Past year: ▲ 850%(0.20c – 3.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
24 Nov 2021flow test result▲ Good
Metgasco repeats that Odin-1 testing met its objectives, with all perforated zones flowing gas. The MD says the result was above expectations and targets Odin production in the second half of CY22. Net 2C is 8.0 Bcf; conversion to reserves still depends on a JV commercialisation plan.
16 Nov 2021investor presentation● Neutral
The investor webinar is rescheduled from 18 November to 24 November 2021. Administrative notice only.
9 Nov 2021investor presentation● Neutral
Notice of a live investor webinar on 18 November with the MD, chair and CFO, covering Vali production, the Odin appraisal, Cervantes drilling and the bonus option listing. No new results.
5 Nov 2021flow test result▲ Good
Metgasco repeats the Odin-1 main flow result: a final 6.5 MMscfd at 1,823 psi, with a 10.3 MMscfd peak on a larger choke. The well is now shut in about 10 days before a production logging run. Duplicates Vintage's release.
5 Nov 2021flow test result▲ Good
Vintage reports the Odin-1 main flow period finished with a final stable rate of 6.5 MMscfd at 1,823 psi, down from the early 7.58 MMscfd reading. A peak of 10.3 MMscfd was reached on a larger choke. The well is shut in for pressure data.
5 Nov 2021security holder rights change● Neutral
Metgasco applies to list its existing 4c bonus options (expiring 31 Dec 2021) on the ASX so holders can trade them. The board says it hopes this encourages exercise before expiry; options lapse if unexercised.
1 Nov 2021resource reserve update▲ Good
Operator Vintage announces the ERCE reserve upgrade for the Vali field: gross 2P 92.0 Bscf (101 PJ), up from 30.3 Bscf, a 201% rise. Duplicates the update already recorded for Metgasco; first gas and FID still pending.
1 Nov 2021resource reserve update▲ GoodMajor
ERCE lifts Vali gross 2P reserves to 92 Bscf (101 PJ), up from 30.3 Bscf, a 201% rise, adding the Toolachee formation. Metgasco's 25% share is 23.0 Bscf (25.2 PJ) 2P. Resolves the long-delayed reserve update; still needs FID and a gas sales agreement.
29 Oct 2021remuneration report● Neutral
Board proposes granting 24.5m options (A$0.045 strike, three-year term) to directors, including 12.5m to MD Ken Aitken, subject to approval at the 2021 AGM. Strike is about 150% above the 2.9c five-day average price. Cited as replacing a cash incentive for the MD.
29 Oct 2021annual report● Neutral
2021 annual report. The chair recaps the Vali-1 ST1 flow test, Vali-2/3 and Odin-1 drilling, the ongoing Odin flow test, and confidence in drilling Cervantes in the first half of 2022. No new figures in the text shown.
27 Oct 2021flow test result▲ Good
Metgasco repeats the early Odin-1 reading: 7.58 MMscfd raw gas at 2,018 psi, with about 22% inerts, from perforated Toolachee and Epsilon sands. Testing continues, with a further update promised after the program. Duplicates Vintage's release.
27 Oct 2021flow test result▲ Good
Vintage reports Odin-1 flowing at 7.58 MMscfd raw gas at 2,018 psi wellhead pressure after perforating 26.6 m of Toolachee and 7.5 m of Epsilon. This is an early reading with the test continuing, so it is not a final result.
25 Oct 2021well test result● Neutral
Well testing has begun on Odin-1, the May gas discovery, aimed at the Toolachee and Epsilon formations, expected to take about 14 days. Positive results would help convert the 36.4 Bcf gross 2C contingent resource to reserves. Vali pipeline detailed engineering awarded to Logicamms.
25 Oct 2021well test result● Neutral
Operator Vintage announces the Odin-1 flow test has started, restating the Toolachee and Epsilon test aims and the 36.4 Bcf gross 2C resource. Duplicates Metgasco's release of the same day, including the Vali pipeline engineering award to Logicamms.
22 Oct 2021capital raising announcement● Neutral
Reminder that eligible shareholders must complete an online form by 29 October to receive their free attaching options. The company says a number of eligible holders have not yet applied. No new terms.
