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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
23 May 2007drilling progress report● Neutral
Weekly report: Corella-E7 is at 744m with about 37m of coal and excellent free gas shows. Corella-E9 has conductor casing set and E8 is at 135m. The Corella-E6 DST is expected within 3 weeks.
16 May 2007drilling progress report● Neutral
Weekly report: Corella-E8 spudded 15 May; Corella-E7 cased at 312m ahead of coring. Corella-E6 now has an 80m cement plug and wellhead, with DST equipment being mobilised for the gas sandstone. Other wells suspended.
14 May 2007other● Neutral
Notice of an audio broadcast of a Drilling Report by the Managing Director on 14 May. The content is not in the text provided.
9 May 2007drilling result▲ GoodMajor
Corella-E6 hit an 11m thick, over-pressured, gas-charged fractured sandstone from 670m with strong gas kicks, showing characteristics of a conventional gas reservoir. Well finished at 771m with 42m of coal. A drill stem test is planned once equipment arrives.
8 May 2007investor presentation● Neutral
Conference presentation restates known facts: 22 PJ 2P and 1,123 PJ 3P certified, 660 PJ 2P goal in 12 months, Ensign ADR 100 rig arriving in August. Share price $0.94, market cap $113m, cash $17m. No new results.
3 May 2007drilling progress report● Neutral
Weekly report: Corella-E7 is at 130m with casing set, and Corella-E6 is coring at 480m. Riflebird-E1 is shown as cored to 858m with 40m of coal. Other wells remain suspended for testing. No formal reserve results.
1 May 2007contract award▲ GoodMajor
Metgasco won a Federal Government Sustainable Regions grant of about A$1 million for appraisal drilling at Riflebird-E3 and E4. This supports the 2P reserve build needed to supply the 30MW Richmond Valley Power Station.
30 Apr 2007quarterly activities report▲ Good
Quarter report says reserve drilling is on track, with deeper Walloon coals giving a 50-60% increase in net coal at some locations. Light oil/condensate shows support conventional exploration. MEL has met its commitment to earn 51% of PEL 13 coal seam gas. Cash is $17m.
30 Apr 2007quarterly activities report● Neutral
March quarter cash flow: cash fell to $5.96m from $6.13m, with operating outflow of $2.07m offset by $2.2m received from CS Energy. The $12.15m placement is excluded because shares were allotted on 4 April. Next quarter outflow estimated at $2.5m.
26 Apr 2007drilling progress report● Neutral
Corella-E7 was spudded on 26 April and was in its initial drilling stages. Corella-E4 (799m, 29m coal) and Corella-E5 (791m, 32m coal) were suspended pending further testing. No formal reserve results were given.
20 Apr 2007contract award▲ GoodMajor
Metgasco contracted Ensign to supply an ADR 100 rig from North America for pilot production drilling from August. The program starts with 6 pilot wells for the CS Energy joint venture and 2 for the Casino project.
18 Apr 2007drilling progress report▲ Good
Corella-E4 was cored to 799m with 29m of coal, including deeper seams not seen before, as in Corella-E5. Riflebird-E1 was drilling ahead at 318m after casing was set at 90m. Corella-E5 and E6 were unchanged.
11 Apr 2007drilling progress report▲ Good
Corella-E5 was drilled to 791m with 32m of coal core, a significant increase in coal at that location, and was suspended for logging and testing. Corella-E4 was coring ahead at 457m. Corella-E6 was spudded 2 April, and Riflebird-E1 resumed drilling to reset casing at 90m.
4 Apr 2007farm in farm out agreement● Neutral
Molopo's own release of the same farm-out of PEL 426 and PEL 13 conventional rights to Metgasco. It says Metgasco is completing the coal seam gas programme to earn 51% in PEL 13, matching Metgasco's terms.
4 Apr 2007farm in farm out agreement▲ GoodMajor
Metgasco farms into Molopo's PEL 426, earning 50% by spending up to $500,000 (option to 75% for $250,000 more), and into PEL 13 conventional rights, earning up to 50% for $300,000. This extends the Molopo relationship beyond the PEL 13 coal seam gas deal.
4 Apr 2007drilling progress report● Neutral
Weekly report: Riflebird-E2 finished at 720m with 24m of net coal and is suspended for testing. Corella-E4 casing set at 90m, and Corella-E5 coring at 600m through the Richmond seam. Riflebird-E1 casing retrieval paused awaiting equipment. No formal reserve results.
29 Mar 2007capital raising announcement▲ GoodMajor
Metgasco placed 15,576,923 shares at 78 cents to raise $12.15 million, about 15% of capital, from mainly Australian institutions. Funds go to energy infrastructure, more drilling and working capital, adding to the $0.32 share plan earlier.
What it means for a shareholder
15.6m new shares at A$0.780 to raise about A$12.2m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (1,282 at the issue price), your slice goes from 0.00123% to 0.00107% of the company. To keep it you'd need 192 more shares - about A$150 at the issue price.
Create a free account to see this worked out for your own holding.
29 Mar 2007drilling progress report▲ Good
Corella-E1 cored to 738m with 26.6m of net coal and excellent free gas shows, and is now in permeability and stress testing. Riflebird-E2 was coring at 678m with 14.7m net coal. Corella-E4 spudded and Corella-E5 resumed drilling at 270m. Corella-E2 operations were complete, and Riflebird-E1 casing recovery continued.
29 Mar 2007investor presentation● Neutral
March investor update restates known facts: 22 PJ 2P and 1,123 PJ 3P certified, goal of 660 PJ 2P within 12 months. Shows pro forma cash of $18m after the placement and about 120 million shares. No new results.