Past year: ▲ 850%(0.20c – 3.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
2 Nov 2009drilling progress report● Neutral
Kingfisher-E1 was drilling at 792m, with 7 inch casing due at 950m. A short production test of the Heifer Creek and Gatton sandstones is planned at 1,500m before drilling to about 2,100m. No new result yet.
23 Oct 2009drilling progress report● Neutral
Kingfisher-E1 was drilling at 80m, with the 12 1/4 inch hole planned to 450m, then casing and a smaller hole to 950m and on to about 2,100m. No results yet. Restates OGIP of 82 Bcf (P50) and 831 Bcf (P10).
12 Oct 2009drilling progress report● Neutral
Lucas Rig 150 is mobilising this week to start Kingfisher-E1, with site preparation complete. It is Metgasco's first deep conventional well in the basin, planned to 2,100m, 100% owned. Upper zones will be tested before drilling deeper.
28 Sept 2009drilling scheduled● Neutral
Kingfisher-E1 start slips to the week of 5 October 2009, from the late August/early September timing expected earlier. Lucas Rig 150 will drill to 2,100m, 100% Metgasco, about 2 km from Casino. Contingent resource of 36.6 Bcf (P50) is stated for the Riflebird-E14 sands.
11 Aug 2009drilling progress report● Neutral
Molopo's July monthly update, mostly on its own wells. For Wyan-E1 (Molopo 25%) it reports logging to 683m completed and the well suspended pending more testing to investigate the gas source. Nothing materially new.
30 July 2009drilling scheduled▲ GoodMajor
Metgasco engaged Lucas Rig 150 to drill Kingfisher-E1 in PEL 16 from late August/early September, to 2,100m, about 25 days. It appraises the 2008 Riflebird-E14 discovery; unrisked gas in place is 82 Bcf mean, 831 Bcf P10. Approvals are in hand.
23 July 2009drilling result● Neutral
Corella-E17 reached 788m and flowed 30,000 scf/day unpumped, which Metgasco says fits expectations for a pilot like Corella-P11. Riflebird-E15's gas rates before dewatering are low and differ from Corella-E17, a more cautious result there.
10 July 2009drilling spud● Neutral
Drilling began on Corella-E17, a sole-risk (100% Metgasco) vertical well to 750m, expected to take about a week, as offtake for a later horizontal pilot. Riflebird-E15's wellhead is installed for a long-term test.
7 July 2009drilling progress report● Neutral
Molopo's June monthly update, mostly on its own wells elsewhere. For Wyan-E1 it repeats TD of 702m and open-hole flows of 120-170 Mscf/d. Nothing new.
22 June 2009drilling result▲ Good
Riflebird-E15 reached 757m, intersected the Walloon coals as predicted, and showed immediate gas flows to surface in a short test. A long-term production test will follow over the coming weeks.
15 June 2009drilling spud● Neutral
Drilling began on Riflebird-E15 in PEL 16 (100% Metgasco), a vertical well to 750m expected to take about a week. It is planned as the vertical offtake for a later horizontal pilot well.
5 June 2009drilling progress report● Neutral
Molopo's monthly update, mostly on its own Queensland, South African and Canadian wells. For Metgasco's Wyan-E1 (Molopo 25%) it reports drilling at 404m of 700m target. Nothing new for Metgasco.
29 May 2009drilling spud● Neutral
Molopo re-lodges Metgasco's announcement that Wyan-E1 drilling has started. Duplicate with no new information.
29 May 2009drilling spud● Neutral
Drilling began on Wyan-E1, a vertical CSG exploration well in PEL 13, about 28km south-west of Casino, to 700m. It tests coal in the basin's western margin. Metgasco holds 75% and Molopo 25%.
27 May 2009drilling scheduled▲ GoodMajor
Metgasco is starting its 2009/10 program: more CSG pilot wells to repeat Corella-11, the Kingfisher-E1 conventional appraisal well (2,100m, next quarter), exploration coring and reserve-expansion drilling. Wyan-E1 starts first. Kingfisher has 41 PJ contingent resource (mean), 914 PJ upside.
