5 Oct 2018drilling progress report● Neutral
Metgasco's own notice of the same update: the Bivouac Peak East well is drilling at 14,856 ft after setting a liner at 14,422 ft, and is on target for the 75-day estimate. No result yet.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
24 Sept 2018drilling progress report● Neutral
Metgasco's own notice of the same update: the Bivouac Peak East well is drilling at 13,918 ft after casing at 11,890 ft. The operator says it remains on target for the 75-day estimate. No result yet.
24 Sept 2018drilling progress report● Neutral
Byron's release, not Metgasco's: the Bivouac Peak East well cemented 11 7/8-inch casing at 11,890 ft and is drilling ahead at 13,918 ft MD, heading for 18,294 ft. No result yet; Metgasco's 10% interest is unchanged.
4 Sept 2018drilling progress report● Neutral
Byron's release, not Metgasco's: the Bivouac Peak East well set 16-inch casing at 4,040 ft and is drilling ahead at 4,900 ft MD, on the way to 18,294 ft. No result yet; Metgasco's 10% interest is unchanged.
4 Sept 2018drilling progress report● Neutral
Operator Byron reports the Bivouac Peak East well (Weiss-Adler No. 1) has set 16-inch casing at 4,040 ft and is drilling at 4,900 ft, with 75 days still expected. Metgasco's 10% interest is unchanged; no result yet. Also notes a 13 September conference presentation.
27 Aug 2018drilling spud● Neutral
Byron's release, not Metgasco's: the Bivouac Peak East well began drilling on 25 August and was at 1,300 ft on 26 August. About 75 days to reach 18,000 ft TVD. Repeats the spud already reported by Metgasco.
27 Aug 2018drilling spud● Neutral
Otto's release, not Metgasco's: the Bivouac Peak East well has started drilling, with about 75 days expected to reach 18,000 ft TVD. Repeats the spud already reported by Metgasco and Byron; adds Otto's own resource and interest figures.
27 Aug 2018drilling spud▲ GoodMajor
The Bivouac Peak East well (Weiss-Adler No. 1) began drilling on 25 August 2018, with about 75 days expected to reach 18,000 ft. Metgasco pays up to US$1.333m for a 10% interest. Target is 32.2 Mmboe gross prospective resource; this is the spud flagged for August.
19 July 2018farm in farm out agreement▲ GoodMajor
Metgasco farms into the Gulf of Mexico SM-74 prospect with Byron, earning 30% by funding 40% of the test well (budget US$4.4m of US$11m). Gross prospective resource is 5.2m barrels oil and 13 Bcf gas. Its second US well after Bivouac Peak; drilling is targeted for October.
28 June 2018farm in farm out completion▲ GoodMajor
Metgasco elected to join the Weiss-Adler et al No. 1 well at Bivouac Peak, expected to spud in August and drill to 18,294 ft. It earns a 10% interest (7.45% NRI) by paying up to US$1.333m of drilling costs, targeting a 32.27 million boe gross prospective resource.
4 Oct 2017drilling result▼ BadMajor
Frey-1 was plugged and abandoned for lack of significant hydrocarbon shows, a dry hole for Metgasco's new Cooper Basin farm-in. The company says cost is within budget and the investment was under 3% of assets. It is still evaluating other Cooper farm-ins.
4 Oct 2017drilling result▼ Bad
Operator Senex's monthly report confirms Frey-1 reached 1,394 m without significant hydrocarbons and will be plugged and abandoned. This repeats Metgasco's own announcement; the rest covers Senex's unrelated Surat Basin gas wells.
26 Sept 2017farm in farm out agreement● NeutralMajor
Metgasco agrees to farm into the Frey-1 oil well in PEL93, South Australian Cooper Basin, for a 20% interest, paying 30% of drilling costs (about $600k of a $2m cap). Operator Senex and Cooper Energy are partners; the well spudded 23 September. It is Metgasco's first new drilling exposure since the NSW losses.
22 Sept 2016farm in farm out completion▲ GoodMajor
Metgasco signs the formal Bivouac Peak participation agreement, completing the July farm-in notice. Byron shareholders approved the note and options on 12 Sept. Its 10% interest (7.45% NRI) costs about US$1.3m; first well, targeting 32,270 Mboe gross prospective resource, is expected Q1 or early Q2 2017.
