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Quarterly Activities Report

Quarterly Activities Report

29 April 2019

Summary

Key activities during the quarter ended 31 March 2019 (Quarter) comprised:

  • Metgasco identified a number of potential shallow oil exploration prospects and leads in ATP2021 which will lead to the re-processing of the 2D seismic over the areas of interest;
  • Farm-out discussions regarding Metgasco’s Cooper / Eromanga Basin projects are ongoing with several parties;
  • An additional A$1.0 million principal repayment (along with interest) of convertible notes from Byron Energy Limited occurred on 22 January 2019, in line with the note schedule;
  • On 31 January 2019, Metgasco elected to convert the remaining A$1.0 million of its convertible note into shares, finalising its secured funding facility (loan) to Byron Energy Limited;
  • Metgasco’s share of budgeted drilling costs of US$4.4 million for the Byron Energy Ltd operated SM74 well was remitted in late March in accordance with the Raptor prospect well AFE;
  • Drilling of SM74 was delayed to the first half of May due to later than anticipated rig availability from a third- party operator in the Gulf of Mexico;
  • The Company’s Financial Report for the half year ended 31 December 2018 was released on 1 March 2019;
  • Mr. Langan, existing CFO of Metgasco, was appointed as Company Secretary following the resignation of Philip Mackey on 28 March;
  • The Company continued to seek new exploration, development and production opportunities and is currently assessing a number of potentially value adding projects.

 

For more information contact: 

Philip Amery, Chairman

Phone: +61 (0) 402 091180

CONTACT US

North Sydney Office
Level 3, 2 Elizabeth Plaza
North Sydney NSW 2060

Tel: +61 2 9923 9100
Fax: +61 2 9959 5387

Metgasco Ltd  ACN 088 196 383