8 Dec 2022investor presentation● Neutral
Metgasco announces an investor webinar on 15 December 2022 to discuss the 2023 outlook, with maiden Vali production expected in January and Odin by Q3 CY23. Notice only; no new information.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
6 Dec 2022security holder rights change● Neutral
Notice that 58,395,512 listed options (exercise price 3.1c) expire 31 December 2022, with quotation ending 22 December. Unexercised options lapse. Latest share price was 2c, below the exercise price.
30 Nov 2022investor presentation● Neutral
AGM presentation repeats known facts: Vali first gas in January 2023, Odin fast-tracked for Q3 2023, the Cervantes-1 dry hole and the terminated Patriot deal. It also states ATP 2020 was relinquished in Q2 CY22. Otherwise no new results.
25 Nov 2022investor presentation● Neutral
Corporate presentation restates Vali 2P of 101 PJ gross (25.2 PJ net), Odin 2C of 36 Bcf gross (8.77 Bcf net), Vali maiden production in January 2023 and fast-tracked Odin. No new results.
18 Nov 2022production update▼ BadMajor
Operator Vintage says Vali commissioning now slips to January 2023, after November weather disrupted pipeline work. This is the third delay to first gas, previously December 2022. Work resumes around 4 January 2023.
18 Nov 2022production update▼ Bad
Metgasco relays that Vali commissioning is delayed to January 2023 because of November weather disruption, with works unlikely complete before the 22 December shutdown. Duplicates Vintage's release.
10 Nov 2022material agreement termination▼ BadMajor
Metgasco terminates the Patriot Hydrogen staged acquisition announced 16 August 2022, citing, among other factors, unmet conditions precedent. It has begun recovering the working capital loan, which it says was not used for shipment. It is still evaluating new initiatives, including renewables.
10 Nov 2022joint venture update▲ GoodMajor
Operator Vintage says the PRL 211 joint venture will connect Odin in two stages: a quick temporary connection to the Vali-Beckler pipeline, then a longer-term tie-in to Vali facilities. First Odin gas is targeted for Q3 2023; Vali first gas still December 2022.
10 Nov 2022joint venture update▲ Good
Metgasco repeats the operator's plan to fast-track Odin via a two-stage connection, with first gas targeted for Q3 2023. It says Vali is proceeding to plan for December 2022 first gas. Duplicates Vintage's release.
28 Oct 2022annual report● Neutral
Appendix 4G and corporate governance statement for the year to 30 June 2022, lodged with the annual report; the statement is on the company website. Administrative compliance filing with no new events.
28 Oct 2022annual report● Neutral
The 2022 Annual Report's chairman letter restates Vali's 101 PJ gross 2P reserves, the AGL agreement, the December first-gas delay, the Odin-1 results and the Cervantes-1 dry hole. It adds no new events.
11 Oct 2022investor presentation● Neutral
Capital raising presentation restates Vali 2P of 101 PJ gross, Odin 2C of 36.4 Bcf gross, Vali first gas in December, Odin production targeted 2H CY23, and the Patriot deal. No new results.
11 Oct 2022capital raising announcement● NeutralMajor
Metgasco raises about A$2.7m by placing roughly 135.13m shares at 2c, a 20% discount to the last close, to finish Vali, fund Odin tie-in engineering and Patriot. It says it is now funded to first Vali revenue. Directors contribute about A$100,000.
What it means for a shareholder
135m new shares at A$0.020 to raise about A$2.7m. That's 16% dilution: every existing holder's slice gets 16% smaller. If you held A$1,000 of shares (50,000 at the issue price), your slice goes from 0.00682% to 0.00576% of the company. To keep it you'd need 9,219 more shares - about A$184 at the issue price.
Create a free account to see this worked out for your own holding.
23 Sept 2022annual report● Neutral
Statutory accounts for the year to 30 June 2022 restate Vali 2P reserves of 101 PJ gross (25.2 PJ net), the full A$15m AGL prepayment (A$3.75m net) received, and the Odin-1 flow test. Financial figures are not visible in the text provided.
20 Sept 2022production update▼ Bad
Metgasco confirms Vali first gas is delayed from October to December 2022, mainly due to manpower shortages. Mechanical handover is expected in early December. The second delay to the revenue start. Duplicates Vintage's release.
