Past year: ▲ 850%(0.20c – 3.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 Oct 2008investor presentation● Neutral
Mining 2008 presentation shows the share price down to $0.34 and a $45m market cap, versus $0.80 in August. It states Kingfisher gas in place of 82-831 bcf, power station sales end 2009/early 2010, and farm-out talks for the drilling program.
20 Oct 2008annual report● Neutral
2008 annual report restating the year: 2P reserves of 298 PJ, the Riflebird-E14 conventional discovery, completed farm-in work programs, and $7.6m raised. The chair says focus is shifting from reserve appraisal to production and commercialisation.
16 Oct 2008production update▲ Good
Pilot well CP-11 (Corella-11) reached 200 Mscf/day, up from the 180,000 scf/day peak in June, having produced 30 mmcf of gas since January 2008. Further gains are expected as dewatering continues.
23 Sept 2008other● Neutral
Notice of an audio broadcast of managing director David Johnson discussing the confirmed scale of the conventional gas discovery. No new information.
19 Sept 2008annual report● Neutral
Audited accounts for the year to 30 June 2008 show a consolidated loss of $2,134,239. They record the 2008 capital raisings ($2.64m share plan, $5.0m placement, $0.6m option exercise) and 2P reserves of 298 PJ, up from 129 PJ.
4 Sept 2008investor presentation● Neutral
CFO presentation to an ABN AMRO seminar, mostly on gas-sector background and Metgasco's strategy. It repeats 298 PJ 2P reserves and the Kingfisher 12-70 bcf estimate, with no new company results.
3 Sept 2008investor presentation● Neutral
Good Oil Conference presentation repeating the Kingfisher (12-70 bcf) and Mackellar (410 bcf) estimates. The power station commissioning date moves from late 2009 to mid 2010, and the environmental assessment is shown as lodged.
3 Sept 2008resource reserve update▲ GoodMajor
Riflebird-E14 gas find named the Kingfisher Field, with a contingent resource of 12-70 bcf gas in place (37 bcf mid). The adjacent Mackellar Prospect is put at up to 410 bcf. This follows the May flow tests; a further appraisal well is still needed.
2 Sept 2008farm in farm out completion▲ GoodMajor
Metgasco completed its Molopo farm-in work programs, now holding 75% of PEL 13 coal seam gas, 50% of PEL 13 conventional, and 50% of PEL 426. This confirms the seismic-based earn-in flagged in July; transfer documents are signed.
6 Aug 2008investor presentation● Neutral
August investor presentation largely repeating known facts: 298 PJ 2P, 390 PJ of gas sale MOUs, Riflebird-E14 discovery and late-2009 power station commissioning. It shows a $0.80 share price, $106m market cap and $6.5m cash at 28 July 2008.
30 July 2008investor presentation● Neutral
Conference presentation on east coast gas markets, carbon pricing and LNG demand. It contains no new company results or announcements.
24 July 2008resource reserve update▲ GoodMajor
PEL 16 2P reserves rose 21% to 298 PJ (264 PJ net to Metgasco), and 3P rose 11% to 1,538 PJ. More upgrades are expected over six months toward the 640 PJ 2P target. Corella-11's flow is up 30% in three weeks.
9 July 2008admin correction● Neutral
Amended re-release of the seismic survey announcement. Its wording on the Molopo farm-ins changes from having entitled Metgasco to earn the interests to the work 'will entitle' it to earn them. Otherwise unchanged.
9 July 2008other● Neutral
Molopo forwards Metgasco's seismic survey announcement to the market. No new content.
9 July 2008regulatory community update▲ Good
The 2008 seismic survey finished with 168 line km acquired. This entitles Metgasco to earn 50% of PEL 426 and 50% of PEL 13's conventional rights. Appraisal drilling of the Mackellar structure near Riflebird-E14 is being planned, with a PEL 426 well in 2H 2008.
26 May 2008investor presentation● Neutral
Conference presentation largely repeating known facts. It adds an estimated net pay of 9 to 15 metres at Riflebird-E14, with the discovery's significance still to be evaluated and the gas not completely dry.
