Past year: ▲ 850%(0.20c – 3.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
15 May 2024drilling spud▲ GoodMajor
Odin-2 appraisal well spudded on 15 May 2024, 1.1 km north-east of Odin-1, with a planned depth of 3,156 m and 3 to 4 weeks to drill. If successful it would be tied in by a 1.1 km flowline. This follows the flood delays.
10 May 2024investor presentation● Neutral
Capital raising presentation for the A$1m placement and up to A$1.5m SPP at A$0.005, to fund Odin-2. Net cost to drill, complete and tie in is about A$2.2m, with first gas targeted 2 to 3 months after spud. It repeats the known 9.5 PJ Odin resource.
10 May 2024capital raising announcement▼ BadMajor
Metgasco raises about A$1m by placing about 200m shares at A$0.005, a 16.7% discount, plus a share purchase plan of up to A$1.5m at the same price. Funds go to the Odin-2 well and working capital. This is far below the 2c placement of October 2022, so existing holders are heavily diluted.
What it means for a shareholder
200m new shares at A$0.005 to raise about A$1.0m. That's 16% dilution: every existing holder's slice gets 16% smaller. If you held A$1,000 of shares (200,000 at the issue price), your slice goes from 0.0188% to 0.0158% of the company. To keep it you'd need 37,598 more shares - about A$188 at the issue price.
Create a free account to see this worked out for your own holding.
9 May 2024drilling scheduled● Neutral
Vintage says the rig has mobilised to the Odin-2 site, 1.1 km north-east of Odin-1. Spud is expected on or shortly after 12 May 2024, subject to rig acceptance and possible rain.
9 May 2024drilling scheduled● Neutral
Metgasco confirms Odin-2 spud is expected on or shortly after 12 May, with 3 to 4 weeks to drill. On success, first gas is targeted within 3 months of spud, sold under the existing Pelican Point contract. Weekly updates are promised.
23 Apr 2024drilling scheduled● Neutral
Vintage says site access to Odin-2 is restored and civil works are underway. Spud is now scheduled for late in the week of 6 May 2024, with 3 to 4 weeks of drilling expected. This continues the flood-related delay.
11 Apr 2024debt financing● NeutralMajor
Metgasco repaid Keybridge and cancelled its loan notes and options, ending the relationship while disputing the termination notice's validity. It raised A$1m from outside investors: 6 months, 12% a year, secured, with 8m options at 2.5c. Glennon's facility stays.
11 Apr 2024debt financing● Neutral
Keybridge Capital said the A$1.44m it advanced to Metgasco under the Loan Note Agreement, plus accrued interest, had been fully repaid as of 11 April 2024.
10 Apr 2024drilling scheduled▼ Bad
Vintage says flooding in the Cooper Basin has blocked access, so the Odin-2 appraisal well is now most likely to spud in May, about a month later than planned. Odin-1 and Vali-1 are producing in line with previous trends.
15 Mar 2024half year report● Neutral
Half-year to 31 December 2023: net production 0.13 PJ and sales revenue of A$1.25m, the first period with production. Odin-1 was online 75 days and Vali-1 160 days, with outages mostly third-party. Sustained gas from Vali-2 and Vali-3 is not yet established.
13 Dec 2023well test result● Neutral
After the lower Patchawarra was plugged, Vali-2 came online 8 December. Fluid is down over 50% to about 100 barrels a day, but raw gas is only about 0.2 MMscfd. Vintage says there is insufficient data to project future performance.
28 Nov 2023investor presentation● Neutral
AGM presentation restating known facts: Vali first gas Feb 2023, Odin first gas 14 Sep 2023, a 25% interest in both, Odin contracts to 2026, and the Vali-2 water-isolation job due end-November. No new figures in the readable portion.
24 Nov 2023debt default or forbearance● Neutral
Metgasco rejects Keybridge's termination notice as invalid, saying Keybridge has been in persistent breach and it has legal advice. It says it is funded into Q1 2024 and that any 2024 funding should be substantially non-dilutionary. It will not respond further.
23 Nov 2023director officer appointment▼ BadMajor
Metgasco says Keybridge is failing its obligations under the A$3m part of the A$5m loan facility, and has started mediation. Director John Patton resigned. Metgasco says it is funded into Q1 CY24. This contradicts the earlier picture of a fully available A$5m facility.
