Past year: ▲ 850%(0.20c – 3.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
16 July 2020drilling progress report▲ Good
Metgasco reports the first Vali-1 ST1 fracture stimulation stage was completed successfully, with five Patchawarra stages to follow before flow testing. The CEO is confident a commercial gas project can be established. No flow results yet.
8 July 2020drilling progress report● Neutral
Vintage says Vali-1 ST1 fracture stimulation is expected to start 12 July, with Condor's equipment being mobilised, followed by flow testing. Nothing new on results. Vintage's figure of 18.8 Bcf net is its own share; Metgasco's net is 9.4 Bcf.
8 July 2020drilling progress report● Neutral
Metgasco repeats that Vali-1 ST1 fracture stimulation is expected to start 12 July, followed by testing. The CEO says a commercial Vali project would move the company from explorer to producer in CY21. No new results.
3 June 2020drilling progress report▲ Good
Operator Vintage says six-stage Vali-1 ST1 fracture stimulation starts early July, followed by extended flow testing, with results expected early August. Condor is engaged and talks with Santos on gas infrastructure access have begun. Vintage's release quotes net 2C of 18.9 Bcf, which is Vintage's share (Metgasco's is 9.4 Bcf).
3 June 2020drilling progress report▲ Good
Metgasco's version of the Vintage update: six-stage Vali-1 ST1 stimulation starts early July, flow test results expected early August, Condor engaged, Santos infrastructure talks begun. The CEO expects a positive result and revenue from Vali within 12 months. Net 2C is 9.4 Bcf.
3 Mar 2020resource reserve update▲ GoodMajor
Metgasco books its first Cooper Basin resource: independently certified gross 2C Contingent Resource of 37.7 Bcf at Vali, 9.4 Bcf net to its 25%. This is 7% above the pre-drill best estimate and resolves the pending reassessment; stimulation and flow test planned Q2 CY2020.
3 Mar 2020resource reserve update▲ Good
Vintage, as operator, announces an independently certified gross 2C Contingent Resource of 37.7 Bcf at Vali, ahead of pre-drill prospective resources. Metgasco's 25% share is not stated here. Stimulation and flow testing are planned before the end of the financial year.
24 Feb 2020farm in farm out agreement▲ Good
Vintage reports the binding PRL 211 farm-in is executed, replacing the November term sheet. Vintage 42.5% (operator), Bridgeport 21.25%, Metgasco 21.25%, Senex 15% free-carried. Completion by 31 March 2020; Odin spud targeted Q4 FY20.
24 Feb 2020farm in farm out agreement▲ GoodMajor
Metgasco confirms the binding PRL 211 farm-in is signed, replacing the 22 November term sheet. It earns 21.25% by paying about $1.0m (25% of the Odin well); spud targeted Q4 FY20, completion by 31 March 2020, subject to ministerial approvals and funding.
29 Jan 2020drilling progress report● Neutral
Vintage says the SLR 185 rig has left the Vali site and this is the last Vali-1 drilling update. Volume estimates and commercialisation plans will follow after joint venture approval. Metgasco holds 25%. Other Vintage wells also covered.
21 Jan 2020drilling progress report● Neutral
Vintage reports Vali-1 ST1 (3,217m) cased and suspended, rig released 17 January. Joint venture is assessing the size and commercial potential of the gas discovery; results to follow. Metgasco holds 25%. Also covers Vintage's Galilee and Otway wells.
20 Jan 2020farm in farm out completion▲ GoodMajor
Metgasco executes the restated L14 farm-out with Jade and Vintage, as per the 15 November term sheet. Vintage funds 50% of Cervantes for 30% and pays $100k to Metgasco. Cervantes drilling is committed for Q3 CY2020, gross cost $5-7m. Metgasco has a right to a second well.
16 Jan 2020drilling result▲ GoodMajor
Metgasco confirms the Vali-1 ST1 gas discovery in ATP 2021: over 35m of net pay over a 312m gross Patchawarra interval, on the high side of pre-drill estimates. The 25% interest was free-carried to case and suspend; resolves the Vali-1 thread.
16 Jan 2020drilling result▲ GoodMajor
Vintage, as operator, announces a gas discovery at Vali-1 ST1: over 35m of net gas pay in the Patchawarra, on the high side of pre-drill estimates. The well will be cased and suspended; the Vali resource is to be re-assessed later.
14 Jan 2020drilling progress report▲ Good
Metgasco says Vali-1 ST1 reached 3,217m and logs show gas in multiple upper Patchawarra sands; the lower section is still to be logged. Gross well cost is expected at or under the $5.3m farm-in cost cap. Free-carried at 25%.
