Past year: ▲ 850%(0.20c – 3.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
4 May 2022material agreement▲ Good
The Vali joint venture signs a pipeline tie-in agreement with the SACB joint venture, which the release describes as the final commercial agreement needed for Vali gas to flow to Moomba and be sold to AGL. This removes one open commercial item before first gas.
21 Apr 2022other● Neutral
All four resolutions at the general meeting passed: ratifying the earlier placement shares, issuing the second placement tranche, and the attaching options. The options to Blue Ocean Equities passed narrowly, with about 53% of votes cast for. This clears the open placement approvals.
19 Apr 2022material agreement▲ GoodMajor
The Vali processing agreement with the SACB joint venture is signed, so the AGL gas sales agreement is now unconditional. Two prepayment tranches totalling A$10m gross (A$2.5m net to Metgasco) can be called. This resolves the conditions precedent set on 23 March.
19 Apr 2022material agreement▲ Good
Operator Vintage says the Vali joint venture signed a processing agreement with the Cooper Basin (SACB) joint venture, making the AGL gas sales agreement unconditional. The first two A$5m prepayments can now be called. Duplicates Metgasco's release.
7 Apr 2022drilling result▼ BadMajor
Metgasco confirms Cervantes-1 reached 2,520 m MD and all three Permian targets were water-bearing; the well will be plugged and abandoned. Metgasco is a 30% partner in L14. It says the well was ahead of budget and refocuses on Vali and Odin.
7 Apr 2022drilling result▼ BadMajor
Vintage reports Cervantes-1 reached total depth without finding hydrocarbons and will be plugged and abandoned. Reservoir sands are water-wet. This is a dry hole for the 15.3 mmbbl P50 prospect, resolving the main near-term oil catalyst.
6 Apr 2022other● Neutral
ASX again pauses trading in Metgasco shares pending an announcement. No reason is stated. It comes as Cervantes-1 nears its target depth (inference: linked to the well result).
5 Apr 2022drilling progress report● Neutral
Cervantes-1 is drilling the 8.5 inch hole at 2,050 m, heading to the Permian targets expected later this week. Operations are progressing to plan. No result yet.
5 Apr 2022drilling progress report● Neutral
Vintage's weekly report says Cervantes-1 reached 2,050 m on 5 April and was drilling toward the Permian targets, with no significant safety incidents. Duplicates Metgasco's update; no new result.
4 Apr 2022production update▲ Good
Fracture stimulation began at Vali-2 on 3 April, a campaign of about 42 days including Vali-3, followed by completion of all three wells. Processing and tie-in agreements were still to be executed, with execution expected in the near future.
4 Apr 2022production update▲ Good
Operator Vintage starts fracture stimulation at Vali-2 on 3 April, a campaign of about 42 days across Vali-2 and Vali-3. It precedes well completion and connection to Moomba. Processing and tie-in agreements are still being finalised. Duplicates Metgasco's release.
29 Mar 2022asset acquisition disposition▲ Good
Operator Vintage announces the joint venture will buy Beach Energy's 15% of PRL 211, subject to Ministerial approval, so Vintage, Bridgeport and Metgasco hold 50/25/25. The gross price is A$1m now plus A$1.25m on production milestones. Duplicates Metgasco's release.
29 Mar 2022asset acquisition disposition▲ GoodMajor
Metgasco and its partners will buy Beach Energy's 15% of PRL 211, subject to Ministerial approval, lifting Metgasco from 21.25% to 25%. It spends A$562,500 in total, tied to Odin milestones. Its net Odin 2C resource rises 0.77 Bcf to 8.77 Bcf.
28 Mar 2022drilling spud● NeutralMajor
Cervantes-1 began drilling on 26 March, with the 13 3/8 inch casing set at 68 m. The well is planned to reach about 2,370 m TVDSS in roughly 16 days. This is the spud of the oil exploration well targeting 15.3 mmbbl.
25 Mar 2022drilling progress report● Neutral
The Ensign 970 rig is rigged up at Cervantes-1 and final pre-spud checks are under way, with spud expected within 24 hours. No new result.
23 Mar 2022material agreement▲ GoodMajor
The Vali joint venture signs the definitive AGL gas sales agreement, for 9–16 PJ gross to end 2026 with A$15m prepayments in three tranches. It follows the December Heads of Agreement. It begins only after conditions precedent, including Moomba processing agreements, are met.