22 May 2008investor presentation● Neutral
Conference presentation repeating known facts: 247 PJ 2P, gas sale MOUs of 390 PJ and a late-2009 target for the power station. It shows 133m shares, a $1.10 price and $9.5m cash as at 20 May 2008.
21 May 2008drilling progress report● Neutral
Corella-11 continues producing above 100,000 scf/day while dewatering. Testing at Riflebird-E14 shows gas from all three zones, and the well will be shut in afterwards. About 5 km of seismic has been acquired in PEL 13.
16 May 2008flow test result▲ Good
The third zone in Riflebird-E14 flowed gas and water, and the well flowed overnight at a stabilised 257,000 scf/day. Longer-term production testing is to start next week.
15 May 2008regulatory community update▲ Good
Line clearing and surveying began for a 127 line km 2D seismic program across PEL 426, 13 and 16, run by Terrex. Completing it earns Metgasco 50% of PEL 426 and 50% of PEL 13's conventional rights.
14 May 2008flow test result▲ Good
Riflebird-E14's second zone flowed gas, and the well produced from both zones at a stabilised 202,000 scf/day. Shut-in pressure built to 1,327 psi. A third zone is to be tested.
12 May 2008flow test result▲ GoodMajor
Riflebird-E14, Metgasco's first conventional well in the Clarence Moreton Basin, flowed gas and water at up to 308,000 scf/day on its first zone test. Metgasco calls it a conventional gas discovery with positive implications for the basin; it holds 100%.
7 May 2008other● Neutral
Notice of an audio broadcast of the managing director discussing the quarterly report and capital raising. No new information.
6 May 2008capital raising announcement● NeutralMajor
The share plan closed with $2.6m raised from 3,777,226 shares at $0.70. A further 6,666,667 shares were placed with institutions at $0.75 to raise $5m, taking the total to $7.6m. Funds go to reserve development and pilot testing.
What it means for a shareholder
3.8m new shares at A$0.700 to raise about A$2.6m. That's 3.0% dilution: every existing holder's slice gets 3.0% smaller. If you held A$1,000 of shares (1,429 at the issue price), your slice goes from 0.00117% to 0.00114% of the company. To keep it you'd need 44 more shares - about A$31 at the issue price.
Create a free account to see this worked out for your own holding.
22 Apr 2008drilling progress report▲ Good
Further data has gone to reserve certifier MHA, and another reserve upgrade is anticipated. All pilot wells are producing early gas while dewatering. Production flow testing of three gas zones in Riflebird-E14 is planned within weeks.
31 Mar 2008capital raising announcement● NeutralMajor
Metgasco offers eligible shareholders a Share Purchase Plan of $1,000 to $5,000 each at $0.70 a share, a 9.6% discount to the five-day average price. Funds go to expanding exploration, gas commercialisation and working capital. It closes 24 April 2008.
19 Mar 2008investor presentation● Neutral
ASX CSM Day presentation repeating known facts: 247 PJ 2P, 640 PJ target by July 2008, MOUs of 33 PJ a year. It adds an enterprise value of $0.44 per GJ of 2P versus peers. Share price $0.77, market cap $94m, cash $12.6m.
17 Mar 2008admin correction● Neutral
Administrative notice: the registered office and principal place of business moved to Suite 1, Level 9, 77 Pacific Highway, North Sydney. No substantive content.
14 Mar 2008half year report▲ Good
Half-year to December 2007: 2P reserves up from 22 PJ to 247 PJ in PEL 16, six pilot wells on production test. Gas sale talks with CS Energy aim at a field development decision in the second half of 2008. Financial figures not shown in the excerpt.
4 Mar 2008resource reserve update▲ GoodMajor
MHA certified PEL 16 2P reserves at 247 PJ (213 PJ net to Metgasco), up 27% from 195 PJ. 3P reserves rose about 20% to 1,389 PJ, and further upgrades were expected in coming months.
