Past year: ▲ 850%(0.20c – 3.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
12 Nov 2019drilling scheduled▲ Good
Operator Vintage signs a rig contract for the SLR-185 to drill Vali-1 in the ATP 2021 Cooper Basin permit in mid-December 2019. Vintage's best-estimate unrisked prospective resource is 17.6 Bcf net to it, with a 34% chance of success.
4 Oct 2019resource reserve update▲ GoodMajor
Independent assessor RISC puts mid-case prospective resources for Cervantes (L14) at 17.4 mmbo gross, 14% above Metgasco's estimate, and values the farm-in at $4.4-5.8m. Expected value is $28.4m net. Undiscovered, un-risked volumes; not reserves.
1 Oct 2019drilling scheduled▲ GoodMajor
Operator Vintage signs a letter of intent with Schlumberger for rig SLR-185 to drill Vali-1 in ATP 2021, with spud expected late 2019. Vintage's net best estimate is 17.6 Bcf (35.1 Bcf at 100%), a 34% chance of success; undiscovered, not booked.
1 Oct 2019resource reserve update▲ GoodMajor
Metgasco notes Vintage's Vali estimate of 38.1 Bcf gross (9.5 Bcf net to Metgasco's 25%), double its November 2018 figure of 19 Bcf, due to a larger mapped closure. The well is free-carried for Metgasco by the two farm-outs.
10 Sept 2019resource reserve update▲ GoodMajor
Metgasco reported un-risked prospective resources for the Cervantes and Western Brush oil prospects in L14 of 15.6 million barrels gross best estimate (9.3 million net at 60%), with a high case of 42.9 million. The joint venture plans to drill at least one by Q3 CY2020.
9 Sept 2019farm in farm out agreement▲ GoodMajor
Metgasco signs a binding option to farm into Perth Basin licence L14 (Jade/RCMA): by 15 Nov 2019 it can commit to drill one well, paying 100% of costs to earn 60% of any discovery, with a second-well option. A new onshore oil project, a strategy shift, while Melbana's bid is pending.
29 Aug 2019farm in farm out agreement▲ GoodMajor
Metgasco signs a binding farm-out of a further 25% of ATP 2021 to Bridgeport (Cooper Basin). Bridgeport funds 32.5% of the first well (up to $1.72m), leaving Metgasco free-carried with 25% non-operated. Subject to ministerial approval.
17 July 2019drilling progress report● Neutral
Byron's release, not Metgasco's: Gulf of Mexico operations resumed after Hurricane Barry with no damage, and the rig is preparing to resume plugging SM74 D14. Says Metgasco's 30% interest is earned on completion of plugging.
5 July 2019drilling result▼ BadMajor
Byron's release, not Metgasco's: the SM74 D14 bypass well reached 14,933 ft and found wet sands in the primary objective, with only thin, non-commercial hydrocarbon shows. It is being plugged and abandoned. Byron calls the result disappointing.
5 July 2019drilling result▼ BadMajor
Metgasco's own notice: SM74 D-14 reached 14,933 ft, found wet primary sands and was deemed uncommercial; it is being plugged. Metgasco calls it a commercial failure, says it is funded for extra costs, and will review its operations.
2 July 2019drilling progress report● Neutral
Byron's release, not Metgasco's: the SM74 D14 bypass well, kicked off at 13,153 ft after the stuck pipe, is drilling at 13,988 ft. It has not yet reached the zone of interest seen in the original hole. No result yet.
2 July 2019farm in farm out completion▲ GoodMajor
Metgasco executes the formal ATP 2021 farm-out and joint operating agreement with Vintage, matching the 22 May terms: Vintage earns 50% and operatorship, funding 65% of the first well (up to $3.445m). Transfer awaits ministerial approval; Vali well targeted Q4 2019.
2 July 2019farm in farm out completion▲ Good
Vintage's own release, not Metgasco's, of the same executed ATP 2021 farm-in and joint operating agreement: 50% and operatorship once ministerial approval comes. Vintage will project-manage the first well, Vali-1, targeted for 2019. Repeats Metgasco's announcement.
2 July 2019drilling progress report● Neutral
Metgasco's own notice of the same update: the SM74 D-14 bypass well is drilling at 13,988 ft, about 70 ft from the original hole, with revised tools to avoid the earlier stuck pipe. Target zone not yet reached; no result.
