Metgasco Ltd · ASX:MEL
Metgasco — Investor Presentation (May 2025)
27 slides from Metgasco's investor presentation, May 9, 2025
Slide 1: Shareholder Entitlement Offer to raise $0.75 Million for Vali and Odin Production Uplift
Cooper Eromanga Basin Shareholder Entitlement Offer to raise $0.75 Million for Vali and Odin Production Uplift Project Odin Field via Odin-1 Vali Field on producing since Sept production via Vali-1 CY23 . Odin-2 online since February CY23 Capital Raise Presentation 9 May 2025 October CY24
Slide 2: Important Notice and Disclaimer
Important Notice and Disclaimer This presentation is being provided for the sole purpose of providing the recipients with background information about Metgasco Ltd (Metgasco) which is current only at the date of this presentation. No representation, express or implied, is made as to the fairness, ac
Slide 3: About Metgasco
About Metgasco • Operating in onshore Cooper Eromanga -proven address with nearby infrastructure • Have discovered gas and producing since February 2023 • Gas sold under long term gas supply contracts to Engie and AGL • Cashflow Positive** Gas Supply Contracts • Vali 1 gas discovery in 2020 . Vali-2
Slide 4: Current Status
Current Status $0.75 M Capital Raise -$0.475M Uplift Project with potentially transformative production benefits • Five wells drilled – with only three currently producing gas- Circa Gross 3MMScfd • Vali-2 and Vali-3 have contributed minimal gas production following reservoir stimulation • Productio
Slide 5: Uplift Program Objective is to Optimise Production on every well
Uplift Program Objective is to Optimise Production on every well • Deliver improved flow rates on wells • Improve cashflow • Small outlay for potentially significantly higher production rates * As announced by operator 31 January 2025 ** Subject to weather and equipment availability . *** Refer Rese
Slide 6: Reserves Position
Reserves Position • 2P Gas Reserves of net 36.55 PJ of gas in undersupplied East Coast market • > 30 PJ of gas reserves is uncontracted • Enterprise Value= $9.9 M/36.55 PJe* =27 cents/GJe…compared to typical 2P gas reserve valuation of $1/GJe….. indicating MEL is undervalued 2P Reserves by field (at
Slide 7: JV Partners – Significant Operating Experience in Cooper Basin
JV Partners – Significant Operating Experience in Cooper Basin Vintage Energy (VEN)- 50% Interest and Operator , ex- Beach Petroleum management, chaired by Reg Nelson who guided Beach’s growth from micro-cap to Australia’s largest onshore oil producer Bridgeport Energy 25 % interest owned by Newhope
Slide 8: Strong East Coast Gas Thematics
Strong East Coast Gas Thematics • ACCC Forecast Gas Shortage on East Coast(see slides below) • AGL and Pelican Point Power have contracted gas sales to end 2026 • Metgasco not subject to the $12/gj price cap • Falling Supply from existing 2P Reserves … • … Leading to forecast shortfall to demand fro
Slide 9: Sources and Use of Funds
Sources and Use of Funds $0.75 Million Entitlement Offer to fund Vali and Odin Production Uplift Program Use Of Funds $ Odin Field 175,000 • Flow testing Sources $ • Downhole scale investigation and mechanical and/or chemical removal Entitlement Offer 750,000 Capital Raising Costs 100,000 Vali Field
Slide 10: Key Details of Entitlement Offer
Key Details* of Entitlement Offer $0.75 million via Non-Renounceable, Partially Underwritten Entitlement Offer • $0.75 million to be raised via issuance of 375 million new shares (“New Shares”) priced at 0.2 cents/share (“Offer Price”) • Non- renounceable 1 New Share for every 3.89 existing shares h
Slide 11: Entitlement Offer Timeline
Entitlement Offer Timeline $0.75 Million Entitlement Offer to Fund Vali and Odin Production Uplift Program Event Date* (AEST Australia Time) Announcement of Entitlement Offer and Appendix 3B Friday 9 May 2025 “Ex” date Tuesday 13 May 2025 Record Date for Entitlement Offer 7pm on Wednesday 14 May 202
Slide 12: Metgasco – Potential Share Price Catalysts
Metgasco – Potential Share Price Catalysts Exposure to east coast gas with existing supply, uncontracted gas, gas production hub in place, plus running room for exploration value accretion. Uplift in Odin and Vali Significant increase in gas production anticipated via the uplift program boosting rev
Slide 13: Reserve Notes & Glossary
Reserve Notes & Glossary The reserve volumes for Vali and Odin were independently certified by CDRI reference Metgasco ASX release 17 October 2024. The Vali and Odin gas reserves shown in this presentation were shown in Metgasco’s FY24 Annual Report (ASX release 17 October 2024) and were calculated
