Past year: ▲ 850%(0.20c – 3.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
31 Jan 2022quarterly activities report▲ Good
December quarter report recaps the Vali reserve upgrade, the AGL Heads of Agreement (net A$3.75m prepayment to Metgasco) and the Odin-1 test at 6.5 MMscf/d. Cervantes drilling is expected in Q2 CY22, with environmental approval described as imminent. Mostly restates known results.
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.
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.
