Past year: ▲ 850%(0.20c – 3.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
28 Apr 2023quarterly activities report● Neutral
March 2023 quarter: first sales revenue of A$179.77k (22.64 TJ net) from Vali-1 from 21 February, with Vali-3 added 27 March. Vali-2 and Vali-3 remain delayed by dewatering. Odin first gas is on track for Q3, and the A$5m debt facility is in place.
27 Apr 2023production update● Neutral
Metgasco agrees with Vintage that stable output from all three Vali wells should follow remedial work this financial year. Odin remains on schedule for Q3 CY23, gas sales talks are progressing, and it says it is fully funded.
27 Apr 2023production update▼ BadMajor
Vintage says Vali-1 is performing to forecast, but Vali-2 is suspended pending equipment and crew for fluid removal. Vali-3 was shut in 7 April after averaging 1.3 MMscfd, and water stopped it restarting. Stable output from all three wells is expected within the financial year.
28 Mar 2023production update● Neutral
Operator Vintage reports Vali-3 began production on 27 March, later than planned because water had built up in the well. Vali-1 averaged 3.9 MMscfd in its first 30 days, in line with forecasts. Vali-2 is commissioned but needs fluid removal.
28 Mar 2023production update● Neutral
Metgasco relays that Vali-3 started production on 27 March, later than expected due to accumulated water. Vali-1 averaged 3.9 MMscfd over 30 days, in line with expectations. Vali-2 still needs fluid removal. Duplicates Vintage's release.
16 Mar 2023half year report● Neutral
Half-year report to 31 December 2022 covers a period before first gas. It restates Vali 2P of 101 PJ gross (25.2 PJ net), notes well completions in July-August and construction delays from trade shortages and weather. Financial figures not visible in the text provided.
13 Mar 2023debt financing● NeutralMajor
Metgasco signs a A$5m debt facility with shareholders Keybridge (A$3m) and Glennon (A$2m): 10% interest, 3-year term, secured over company assets. Lenders receive 160m options at 2.5c. It says this fully funds Vali and Odin commitments without further equity raisings.
22 Feb 2023production update▲ GoodMajor
Operator Vintage reports Vali first gas on 21 February 2023, supplying AGL. Vali-3 is expected in early March and Vali-2 later that month. Odin flowline has been laid and Odin FEED has started. Vali has 85 PJ gross uncontracted.
22 Feb 2023production update▲ GoodMajor
Metgasco confirms Vali first gas on 21 February 2023, its maiden revenue, about three years after discovery. Vali has 101 PJ gross reserves (25.2 PJ net) and 85 PJ gross uncontracted. Odin flowline is laid, with first gas projected Q3 CY23.
13 Feb 2023production update▲ Good
Operator Vintage says Vali-1 facilities have been handed over for commissioning, with first gas projected in 7-12 days. Vali-2 and Vali-3 handover is expected by early March 2023. This continues the repeated first-gas delays.
13 Feb 2023production update▲ Good
Metgasco relays that Vali-1 commissioning has begun after mechanical handover on 11 February, with first gas likely in 7-12 days. Vali-2 and Vali-3 handover is expected by early March. Duplicates Vintage's release.
31 Jan 2023quarterly activities report● Neutral
December 2022 quarter report: Vali handover for the first well is expected early February 2023, with Vali-3 and Vali-2 starting in the March quarter. Odin's fast-tracked connection targets Q3 CY23. Vali reserves restated; financials not visible in the text provided.
25 Jan 2023production update● Neutral
Metgasco repeats that Vali commissioning is anticipated in early February 2023 after weather and heat slowed work, and that Odin accelerated pipeline works have begun. Duplicates Vintage's release.
25 Jan 2023joint venture update▼ Bad
Operator Vintage says Vali mechanical handover is now expected in early February 2023, after rain and heat slowed January work. Commissioning follows immediately. Odin trenching has started, with supply targeted for Q3 2023.
21 Dec 2022production update▲ Good
Metgasco reports Vali pipelines installed and pressure tested, with first gas still targeted for January 2023 and Odin accelerated connection under way. It says Vali and Odin production will not be subject to the gas price cap on a plain reading; it expects no adverse impact from the code of conduct.
21 Dec 2022joint venture update▲ Good
Operator Vintage reports Vali flowlines and export pipelines installed and pressure tested, with first gas targeted January 2023. Odin accelerated connection work has begun. It is reviewing the new federal gas price cap legislation.
8 Dec 2022admin correction● Neutral
Corrects the explanatory memorandum: the options approved at the AGM for Blue Ocean Equities will be unlisted, not listed on ASX. Administrative correction.
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.
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 2022quarterly activities report● Neutral
Quarterly report for September 2022 confirms the Vali wells are completed, with pipeline works started late in September and first gas now expected in December. Odin concept engineering is nearing completion, targeting production in 2H CY23. Financials not visible in the text provided.
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.
