2 Sept 2010drilling spud● Neutral
Bowerbird E01 core well spudded 2 September 2010 in PEL 13 (MEL 100%), targeting 700m. The rig will then move to PEL 426 to drill Thornbill E01 and E02, testing Walloon coals near the Banyabba anticline.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
27 Aug 2010drilling scheduled● Neutral
Bowerbird E01 core well is expected to start next week in PEL 13, about 3.7km west of Corella P11, targeting 700m. It is meant to help define the coal seam gas fairway and inform trial production planning.
9 Aug 2010other● Neutral
Update on gas commercialisation: power station progress continues, and options under review include local customers, power stations, mini-LNG and export LNG. Internal estimates suggest enough gas for an LNG plant of up to 3 million tonnes a year, but the company says substantial further work is needed to certify reserves.
30 July 2010quarterly activities report▲ Good
June quarter report: Kingfisher testing is complete, with 22 zones tested and a 138m gas column that may extend below the well's depth; one-zone frac planned. Power station approved. Corella P11 hit a new peak of 225,000 scf/d. Seismic delayed by rain. Cash $20m.
30 July 2010quarterly activities report● Neutral
Appendix 5B for the June 2010 quarter: cash fell to $20.1m from $24.0m. No debt. Forecast outflow next quarter is $5.6m, and 249,006,674 shares are on issue.
2 July 2010flow test result● NeutralMajor
Kingfisher Test 5 flowed gas at 168,000 scfd, well below the 2.97 million scfd of Test 1, and suggests natural fracturing. The company is designing a frac stimulation to trial on this zone, reflecting that many zones are tight gas.
22 June 2010flow test result▲ Good
Test 5 began 17 June on a 3m upper Gatton zone (1,450-1,453m), with wellhead pressure of 2,040 psi. Tests so far all show gas, typically above 95% methane, with variable quality from conventional to tight gas. Flow results are still to come.
16 June 2010director officer appointment● NeutralMajor
Deputy Chairman Nicholas Heath becomes Chairman from 1 July 2010, replacing founding chairman Dr Peter Power, who retires. Len Gill, a former TXU Australia CEO and current Alinta Energy chairman, joins as a non-executive director, bringing power-sector experience as the company moves toward development.
11 June 2010investor presentation● Neutral
Managing Director's North Coast Energy Forum presentation on natural gas and energy supply, mostly general background on gas versus coal. Text is truncated and no new company results are visible.
9 June 2010regulatory community update▲ GoodMajor
NSW Planning approved the 30MW Richmond Valley Power Station near Casino, resolving the long-outstanding development approval. It would use about 2.3 PJ of gas a year. Final investment decision still depends on commercial negotiations and board approval.
30 Apr 2010quarterly activities report● Neutral
March quarter report restates Kingfisher E1 testing (2.97 million scfd from Test 1; Gatton Test 3 on pressure build-up) and the reserve upgrade. New: 23 conventional leads and prospects, 1,361 Bcf mean in place. A 210 line km seismic program starts next quarter. Cash is $24m.
30 Apr 2010quarterly activities report● Neutral
Appendix 5B for the March 2010 quarter: cash fell to $24.0m from $29.7m, with $5.7m spent in the quarter. No debt. Forecast outflow next quarter is $4.85m.
21 Apr 2010other● Neutral
Notice of an audio broadcast of the Managing Director's 21 April conference presentation. No new information.
19 Apr 2010investor presentation● Neutral
Managing Director's Sydney conference presentation covering the Clarence Moreton Basin, Kingfisher testing (2.97 million scfd from Test 1), leads and prospects, and $29m cash with no debt. Repeats known facts; no new results.
6 Apr 2010investor presentation● Neutral
Re-lodgement of the Managing Director's IIR CSG conference presentation from 29-31 March, which was already released. No new information.
