3 Oct 2007drilling progress report● Neutral
Weekly report: MSC-06 is awaiting fishing tools to retrieve a parted downhole liner. All other wells remain suspended pending testing. No new results.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
26 Sept 2007drilling result● Neutral
Riflebird-E5 reached 810m total depth with 13m of coal core and is suspended pending testing. MSC-06 is circulating before drilling resumes. No new results.
24 Sept 2007production update▲ Good
The ADR 100 rig from Canada has arrived at the Port of Brisbane and will go to Casino next month for the up-to-eight-well pilot production program. This fulfils the earlier rig arrival timetable; the rig can also test deeper conventional targets.
20 Sept 2007drilling progress report● Neutral
Weekly report: MSC-06 awaits fishing tools before deepening. Riflebird-E5 is drilling at 786m with 7.5m of coal core so far. No new results.
18 Sept 2007annual report▲ Good
2007 annual report: 2P reserves up 480% to 113 PJ (the July figure, before the later lift to 194 PJ), 18 core holes drilled, $19m raised in the year. Lists the CS Energy gas sale (18 PJ/yr) and 660 PJ target as goals.
17 Sept 2007resource reserve update▲ GoodMajor
MHA lifted PEL 16 2P reserves a further 50% to 194 PJ (182 PJ net to Metgasco), from 129 PJ in July. Management says it is on track for the 660 PJ 2P target within six months; more data is still to go to MHA.
12 Sept 2007drilling progress report● Neutral
Weekly report: old well MSC-06 is being deepened from 670m to about 820m to test deeper coal. Riflebird-E6 finished at 827m with 18m of coal and is suspended. Riflebird-E5 is at 400m.
10 Sept 2007investor presentation● Neutral
Conference presentation largely restating known facts: 113 PJ 2P, a 660 PJ goal, pilot production from October and a 115 km seismic program. It gives a share price of $0.83, market cap $100m, 121m shares and $16m cash.
5 Sept 2007drilling progress report● Neutral
Weekly report: Riflebird-E6 is coring at 724m with 13.5m of coal so far. Riflebird-E5 is suspended awaiting a coring rig. Riflebird-E7 is suspended. No new results.
5 Sept 2007material agreement▲ Good
Metgasco allied with US firm Vectra CBM to advise on drilling and completing the planned 8-well pilot program in the fourth quarter of 2007. Vectra has drilled over 250 similar wells in the Arkoma basin. Aims to speed the pilot.
4 Sept 2007drilling scheduled▲ Good
With Molopo, a 115 line-km 2D seismic program was approved for PEL 13 and 426, to run October–November with results due in the first quarter of 2008. Reprocessing flagged structures with conventional oil and gas potential. Metgasco has taken PEL 13 coal seam rights to 75% (option exercised).
29 Aug 2007drilling progress report● Neutral
Weekly report: Riflebird-E5 spudded 22 August and is at 150m. Riflebird-E6 is coring at 456m. Riflebird-E7 finished at 825m with 21m of coal and is suspended. No new results.
28 Aug 2007joint venture update● Neutral
A further data package has gone to MHA, with its view expected within a month. The ADR 100 rig is en route from Canada, due at Casino in the third week of October. A seismic survey is planned at Corella-E6 before any conventional well.
23 Aug 2007investor presentation● Neutral
CFO conference presentation restating known facts: 113 PJ 2P, 1,156 PJ 3P, a 640 PJ 2P goal by early 2008, and 385 PJ of gas projects. It carries no new announcement.
22 Aug 2007drilling progress report● Neutral
Weekly report: Riflebird-E7 is coring at 738m with 10m of coal taken so far. Riflebird-E6 is cased at 288m awaiting a coring rig. No new results.
15 Aug 2007drilling progress report● Neutral
Weekly report: Riflebird-E6 spudded 10 August and is at 125m. Riflebird-E7 is coring at 450m. Riflebird-E3 is suspended again. No new results.
8 Aug 2007drilling progress report● Neutral
Weekly report: Riflebird-E3 lost tools were retrieved, with coring due to resume at 711m. Riflebird-E7 is cased at 146m. No new results.
2 Aug 2007investor presentation● Neutral
Notice of an audio broadcast of the managing director's June 2007 quarterly presentation. The content is not in the text provided.
2 Aug 2007drilling progress report● Neutral
Weekly report: Riflebird-E7 reached 146m and casing is being set. Riflebird-E4 is logged and suspended. Riflebird-E3 is cored to 711m and fishing for lost tools. No new results.
26 July 2007drilling progress report● Neutral
Weekly report: Riflebird-E7 spudded 25 July. Riflebird-E4 reached 771m with 36m of coal core and is being logged. Corella-E9 testing is complete and Corella-E7 testing is underway. No new reserve result.
25 July 2007resource reserve update▲ GoodMajor
MHA certified PEL 16 2P gas reserves at 129 PJ, up 480% from 22 PJ (113 PJ net to Metgasco); 3P is largely unchanged at 1,156 PJ. First step toward the 660 PJ 2P target; more data goes to MHA in coming months.
18 July 2007drilling progress report● Neutral
Weekly report: Corella-E10 finished at 780m with 27m of coal and good free gas shows, and is suspended. Corella-E8 permeability testing is complete. Riflebird-E4 is coring at 430m. No formal reserve results.
11 July 2007drilling progress report● Neutral
Weekly report: Riflebird-E3 finished at 699m with about 16m of coal and is suspended. Corella-E10 is drilling ahead at 636m. Riflebird-E4 is running casing at 429m. No formal reserve results.
4 July 2007drilling progress report● Neutral
Weekly report: Riflebird-E3 reached 699m and is suspended. Corella-E10 DST is deferred until after coring, with casing set at 342m. Corella-E1 operations are complete. Riflebird-E4 is at 340m.
27 June 2007drilling progress report● Neutral
Weekly report: Corella-E8 intersected 26.18m of coal and is suspended. Corella-E10 is capped at 342m awaiting test equipment. Corella-E1 permeability testing is complete, Riflebird-E3 is coring at 658m. No formal reserve results.
20 June 2007drilling progress report● Neutral
Weekly report: Corella-E10 had a strong gas and water kick in the Kangaroo Creek sandstone at 342m and is suspended awaiting a DST. Corella-E8 finished at 756m with about 26m of coal. Riflebird-E4 spudded 20 June.
13 June 2007drilling progress report● Neutral
Weekly report: Corella-E10 spudded 7 May and is at 212m. Corella-E8 is drilling at 690m. Riflebird-E3 is cased at 96m. Corella-E6 and E7 are suspended pending testing. No formal reserve results.
6 June 2007drilling progress report● Neutral
Weekly report: Riflebird-E3 spudded 30 May. Corella-E9 finished at 864m with about 34m of coal and excellent free gas shows. Corella-E5 testing is done. The Corella-E6 DST is now expected within 2 weeks.
5 June 2007drilling scheduled▲ GoodMajor
Metgasco committed to four more core wells, two funded by the Federal grant and two by MEL at about $1m total. Coal volumes up to 100% higher at some sites. The extension aims to prove reserves beyond the 660 PJ 2P target.
30 May 2007drilling progress report● Neutral
Weekly report: Corella-E7 finished at 756m with about 44m of coal and excellent free gas shows. Corella-E4 testing is complete, with results going into the reservoir model for reserve certification. Corella-E6 DST still expected within 3 weeks.