Past year: ▲ 850%(0.20c – 3.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
29 Oct 2021quarterly activities report● Neutral
September quarter report: Vali reserve report slips again to the first half of November, Cervantes drilling moves to Q2 CY22 with a Strike rig option, and Vali FID is still targeted for Q4 CY21. Mostly restates known results.
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.
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.
23 July 2021quarterly activities report▲ Good
June quarter report: the three-well Cooper program (Vali-2, Odin-1, Vali-3) found gas in all wells, and partners are prioritising an independent reserve review. Cervantes drilling slips to late Q4 CY21/Q1 CY22 pending approvals and rig. Cash was A$0.553m. Mostly restates known results.
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.
