Past year: ▲ 850%(0.20c – 3.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
12 Oct 2009drilling progress report● Neutral
Lucas Rig 150 is mobilising this week to start Kingfisher-E1, with site preparation complete. It is Metgasco's first deep conventional well in the basin, planned to 2,100m, 100% owned. Upper zones will be tested before drilling deeper.
2 Oct 2009asset acquisition disposition▲ GoodMajor
Metgasco agreed to buy Molopo's remaining interests in PEL 13 and PEL 426, giving it 100% of both permits (~4,900 km2). Price is $3m cash, $4m of Metgasco shares and a 2.5% royalty on 50% of PEL 13 conventional gas. Needs shareholder approval at the 26 November AGM and ministerial approval.
2 Oct 2009asset acquisition disposition● Neutral
Molopo's side of the same deal: it sells its PEL 13 and PEL 426 interests to Metgasco for $3m cash, $4m in shares and a royalty, to focus on Queensland, Canada and South Africa. Conditional on Metgasco shareholder approval and ministerial consent. Confirms the Metgasco announcement.
30 Sept 2009price query● Neutral
ASX queried a share price jump from $0.465 to $0.68 on 30 September 2009. Metgasco knew of no specific reason, saying it is in talks on several potential transactions, none concluded. It noted a newsletter buy recommendation that day.
30 Sept 2009annual report● Neutral
Audited FY2009 report restates known positions: 2P 264 PJ net, 1P 2.3 PJ net, PEL 13/426 farm-ins completed. The Richmond Valley power station development application was still unapproved at 30 June 2009. The Lions Way Pipeline environmental assessment is now expected to be lodged 'over the coming year'.
28 Sept 2009drilling scheduled● Neutral
Kingfisher-E1 start slips to the week of 5 October 2009, from the late August/early September timing expected earlier. Lucas Rig 150 will drill to 2,100m, 100% Metgasco, about 2 km from Casino. Contingent resource of 36.6 Bcf (P50) is stated for the Riflebird-E14 sands.
11 Sept 2009investor presentation● Neutral
Rodman & Renshaw conference deck repeating known facts: 264 PJ net 2P, 2.7 PJ 1P, Corella-11 at 200,000 scf/day, Kingfisher-E1 to be drilled in September 2009. Lists a $0.435 share price, $81m market cap and no debt. Nothing new.
2 Sept 2009investor presentation● Neutral
Good Oil conference presentation repeating known material: 264 PJ net 2P, 2.7 PJ 1P, Corella-11 at 200,000 scf/day. Shows $0.435 share price, $81m market cap, 186m shares and $15m cash, no debt.
24 Aug 2009investor presentation● Neutral
Gas markets conference deck repeating known facts: 264 PJ net 2P, Corella-11 at 200,000 scf/day, Kingfisher-E1 due next month. Shows $0.44 share price, $81m market cap, 186m shares and about $15m cash.
11 Aug 2009drilling progress report● Neutral
Molopo's July monthly update, mostly on its own wells. For Wyan-E1 (Molopo 25%) it reports logging to 683m completed and the well suspended pending more testing to investigate the gas source. Nothing materially new.
6 Aug 2009other● Neutral
Notice of an audio broadcast of managing director David Johnson discussing the fourth quarter report. No new information.
31 July 2009quarterly activities report▲ Good
June quarter: Corella-11 held at 200,000 scf/day, Wyan-E1 and two new pilot offtake wells drilled, Sunoco's 5% PEL 16 royalty bought out for $1m, Mick O'Brien named COO and Rick Wood moved to non-executive. Cash $17m after $3.9m option exercises; reserves unchanged.
31 July 2009quarterly activities report● Neutral
Appendix 5B: cash at 30 June 2009 was $17.3m, up from $8.3m, after $11.6m of share proceeds. Quarterly operating and investing outflow was $2.1m. Next quarter's spend is estimated at $3.35m. No debt.
30 July 2009drilling scheduled▲ GoodMajor
Metgasco engaged Lucas Rig 150 to drill Kingfisher-E1 in PEL 16 from late August/early September, to 2,100m, about 25 days. It appraises the 2008 Riflebird-E14 discovery; unrisked gas in place is 82 Bcf mean, 831 Bcf P10. Approvals are in hand.