20 Sept 2022production update▼ BadMajor
Operator Vintage pushes Vali first gas from October to December 2022, citing contractor crew availability and skilled trade shortages affecting fabrication. This is the second delay, after the earlier slip from mid-2022 to October.
19 Sept 2022director officer appointment● Neutral
CFO and Company Secretary Paul Bird resigns, replaced by Victoria McLellan, formerly CFO of FAR Limited, on an initial 0.6 FTE basis. Bird leaves later in September after a handover.
18 Aug 2022production update▲ Good
Operator Vintage says the Vali well completion campaign is finished, with Vali-1 ST1, Vali-2, Vali-3 and Odin-1 ready for production, and fracture stimulation also done. First gas is still expected in October 2022. Pipeline and facilities construction is now the focus.
18 Aug 2022production update▲ Good
Metgasco reports the Vali and Odin-1 well completions finished, with first gas still expected in October 2022. Pipeline and facilities construction is next. Duplicates Vintage's update.
16 Aug 2022investor presentation● Neutral
Presentation repeating the Patriot Hydrogen staged acquisition terms: a A$750,000 equity stage, then an option to buy 100% by scrip, with the first unit already manufactured for commissioning at Kimberley Clean Energy in Q4 CY22. Adds no new terms to the announcement.
16 Aug 2022business combination● NeutralMajor
Metgasco signs a binding term sheet for a staged acquisition of Patriot Hydrogen, a waste-to-hydrogen developer, beginning with a working capital facility, then a A$750,000 equity investment, then an all-scrip purchase at A$5.9m, subject to milestones and 2022 AGM approval. A diversification beyond Cooper Basin gas.
19 July 2022joint venture update▲ GoodMajor
Operator Vintage says the PRL 211 joint venture will start concept engineering to connect Odin to the Vali pipeline and prepare a marketing plan. Odin gas sales could begin in the first half of FY24, subject to approvals. Odin-2 appraisal is anticipated in FY24.
19 July 2022joint venture update▲ Good
Metgasco announces work to bring Odin gas to market: engineering to connect to the Vali pipeline and a commercial plan, with sales possible from the first half of FY24. The gas is uncontracted. The joint venture prioritises gas sales over exploration. Duplicates Vintage's release.
11 July 2022production update▲ Good
Metgasco reports Vali stimulation complete, the completion rig on site, a construction contract signed and the final gross A$5m AGL prepayment received. First gas is expected in October, with remaining wells commissioned into November. Duplicates Vintage's update.
11 July 2022production update▲ Good
Operator Vintage reports Vali stimulation finished in June, the well completion rig has arrived, and a construction contract is signed. The final A$5m AGL prepayment is received. First gas is expected during October, with remaining wells into November.
10 June 2022asset acquisition disposition▲ Good
Vintage announces completion of the Beach Energy 15% PRL 211 purchase. Holdings are Vintage 50%, Bridgeport 25%, Metgasco 25%. Odin-1 is to be completed as a gas producer in the coming campaign. Completes the transaction approved on 27 May.
27 May 2022asset acquisition disposition▲ GoodMajor
Ministerial approval is received for the PRL 211 purchase from Beach Energy, lifting Metgasco from 21.25% to 25% for A$562,500 in total. Its net Odin 2C resource rises 0.77 to 8.77 Bcf. This resolves the pending approval from 29 March.
27 May 2022asset acquisition disposition▲ Good
Operator Vintage says Ministerial approval has been received for the joint venture's purchase of Beach Energy's 15% of PRL 211. Holdings are Vintage 50%, Bridgeport 25%, Metgasco 25%. This resolves the pending approval from 29 March. Duplicates Metgasco's release.
25 May 2022production update▼ BadMajor
Operator Vintage says Vali first gas slips from mid-2022 to late September-October 2022, citing global supply chain delays and heavy rain interrupting stimulation. A rig is contracted for completions from July, and the final A$5m prepayment can be invoiced. Vintage says it remains fully funded.
4 May 2022other▲ Good
Metgasco confirms receipt on 3 May of A$2.5m, its share of the first two AGL prepayment tranches. The funds go to Vali capital works. This is the first AGL prepayment cash received.