Past year: ▲ 850%(0.20c – 3.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
1 Mar 2011investor presentation● Neutral
Conference presentation by the Managing Director largely repeats known facts. It does add that Mackellar North lead's gas-in-place estimate (P50) rose from 146 Bcf to 1,312 Bcf after the 2010 seismic. Market cap about A$100m at $0.38. Text truncated.
1 Mar 2011drilling progress report● Neutral
Harrier P01 and P02 have had top holes cased to about 145m. Corella P18, a single-lateral well, reached 861m and will be completed for production. The rig moves to Harrier P01 to drill two 1,000m laterals, the first of up to four pilot wells.
9 Feb 2011drilling spud● Neutral
Harrier P02, the first well of the multilateral coal seam gas pilot, spudded 8 February 2011 near Corella P11. It targets two 1,000m laterals. Corella P11 has produced 160,000-200,000 scf/day, the rate the new design aims to beat.
31 Jan 2011quarterly activities report● Neutral
December quarter report: Kingfisher E01 still has no stabilised flow rate after the partial stimulation, and Harrier drilling is due in February. Thornbill and South Casino wells are done, 140 km of seismic was acquired, the Lions Way pipeline assessment was lodged, and WorleyParsons was appointed for LNG studies.
31 Jan 2011quarterly activities report● Neutral
Appendix 5B for the December 2010 quarter: cash fell to $13.3m from $16.5m, with $3.3m net outflow. No debt. Forecast outflow next quarter is $5.5m. Shares on issue are 252,460,972.
28 Jan 2011drilling scheduled● Neutral
Metgasco will begin drilling four multilateral coal seam gas pilot wells (Harrier P01-P03 and Corella P18) near Corella P11 next month. Each has two 1,000m laterals, the company's first dual-lateral wells, aiming for gas rates above Corella P11's.
22 Dec 2010other● Neutral
Updated securities trading policy setting out insider trading rules and blackout periods around results and quarterly reports. Administrative; no operational or financial news.
16 Dec 2010drilling progress report● Neutral
Kingfisher E01 will shortly go on a longer production test. Only about half the planned proppant was placed, yet gas flows encouraged the company. South Casino E11 found 19m of gassy coal and was plugged as planned. Harrier multilateral pilot drilling is expected next quarter.
1 Dec 2010drilling progress report● Neutral
The 2010 seismic program is finished, with 124 line km acquired, meeting work commitments in PEL 13 and 426. Kingfisher E01 is about 85% cleaned of frac fluid but the gas rate still cannot be measured. South Casino E11 spudded 29 November.
24 Nov 2010investor presentation● Neutral
Managing Director's LNG conference presentation largely repeats known facts: 4,620 km2 held 100%, 2P reserves of 397 PJ, and LNG feasibility work. Market value was about A$130m at $0.515. Cash was A$16.5m at 30 September. Text truncated.
17 Nov 2010drilling result▼ Bad
Thornbill E02 (PEL 426), drilled to 617m, gave only minor gas flows, which the company calls disappointing. Thornbill E01 was abandoned as planned. The 2010 seismic program restarted on 13 November, with 78 km of the planned 200 km done.
16 Nov 2010agm notice● Neutral
Chairman's AGM address recaps the year: 100% of all permits, 2P reserves of 397 PJ, the Kingfisher discovery, the power station approval and the $25m share purchase plan. Farm-out talks are likely to continue. Notes the seismic crew is back and the Henderson appointment. Text truncated.
16 Nov 2010investor presentation● Neutral
AGM presentation by the Managing Director reviews the year: Kingfisher testing, Bowerbird and Thornbill drilling, and reserves. Looks ahead to a Kingfisher E02 well to about 2,700m, power station final investment decision in 2011 and LNG studies. Mostly restates known facts. Text truncated.
15 Nov 2010director officer appointment● NeutralMajor
Peter Henderson, a development manager at Premier Oil with 30+ years' experience, will become Managing Director around May 2011. Founding MD David Johnson stays until then and will consult afterwards. Pay is $400,000 a year. Marks a shift from exploration to production.
9 Nov 2010well test result● Neutral
Kingfisher E01's trial stimulation of a sandstone zone at 1,450m was completed 5 November. The reservoir responded and the well is returning gas, but the full proppant stage could not be completed due to operational issues. A flow test is expected the following week.
