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METGASCO LTD - Corporate Spotlight

Metgasco is an active onshore oil and gas exploration company with world class onshore... Metgasco is an active onshore oil and gas exploration company with world class onshore exploration licences in the Premier Cooper Eromanga and Perth Basins. Metgasco’s last three wells (Vali-1 ST1,Odin-1, Vali-2) have a 100% record of discovering gas and the growing reserve base provides increasing confidence of becoming a gas producer in H1 CY22More

Corporate Spotlight

Metgasco is an active onshore oil and gas exploration company with world class onshore exploration licences in the Premier Cooper Eromanga and Perth Basins. Metgasco’s last three wells (Vali-1 ST1,Odin-1, Vali-2) have a 100% record of discovering gas in the region.
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MEL RECORDS POSITIVE TEST RESULTS FROM ODIN 1 WELL

MEL COMPLETES WELL TESTING AT ODIN-1

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Metgasco (ASX:MEL) completes well testing at Odin-1


ASX:MEL
The Odin-1 well in the Cooper Basin. Source: Metgasco

  • Metgasco (MEL) has completed its two-phase testing program at the Odin-1 well in Queensland’s Cooper Basin.
  • The pipeline delivered a stable flow rate of 6.5 million standard cubic feet per day at a flowing wellhead pressure of 1823 psi through a 28/64″ fixed choke rate
  • Gas samples were taken from the second stage and are still being transported to Adelaide for testing
  • If partners agree, the next stage of the operation will be the completion of the well in tandem with the completion of the nearby Vali wells, to manage costs

    Read the Full Article on The Market Herald here

MEL RECORDS POSITIVE TEST RESULTS

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Metgasco (ASX:MEL) records positive test results from Odin 1 well


ASX:MEL
Odin Well. Source: Metgasco

  • Metgasco (MEL) announces the completion of Odin 1 well tests and said the gas flow rate continued to perform strongly
  • Over the course of five intervals, a total of 26.6 meters within the Toolachee Formations were perforated and 7.5 meters over two intervals in the Epsilon Formation
  • Samples have been collected and will soon be analysed but infield data predicts 22 per cent of inerts when the well was shut in, the prediction falls within expectations
  • During the phase of optimising choke settings, 10.3 mmscfd was achieved with a 36/64″ fixed choke rate at a FWHP of 1666psi

    Read the Full Article on The Market Herald here

MEL BROKER NOTE TARGETS 80% PRICE BUMP

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MEL UPGRADES ODIN'S CONTINGENT RESOURCES

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Metgasco (ASX:MEL) upgrades Odin’s Contingent Resources

Energy

ASX:MEL
Metgasco (ASX:MEL) - Chairman, Philip Amery - The Market Herald
Chairman, Philip Amery
Source: Metgasco

  • Metgasco (MEL) says an independent certification has upgraded Contingent Resources at the Odin Gas Field in the Cooper Basin
  • ERC Equipoise certified there is 36.4 billion cubic feet of gross 2C Contingent Resources in the Toolachee, Epsilon, Patchawarra and Tirrawarra formations
  • That represents a 190 per cent increase in the pre-drill 2U gross Prospective Resources for Odin
  • MEL has stakes in two permits, PRL 211 and ATP 2021, in the Cooper Basin with a review now being carried out on the Vali fields

Metgasco (MEL) says an independent certification has upgraded Contingent Resources at the Odin Gas Field in the Cooper Basin.


ERC Equipoise certified there is 36.4 billion cubic feet of gross 2C Contingent Resources in the Toolachee, Epsilon, Patchawarra and Tirrawarra formations.


That represents a 190 per cent increase in the pre-drill 2U gross Prospective Resources for Odin.


MEL has a stake in two permits located in the Copper Basin, PRL 211 and ATP 2021, which it has a 21.5 per cent at 25 per cent interest in respectively.


The company's own shares of Odin's resources, taking into account its stake in the field, is 8 billion cubic feet of 2C Contingent Resources.


Metgasco Managing Director Ken Aitken said he was pleased with the results and the successful drilling program carried out at Odin.


"The independent certification of a significant increase in the Odin gas field resources is a great outcome and confirms another sizeable gas discovery, circa 7 kilometres from the CY2020 Vali field gas discovery," Mr Aitken said.


"Odin1 has conventional gas flow potential in the Toolachee and Epsilon reservoirs which are under consideration to be tested to assist future appraisal planning and conversion of Contingent Resources to Reserves."


MEL said an independent review was now being carried out on the Vali field, which is also located within ATP 2021 permit area.


Mr Aitken said he was confident the results would be pleasing.


"Excellent results from Odin-1 and the appraisal drilling of Vali-2 and 3 provide confidence that both fields should be producing gas into the high price East coast gas market in CY2022 and delivering significant production revenue to Metgasco for decades," he said.


