Past year: ▲ 850%(0.20c – 3.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
26 July 2021director officer appointment● Neutral
CEO Ken Aitken, in the role since November 2018, is appointed Managing Director and joins the board, with no change to his pay. The company links this to its expected transition to a gas producer in 2022.
23 July 2021other● Neutral
Quarterly cash flow report: cash A$553k at 30 June 2021, down from A$651k. Operating outflow A$242k and exploration spend A$1.508m, offset by A$1.676m disposal proceeds. Funding covers about 0.32 quarters on the form's measure. No debt.
22 July 2021capital raising announcement● Neutral
Metgasco extends the entitlement offer close from 28 July to 6 August 2021, citing Covid-19 lockdowns in NSW, Victoria and South Australia. Results are now due 11 August. Price (A$0.025) and other terms are unchanged.
6 July 2021drilling result▲ GoodMajor
Vali-3 confirmed Patchawarra gas pay in line with pre-drill expectations and is cased for production, giving three cased Vali wells. The three-well campaign was 100% successful. ERCE reserve reassessment is due in coming weeks; the CEO expects a Vali development decision in H2 CY2021.
6 July 2021capital raising announcement● NeutralMajor
Metgasco launches a fully underwritten 1-for-3 entitlement offer at A$0.025 to raise about A$4.58m, with an attaching option per 3 new shares (strike A$0.031, expiry 31 Dec 2022). Most of the money is for Cooper Basin appraisal and commercialisation (A$2.36m), pipeline infrastructure (A$0.62m) and Cervantes (A$0.83m).
6 July 2021investor presentation● Neutral
Presentation supporting the A$4.58m entitlement offer at A$0.025, a 7.4% discount to the 1 July close. Share count would rise from 549.6m to about 732.9m. Cash was A$0.55m at 30 June 2021. Repeats the offer terms and the Vali and Odin story.
6 July 2021drilling result▲ Good
Vintage's release that Vali-3 confirmed Patchawarra gas pay in line with pre-drill expectations and is cased for production, the campaign's rig now released. Duplicates Metgasco's release of the same day. Reserve update to follow.
29 June 2021drilling progress report● Neutral
Metgasco's release that Vali-3 reached total depth of 3,186 m on 28 June with gas shows in several formations. Wireline logging is under way. Duplicates Vintage's release.
29 June 2021drilling progress report● Neutral
Vintage reports Vali-3 reached total depth of 3,186 m on 28 June with gas shows in several formations. Wireline logging is under way, so no confirmed result yet.
23 June 2021drilling progress report▲ Good
Vintage reports Odin-1 net gas pay of 172.5 m across the Toolachee, Patchawarra and Epsilon, with the Toolachee gas 83% hydrocarbons. Vali-3 is at 2,774 m with gas shows. Odin resources will be independently updated.
23 June 2021drilling result▲ GoodMajor
Metgasco reports Odin-1 net gas pay of 172.5 m, which the CEO calls better than anticipated, plus gas sample results. Resource and reserve updates are due in coming weeks. Vali-3 is at 2,774 m. Quantifies the 31 May discovery.
22 June 2021investor presentation● Neutral
Switzer investor day presentation restating the Vali and Odin discoveries and Cervantes plans. It targets FID in Q3 CY21 and gross 12 MMscf/d in H1 CY22. It shows cash of A$0.33m at 31 May 2021. Largely known facts.
16 June 2021drilling progress report● Neutral
Vali-3 is at 2,377 m in the top Toolachee, with gas shows in the Nappamerri and oil shows in shallower Jurassic formations. Total depth is expected within a week. Interim update only.
15 June 2021investor presentation● Neutral
Presentation at the PESA Deal Day promoting the ATP 2020 farm-in, with 50-75% equity on offer. It repeats the Loki prospect's P50 6.4 MMbbl oil and 13.1 Bcf gas, already announced on 31 March. Nothing new.
10 June 2021drilling spud● Neutral
Vali-3 appraisal well spudded at 5pm ACST on 9 June 2021. It follows Vali-2's success and was previously flagged as about three weeks of drilling. No results yet.
8 June 2021drilling result▲ GoodMajor
Operator Vintage reports Vali-2 has 150 m of net gas pay versus 80 m at Vali-1 ST1, including 24 m in the Toolachee. An ERCE reserve reassessment is planned after Vali-3; Vali-3 is due to spud within days.
