Past year: ▲ 850%(0.20c – 3.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
17 Nov 2008agm notice● Neutral
All eight AGM resolutions passed on a show of hands, including the remuneration report, re-election of Dr Peter Power, option grants to executives and the appointment of BDO Kendalls Audit & Assurance (NSW-VIC) as auditor. Routine meeting business.
17 Nov 2008investor presentation● Neutral
AGM presentation by the managing director recapping 2008: Kingfisher 36.6 bcf contingent resource (82 bcf mean total potential), the Corella-11 test at 200 Mscf/d and reserve increases. 2009 aims include a 660 PJ 2P target and an Orara well. Mostly repeats known facts.
13 Nov 2008investor presentation● Neutral
New York conference presentation repeating known figures, including 82-831 bcf Kingfisher gas in place and farm-out talks. It shows a $0.58 share price and $77m market cap at 3 November 2008, with 132m shares.
31 Oct 2008investor presentation● Neutral
Mining 2008 presentation shows the share price down to $0.34 and a $45m market cap, versus $0.80 in August. It states Kingfisher gas in place of 82-831 bcf, power station sales end 2009/early 2010, and farm-out talks for the drilling program.
31 Oct 2008quarterly activities report● Neutral
September quarter: Kingfisher contingent resource 36.6 bcf (mean), with Mackellar North prospective at 146 bcf mean. Corella-11 reached 200 Mscf/day. Appraisal drilling approvals are complete, but the program needs external capital, so farm-out talks are under way. MHA reserve study is due in December.
20 Oct 2008annual report● Neutral
2008 annual report restating the year: 2P reserves of 298 PJ, the Riflebird-E14 conventional discovery, completed farm-in work programs, and $7.6m raised. The chair says focus is shifting from reserve appraisal to production and commercialisation.
16 Oct 2008production update▲ Good
Pilot well CP-11 (Corella-11) reached 200 Mscf/day, up from the 180,000 scf/day peak in June, having produced 30 mmcf of gas since January 2008. Further gains are expected as dewatering continues.
23 Sept 2008other● Neutral
Notice of an audio broadcast of managing director David Johnson discussing the confirmed scale of the conventional gas discovery. No new information.
19 Sept 2008annual report● Neutral
Audited accounts for the year to 30 June 2008 show a consolidated loss of $2,134,239. They record the 2008 capital raisings ($2.64m share plan, $5.0m placement, $0.6m option exercise) and 2P reserves of 298 PJ, up from 129 PJ.
4 Sept 2008investor presentation● Neutral
CFO presentation to an ABN AMRO seminar, mostly on gas-sector background and Metgasco's strategy. It repeats 298 PJ 2P reserves and the Kingfisher 12-70 bcf estimate, with no new company results.
3 Sept 2008investor presentation● Neutral
Good Oil Conference presentation repeating the Kingfisher (12-70 bcf) and Mackellar (410 bcf) estimates. The power station commissioning date moves from late 2009 to mid 2010, and the environmental assessment is shown as lodged.
3 Sept 2008resource reserve update▲ GoodMajor
Riflebird-E14 gas find named the Kingfisher Field, with a contingent resource of 12-70 bcf gas in place (37 bcf mid). The adjacent Mackellar Prospect is put at up to 410 bcf. This follows the May flow tests; a further appraisal well is still needed.
2 Sept 2008farm in farm out completion▲ GoodMajor
Metgasco completed its Molopo farm-in work programs, now holding 75% of PEL 13 coal seam gas, 50% of PEL 13 conventional, and 50% of PEL 426. This confirms the seismic-based earn-in flagged in July; transfer documents are signed.
6 Aug 2008investor presentation● Neutral
August investor presentation largely repeating known facts: 298 PJ 2P, 390 PJ of gas sale MOUs, Riflebird-E14 discovery and late-2009 power station commissioning. It shows a $0.80 share price, $106m market cap and $6.5m cash at 28 July 2008.
31 July 2008quarterly activities report▲ Good
June quarter: 2P reserves 298 PJ, with more upgrades expected; the 2P target is now stated as 660 PJ. Corella-11 peaked at 180,000 scf/day, and fracture stimulation is being considered for Riflebird-E14. The Casino-Ipswich pipeline is renamed the Lions Way Pipeline. $7.6m was raised.