20 Oct 2021annual report● Neutral
Appendix 4G corporate governance checklist lodged with the annual report for the year to 30 June 2021. Administrative filing pointing to the governance statement on the company website; no new business information.
4 Oct 2021investor presentation● Neutral
Notice of a live investor webinar on 7 October with the MD, chair and CFO, with an attached presentation. It repeats known points: Vali FID in Q4 CY21, first gas mid CY22, A$3.7m cash at 30 Sept, no debt, and Cervantes drilling. No new results.
1 Oct 2021security holder rights change● Neutral
5,209,205 unlisted performance rights lapsed on 30 September 2021 under their terms, as the vesting hurdle was not met (inference). Minor administrative notice with no cash effect.
29 Sept 2021capital raising announcement● Neutral
Prospectus lodged for the free attaching options (A$0.031, expiring 31 Dec 2022) for shareholders who joined the July entitlement offer, on a 1-for-3 basis. Offer opens 8 October, closes 29 October; options issued 3 November. Follows the A$4.58m raise.
21 Sept 2021material agreement● NeutralMajor
Non-binding letter of intent signed with Strike Energy to negotiate sharing the Ensign 970 rig for Cervantes-1, now targeted for Q2 CY22 (earlier guide: late Q4 CY21/Q1 CY22). Environmental approval expected around end November 2021. Prospective resource P50 15.3 mmbbl oil gross; Metgasco 30%, operator.
17 Sept 2021annual report● Neutral
Annual report for the year to 30 June 2021 largely recaps the Vali-1 ST1 flow test and the 2021 drilling. Shown text contains no new figures beyond earlier releases.
17 Sept 2021admin correction● Neutral
Corrects the gross Odin resource table: 1C is 18.5 Bcf and 3C 71.7 Bcf, not the lower figures given on 16 September. The 2C of 36.4 Bcf gross and 8.0 Bcf net to Metgasco is unchanged.
16 Sept 2021resource reserve update▲ Good
Vintage reports ERCE certified Odin gross 2C contingent resources of 36.4 Bcf (16.0 Bcf net to Vintage), about 190% above the pre-drill estimate. Odin gas could tie into the proposed Vali-to-Beckler pipeline. Vali reserve data has gone to ERCE.
16 Sept 2021resource reserve update▲ GoodMajor
ERCE certifies Odin gross 2C contingent resources of 36.4 Bcf, 8 Bcf net to Metgasco, versus pre-drill 12.6 Bcf (2.8 net), about a 190% increase. Resolves the Odin update promised after the 31 May discovery. Contingent on a final investment decision and a gas sales agreement.
8 Sept 2021investor presentation● Neutral
Good Oil Conference presentation restating the Vali and Odin gas discoveries and the Cervantes plan. It now targets Vali FID in Q4 CY21 (earlier guide: Q3) and production in mid CY22. Cash is A$3.9m with no debt; 732.88m shares on issue.
17 Aug 2021capital raising announcement▲ GoodMajor
The fully underwritten entitlement offer closed raising A$4.58m at A$0.025. Shareholders took up 63.3m shares plus 39.2m via top-up, and underwriters placed 80.7m of the 183.2m offered. The company says it is funded through the rest of 2021.
10 Aug 2021drilling result▲ Good
Operator Vintage reports the same Vali-3 result: 178 m net pay in the Patchawarra and Tirrawarra, with ERCE reserve update due before end September. Says gas pre-sale and pipeline funding talks are well advanced. Duplicates Metgasco's release.
10 Aug 2021drilling result▲ GoodMajor
Vali-3 interpreted net pay is 178 m in the Patchawarra and Tirrawarra, the largest of the three Vali wells (Vali-2: 150 m). Possible extra Epsilon/Toolachee pay is still being assessed. ERCE reserve update now expected before end September, later than the earlier late-July guide.
4 Aug 2021director officer appointment● Neutral
Peter Lansom, formerly Managing Director of Galilee Energy (2013-2021), joins as a non-executive director at A$50,000 a year. Adds Cooper and Perth Basin technical experience. The company says it continues to evaluate new business opportunities.
3 Aug 2021capital raising announcement● Neutral
The A$0.025 entitlement offer close is extended again, from 6 to 13 August 2021, with results now due 18 August. The board notes heavy on-market selling by its former largest shareholder during the offer. Terms and use of funds are unchanged.
