Past year: ▲ 850%(0.20c – 3.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
27 Feb 2008regulatory community update▲ GoodMajor
NSW declared the 145km Casino to Ipswich pipeline a Major Project, which should streamline approvals; Commonwealth treats it as a controlled action. Re-entry at Corella-E6 now points to the I/J coal sequence, not volcanics, as the source of earlier gas kicks.
20 Feb 2008drilling result▲ Good
Riflebird-E13 reached 1,297m with gas shows and a well-developed I/J coal sequence, but could not be tested on site; it is cased for later fraccing. The rig is heading to re-enter Corella-E6.
13 Feb 2008drilling progress report● Neutral
Gas is still being flared at Corella-P11, and pumping started at P16, P14 and Riflebird-P11. Riflebird-E14 was spudded to test the deeper I/J coal sequence and is at 754m. Rain keeps hampering access.
6 Feb 2008drilling progress report● Neutral
Riflebird-P12 drilling is complete, with pumps due next week. Dewatering continues at four wells; Corella-P16's start is delayed by heavy rain, and minor flooding restricted access to some sites.
4 Feb 2008director officer appointment▲ Good
Michael O'Brien joins as General Manager Development (ex-WorleyParsons coal seam gas group) and Jackie Geraghty as General Counsel (ex-Cement Australia). The managing director links the hires to a major development stage over the next year.
30 Jan 2008production update▲ Good
Dewatering continues at four pilot wells, with encouraging early gas flows seen but not yet stable enough to report rates. The rig is drilling the in-seam section of Riflebird-P12.
23 Jan 2008drilling progress report● Neutral
Dewatering is now under way at Corella-P12 and P14 as well. The rig finished drilling Corella-P16 and is moving to Riflebird-P12.
16 Jan 2008drilling progress report● Neutral
Dewatering restarted at Corella-P11 after floods halted work, and began at Riflebird-P11. Drilling at Corella-P14 is complete, and the rig has moved to Corella-P16.
15 Jan 2008investor presentation● Neutral
January presentation restating 194 PJ 2P reserves, with further upgrades said to be imminent. It notes MOUs of 360 PJ to CS Energy and 150 PJ to BP, four pilot wells dewatering, share price $0.91 and cash $12m.
9 Jan 2008drilling progress report● Neutral
Pumps are being installed at P11, P12 and Riflebird-P11 to continue production testing. Corella-P14 is drilled to 961m and running liner; the rig moves to P16 next. P13 remains suspended.
7 Jan 2008drilling progress report● Neutral
Pilot drilling was not significantly affected by regional flooding. Corella-P14 is above flood levels and drilling in-seam at 771m. Some minor equipment was lost at low-lying sites.
2 Jan 2008drilling progress report▼ Bad
Corella-P13 reached 965m, but a gas influx and loss of pressure collapsed part of the hole and stuck tools. The well is suspended awaiting fishing equipment. The rig moved to P14, and dewatering continues at P11, P12 and Riflebird-P11.
19 Dec 2007drilling progress report▲ Good
Dewatering continues at P11 (about 260 bbls/day), with gas flowing unaided but no rates reported yet. Riflebird-P11 drilled a record 470m in-seam in 24 hours. P12 dewatering has started; P13 and P14 will be drilled over the holidays.
13 Dec 2007production update▲ Good
Dewatering began at Corella-P11, with water initially 288 bbls/day, falling to 170, which the company calls substantially higher than earlier wells and very encouraging. Free gas is flowing but not yet metered. P12 drilling is complete and the rig has moved to Riflebird-P11.
10 Dec 2007investor presentation● Neutral
Notice of an audio broadcast by the Managing Director on the BP coal seam gas MOU on 10 December 2007. It carries no new information itself.
5 Dec 2007drilling progress report● Neutral
Corella-P12, targeting the Tomki seam, is drilling ahead in-seam at 700m. P11 drilling is complete with production testing to start in coming weeks. Other wells unchanged.
3 Dec 2007material agreement▲ GoodMajor
Metgasco signed an MOU with BP Australia for a feasibility study on supplying over 15 PJ a year of coal seam gas, plus extending the planned Casino-Ipswich pipeline to BP's Port of Brisbane refinery. A second major gas customer alongside CS Energy; not yet a binding sale.
28 Nov 2007drilling progress report● Neutral
First pilot well Corella-P11 is fully drilled, with production testing due in coming weeks. Second well P12 is at 430m awaiting a replacement mud-motor. Other wells have 150m casing set.
23 Nov 2007investor presentation● Neutral
AJM CSM conference presentation restating known facts: 194 PJ 2P, 1,156 PJ 3P, 390 PJ of gas sale MOUs, 660 PJ goal by mid-2008, trial production program started. Cash $17m, share price $0.83. No new information.
21 Nov 2007investor presentation● Neutral
AGM presentation recapping 2007 and setting 2008 goals: continue toward 660 PJ 2P by mid-2008, a conventional test well in PEL 16, seismic in PELs 13 and 426, and power station and CS Energy project sanction. Cash $17m.
20 Nov 2007drilling progress report● Neutral
Pilot well Corella-P11 hit the Richmond coal seam at 362m and is nearing its in-seam target. Next is P12, from the same pad, to test the Tomki seam at about 404m. Dewatering starts after both are done.
19 Nov 2007investor presentation● Neutral
Bell Potter conference presentation restating known facts: 194 PJ 2P, over 1 Tcf of resource, gas sale MOUs of 390 PJ. It says the environmental assessment and grid connection agreement are now lodged. Share price $0.83, cash $17m.
12 Nov 2007drilling progress report▲ Good
Pilot production drilling has started at North Casino: pre-collars are done on four wells and the ADR 100 rig is drilling Corella-P11 at 215m. Permeability testing at Corella-E7 is complete, with testing at E10 under way.
5 Nov 2007production update▲ Good
The ADR 100 rig has reached Casino after the approval delay, with pilot drilling due to start within a week. Each of the eight wells should take about ten days to drill, then be dewatered and production tested.
1 Nov 2007investor presentation● Neutral
Mining 2007 conference presentation repeating known facts: 194 PJ 2P, 660 PJ goal, 385 PJ of gas sale agreements. It adds that the rig awaits transport approvals and a conventional well is planned around Q1 2008. Share price $0.81.
23 Oct 2007director officer appointment▲ Good
Peter Stanmore, 29 years in exploration and formerly Santos's onshore exploration evaluation team leader, joins as General Manager of Exploration. This supports the expanding conventional exploration work in the Clarence Moreton basin.
22 Oct 2007annual report● Neutral
Re-release of the 2007 annual report already lodged on 18 September, with the same content (113 PJ 2P). No new information.
18 Oct 2007investor presentation● Neutral
Notice of an audio broadcast of an Operations Update by the Managing Director on 18 October 2007. It carries no new information itself.
17 Oct 2007drilling progress report● Neutral
Pilot drilling to start this month: 5 surface-to-inseam wells in the CS Energy joint venture and 3 at South Casino. The core drilling program is complete; testing is due by year end, and more data goes to MHA within a month.
10 Oct 2007drilling spud● Neutral
Pilot well Corella-P16 spudded 8 October, the first surface-to-inseam pilot well, with pre-collar drilling at 29m before the ADR 100 rig arrives. The MSC-06 deepening is postponed so equipment can be redeployed to the pilot program.