30 Apr 2009drilling result▼ BadMajor
Orara-E1 in PEL 426 (680m deep) flowed gas at up to 100 Mcf/day but rates fell in later testing, so it will be plugged and abandoned. Molopo took dilution, lifting Metgasco's PEL 426 stake from 50% to 56.6%.
30 Apr 2009farm in farm out completion● Neutral
Molopo re-lodges Metgasco's Orara-E1 announcement: the well will be plugged and abandoned, and Molopo's PEL 426 interest falls to 43.4% against Metgasco's 56.6%. Duplicate of Metgasco's release.
10 Mar 2009resource reserve update▲ GoodMajor
First certified 1P (proven) reserves of 2.7 PJ from the coal seam gas pilot wells in PEL 16, the first proven CSG reserves in the Clarence Moreton basin. This is a small step beside 298 PJ 2P and 1,538 PJ 3P, which are unchanged.
15 Jan 2009drilling result● Neutral
Molopo re-release of Metgasco's wireline log update for Orara-E1. No new information.
15 Jan 2009drilling result● Neutral
Wireline logs for Orara-E1 show Walloon Coal Measures from 260-503 m with 13.9 m gross shaley coal. The gas flows most likely come from the Walloons. A future testing program with Molopo is being evaluated.
14 Jan 2009drilling result● Neutral
Molopo, Metgasco's 50% partner in PEL 426, re-released Metgasco's Orara-E1 gas discovery announcement (about 119,000 scf/day). No new information.
14 Jan 2009drilling result▲ GoodMajor
Orara-E1 in PEL 426 drilled to 680 m and flowed gas to surface at about 119,000 scf/day, confirming Walloon coal measures in the basin's south, 140 km from Casino. Metgasco, operator, will earn extra interest from the 50/50 split with Molopo.
18 Dec 2008drilling spud● Neutral
Orara exploration well spudded in PEL 426, targeting 600 m, to test for Walloon coal measures and the Heifer Creek sandstone. It is the final work commitment of the Molopo farm-in, with Metgasco as operator.
3 Sept 2008resource reserve update▲ GoodMajor
Riflebird-E14 gas find named the Kingfisher Field, with a contingent resource of 12-70 bcf gas in place (37 bcf mid). The adjacent Mackellar Prospect is put at up to 410 bcf. This follows the May flow tests; a further appraisal well is still needed.
2 Sept 2008farm in farm out completion▲ GoodMajor
Metgasco completed its Molopo farm-in work programs, now holding 75% of PEL 13 coal seam gas, 50% of PEL 13 conventional, and 50% of PEL 426. This confirms the seismic-based earn-in flagged in July; transfer documents are signed.
24 July 2008resource reserve update▲ GoodMajor
PEL 16 2P reserves rose 21% to 298 PJ (264 PJ net to Metgasco), and 3P rose 11% to 1,538 PJ. More upgrades are expected over six months toward the 640 PJ 2P target. Corella-11's flow is up 30% in three weeks.
21 May 2008drilling progress report● Neutral
Corella-11 continues producing above 100,000 scf/day while dewatering. Testing at Riflebird-E14 shows gas from all three zones, and the well will be shut in afterwards. About 5 km of seismic has been acquired in PEL 13.
22 Apr 2008drilling progress report▲ Good
Further data has gone to reserve certifier MHA, and another reserve upgrade is anticipated. All pilot wells are producing early gas while dewatering. Production flow testing of three gas zones in Riflebird-E14 is planned within weeks.
4 Mar 2008resource reserve update▲ GoodMajor
MHA certified PEL 16 2P reserves at 247 PJ (213 PJ net to Metgasco), up 27% from 195 PJ. 3P reserves rose about 20% to 1,389 PJ, and further upgrades were expected in coming months.
20 Feb 2008drilling result▲ Good
Riflebird-E13 reached 1,297m with gas shows and a well-developed I/J coal sequence, but could not be tested on site; it is cased for later fraccing. The rig is heading to re-enter Corella-E6.
