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Quarterly Activities Report

29 October 2020

QUARTERLY ACTIVITIES REPORT
PERIOD ENDED 30 SEPTEMBER 2020

Highlights
Key activities during the quarter ended 30 September 2020 (“Quarter”) comprised:

Vali-1 ST1

  • Six stage fracture stimulation program safely and successfully completed in July.
  • In August a two-day welltest measured stabilised gas flow-rate of 4.3MMscf/d through a 34/64”
  • choke at 942 psi FWHP. A production log confirmed that gas was being contributed from all
  • stimulated zones.
  • A JV development decision is anticipated in Q4 CY2020 following completion of a pipeline
  • engineering feed study, gas sales and tariff negotiations and independent reserve determination.

Cervantes

  • Progressed environmental approval/land access with stakeholders including completing an additional botanical survey in early September as well as negotiating Heritage and track access agreements.
  • Issued expression of interest tender to a number of drilling rig service companies in Australia.
  • Drilling is anticipated in Q1 CY2021 subject to rig availability and regulatory approvals.

Corporate

  • In late July a Share Placement of $1.375 mill was completed by offering 55 million new shares to institutional and sophisticated investors at an issue price of $0.025 per share.
  • Completed Share Purchase plan raising $2.6M after 30% scale back applied.

Please click on the attached .PDF to view full report and the Quarterly Cashflow Report, Appendix 5B.

For more information contact: 

For more information contact: 

Philip Amery
Chair
+ 61 402 091 180
philip.amery@metgasco.com.au

Ken Aitken
CEO
+61 8 6245 0062
ken.aitken@metgasco.com.au


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