Past year: ▲ 850%(0.20c – 3.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
28 Nov 2024investor presentation● Neutral
AGM presentation restates Metgasco as a two-field Cooper Basin gas producer: net 2P of 36.55 PJe (up 45%), FY24 net sales revenue of $2.4m, and Odin-2 online since October. Cash was $698,514 and debt $4.88m at 25 Nov 2024. Mostly repeats known facts.
27 Nov 2024debt financing● Neutral
Glennon lifts its loan by a further A$300k to A$3.18m, taking total Glennon debt to A$5.18m (blended 16.1%, mostly unsecured). Funds go to Odin field costs and working capital. Terms are unchanged: 20% capitalised interest, maturity 31 Dec 2025.
15 Nov 2024production update▲ Good
Vintage says production logging found scale in the metering equipment had caused inaccurate figures. Water and gas production at Odin are actually within expected ranges, which resolves the rising-water concern of 25 October. The meter fix is a priority.
31 Oct 2024quarterly activities report● Neutral
September 2024 quarter: sales revenue about A$366.8k, down 33%, on weather-related outages. Odin-1 optimisation lifted its rate to 3.3 MMscfd and Odin-2 started after quarter end. Debt of A$2.88m was set up with Glennon, and PAC Partners was hired for a strategic review.
31 Oct 2024other● NeutralMajor
Metgasco hires PAC Partners to run a strategic review, following recent expressions of interest from external parties in the business. No certainty of any transaction; shareholders need take no action.
25 Oct 2024production update● Neutral
Vintage reports Odin field output of 5.3 MMscf/d with both wells online, versus 1.4 before the works. Odin-2 has fallen to about 1.7 from 3.0 MMscf/d, and water production is rising, so the initial gain is partly lower than first hoped.
25 Oct 2024production update● Neutral
Metgasco repeats Vintage's update: dual-well Odin output of 5.3 MMscf/d, up from 1.4. Odin-2 has dropped to around 1.7 MMscf/d from 3.0, and water production is rising. Production logging is planned to clarify well contributions.
17 Oct 2024annual report● Neutral
2024 Annual Report: chair's letter notes 45% higher 2P reserves, Odin-2 producing from mid-October, and Vali missing its targets. It confirms Glennon's loans and a further A$250k placement. Mostly repeats known facts.
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.
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.
31 July 2024quarterly activities report● Neutral
June 2024 quarter: sales revenue about A$544k, down 19%, on lower production; FY24 revenue about A$2.58m. Odin-2 completion and tie-in slip to September because of rain. The placement and SPP raised A$925k and A$743.5k.
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.
Create a free account to see this worked out for your own holding.
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.