30 July 2008investor presentation● Neutral
Conference presentation on east coast gas markets, carbon pricing and LNG demand. It contains no new company results or announcements.
24 July 2008resource reserve update▲ GoodMajor
PEL 16 2P reserves rose 21% to 298 PJ (264 PJ net to Metgasco), and 3P rose 11% to 1,538 PJ. More upgrades are expected over six months toward the 640 PJ 2P target. Corella-11's flow is up 30% in three weeks.
9 July 2008admin correction● Neutral
Amended re-release of the seismic survey announcement. Its wording on the Molopo farm-ins changes from having entitled Metgasco to earn the interests to the work 'will entitle' it to earn them. Otherwise unchanged.
9 July 2008other● Neutral
Molopo forwards Metgasco's seismic survey announcement to the market. No new content.
9 July 2008regulatory community update▲ Good
The 2008 seismic survey finished with 168 line km acquired. This entitles Metgasco to earn 50% of PEL 426 and 50% of PEL 13's conventional rights. Appraisal drilling of the Mackellar structure near Riflebird-E14 is being planned, with a PEL 426 well in 2H 2008.
26 May 2008investor presentation● Neutral
Conference presentation largely repeating known facts. It adds an estimated net pay of 9 to 15 metres at Riflebird-E14, with the discovery's significance still to be evaluated and the gas not completely dry.
22 May 2008investor presentation● Neutral
Conference presentation repeating known facts: 247 PJ 2P, gas sale MOUs of 390 PJ and a late-2009 target for the power station. It shows 133m shares, a $1.10 price and $9.5m cash as at 20 May 2008.
21 May 2008drilling progress report● Neutral
Corella-11 continues producing above 100,000 scf/day while dewatering. Testing at Riflebird-E14 shows gas from all three zones, and the well will be shut in afterwards. About 5 km of seismic has been acquired in PEL 13.
16 May 2008flow test result▲ Good
The third zone in Riflebird-E14 flowed gas and water, and the well flowed overnight at a stabilised 257,000 scf/day. Longer-term production testing is to start next week.
15 May 2008regulatory community update▲ Good
Line clearing and surveying began for a 127 line km 2D seismic program across PEL 426, 13 and 16, run by Terrex. Completing it earns Metgasco 50% of PEL 426 and 50% of PEL 13's conventional rights.
14 May 2008flow test result▲ Good
Riflebird-E14's second zone flowed gas, and the well produced from both zones at a stabilised 202,000 scf/day. Shut-in pressure built to 1,327 psi. A third zone is to be tested.
12 May 2008flow test result▲ GoodMajor
Riflebird-E14, Metgasco's first conventional well in the Clarence Moreton Basin, flowed gas and water at up to 308,000 scf/day on its first zone test. Metgasco calls it a conventional gas discovery with positive implications for the basin; it holds 100%.
7 May 2008other● Neutral
Notice of an audio broadcast of the managing director discussing the quarterly report and capital raising. No new information.
6 May 2008capital raising announcement● NeutralMajor
The share plan closed with $2.6m raised from 3,777,226 shares at $0.70. A further 6,666,667 shares were placed with institutions at $0.75 to raise $5m, taking the total to $7.6m. Funds go to reserve development and pilot testing.
What it means for a shareholder
3.8m new shares at A$0.700 to raise about A$2.6m. That's 3.0% dilution: every existing holder's slice gets 3.0% smaller. If you held A$1,000 of shares (1,429 at the issue price), your slice goes from 0.00117% to 0.00114% of the company. To keep it you'd need 44 more shares - about A$31 at the issue price.
Create a free account to see this worked out for your own holding.
30 Apr 2008quarterly activities report● Neutral
March quarter: 2P reserves 247 PJ (up 27%), with another upgrade expected. Corella-11 peaked at 168,000 cubic feet a day; Clarence Moreton coals may need longer dewatering than the Arkoma basin analogue. CS Energy's work-program deadline moved to 29 August 2008.