23 July 2009admin correction● Neutral
Corrects the earlier release: Corella-E17's free gas flow was 30,000 scf/day, not mcf/day. This is a unit correction that reduces the stated rate a thousandfold.
23 July 2009drilling result● Neutral
Corella-E17 reached 788m and flowed 30,000 scf/day unpumped, which Metgasco says fits expectations for a pilot like Corella-P11. Riflebird-E15's gas rates before dewatering are low and differ from Corella-E17, a more cautious result there.
10 July 2009drilling spud● Neutral
Drilling began on Corella-E17, a sole-risk (100% Metgasco) vertical well to 750m, expected to take about a week, as offtake for a later horizontal pilot. Riflebird-E15's wellhead is installed for a long-term test.
7 July 2009drilling progress report● Neutral
Molopo's June monthly update, mostly on its own wells elsewhere. For Wyan-E1 it repeats TD of 702m and open-hole flows of 120-170 Mscf/d. Nothing new.
22 June 2009drilling result▲ Good
Riflebird-E15 reached 757m, intersected the Walloon coals as predicted, and showed immediate gas flows to surface in a short test. A long-term production test will follow over the coming weeks.
15 June 2009drilling spud● Neutral
Drilling began on Riflebird-E15 in PEL 16 (100% Metgasco), a vertical well to 750m expected to take about a week. It is planned as the vertical offtake for a later horizontal pilot well.
10 June 2009flow test result▲ GoodMajor
Wyan-E1 reached 702m and intersected the Walloon coals as predicted. Tests showed sustained gas flows above 160,000 scf/day, about 175,000 at the end, extending gas evidence into PEL 13. Net coal is not yet known and the well is suspended.
10 June 2009flow test result● Neutral
Molopo re-lodges Metgasco's Wyan-E1 result (about 175,000 scf/day at end of test, 702m). Duplicate release.
5 June 2009drilling progress report● Neutral
Molopo's monthly update, mostly on its own Queensland, South African and Canadian wells. For Metgasco's Wyan-E1 (Molopo 25%) it reports drilling at 404m of 700m target. Nothing new for Metgasco.
29 May 2009drilling spud● Neutral
Molopo re-lodges Metgasco's announcement that Wyan-E1 drilling has started. Duplicate with no new information.
29 May 2009drilling spud● Neutral
Drilling began on Wyan-E1, a vertical CSG exploration well in PEL 13, about 28km south-west of Casino, to 700m. It tests coal in the basin's western margin. Metgasco holds 75% and Molopo 25%.
27 May 2009drilling scheduled▲ GoodMajor
Metgasco is starting its 2009/10 program: more CSG pilot wells to repeat Corella-11, the Kingfisher-E1 conventional appraisal well (2,100m, next quarter), exploration coring and reserve-expansion drilling. Wyan-E1 starts first. Kingfisher has 41 PJ contingent resource (mean), 914 PJ upside.
22 May 2009investor presentation● Neutral
May investor update repeating known reserves (247 PJ net 2P). It shows a $0.60 share price, $100m market cap, 172.5m shares, $15m cash and no debt, and notes no reserves development drilling in FY2009.
30 Apr 2009capital raising announcement▲ GoodMajor
Rights offer was 41% oversubscribed; 19,159,142 shares allotted on 30 April. Applications for extra shares were scaled back. This completes the roughly $15.7m raising.
30 Apr 2009quarterly activities report▲ Good
March quarter: first 1P reserve of 2.7 PJ certified (10 March), heavy condensate recovered at Riflebird-E14, Orara-E1 plugged, and $15.7m raised. Kingfisher appraisal drilling is planned for the first quarter of FY2010, with rig selection under way.
30 Apr 2009drilling result▼ BadMajor
Orara-E1 in PEL 426 (680m deep) flowed gas at up to 100 Mcf/day but rates fell in later testing, so it will be plugged and abandoned. Molopo took dilution, lifting Metgasco's PEL 426 stake from 50% to 56.6%.