25 June 2019drilling progress report● Neutral
SM74 D-14 hit 14,423 ft, where the drilling assembly got stuck, so the well will be sidetracked from 13,320 ft. It crossed 50 ft of possible hydrocarbon sand in the 13,000 sand, but commercial significance is unknown until final logs. Adds cost and delay risk.
21 June 2019drilling progress report● Neutral
Byron's release, not Metgasco's: SM74 D-14 passed its casing pressure test and is drilling ahead at 12,960 ft. Target sands still expected below 13,800 ft. No result yet.
21 June 2019drilling progress report● Neutral
Metgasco's own notice of the same update: SM74 D-14 passed its casing pressure test and is drilling ahead at 12,960 ft. No result yet.
19 June 2019drilling progress report● Neutral
Byron's release, not Metgasco's: SM74 D-14 reached 12,726 ft and is cementing 9-5/8 inch casing. Target sands are expected below 13,800 ft. No result yet.
19 June 2019drilling progress report● Neutral
Metgasco's own notice of the same update: SM74 D-14 has drilled to 12,726 ft and 9-5/8 inch casing is being cemented. Drilling continues to the target sands. No result yet.
27 May 2019drilling progress report● Neutral
Metgasco's own notice of the same update: SM74 D-14 is drilling at 4,490 ft after cementing casing at 3,510 ft. No result yet; Metgasco's 30% interest is unchanged.
27 May 2019drilling progress report● Neutral
Byron's release, not Metgasco's: SM74 D-14 has set 13-3/8 inch casing at 3,510 ft and is drilling ahead at 4,490 ft. Planned depth remains 16,747 ft. No result yet.
22 May 2019farm in farm out agreement▲ Good
Vintage's own release, not Metgasco's, of the same ATP 2021 deal: Vintage to earn 50% and operate the permit, with final documents targeted by 30 June 2019. Planning for a first well in 2019 is under way. Repeats Metgasco's announcement.
22 May 2019farm in farm out agreement▲ GoodMajor
Metgasco signs a binding Heads of Agreement for Vintage Energy to earn 50% and operatorship of Cooper Basin ATP 2021. Vintage funds 65% of the first well (up to $3.445m), pays $527,800 of back-costs and $70,000 of seismic. First well at Vali targeted for second half 2019.
16 May 2019drilling spud● Neutral
Byron's release, not Metgasco's: the SM74 D-14 well began drilling on 15 May 2019 from the SM73 D platform, targeting 16,747 ft in about 50 days. Metgasco's 30% interest is unchanged. Ends the rig delay thread.
16 May 2019drilling spud▲ GoodMajor
Metgasco's own notice that SM74 D-14 spudded 15 May 2019, about 3 months later than the Feb-Apr window set in 2018. Targets 5.2 mmbo and 13.2 bcf gross (1.56 mmbo and 3.96 bcf net to Metgasco). Company says its share is fully funded; Ken Aitken is now named CEO.
14 Mar 2019drilling scheduled▼ Bad
The SM74 Raptor well spud slips from early March to late April/early May 2019 because the rig's handover from the previous operator is late. Also flags shallow oil prospects in ATP 2021 and ongoing Cooper farm-out talks.
26 Nov 2018resource reserve update▲ GoodMajor
Metgasco books prospective gas resources for two ATP 2021 Cooper Basin prospects: Vali (26.3 Bcf best-case in place) and Odin (12.0 Bcf). The company holds 100%, plans a well in the second half of 2019, and has a farm-out under way. These are undrilled prospects, not discoveries.
11 Oct 2018drilling result▼ BadMajor
The Bivouac Peak East well is a dry hole: first target water-bearing, second under 5 net feet of tight gas. Being plugged and abandoned at 17,766 ft. Cost is expected to be US$7.5m rather than US$10.5m budget (Metgasco 10%). Resolves the 75-day drilling thread.
11 Oct 2018drilling result▼ Bad
Otto's release, not Metgasco's: confirms Weiss-Adler No. 1 was drilled to 17,766 ft, found non-commercial and is being plugged. Final cost is estimated under US$7.5m versus US$10.8m originally expected. Repeats Metgasco's and Byron's news.
5 Oct 2018drilling progress report● Neutral
Byron's release, not Metgasco's: the Bivouac Peak East well set a 9 5/8-inch liner at 14,422 ft and is drilling ahead at 14,856 ft MD, targeting 18,294 ft. No result yet.
