17 Oct 2024other● Neutral
Appendix 4G corporate governance checklist lodged with the annual report, pointing to the company website for the governance statement. Administrative; no new substance.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
17 Oct 2024resource reserve update▲ GoodMajor
Independent assessment (CDRI) books first Odin reserves. Net 2P sales gas and ethane reserves rise 45% to 35.5 PJ (6.3 MMboe), mostly from converting Odin contingent resources, which previously stood at 9.55 PJ net 2C. Odin net 2P is 11.2 PJ.
15 Oct 2024production update▲ Good
Vintage reports Odin-2 began supplying gas on 13 October, at about 3.0 MMscf/d. Odin-1 is temporarily offline during commissioning, which should finish that week. Vintage expects field output of four or more times August rates.
15 Oct 2024production update▲ GoodMajor
Metgasco confirms Odin-2 is online at about 3 MMscf/d, resolving the long-delayed tie-in. Management expects roughly 400% higher raw gas rates than in August, and significantly higher revenue from the December quarter FY25 onward.
1 Oct 2024production update▲ GoodMajor
Operator Vintage reports Odin-1 optimisation lifted flow to 3.3 MMscf/d from 1.4, after scale was found in the completion packer and Patchawarra was perforated. Odin-2 is completed, with first gas due mid-October. Vali-2's Toolachee sleeve was opened but performance is unchanged.
1 Oct 2024production update▲ Good
Metgasco repeats Vintage's update: Odin-1 flow is up 2.3 times to 3.3 MMscf/d after optimisation, Odin-2 first gas is on track for mid-October, and Vali-2 is unchanged. The MD expects significantly higher revenue in the December quarter FY25.
30 Sept 2024annual report● Neutral
FY24 financial report: oil and gas sales revenue of A$2.37m received (229 TJ gas). Vali-1 performed steadily but Vali-2 and Vali-3 did not establish significant flows, leaving Vali behind expectations. Odin-2 connection expected in the first half of FY25. Financial statements were truncated.
27 Sept 2024debt financing● NeutralMajor
Glennon Small Companies lifts its loan to Metgasco by A$2m to A$2.88m, taking total Glennon debt to A$4.88m (blended 15.9%, mostly unsecured). It repays two A$500k short-term loans and funds Odin-2 tie-in. Interest at 20% is capitalised, maturity 31 Dec 2025.
3 Sept 2024director officer appointment● Neutral
Henko Vos and Flynn Blackburn become joint company secretaries from 3 September 2024, after Sonu Cheema resigned citing personal circumstances. Administrative change.
21 Aug 2024joint venture update▼ Bad
Vintage says road access should return by end of August, with heavy equipment mobilising in early September. The Odin-2 completion, Odin-1 optimisation and Vali-2 sleeve work should finish by mid-October, with Odin-2 production last. This pushes first Odin-2 gas past the earlier August target.
19 Aug 2024debt financing● NeutralMajor
Glennon Small Companies, the largest equity and debt holder, lent A$880,000 more (capitalised interest, maturity 31 Dec 2025, 12.5% revenue royalty after repayment). Chair Philip Amery and director Peter Lansom resigned; Michael Glennon is interim chair. Metgasco calls it an alternative to heavily discounted raisings.
1 Aug 2024production update● Neutral
Metgasco reports Odin-1 restarted after helicopter access, flowing a stable 1.4 MMscf/d since 30 July. It had been largely offline since 2 July. Odin-2 and optimisation work expected in August, weather permitting.
1 Aug 2024production update● Neutral
Vintage reports Odin-1 back on production at about 1.4 MMscf/d since 30 July, after being shut in on 2 July by a communications fault and lack of road access. Odin-2 completion timing is unchanged.
16 July 2024production update▼ Bad
Heavy rain has cut road access, pushing Odin-2 completion and the Odin-1 and Vali-2 work from July to August. Odin-1 has been shut in since 2 July awaiting a manual restart, so production is lost.
2 July 2024drilling result▲ Good
Refined Odin-2 logs show 16 m Toolachee, 2.3 m Epsilon and 33.5 m Patchawarra conventional net pay, plus 46.5 m lower-quality Patchawarra. Completion starts in July with connection in August. Odin-1 is producing 1.4 MMscf/d, Vali-1 1.3. Vali-2 sleeve opening is planned from mid-July.