Read the Full Article on The Market Herald here

MEL'S VALI-3 EXCEEDS EXPECTATIONS

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Metgasco’s (ASX:MEL) Vali-3 “exceeds expectations”

Energy

ASX:MEL
Metgasco (ASX:MEL) - Managing Director, Ken Aitken - The Market Herald
Managing Director, Ken Aitken
Source: Metgasco

  • Metgasco (MEL) and Vintage Energy (VEN) reports that the Vali-3 well in the Cooper Basin has "exceeded expectations"
  • The well has delivered the largest net pay results of the three wells that have been drilled
  • 178 metres of net pay was found in the Patchawarra and Tirrawarra formations
  • The Vali Field Reserves review and certification process will commence soon

Metgasco (MEL) and Vintage Energy (VEN) have reported that the Vali-3 well in the Cooper Basin has "exceeded expectations."


Vali-3 reached a total depth at 3186 metres, achieving its main goal of intersecting the Patchawarra formations and the Tirrawarra Sandstone.


The well has delivered the largest net pay results of the three wells that have been drilled.


A total of 178 metres of net pay was found in the Patchawarra and Tirrawarra formations, with further work ongoing to assess additional pay in the Epsilon and Toolachee formations.


The joint venture now has three cased wells in the Vali Field available for future production.


Once Metgasco and Vintage have reviewed the data from the three wells it will be sent to ERC Equipoise to update the reserve certification for the Vali Field as a whole.


These results are expected at the end of September 2021.


Metgasco Managing Director Ken Aitken is pleased with the results from the third well.


"The fact that both Vali-3 and Odin-1 net pay results have greatly exceeded expectations strengthens Metgasco’s view that we have a significantly higher volume of gas than previously estimated within the Odin/Vali fields and that, following an updated Reserve review, Joint Venture approval to commercialise the Vali/Odin gas production hub later this year is highly likely," he said.


"The joint venture is well advanced in progressing both gas pre-sales and infrastructure financing to this objective."


Read the Full Article on The Market Herald here

MERGER PROVIDES OPPORTUNITY FOR JUNIORS

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Santos (ASX:STO) merger with Oil Search (ASX:OSH) heats up energy marker for juniors

ASX:MEL

  • Santos' (STO) planned merger with Oil Search (OSH) may have provided an opportunity for small players within the energy industry
  • STO's acquisition bid signals the energy market has begun its recovery from months of instability related to COVID-19 and OPEC infighting
  • One of the juniors feeling confident is Metgasco (MEL), which has interests in oil and gas projects across Australia, including near Santos
  • MEL says the merger, as well as the Government's push for more energy companies on the East Coast, means FY22 is shaping up to be positive

Energy giant Santos' (STO) planned merger with Oil Search (OSH) may have provided an opportunity for small players within the energy industry.


STO's acquisition bid signals the energy market has well and truly begun its recovery from months of instability related to COVID-19 and OPEC infighting.


It also indicates that Santos may be looking to snap up other energy businesses in the future, especially if they have assets nearby their own, as OSH did.


Among the small-caps feeling optimistic was ASX-lister Metgasco (MEL), which has oil and gas projects across Australia.


MEL said given the merger, as well as the Government's push for more energy companies on the East Coast, FY22 may be a more positive year for the sector.


Read the Full Article on The Market Herald here

MEL OPENS $4.58M ENTITLEMENT OFFER

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Metgasco (ASX:MEL) opens $4.58m entitlement offer

Energy

ASX:MEL
Consumer watchdog says gas prices stayed low in 2020
Source: Shutterstock

  • Metgasco's (MEL) entitlement offer is now open to shareholders, as the company seeks to raise an additional $4.58 million in funds
  • The full underwritten offer will see MEL shareholders offered one new share for every three already held, with new shares worth 2.5 cents each
  • One new attaching option will also be issued for every three new shares issued, with a scratch price of 3.1 cents and an expiry date of December 2022
  • MEL says the funds from the offer will be spent on advancing and commercializing the company's Cooper Basin assets

Metgasco's (MEL) entitlement offer is now open to shareholders, as the company seeks to raise an additional $4.58 million in funds.


The old and gas company released the entitlement offer booklet to shareholders today, after announcing it would raise more cash earlier this month.


Under the fully underwritten, non-renounceable, pro-rata offer, shareholders will be offered one new share for every three MEL shares already held.


Each new share is worth 2.5 cents, and for every three new shares issued MEL will issue one attaching option.


These options have an exercise price of 3.1 cents and are due to expire on December 31, 2022, while the wider offer will close on July 28.


The company plans to use the majority of the funds raised via the entitlement offer on advancing and commercialising its Cooper Basin assets.


This includes appraisal, well completion, well testing, geophysics activities as well as pipeline and service infrastructure.


Read the Full Article on The Market Herald here

METGASCO CLOSES WEEK IN A TRADING HALT

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Metgasco (ASX:MEL) closes week in a trading halt

ASX:MEL
MSM Corporation (ASX:MSM) receives second loan repayment from RTE

  • Metgasco's (MEL) securities are in a trading halt, as the energy company gears up to launch a capital raise
  • No details of the fundraise are available just yet, but a full announcement will be released before the trading halt ends on July 6
  • MEL ended the March quarter with $651,000 worth of cash in the bank, enough money to keep it operating for 0.36 quarters
  • Next week's proposed capital raise may help top up the company's bank account, as it continues to explore the Cooper and Perth basins

Metgasco's (MEL) securities have been placed in a trading halt, as the energy company gears up to launch a capital raise.