23 Nov 2023debt default or forbearance▼ BadMajor
Keybridge says it has loaned A$1.44m and pressed a termination notice, citing Metgasco's failure to get shareholder approval for the attaching options within 90 days. It demands repayment of A$1.44m plus interest within 90 days. Metgasco disputes this.
14 Nov 2023production update● Neutral
Vali-1 and Odin-1 restarted on 27 October after the downstream outage, about a week sooner than expected, with combined raw gas above 7 MMscfd. The Vali-2 water-shut-off job slipped from early November to end-November because of contractor equipment and crew availability.
17 Oct 2023production update● Neutral
Vintage says Vali-2 log analysis found the two lowest Patchawarra zones cause the excess water. A plug to shut them off is planned for early November, about 3 days of work. Vali and Odin are shut in for third-party maintenance until about 4 November. Odin has averaged 5.4 MMscfd.
17 Oct 2023production update● Neutral
Metgasco relays Vintage: Vali-2's water comes from its two lowest Patchawarra zones, and a plug is planned for early November. Vali and Odin are shut in until about 4 November for third-party maintenance. Odin has averaged 5.4 MMscfd. Metgasco says it is funded for the plug.
5 Oct 2023material agreement▲ GoodMajor
Metgasco confirms a second Odin gas contract with Pelican Point Power, covering 1 January 2025 to 31 December 2026. This extends the 15 May 2023 deal, which ran to December 2024. It supports assessing further Odin appraisal wells.
5 Oct 2023material agreement▲ GoodMajor
Vintage reports a new two-year gas sale to Pelican Point Power for 1 January 2025 to 31 December 2026, extending Odin's contracted supply from start-up to end 2026. It is interruptible supply of all Odin gas, at prices in line with market expectations.
29 Sept 2023annual report● Neutral
Appendix 4G governance checklist for the year to 30 June 2023, pointing to the corporate governance statement on the company website. Administrative, with no operating or financial news.
29 Sept 2023annual report● Neutral
2023 annual report: Metgasco went from explorer to gas producer with Vali first gas (Feb 2023) and Odin (14 Sep 2023, after year end). It cites the A$5m debt facility, and remedying Vali-2 and Vali-3 problems. The chair acknowledges disappointing share price performance.
20 Sept 2023production update▲ Good
Metgasco says Odin-1 is performing in line with or modestly ahead of its pre-commissioning expectations. It expects Odin to be material to its revenues, with further guidance to come. No new figures beyond the operator's update.
20 Sept 2023well test result▲ Good
Vintage says Odin-1 has averaged 6.0 MMscfd since 15 September, slightly above the targeted initial rate, with negligible water. The rate is held back to protect the well's pipe connection. The well flowed 6.5 MMscfd on test in 2021.
14 Sept 2023production update▲ GoodMajor
Metgasco confirms Odin-1 started producing on 14 September 2023, 10 months after the JV chose to accelerate the connection. It is Metgasco's second revenue stream after Vali, supplying Pelican Point Power to end 2024. Metgasco intends to add production via future drilling.
14 Sept 2023production update▲ GoodMajor
Vintage reports Odin began producing gas on 14 September 2023, on schedule, supplying Pelican Point Power to end 2024. This is the second field online after Vali in February 2023. Odin 2C is 40 PJ gross; the JV is exempt from the gas price cap.
11 Sept 2023production update▼ Bad
Operator Vintage says Odin has regulator approval to commission, with start-up still due in September. Vali-3 could not be restarted despite repeated fluid removal and will stay shut in while remedies are assessed, including the Patchawarra formation. Vali-2 log interpretation is expected this month.
11 Sept 2023production update▼ Bad
Metgasco relays Vintage's 11 September update: Odin commissioning this week, Vali-3 shut in after fluid removal failed, and Vali-2 log interpretation due this month. Metgasco says it remains fully funded for the Odin tie-in.
6 Sept 2023investor presentation● Neutral
Conference presentation repeats known figures: Vali 2P 101 PJ gross (25.2 PJ net), Odin 2C 39.7 PJ gross (9.55 PJ net), and Odin first gas this quarter. No new facts in the visible text.
1 Sept 2023production update● Neutral
Metgasco relays Vintage: Odin site works on schedule with commissioning due in September. Vali-1 performs as expected. Vali-2 production log is done and data is being interpreted. Vali-3 needs more swabbing before restart. Metgasco says it is fully funded for the Odin tie-in.