8 June 2021drilling result▲ Good
Metgasco's release of Vali-2's 150 m net gas pay (80 m at Vali-1 ST1), which it says exceeds pre-drill expectations. Field reserves are to be reviewed in late July after Vali-3; Odin-1 update due within 2-3 weeks. Duplicates Vintage's release.
31 May 2021drilling result▲ Good
Vintage's release on the Odin-1 gas discovery, confirmed in the Toolachee, Patchawarra and Epsilon and to be cased for production. It targets first Vali gas in Q2 2022 and Vali-3 is expected to spud that weekend. Duplicates Metgasco's release of the same day.
31 May 2021drilling result▲ GoodMajor
Odin-1 is a gas discovery: wireline logging confirmed gas pay in the Toolachee, Patchawarra and Epsilon, and it will be cased for production. Metgasco holds 21.25%, paying 25% of well cost. Resources are to be re-certified; the rig moves to Vali-3.
27 May 2021drilling progress report▲ Good
Vintage reports Odin-1 reached total depth of 3,140 m on 26 May with extensive gas shows in the Toolachee, Patchawarra and Epsilon. Wireline evaluation is next, so no confirmed result yet.
18 May 2021drilling progress report● Neutral
Vintage reports Odin-1 spudded 15 May and the JV approved Vali-3, to follow Odin-1 around early June. Refine Energy has gone into liquidation, so the Cervantes JV must find a new rig and timing is unclear. Final ACCC approval is noted.
18 May 2021drilling progress report● Neutral
Odin-1 spudded 15 May and is at 1,658 m. The JV approved the previously optional Vali-3 well, to follow in early June. Refine Energy's liquidation voids the Cervantes rig letter of intent, so a new rig must be found and the Cervantes timetable is open.
13 May 2021regulatory community update▲ GoodMajor
The ACCC granted final authorisation for Vintage, Metgasco and Bridgeport to jointly market Vali gas for five years, with supply contracts of up to 15 years. Confirms the March draft determination and clears a competition hurdle; a gas sales agreement is still needed.
12 May 2021drilling result▲ GoodMajor
Vali-2 confirmed gas in the Toolachee and Patchawarra and is cased and suspended for production. The Toolachee, untested at Vali-1 ST1, yielded a gas sample, so a reserve increase over the 8.3 PJ net 2P is expected. Second successful Vali well.
12 May 2021drilling result▲ Good
Vintage's release says Vali-2 logs confirm gas in the Toolachee and Patchawarra, and the well is cased for production. A reserve increase is expected. Duplicates Metgasco's own release of the same day. Odin-1 is due to spud mid-May.
7 May 2021drilling progress report▲ Good
Vintage reports Vali-2 reached total depth of 3,240 m on 2 May, with gas shows in the Toolachee, Patchawarra and Tirrawarra. Preliminary logs match Vali-1 ST1 in the Patchawarra. Wireline evaluation is under way; no final result yet.
30 Apr 2021drilling progress report▲ Good
Operator Vintage reports Vali-2 spudded 22 April and is drilling at 2,403 m, with gas shows at the base of the Nappamerri and top of the Toolachee. Total depth is expected mid-May. An interim update with no final result yet.
20 Apr 2021drilling scheduled● Neutral
Rig SLR-184 is on site and Vali-2 is due to spud within days, taking about three weeks, with Odin-1 straight after. Odin's pre-drill gross best-estimate prospective resource is 12.6 Bcf (2.8 Bcf net to Metgasco). Follows the firm 2021 program announced in February.
31 Mar 2021resource reserve update▲ GoodMajor
Metgasco estimates prospective resources at the Loki prospect in its 100%-owned ATP 2020: best-estimate 6.4 MMbbl recoverable oil and 13.1 Bcf gas, drillable with one shallow well. Unrisked, undrilled; farm-out under way, with seismic or drilling sought in CY2022.
26 Mar 2021regulatory community update▲ Good
The ACCC issued a draft determination proposing to authorise Vali joint gas marketing for five years, with supply contracts up to 15 years. Submissions are open until 12 April 2021. Builds on January's interim authorisation.
