Mar 2009capital raising announcement● Neutral
Letter telling shareholders outside Australia and New Zealand they cannot take part in the $0.40 rights offer (about $7.7m), citing compliance costs. Record date is 30 March 2009. Administrative.
17 Mar 2009capital raising announcement▲ GoodMajor
Raised about $8m via a placement of 19,992,000 shares at $0.40, plus a 1-for-8 rights offer of up to $7.7m at $0.40. Funds are for CSG production drilling, Kingfisher appraisal, pipeline work and working capital. This follows the 1P reserve milestone.
What it means for a shareholder
20.0m new shares at A$0.400 to raise about A$8.0m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (2,500 at the issue price), your slice goes from 0.00188% to 0.00163% of the company. To keep it you'd need 375 more shares - about A$150 at the issue price.
Create a free account to see this worked out for your own holding.
17 Mar 2009capital raising announcement● NeutralMajor
Metgasco raises $8.0m via a 19.9m-share placement at $0.40, plus a 1-for-8 rights issue at $0.40 for up to $7.6m. Funds go to CSG reserve drilling, Kingfisher appraisal, the power station and pipeline, and working capital. Price is well below the $0.58 shown in November 2008.
17 Mar 2009listing compliance notice● Neutral
ASX says Metgasco's trading suspension will lift once it announces a completed placement and a rights offer. This is a procedural notice; the raising itself follows in other announcements.
16 Mar 2009listing compliance notice● Neutral
Shares suspended from quotation at the company's request pending an announcement about a placement, expected on 17 March 2009.
12 Mar 2009half year report● Neutral
Half-year accounts to 31 December 2008 restate the period's work: Corella-11 at 200 Mscf/d, the MHA study, Orara-E1 gas and conventional prospects. Reserves shown as 2.7 PJ 1P, 298 PJ 2P and 1,538 PJ 3P. Financial figures not visible in the provided text.
10 Mar 2009resource reserve update▲ GoodMajor
First certified 1P (proven) reserves of 2.7 PJ from the coal seam gas pilot wells in PEL 16, the first proven CSG reserves in the Clarence Moreton basin. This is a small step beside 298 PJ 2P and 1,538 PJ 3P, which are unchanged.
27 Feb 2009investor presentation● Neutral
New York conference presentation repeating known reserves, acreage and Kingfisher figures, plus sector background on CBM deals and gas prices. No new company results.
15 Jan 2009drilling result● Neutral
Molopo re-release of Metgasco's wireline log update for Orara-E1. No new information.
15 Jan 2009drilling result● Neutral
Wireline logs for Orara-E1 show Walloon Coal Measures from 260-503 m with 13.9 m gross shaley coal. The gas flows most likely come from the Walloons. A future testing program with Molopo is being evaluated.
14 Jan 2009drilling result● Neutral
Molopo, Metgasco's 50% partner in PEL 426, re-released Metgasco's Orara-E1 gas discovery announcement (about 119,000 scf/day). No new information.
14 Jan 2009drilling result▲ GoodMajor
Orara-E1 in PEL 426 drilled to 680 m and flowed gas to surface at about 119,000 scf/day, confirming Walloon coal measures in the basin's south, 140 km from Casino. Metgasco, operator, will earn extra interest from the 50/50 split with Molopo.
12 Jan 2009other● Neutral
Announcement that the company launched a new website. No substance for shareholders.
31 Dec 2008price query● Neutral
Responding to an ASX query on a rise from $0.475 to $0.54, Metgasco said it knew of no undisclosed information. It noted ongoing, not yet material, discussions with parties about potential joint ventures, with no certainty of any deal.
18 Dec 2008drilling spud● Neutral
Orara exploration well spudded in PEL 426, targeting 600 m, to test for Walloon coal measures and the Heifer Creek sandstone. It is the final work commitment of the Molopo farm-in, with Metgasco as operator.
11 Dec 2008investor presentation● Neutral
CFO presentation to the ASX Investor Series repeating 2P 284 Bcf and 3P reserves and the Kingfisher 82-831 bcf estimate, with farm-out talks ongoing. Share price shown at $0.30 and market cap $40m on 11 December 2008, down from $0.58 in November.
21 Nov 2008other● Neutral
Notice of an audio broadcast of the managing director's 2008 AGM overview on 21 November. No new information.
17 Nov 2008investor presentation● Neutral
AGM presentation by the managing director recapping 2008: Kingfisher 36.6 bcf contingent resource (82 bcf mean total potential), the Corella-11 test at 200 Mscf/d and reserve increases. 2009 aims include a 660 PJ 2P target and an Orara well. Mostly repeats known facts.
13 Nov 2008investor presentation● Neutral
New York conference presentation repeating known figures, including 82-831 bcf Kingfisher gas in place and farm-out talks. It shows a $0.58 share price and $77m market cap at 3 November 2008, with 132m shares.