Past year: ▲ 850%(0.20c – 3.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
12 Nov 2007drilling progress report▲ Good
Pilot production drilling has started at North Casino: pre-collars are done on four wells and the ADR 100 rig is drilling Corella-P11 at 215m. Permeability testing at Corella-E7 is complete, with testing at E10 under way.
5 Nov 2007production update▲ Good
The ADR 100 rig has reached Casino after the approval delay, with pilot drilling due to start within a week. Each of the eight wells should take about ten days to drill, then be dewatered and production tested.
1 Nov 2007investor presentation● Neutral
Mining 2007 conference presentation repeating known facts: 194 PJ 2P, 660 PJ goal, 385 PJ of gas sale agreements. It adds that the rig awaits transport approvals and a conventional well is planned around Q1 2008. Share price $0.81.
30 Oct 2007quarterly activities report● Neutral
September quarter: PEL 16 2P reserves 194 PJ, 17 core holes drilled. The ADR 100 rig is delayed by slow government approvals. CS Energy paid a further $5.52m toward its next 7.5%. Another reserve upgrade is expected before year end.
23 Oct 2007director officer appointment▲ Good
Peter Stanmore, 29 years in exploration and formerly Santos's onshore exploration evaluation team leader, joins as General Manager of Exploration. This supports the expanding conventional exploration work in the Clarence Moreton basin.
22 Oct 2007annual report● Neutral
Re-release of the 2007 annual report already lodged on 18 September, with the same content (113 PJ 2P). No new information.
18 Oct 2007investor presentation● Neutral
Notice of an audio broadcast of an Operations Update by the Managing Director on 18 October 2007. It carries no new information itself.
17 Oct 2007drilling progress report● Neutral
Pilot drilling to start this month: 5 surface-to-inseam wells in the CS Energy joint venture and 3 at South Casino. The core drilling program is complete; testing is due by year end, and more data goes to MHA within a month.
10 Oct 2007drilling spud● Neutral
Pilot well Corella-P16 spudded 8 October, the first surface-to-inseam pilot well, with pre-collar drilling at 29m before the ADR 100 rig arrives. The MSC-06 deepening is postponed so equipment can be redeployed to the pilot program.
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.
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.
31 July 2007quarterly activities report▲ Good
June quarter report repeats the reserve rise to 113 PJ net 2P (3P 1,156 PJ). Goal now 640 PJ 2P by early 2008. Stratheden's 10-well core program is done; pilot wells follow, and CS Energy would fund $5.5m for another 7.5%. Cash $17.5m.
31 July 2007quarterly activities report● Neutral
June quarter Appendix 5B: cash at quarter end was $17.5m, no debt. Quarter included $3.5m from CS Energy; its earned interest is 7.5% of coal seam rights in 3 blocks. Next-quarter outflow estimated at $2.6m. PEL 13 interest is 51% of coal seam rights.