29 Oct 2010quarterly activities report● Neutral
September quarter report: Thornbill E01 flowed gas at 100 mcf/d with no water, Bowerbird E01 found 29m of gassy coal extending the Eden Creek fairway, and LNG study MOUs were signed. A single-zone Kingfisher frac is planned for November, seismic is still rain-delayed, and cash is $16.5m.
29 Oct 2010quarterly activities report● Neutral
Appendix 5B for the September 2010 quarter: cash fell to $16.5m from $20.1m, with $3.6m of net outflow. No debt. Forecast outflow next quarter is $4.45m. Shares on issue are 250,803,468.
27 Oct 2010well test result▲ GoodMajor
Thornbill E01 in PEL 426, drilled to 846m, flowed gas immediately at an average 100 mcf/d over a 6-hour test, with no water and no CO2. It supports a 'dry' coal seam gas idea seen at Orara and Wyan. The rate is small and the test was short.
20 Oct 2010drilling progress report● Neutral
Drilling of Thornbill E01 (PEL 426) restarted after weather delays and had reached about 170m, targeting 850m. Thornbill E02 may follow if weather allows. A routine drilling update.
19 Oct 2010investor presentation● Neutral
Notice of an audio broadcast on 19 October with the Managing Director commenting on field and commercialisation activities. It carries no content itself.
15 Oct 2010annual report● Neutral
2010 Annual Report, mostly restating the year: Kingfisher discovery (80 PJ P50 to 298 PJ P10, described as the largest onshore gas find in NSW in over a century), PEL 16 2P of 397 PJ, 100% of all three permits, and power station approval. No new results seen.
27 Sept 2010material agreement▲ Good
Metgasco confirms an MOU with LNG Ltd to study supplying gas to Gladstone or a Port of Brisbane LNG project, with a preferred LNG option expected to be selected in 2011 if feasible. Same deal as LNG Ltd's release, from Metgasco's side.
27 Sept 2010material agreement▲ GoodMajor
Metgasco signed an MOU with Norway-listed FLEX LNG to study a floating offshore LNG project using its Clarence Moreton gas. It is a second LNG option alongside the LNG Ltd study, with a preferred LNG option to be chosen in 2011 if feasible.
27 Sept 2010material agreement▲ GoodMajor
LNG Ltd, Metgasco's largest shareholder with 5.03%, signed an agreement to jointly study sending Metgasco gas to LNG Ltd's Gladstone LNG project. Metgasco's internal estimate suggests enough gas for up to 3 mtpa over 20 years, needing about 3,600 PJ. This is a study only.
23 Sept 2010annual report● Neutral
Audited accounts for the year to 30 June 2010 restate known items: Kingfisher discovery (80 PJ P50, 298 PJ P10), PEL 16 2P of 397 PJ, Corella P18 stuck pipe, and power station approval. Text is truncated, so the financial results are not visible.
22 Sept 2010drilling progress report▼ Bad
About 43 line km of seismic has been acquired in PEL 13 and 16 before heavy rain forced the crew to demobilise. Thornbill E01 and E02 top holes are cased, but rain is stopping the rig moving there. Both are delays to existing plans.
16 Sept 2010investor presentation● Neutral
Managing Director's Rodman & Renshaw (New York) presentation, mostly repeating known facts: 100% of 4,620 km2 across three permits, certified reserves, and cash of A$20m. Market value quoted as A$128m at $0.51 (13 Sept). No new results visible.
15 Sept 2010drilling result▲ Good
Bowerbird E01 core hole reached 780m, with about 29m of gas-bearing coal and siltstone; gas content results await desorption testing. The 2010 seismic survey (~200 line km) has started, with Terrex on site, aimed at Kingfisher limits and other leads.
9 Sept 2010drilling progress report● Neutral
Bowerbird E01 (PEL 13) was at 642m with about 13.7m of gas-bearing coal intersected, in the Eden Creek fairway. Thornbill E01 and E02 in PEL 426 follow, with top holes drilled. Drilling in progress, with no gas content results yet.
8 Sept 2010investor presentation● Neutral
CFO's Good Oil Conference presentation, repeating known facts: about 252 million shares, 380 Bcf 2P reserves, Kingfisher flowing about 3 million scf/d, and cash of A$20m at 30 June. Market value is quoted at A$110m at $0.44 (31 Aug). No new results.