2 July 2024drilling scheduled● Neutral
Operator Vintage repeats the Odin-2 refined pay figures and schedule: completion in late July, connection in August. Odin-1 Patchawarra perforation and the Vali-2 sliding-sleeve work are also planned. Odin-1 is at 1.4 MMscf/d and Vali-1 at 1.3.
25 June 2024capital raising announcement● NeutralMajor
The SPP raised A$743,500 from 148.7m shares at A$0.005, below the A$1.5m target. With the A$1m placement, funds go to Odin-2. Metgasco says it is still assessing additional funding, so further capital needs remain open.
What it means for a shareholder
149m new shares at A$0.005 to raise about A$743,500. That's 12% dilution: every existing holder's slice gets 12% smaller. If you held A$1,000 of shares (200,000 at the issue price), your slice goes from 0.0188% to 0.0165% of the company. To keep it you'd need 27,954 more shares - about A$140 at the issue price.
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12 June 2024capital raising announcement● Neutral
The share purchase plan closing date is extended again, now to 21 June 2024, with results due 25 June. Administrative change to the A$0.005 SPP.
11 June 2024investor presentation● Neutral
Webinar presentation repeating the Odin-2 result (59 m preliminary net pay) and the 39.7 PJ gross (9.55 PJ net) Odin 2C resource. It targets Odin-2 gas sales before end of August, subject to JV and regulatory approval.
7 June 2024investor presentation● Neutral
Notice of an investor webinar on 11 June 2024 where the MD will discuss the Odin-2 result, completion and tie-in plans, and exploration potential in ATP 2021 and PRL 211. No new information.
5 June 2024admin correction● Neutral
Vintage re-issues its 3 June Odin-2 release at ASX request, adding the word 'sandstones', formation depths and location maps. Results are unchanged.
5 June 2024admin correction● Neutral
Metgasco re-issues its 3 June Odin-2 release at ASX request, adding 'sandstones', formation depths and maps. The results are unchanged.
3 June 2024drilling result▲ GoodMajor
Odin-2 appraisal well successful: preliminary logs show gas pay in all three targets (11 m Toolachee, 3 m Epsilon, 45 m Patchawarra). The well will be cased and suspended as a future producer; gas could flow in winter, subject to JV approval. This resolves the Odin-2 drilling thread positively.
3 June 2024drilling result▲ Good
Operator Vintage reports Odin-2 found gas pay in all three target formations: preliminary net pay of 11 m Toolachee, 3 m Epsilon, 45 m Patchawarra. The well will be cased as a future producer. Gas could flow within winter, subject to JV approval.
31 May 2024capital raising announcement● Neutral
The share purchase plan closing date is extended from 7 June to 17 June 2024, with results now due 20 June. Administrative change to the A$0.005 SPP.
28 May 2024drilling progress report● Neutral
Odin-2 reached total depth of 3,172 m, with target formations as expected and gas shows in several formations. Wireline logs are needed to judge whether the shows are significant, so no result yet.
21 May 2024drilling progress report● Neutral
Vintage reports Odin-2 was drilling at 2,051 m in the Poolowanna Formation on 21 May, toward a planned 3,156 m. No new result; the well is on its 3-4 week timetable.
17 May 2024joint venture update▼ Bad
Vintage says the joint venture voted not to drill Odin-3 straight after Odin-2, preferring to assess Odin-2 results first. Vintage will keep pushing for it. This reverses the earlier hope of a back-to-back well, which was subject to JV approval.
15 May 2024drilling spud● Neutral
Metgasco confirms the Odin-2 appraisal well spudded on 15 May 2024, 1.1 km north-east of Odin-1, with a planned depth of 3,156 m and 3-4 weeks to drill. Metgasco holds 25%. First gas is targeted within 3 months of spud if successful.
15 May 2024capital raising announcement● Neutral
Cover letter for the placement and share purchase plan already announced on 10 May: about A$1m from ~200m shares at A$0.005, plus up to A$1.5m from shareholders (max A$30,000 each). SPP closes 7 June. Adds 2m broker options at 1c.
What it means for a shareholder
200m new shares at A$0.005 to raise about A$1.0m. That's 16% dilution: every existing holder's slice gets 16% smaller. If you held A$1,000 of shares (200,000 at the issue price), your slice goes from 0.0188% to 0.0158% of the company. To keep it you'd need 37,598 more shares - about A$188 at the issue price.
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