23 Mar 2022material agreement▲ Good
Operator Vintage announces the Vali joint venture has signed the gas sales agreement with AGL. It covers 9–16 PJ gross, mid-2022 to end 2026, with A$15m prepayments. It starts only once conditions precedent are met, including processing agreements. Duplicates Metgasco's release.
18 Mar 2022price query● Neutral
Metgasco responds to an ASX price query after shares rose from A$0.029 to A$0.045. It says it knows of no undisclosed information, and suggests investors are reappraising value ahead of the Cervantes-1 spud.
18 Mar 2022drilling scheduled▲ Good
The Ensign 970 rig is moving to the Cervantes-1 site, with civil works complete and spud expected around 25 March. The well is planned to about 2,600 m. Metgasco says it is fully funded for its share through the recent placement.
11 Mar 2022half year report● Neutral
Half-year report to 31 December 2021 largely recaps known events: the three-fold Vali 2P reserve rise to 101 PJ (25.2 PJ net) and the AGL Heads of Agreement. The financial statements are not visible in the text provided.
22 Feb 2022capital raising announcement● NeutralMajor
Metgasco raises A$5.0m via a placement of 192m shares at 2.6c, a 16.1% discount to the last close. Investors get 1-for-3 options at 4.5c expiring 10 Dec 2024, subject to approval. Funds go to Cervantes-1 and the balance sheet.
What it means for a shareholder
192m new shares at A$0.026 to raise about A$5.0m. That's 21% dilution: every existing holder's slice gets 21% smaller. If you held A$1,000 of shares (38,462 at the issue price), your slice goes from 0.00525% to 0.00416% of the company. To keep it you'd need 10,076 more shares - about A$262 at the issue price.
Create a free account to see this worked out for your own holding.
22 Feb 2022investor presentation● Neutral
Presentation backing the A$5.0m placement. Of the funds, A$3.0m is for Cervantes-1 and A$1.5m for Cooper Basin appraisal and development. Cash was A$3.05m at 31 Jan 2022. Mostly restates known results; the use-of-funds table is truncated.
18 Feb 2022other● Neutral
ASX pauses trading in Metgasco shares pending a further announcement. No reason is given in the notice. A similar pause preceded the July 2020 capital raising, but the cause here is not stated.
10 Feb 2022drilling scheduled▲ GoodMajor
Metgasco says it has secured the Ensign 970 rig and all environmental approvals for Cervantes-1, with spud planned in the second half of March 2022. The well targets 15.3 mmbbl P50 prospective oil (4.6 mmbbl net). This resolves the approval and rig-contract threads.
9 Dec 2021investor presentation● Neutral
AGM presentation recaps 2021: Vali reserve upgrade, AGL Heads of Agreement with A$15m prepayment, Odin-1 test, and Cervantes approvals and rig planning. Targets Odin gas in the second half of CY22. Share price A$0.031. No new results.
6 Dec 2021material agreement▲ Good
Operator Vintage announces a conditional Heads of Agreement for the Vali joint venture to sell gas to AGL from mid-2022 to end 2026, 9 to 16 PJ gross. It includes a A$15m prepayment. Duplicates Metgasco's release; a full gas sales agreement is still needed.
6 Dec 2021material agreement▲ GoodMajor
Vali joint venture signs a conditional Heads of Agreement to sell AGL 9 to 16 PJ gross (up to 4 PJ net to Metgasco) from mid-2022 to end 2026, with a A$15m prepayment. It is the first gas sale deal for Vali; still needs a gas sales agreement and a Moomba processing agreement.
1 Dec 2021security holder rights change● Neutral
Notice that 182.46m listed 4c options expire on 31 December 2021 and lapse if unexercised. Latest share price is A$0.03, below the A$0.04 exercise price. Standard expiry notice.
24 Nov 2021flow test result▲ Good
Vintage says the Odin-1 test met its objectives, with production logging confirming all perforated Epsilon and Toolachee zones contributed gas. The well is now shut in for a pressure build-up, and completion is likely next, subject to JV approval. The 36.4 Bcf gross 2C resource is restated.
24 Nov 2021investor presentation● Neutral
Webinar slides repeat known points: Vali 2P upgrade, Odin-1 results, Vali FID in Q4 CY21 and first gas mid CY22, and Cervantes drilling. They note the JV is seeking a gas sales agreement by end CY21, possibly with a prepayment. Share price A$0.032, cash A$3.7m.
