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Quarterly Activities Report for quarter ended 31 March 2022

Vali commercial agreements executed to secure transition to production

Key activities for the quarter ended 31 March 2021 (“Quarter”) comprised:

Vali (ATP2021):
• Definitive gas sales agreement (GSA) signed with AGL Wholesale Gas Limited
• Total gross volume of gas sales estimated at between 9PJ to 16PJ (4PJ net MEL)
• Subsequent to the end of the quarter an upstream transportation and processing agreement was
executed with SACB Joint Venture
• Processing agreement execution triggers initial two tranches of GSA prepayment totalling
$10million (Gross), $2.5million (Net) to Metgasco in Q2 FY22
• Significant progress on project preparation for pipeline installation and planning well stimulation/
completion activity to be initiated in Q2 FY22
Odin (PRL211):
• Metgasco and ATP2021 JV partners acquire respective share of Beach Energy’s 15% interest in

PRL211
• Increase of Net 2C Contingent Resource of gross 3.1 Bcf

Cervantes (L14):
• Ensign 970 rig mobilised allowing Cervantes-1 well to spud on 26 March
• Subsequent to quarter end the Cervantes-1 well was drilled safely and efficiently to TD.
• LWD indicated that the Permian zones were water bearing and the well was plug and abandoned

For more information contact: 

Ken Aitken, Managing Director

Phone: +61 08 6245 0060

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