Slide 14: Appendices
Cooper Eromanga Basin Appendices Odin Field via Odin-1 Vali Field on producing since Sept production via Vali-1 CY23 . Odin-2 online since February CY23 Capital Raise Presentation 8 May 2025 October CY24
Slide 15: Optimisation Program Rationale
Optimisation Program Rationale Opportunity to double gas production by early Q3 CY25** via low-cost program • Production Uplift Program modelled to offer uplift ranging from 2.1 MMscf/d to 5.6 MMscf/d1 • Immediate impact on production with flow on to cash flow on monthly invoice payment *Anticipated
Slide 16: Odin Scale Impact Demonstrated
Odin Scale Impact Demonstrated Confirmation of scale and initial results at Odin-1 demonstrated impact and production uplift Opportunity Identification and production response • Scale formation occurs when dissolved minerals precipitate, Odin-1 daily production rate, raw gas* leaving a residue which
Slide 17: Odin Scale Removal Opportunity Demonstrated
Odin Scale Removal Opportunity Demonstrated Scale Identified in September quarter 2024 and subsequently managed during December quarter 2024 Background • Odin-1 started strong, producing from Epsilon and Toolachee Odin field production reported in ASX quarterly • Rapid decline understood with identi
Slide 18: Odin Proposed Production Optimisation Program
Odin Proposed Production Optimisation Program Low-Cost Campaign targeting known impediment for immediate production improvement Work Work program objective program Potential uplift and Scale Determine extent of impact - Ongoing increased cash generation investigation from Odin Meter clean Redress me
Slide 19: Vali Addition of Toolachee Production
Vali Addition of Toolachee Production Appraisal of Southern Flank Gas Fields Background • Vali-1 Patchawarra production stable, decline consistent with model • Facilities performing reliably • Vali-2 and Vali-3 yet to establish sustained production Production uplift strategy • Add production from To
Slide 20: Vali Production Optimisation Program
Vali Production Optimisation Program Addition of Toolachee Zone Production and scale impact Investigation Work Work program objective Potential uplift and program increased cash Scale Investigate potential for scale impact at Vali, remediate scale generation from Vali investigation if present • Addi
Slide 21: Cooper Basin Expansion – Hub & Spoke Strategy
Cooper Basin Expansion – Hub & Spoke Strategy Hub and Spoke gas appraisal strategy to build production Odin-2 example of Hub and Spoke strategy. Staged revenue and shareholder value growth of gas production to develop Odin & Vali Cooper Basin generated $1M net sales revenue in first half of FY25* Pr
Slide 22: ATP2021 Vali Gas Field
ATP2021 Vali Gas Field Metgasco has 25% non-operated interest Overview and Current Status Vali gas field Sales gas Ethane LPG Condensate Total 3 Wells completed commenced supply in February 2023 2P Reserves* from Patchawarra formation PJ PJ kTonne Mbbl PJe Gas processed and sold ex-Moomba Metgasco s
Slide 23: Vali Access Toolachee Gas
Vali Access Toolachee Gas Perforated Vali-1 ST1 Toolachee pay zone isolated by movable sleeve between two packers Toolachee Production Improvement Opportunities A B Vali-3 Vali-1 ST1 Vali-2 C 4 Upper Packer 7 8 Sleeve to be opened to allow Toolachee 1 1 gas to flow into 1 1 1 production tubing 1 1 L
Slide 24: Odin Gas Field
Odin Gas Field Odin gas Appraisal by Production. Supplying Gas to AGL field 2P Sales gas Ethane LPG Condensate Total Reserves* 2 completed wells, connected to Vali-Beckler pipeline PJ PJ k Tonne Mbbl PJe Odin -1 brought online in September 2023, Odin-2 in Metgasco September 2024 share (25%) 10.75 0.
Slide 25: ATP2021 – Opportunity for New Oil and Gas Discoveries
ATP2021 –Opportunity for New Oil and Gas Discoveries ATP2021 Permit extended to Mid-2030 – Highly Prospective Area with Drill Ready Prospects and Leads Recent 6-year permit extension to May 2030 23 oil prospects and leads and 3 gas prospects Thaldra Hub and Spoke gas strategy improves commerciality
Slide 26: Corporate Snapshot (ASX:MEL)
Corporate Snapshot (ASX:MEL) * 2P Reserves by field (at 30 June 2024) Net Metgasco Share (25%) Metgasco’s strategy is to build production revenue and shareholder value by Area Total Sales Ethane LPG Conde Total developing a sizeable gas production hub through its core assets held in the gas nsate re
Slide 27: Contact Info
Contact Info: Ken Aitken Metgasco Ltd ACN 088 196 383 Managing Director Level 3, 88 William Street Perth, WA 6000 + 61 8 9463 2463 +61 8 9463 2463 ken. aitken @metgasco.com.au info@metgasco.com.au www.metgasco.com.au