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Quarterly Activities Report

Significant progress on building/delivering CY2022 Cooper Gas Hub

Vali/Odin (ATP2021/PRL211):

  • Vali-3 well results delivered 178m of net pay in the Patchawarra and Tirrawarra formations
  • Odin field independently certified Gross 2C Contingent Resources of 36.4 Bcf(8 bcf net to Metgasco) versus pre-drill estimates of 12.6Bcf (2.8 net)
  • Odin potential gas production likely to be tied into proposed Vali production hub pipeline subject to JV approval
  • Significant progress on Vali field commercialisation via detailed design on pipeline and funding alternatives, negotiations with multiple gas customers, and gas processing/tie-in agreements

Cervantes (L14):

  • Progressed environmental and safety drilling approval applications with state government authorities, with final approvals expected in Q4 CY2021
  • Rig letter of Intent signed with Strike Energy for Ensign 970 rig slot option
  • Drilling now anticipated in Q2 CY2022, subject to approvals and rig availability

Loki (ATP2020):

  • ATP2020 Farm-out process continued during the quarter with a number of qualified parties in the data room
  • Loki recoverable oil and gas Resources- Best (P50) 6.4mmbo and 13.1bcf respectively

Corporate:

  • A fully underwritten Entitlement Offer was completed raising approximately $4.58M (excluding costs)
  • The appointment of Mr Ken Aitken and Mr Peter Lansom to the Board of Metgasco
For more information contact: 

Ken Aitken, Managing Director

Phone: +61 08 6245 0062

CONTACT US

West Perth Office
Level 2, 30 Richardson St.
West Perth, WA 6005

Tel: +61 8 6245 0060
Metgasco Ltd  ACN 088 196 383