Slide 1: Delivering 'Two' New Gas Sources to the Undersupplied East Coast Energy Market
Delivering ‘Two’ New Gas Sources to the Undersupplied East Coast Energy Market For personal use only Vali gas field Odin gas field GSA with AGL for up to 16 PJ, GSA with ENGIE/Mitsui JV 101 PJ (Gross) 2P reserves, 39.7 PJ (Gross) Contingent Resources, Metgasco share 25.2 PJ Metgasco share 9.55PJ SPE
Slide 2: Agenda - Metgasco Journey from Explorer to Producer
Agenda - Metgasco Journey from Explorer to Producer 1 Introduction to Metgasco and Business Transformation For personal use only 2 Gazettal/Farm-out/Discovery - pathway to gas revenue 3 Vali/Odin Key Technical and Commercial Catalysts 4 Highly Supportive East Coast Gas Market 5 Odin/Vali - Reserve/R
Slide 3: Company Overview and Hub and Spoke Strategy
Company Overview and Hub and Spoke Strategy ➢ Metgasco is an ASX listed (ASX:MEL) small cap oil and gas exploration and production company supplying gas to Eastern Australia domestic customers from the Cooper Basin ➢ Metgasco has a 25% non-operated interest in the ATP2021 and PRL211 Licences For per
Slide 4: Metgasco Business Transformation
Metgasco Business Transformation Since 2016 the company transformed by building an exploration/appraisal portfolio in onshore Cooper/Perth Basin and offshore GOM. 100% exploration success in 4 Cooper wells building gas hub reserves/resources. First Vali gas production revenue achieved in CY23…Odin n
Slide 5: ATP2021 Gazettal Application 2016 / Awarded 2017
ATP2021 Gazettal Application 2016 / Awarded 2017 ➢ Licence Surrounded on 3 sides by oil and gas fields ➢ ~ 600Bcf (in 2018) of produced gas within 20km of boundary ➢ Close to producing infrastructure For personal use only Cum. Cum Prod. Prod Field (Bcf) (mmbl) Beckler 32.4 Bow 4 Burke 55.6 Crowsnest
Slide 6: Cooper Eromanga Basin Stratigraphy
Cooper Eromanga Basin Stratigraphy For personal use only Primary oil targets Primary gas targets ASX: MEL 6
Slide 7: Gazettal Driver - A good Place to Find Hydrocarbons
Gazettal Driver - A good Place to Find Hydrocarbons ➢ ATP2021 Adjacent to the Nappameri Trough source kitchen Regional Top Permian Structure Map For personal use only ASX: MEL 7
Slide 8: Technical Catalyst - Early Access of 3D seismic
Technical Catalyst 1 – Early Access of 3D seismic ➢ The Santos Snowball 3D was acquired in 2017 and covers ~115km2 of ATP2021 • 3D extends over the primary prospects of Odin and Vali. For personal use only • Altar in the south of the block has partial coverage of 3D. ➢ Kinta-1 prospect was drilled i
Slide 9: Technical Catalyst - Kinta & Strathmount Well review
Technical Catalyst 2 - Kinta & Strathmount Well review For personal use only Applying the critical checklists to abandoned wells Kinta-1 and Strathmount indicated potential dormant gas discoveries that required modern drilling and production technologies to unlock commerciality ASX: MEL 9
Slide 10: ATP2021 - Farm-out to production in less than years
ATP2021 - Farm-out to production in less than 4 years ➢ Experienced Management team has delivered 4/4 successful Cooper Basin gas wells ➢ Commercialisation of Vali represents the culmination of a long process of value creation by Metgasco, from initial application for ATP2021, technical appraisal, f
Slide 11: Technical Catalyst - Successful Stimulation of Vali-1
Technical Catalyst 3 – Successful Stimulation of Vali-1 ➢ CY2020 Patchawarra stimulation program delivers 4.3 MMscf/d stabilised gas rate • 80m of interpreted net gas pay (porosity cut-off 6%) discovered in the Patchawarra (Patch) Formation (primary target). For personal use only • Gas pay calculate
Slide 12: Vali Commercial Catalysts - Build Reserves & sign GSA
Vali Commercial Catalysts - Build Reserves & sign GSA Increase in Gas reserves post V2/3 Vali Reserves and Resources ▪ An independent evaluation of the Vali field Gross ATP 2021 Vali Gas Field Reserves* reserves was completed based on the 1P 2P 3P For personal use only results of the Vali-2 and Vali
Slide 13: Vali & Odin Catalyst - Undersupplied East Coast Market
Vali & Odin Catalyst - Undersupplied East Coast Market ➢ Growing Domestic Gas Shortfall – In January 2023, the Australian Competition & Consumer Commission (ACCC) released its latest interim update as part of the “Gas Inquiry 2017-2030” and it forecasts in the “base case” a potential domestic gas su
Slide 14: PRL211 Farm-in deal catalyst to drilling Odin-1
PRL211 Farm-in deal catalyst to drilling Odin-1 ➢ Strathmount-1 tested gas in the Patchawarra Formation and Tirrawarra sandstone at RTSTM. ➢ Circa 50% of Odin structure was situated in PRL211 leading the ATP2021 JV to farm in, successfully drill and test Odin-1, then purchased a further gross 15% to
Slide 15: Odin field Commercial Catalysts - Resources & GSA
Odin field Commercial Catalysts – Resources & GSA Successful test Independent Resources Gas contract signed ▪ Metgasco (25%), Vintage (operator with 50%), Gross Odin Gas Field Contingent Resources (PJ) Bridgeport (25%). 1C 2C 3C For personal use only ▪ Odin-1 discovery confirmed gas pay in the Total
Slide 16: Catalyst - Proximity to Vali allowing fast-track tie-in
Catalyst – Proximity to Vali allowing fast-track tie-in ➢ Proximity to Vali pipeline enables early gas production to meet the very strong East Coast gas market demand ➢ PRL 211 JV agreed to accelerate Odin-1 For personal use only Odin-1 connection to Vali infrastructure connection, aiming for first
Slide 17: Key Enablers in journey from explorer to producer
Key Enablers in journey from explorer to producer 1 Good technical due diligence on offset wells pre/post gazettal ✓ 3D seismic accelerated farm-out interest For personal use only 2 Farm-out to basin specialists aligned in priority/sense of urgency ✓ Farm-out to reduce exploration risk Have a portfo
Slide 18: Metgasco - Summary Highlights and Catalysts
Metgasco - Summary Highlights and Catalysts 1 Maiden Gas Production from Vali Gas Field in 2023 ▪ MEL commenced gas supply to Eastern Australia from the Vali field in February CY23, generating maiden revenue. ▪ ATP 2021 JV contracted to supply an estimated 9 to 16 PJ in period to end-2026, just 9-16
Slide 19: Disclaimer / Reserves and Resource Notes/Glossary
Disclaimer / Reserves and Resource Notes/Glossary ▪ 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
Slide 20: An East Coast Gas Producer - Contact us for further information
An East Coast Gas Producer - Contact us for further information For personal use only VALI & ODIN PRODUCTION HUB Ken Aitken | Managing Director Level 2, 30 Richardson Street, West Perth WA 6005 Main: +61 8 6245 0060