19 September 2018
METGASCO ELECTS TO CONVERT PORTION OF BYRON ENERGY NOTES
- Metgasco has today elected to convert A$1m of its remaining A$4m Convertible Notes with Byron Energy into shares.
- The conversion is value accretive to Metgasco shareholders and is a sign of confidence in our partner investment.
- The conversion will be at a 10% discount to the 30 day volume weighted average price (VWAP) of Byron Energy ordinary shares.
The Board of Metgasco Ltd (ASX:MEL) (Metgasco, or, the Company) advises that it has, in accordance with the terms of the Convertible Note Deed between Metgasco and Byron Energy Limited (ASX:BYE) (Byron Energy), dated 21 July 2016, issued a notice of election to convert A$1 million of its outstanding A$4 million of Convertible Notes, into Byron Energy ordinary shares.
The conversion has been undertaken as part of the Board’s ongoing review of its asset portfolio and is considered by the Board to be a prudent application of resources. The conversion is expected to be immediately value accretive to the Company’s shareholders. The balance of the Company’s Convertible Notes with Byron Energy remains on foot unchanged.
Metgasco remains fully funded within its existing cash and financial assets for all planned drilling and exploration activities over the coming year.
Metgasco also advises shareholders that the present status of the Company’s Bivouac Peak East Well (Weiss-Adler et al No. 1) is at 11,890 feet with casing being set. Further drilling updates will made at relevant intervals.
Contact and further information:
Metgasco welcomes shareholder communication and invites all interested shareholders to make contact at any time.
Metgasco recently presented at the RIU Good Oil Conference in Perth, Western Australia, on Thursday 13th September. A video of Metgasco Executive Director Ken Aitken’s presentation and the presentation itself are available at http://metgasco.com.au/presentations/riu-good-oil-conference-presentation
Philip Amery, Executive Chairman
Phone: +61 02 9923 9100