31 Mar 2010drilling result▲ Good
Bowerbird E2 in PEL 13 reached 672m, with 42m of gassy coal and gas-bearing shale found from 296m and about 17m of core taken. Testing and lab analysis come next. An encouraging early sign, but no flow rates yet.
29 Mar 2010investor presentation● Neutral
Managing Director's conference presentation covering Metgasco's acreage, certified reserves (2P 381 Bcf, 3P 2,153 Bcf) and Corella-11 production history, with comparison to the US Evergreen coal seam story. Repeats known facts.
17 Mar 2010investor presentation● Neutral
CFO presentation at a coal seam methane conference, repeating known points: Kingfisher discovery, reserve upgrade, 100% permit ownership and the 2010 PEL 13 core drilling program. No new figures.
17 Mar 2010drilling spud● Neutral
Bowerbird E-2 core well spudded in PEL 13 as the first well of the 2010 coal seam gas program. Targeting 700m, it will test the Richmond and I/J/K seams along a possible gas fairway extending about 20 km northwest of Corella-11.
16 Mar 2010half year report● Neutral
Half-year to 31 December 2009 report restates the period's events: Kingfisher discovery, 100% of all permits, $25m SPP, the reserve upgrade, and Corella P18 pipe stuck with a completion program being developed. Cash $29.8m. Text provided is truncated; no financial results visible.
11 Mar 2010investor presentation● Neutral
London conference presentation by the CFO repeating known facts: Kingfisher discovery, 397 PJ 2P reserves, $29m cash, no debt, 100% of all three permits. Market cap about $150m at $0.60. No new information.
10 Mar 2010admin correction● Neutral
Clarifies that only 3.7m of Kingfisher's estimated 30.3m net pay has been tested. A further 2.3m is untested in the Ripley Road, and 24.3m sits in the Gatton Sandstone. This tempers the earlier January result, which came from just a small part of the pay.
10 Mar 2010flow test result● Neutral
Ripley Road testing is finished. A second 12m zone (1,980-2,035.5m) was stopped early because pressure built up slowly. Five Gatton zones are next, taking up to 12 weeks, with results feeding reserve estimates. Gas is 95.8% methane with no condensate.
5 Mar 2010other▲ Good
S&P index rebalance notice listing Metgasco as an addition to the All Ordinaries index after the close on 19 March 2010. Not a company announcement about its operations.
5 Mar 2010remuneration report● Neutral
Proposed grant of 250,000 unlisted options at $0.80 exercise price to new director Steven Koroknay (100,000 vesting within 1 year, 150,000 within 3 years), subject to shareholder approval at the November 2010 AGM. Administrative.
16 Feb 2010resource reserve update▲ GoodMajor
Independent certifier MHA raised PEL 16 coal seam gas 2P reserves 33% to 397 PJ (from 298) and 3P 46% to 2,239 PJ (from 1,538); 1P stays at 2.7 PJ. Delivers the upgrade flagged in January. Excludes Kingfisher; sell-down of PEL 16 continues.
12 Feb 2010investor presentation● Neutral
Notice of an audio broadcast with the Managing Director on Kingfisher flow testing, on 12 February 2010. No new information in the notice itself.
5 Feb 2010flow test result● Neutral
Kingfisher-E1 testing continues with pressure build-up on the Ripley Road zone for two more weeks. Gas is 95.8% methane. Higher zones will be perforated afterwards. No new flow rate; the 2.97 million scf/day test remains the only result.
5 Feb 2010drilling progress report▼ Bad
Corella P18's stuck drillpipe could not be freed, so the string was parted at 490m to allow a sidetrack. The rig has been demobilised until rectification work on the vertical well is done and another rig is found. A setback to the next-generation pilot well.
29 Jan 2010quarterly activities report● Neutral
December quarter cash report: cash rose to $29.7m from $14.4m after the $25m share purchase plan, with $12.6m spent on operations and investing over six months. About $5.95m outflow is forecast for next quarter. Ownership of PEL 13, 16 and 426 is now 100%.