Each one in plain English, with the numbers worked through for a shareholder.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Quarterly report for June 2022 notes the full A$15m AGL prepayment received, Vali stimulation complete, and the Odin commercialisation push, now targeting second half of CY2023 online. Metgasco expects maiden revenue in October. Financials are not visible in the text provided.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Quarterly report for March 2022 restates the AGL agreement, the processing agreement, Odin interest rise to 25%, and the Cervantes-1 dry hole. Vali 2P reserves are unchanged at 101 PJ gross (25.2 PJ net). The financials are not visible in the text provided.
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.
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.
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.
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.
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.
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).
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.
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.