14 Jan 2020drilling progress report▲ Good
Vintage reports Vali-1 ST1 reached 3,217m on 10 January, with initial logs showing gas in multiple Patchawarra sands. Evaluation continues. Metgasco is free-carried at 25%. Other Vintage wells are also covered in the update.
7 Jan 2020drilling progress report● Neutral
Metgasco reports Vali-1 ST1 at 3,059m in the Patchawarra, with gas shows described as encouraging but unquantified until logs are run. Drilling is slow due to hard rock. Free-carried at 25%.
7 Jan 2020drilling progress report● Neutral
Vintage reports Vali-1 ST1 at 3,059m with additional gas shows, though drilling is slow through hard rock. Gas significance is unclear until logs are run. Metgasco is free-carried at 25%; total depth is expected late this week or early next.
31 Dec 2019drilling progress report● Neutral
Metgasco confirms the Vali-1 side-track (ST1) after the well deviated over 24 degrees. It is at 2,657m, with high gas shows over substantial thicknesses and oil shows. Still free-carried at 25%; total depth expected by the end of the week.
31 Dec 2019drilling progress report● Neutral
Vintage reports Vali-1 deviated over 24 degrees from vertical, so it was plugged back and side-tracked from 1,644m. Vali-1 ST1 is at 2,657m with high gas shows. Metgasco remains free-carried at 25%; target depth expected by the end of the week.
24 Dec 2019drilling progress report● Neutral
Metgasco reports Vali-1 on schedule at 2,106m, with Jurassic oil shows not considered a viable target. Primary target is the Patchawarra Formation. Metgasco stays free-carried at 25%; net best-estimate prospective resource is 9.5 Bcf. No result yet.
24 Dec 2019drilling progress report● Neutral
Vintage's operations update says Vali-1 reached 2,081m on schedule, with oil shows in the Jurassic. Metgasco holds 25%, free-carried. The update also covers Vintage's other wells. No result yet for Metgasco.
17 Dec 2019drilling spud▲ GoodMajor
Drilling began on 17 December 2019 at Vali-1 in Cooper Basin ATP 2021, using the SLR-185 rig. Metgasco is free-carried with a 25% interest, and net best-estimate prospective resource is 9.5 Bcf.
10 Dec 2019drilling scheduled● Neutral
Operator Vintage says the SLR-185 rig is released and moving to Vali-1, with spud around 15 December. Net prospective resource to Vintage is 17.6 Bcf; target depth is 3,140 metres. Confirms timing already flagged.
10 Dec 2019drilling scheduled● Neutral
Metgasco confirms the rig is mobilising to Vali-1, with spud expected around 15 December. It stays free-carried at 25%, with 9.5 Bcf net best-estimate prospective resource and a 34% chance of success.
22 Nov 2019farm in farm out agreement▲ GoodMajor
The ATP2021 JV signs a term sheet to farm into PRL 211. Metgasco pays about $1.0m (25% of the Odin well) for a net 21.25%, with a spud targeted Q4 FY20. Gross best-estimate is 12.6 Bcf; conditions are due by 31 January 2020.
22 Nov 2019farm in farm out agreement● Neutral
Vintage signs a term sheet, with 90 days' exclusivity, to farm into Senex's PRL 211 and operate it. Odin gas structure straddles PRL 211 and ATP 2021; gross best-estimate 12.6 Bcf. Conditions must be met by 31 January 2020.
15 Nov 2019farm in farm out agreement▲ Good
Vintage's side of the Cervantes deal: it earns 30% by paying 50% of a $5-7m well, targeting a spud in Q1 FY21, with Metgasco also at 30%. Gross best-estimate prospective resource is 15.3 MMbbl, 28% chance of success.
15 Nov 2019farm in farm out agreement▲ GoodMajor
Metgasco signs a binding term sheet with Jade and Vintage: Vintage funds 50% of the Cervantes well for a 30% interest plus $200k of costs. Metgasco's L14 interest falls to 30% and its cost exposure to 50%, confirming its right to drill (Q3 CY2020).
12 Nov 2019drilling scheduled▲ GoodMajor
Metgasco confirms the Vali-1 rig contract, with spud expected mid-December 2019. It holds 25% free-carried, with net best-estimate unrisked prospective resource of 9.5 Bcf (38.1 Bcf gross) and 34% chance of success. Firms up the late-2019 timing.