MEL hasn't announced any details on the raise just yet, but an announcement is expected on or before July 6.


That Tuesday is the last day the trading halt will remain in effect for the energy stock.


Look at MEL's finances, the company ended the March quarter with $651,000 worth of cash in the bank.


In comparison, Metgasco ended the December quarter with just over $2 million worth of cash in the bank.


The business spent $306,000 on operating expenses over the three-month March quarter as well as $1.48 million on exploration.


In its quarterly report, MEL said it had enough cash to keep going for an additional 0.36 quarters of growth.


The upcoming proposed capital raise may help top up the company's bank account, so it can continue its exploration work.


MEL has active projects in the Perth and Cooper basins of Australia and is currently drilling at the Vali and Odin wells.


Read the Full Article on The Market Herald here

NEW INVESTOR PRESENTATION

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METGASCO (ASX:MEL) PROVIDE VALI-3 UPDATE

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Metgasco (ASX:MEL) Continues Drilling Vali-3 Appraisal Well


  • Metgasco (MEL) has provided an update on the drilling of the Vali-3 appraisal well in the Cooper Basin of Australia
  • The energy stock advises the well has reached a depth 2377 metres and is at the top of the Toolachee Formation
  • MEL says gas shows were observed in the mid-Nappamerri Formation while drilling and oil shows were encountered in the shallower Jurassic section
  • The company is drilling Vali-3 alongside operator Vintage and Bridgeport, with the well expected to reach its total depth in the coming week. 


Metgasco (MEL) has provided an update on the drilling of the Vali-3 appraisal well in the Cooper Basin of Australia.


MEL is drilling the well alongside the operator Vintage as well as the business Bridgeport Cooper Basin.


The energy stock advises Vali 3 recently reached a depth 2377 metres and is at the top of the Toolachee Formation.


Pleasingly, the company said gas shows were observed in the mid-Nappamerri Formation while drilling.


MEL said oil shows were also encountered in the shallower Jurassic section. including the Murta, McKinlay, Namur, Westbourne, Birkhead and Hutton formations.


No safety incidents have been recorded at the well and MEL said the company's track record in the Vali Field remains unblemished.


Metgasco, Vintage and Bridgeport are drilling Vali-3 in a bid to appraise the extent of the deeper Patchawarra Formation gas accumulation.


The formation in questions was discovered during work at Vali-1 ST1 and confirmed in Vali-2. 


The companies expect they will reach total depth at the Vali-3 well over the coming week.


See Full Article Here. 

VIDEOS

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Metgasco (ASX:MEL) records positive test results from Odin 1 well



Metgasco’s Ken Aitken bullish on company’s direction following successful drilling at Vali



Metgasco’s CEO Ken Aitken reveals fully underwritten $4.5 million entitlement offer for MEL shareholders



Metgasco CEO Ken Aitken Discusses Metgasco's Potential For Production In The Cooper And Perth Basins



ABOUT US

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Metgasco (ASX Code: MEL) is an active onshore oil and gas exploration company listed in Australia with fungible assets(cash and Byron Energy Equities) of $3.31mill( as of 31st March 2021) . Metgasco’s strategy is to deliver shareholder returns from current and new E&P assets/investments and be the partner of choice .


Metgasco has exploration licences in the Cooper Eromanga and Perth Basins which are Australia’s premier onshore location’s for discovering oil and gas.


In CY2020 Metgasco discovered gas in Vali-1 ST1 in Cooper Eromanga Licence ATP2021 . The well was successfully tested at 4.3mmscf/day leading to an independent reserve evaluation of  gross 2P 33.2 (net to MEL 8.3 PJ)


IN CY2021 has embarked on a three well exploration/appraisal well campaign in the Cooper Eromanga (ATP2021 and PRL211) to  assess gas upside reserve potential of Vali and Odin to enable a field development of a sizeable gas production hub. A JV final investment decision in the 2nd half of CY21 will lead to gas production and  inaugural revenue for Metgasco in the 1st half of CY21


Metgasco is the 100% owner of the ATP 2020 Licence in the Cooper Eromanga  Basin and is currently seeking farm-out partners to participate in drilling the sizable Loki oil and gas  prospect exploration in CY22 . A number of companies are currently reviewing the data room 


Metgasco is also planning to drill an oil exploration well  Cervantes-1 in the onshore Perth Basin (timing subject to rig availability). Cervantes-1 is one of the largest undrilled oil prospects in the Perth basin and is targeting the same prolific Kingia and High Cliff  sands which delivered gas discoveries in the Waitsia and West Erregulla fields


Ken Aitken

CEO Metgasco Ltd


VISIT THEIR WEBSITE: https://www.metgasco.com.au/

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