28 July 2016farm in farm out agreement▲ GoodMajor
Metgasco gives notice it will farm into 10% of Byron's Bivouac Peak onshore Louisiana prospect, with initial well costs not expected above US$1.33m, and plans a 2.5c per share capital return via a general meeting in early September. First Byron line fee of A$40,000 received.
19 Sept 2014resource reserve update▼ BadMajor
Citing NSW political uncertainty, the board will impair capitalised exploration spending to nil and reclassify all reserves (2P 338 PJ, 3P 2,055 PJ) as contingent resources, giving 4,428 PJ of 2C. This reverses the reserve bookings carried since 2012. MHA says reserves can be restored later.
16 May 2014drilling progress report▼ BadMajor
Metgasco says Rosella drilling will not proceed in the near term because police resources needed for safe drilling were reallocated, even though the regulator was still considering its submission. It is cancelling rig and service contracts to minimise costs.
8 Apr 2014drilling progress report▼ Bad
Rosella E01 drilling is delayed because wet weather affected Atlas Rig 3's availability. Start is now expected within about four weeks, subject to rig confirmation. All approvals and the landholder agreement are in place.
3 Dec 2013drilling scheduled● Neutral
After the AGM, directors met shareholders on strategy, governance and staffing. Rosella E01 is progressing: landholder agreement signed, rig tenders out, approvals well advanced. Drilling is targeted for March/April 2014, subject to rig and approvals.
2 Oct 2013drilling scheduled▲ GoodMajor
Metgasco is starting preparations to resume exploration by drilling Rosella-1 in PEL 16, citing better political developments. Target depth is 2,100m, with a mean 1,304 BCF gas in place, described as commercially high risk. Final commitment awaits rig and permits; drilling is expected in the first half of 2014.
26 Sept 2013resource reserve update▼ BadMajor
Annual report overview: cash about $21m at 30 June 2013. 2P reserves cut 21% to 338 PJ and 3P cut 23% to 2,055 PJ, largely from the proposed 2 km exclusion zone, and reversed if it is not adopted. Exploration assets are not impaired.
22 Feb 2013drilling result● Neutral
Bowerbird E04 in PEL 13 reached 495m, finding the Walloon Coal Measures near the predicted depth. 34 coal samples were taken for gas analysis. Results are pending, and the well is to be plugged and abandoned.
8 Feb 2013drilling progress report● Neutral
Rig 103 moved to Bowerbird E04 in PEL 13 after flood delays, with spud expected within days. It is a 550m vertical coal well, second of the 2013 program, to be followed by three lateral wells and the Mackellar conventional test.
29 Jan 2013drilling result● Neutral
Thornbill E04 reached 749.5m and found the Walloon Coal Measures at the predicted depth. Coal thickness and quality analysis is under way; no commercial result yet. The well has been plugged and abandoned as planned.
11 Jan 2013drilling spud● Neutral
Thornbill E04 spudded on 10 January with AJ Lucas Rig 103, planned to 800m in PEL 426 (100%). It is a simple vertical coal-mapping well to be plugged and abandoned, the first of the post-moratorium program.
24 Dec 2012drilling scheduled▲ Good
Field work on Thornbill E04, a vertical coal-mapping well in PEL 426, starts early January 2013, with all landholder and government approvals in hand. Laterals and the Greater Mackellar conventional well follow. Resolves the long-awaited program start.
12 Nov 2012drilling progress report▲ Good
The 2D seismic acquisition in PEL 16 is complete, to define the Greater Mackellar structure ahead of Rosella-1, now probably April/May 2013. Data quality is fair to good. Core wells expected to start November or early December, subject to approvals.
14 July 2011resource reserve update▲ GoodMajor
First certified reserves in PEL 13: 31.2 PJ 2P, 302.4 PJ 3P and 1,334.1 PJ 2C, from just two Bowerbird wells covering 21% of the licence. Total 2P rises to 428 PJ and 3P to 2,542 PJ. Resolves the expected June-quarter PEL 13 booking.
31 May 2011drilling progress report▲ Good
Harrier P01 and Corella P18 are both producing gas and water continuously, with gas restricted to dewater efficiently. Water sits 400m and 200m above the coal seam respectively. Management calls the signs positive for commercial rates, but no stabilised gas rate is yet reported.
9 May 2011resource reserve update▲ Good
Metgasco has sent its PEL 13 coal seam gas analysis to certifier MHA and expects to book first reserves there this quarter. No reserve figure yet. Currently no PEL 13 reserves are booked.