Metgasco Ltd · ASX:MEL
Metgasco — Investor Presentation (July 2020)
26 slides from Metgasco's investor presentation, Jul 20, 2020
Slide 1: Share Placement and SPP
Share Placement and SPP Funds to be utilised for Cooper(Vali-1 ST1) and Perth Basin Projects : • Fracture Stimulation and flow testing • Well Completion • Gas Flowline Engineering and tie-in to facilities • Advance Metgasco’s transformative Cervantes Perth Basin project ATP2021 – Vali-1 ST1 gas disc
Slide 2: Quality Onshore Australia Exploration Asset Portfolio
Quality Onshore Australia Exploration Asset Portfolio • East Coast Gas - Cooper/Eromanga Basin – Vali gas discovery – Potential Production 2021 • West Coast Oil -Perth Basin - Cervantes shallow oil prospect - Hovea field lookalike Cooper/Eromanga Perth Basin L14 -15mmbo* Basin 2P Cervantes oil ATP20
Slide 3: Metgasco: Strategy / Asset Overview
Metgasco: Strategy / Asset Overview Strategy - Deliver shareholder returns from current and new E&P assets/investments and be the partner of choice Cooper/Eromanga Basin QLD Cooper/Eromanga Basin SA Onshore Perth Basin ▪ 2 permits - 1 non-op /1 operated ▪ 2 non-operated permits ▪ Basin entry farm-in
Slide 4: Vali Capital Raising
Vali Capital Raising Vali-1 ST1 gas discovery offers near-term production and cash flow* that will deliver shareholder value July 2020 July-Sept 2020 Q1 CY2021 Why does the Rapidly converts Inaugural Cash flow to Company need to contingent resources assist funding of capital raise ? to reserves expl
Slide 5: Capital Raising
Capital Raising • Share Placement of $1.38 million at an issue price $0.025 • Issue price: ➢ representing a discount of 24.2% on the closing price of Metgasco on 15 July 2020 ➢ representing a discount of 24.4% on the 30-day VWAP of Metgasco to 15 July 2020 • Attaching options on a 1 for 3 basis with
Slide 6: Share Capital Structure
Share Capital Structure Current ordinary shares on issue 390,601,434 Shares issued via placement 55,000,000 Shares issued via SPP (based on maximum uptake) 80,000,000 Total ordinary shares on issue post capital raising 525,601,434 Fully exercised placement options (expiry 30 September 2021) 18,333,3
Slide 7: Company Liquidity including Sources and Uses of Funds
Company Liquidity including Sources and Uses of Funds Capital raising will deliver a financial robust Company well positioned to capitalise on its projects, while rewarding shareholders with a near term in-specie distribution of BYE shares and potentially significant value growth. ASX: MEL 7
Slide 8: Share Placement and SPP Indicative Timeline
Share Placement and SPP Indicative Timeline Record Date of SPP 17 Jul Metgasco announces completion of placement and intention to launch SPP 20 Jul Dispatch of SPP booklet to eligible shareholders 24 Jul Opening date of SPP 27 Jul Placement settlement 27 Jul Placement allotment and lodgement of appe
Slide 9: Projected East and South-Eastern gas production vs demand
Projected East and South-Eastern gas production vs demand New gas discoveries required to ease dependence on the development of “undeveloped 2P reserves” and “anticipated developments” to meet forecast demand • Federal Govt has identified gas companies and the delivery of gas to market as an essenti
Slide 10: Vali Project Estimated Costs and Project Timeline
Vali Project Estimated Costs and Project Timeline The Vali gas discovery has independently certified 2C Contingent Resource Booking and Potential to be producing within 12 months Fracture Stimulation/Flow/Complete Pipeline tie-in Connection Circa $1.0 million (net to MEL) Circa $1.6 million (net to
Slide 11: Recent Achievements and Detailed Review of Asset Portfolio
RECENT ACHIEVEMENTS AND DETAILED REVIEW OF ASSET PORTFOLIO Cooper/Eromanga Basin ATP2021 – Vali-1 ST1 gas Perth Basin discovery net 9.4 2C Bcf L14 - 15mmbo close to infrastructure 2P Cervantes oil PRL211 - Odin Structure prospect similar to Vali located between the Hovea,Jingemia and Cliff Head oil
Slide 12: Achievements over the past 24 months
Achievements over the past 24 months Significant achievements have been made in the last 24 months in 3 key focus areas Perth Basin Cooper Eromanga Basin Byron/Corporate ✓ September 2019: signed Perth Basin ✓ Two 3D defined gas prospects ✓ Drilled the Weiss Adler-1 well in exploration farm-in deal w
Slide 13: Cooper/Eromanga Basin- Southern Flank ATP2021
Cooper/Eromanga Basin- Southern Flank ATP2021 Vali gas discovery with 2C Contingent Resource booking and potential to be producing within 12 months* ▪ New gas field in under-explored Southern Flank ▪ Highly prospective 370sqkm permit, close to infrastructure and partially covered by 2D/3D ▪ Vali-1 S
Slide 14: Cooper/Eromanga Basin- Southern Flank ATP2021
Cooper/Eromanga Basin- Southern Flank ATP2021 Stimulation program and flow testing in July CY2020 … then rapid tie-in to nearby facilities • Gas discovery with shows and interpreted pay at multiple levels. • 80m of interpreted net gas pay (porosity cut-off 6%) discovered in the Patchawarra Formation
Slide 15: Cooper Basin PRL211- Strategic Odin Farm-in
Cooper Basin PRL211- Strategic Odin Farm-in • PRL 211 adjacent to ATP2021 licence - Odin gas prospect straddles both permits • ATP2021 JV paying 100% of Odin gas exploration well for 85% licence interest • Metgasco will own net 21.25% of PRL 211 licence via paying 25% net (circa $1.1million) of the
Slide 16: Cooper Basin PRL211 - Odin Resources
Cooper Basin PRL211 - Odin Resources ▪ Odin is a Permian four-way dip closure • Odin Structure is a Vali ‘Look-a like’ plunging to the north-east into the Nappamerri Trough ▪ Prospective for gas in multiple sands ▪ Up-dip of Srathmount-1 which intersected Permian gas pay ▪ Seismic mapping Indicates
Slide 17: Perth Basin: L14 - Partnership with RCMA and Vintage
Perth Basin: L14 - Partnership with RCMA and Vintage ▪ On 9 September 2019, Metgasco executed a binding farm-in agreement into the North Perth Basin L14 licence area with RCMA for the right to drill and fully fund up to two exploration wells to earn a 60% interest in any hydrocarbons discovered by t
Slide 18: Perth Basin: L14 - Cervantes prospect
Perth Basin: L14 - Cervantes prospect Potentially one of the largest undrilled oil opportunities in the Perth Basin (Gross P50 OOIP 35mmbo), with geological similarities to nearby discoveries Near Top Kingia Depth (mTVDss) Exploration Key Data Cattamarra Coal Country Australia Measures Basin Perth B
Slide 19: W-E Section: Twin Lions - Cervantes - Waitsia
W-E Section: Twin Lions - Cervantes - Waitsia A A’ Cervantes Dongara Kingia HCSS ▪ The regional cross section illustrates the tilted fault blocks of the hydrocarbon bearing Perth Basin ▪ Cervantes shares similar structural features with successful discoveries east of the prospect ▪ Total oil produce
Slide 20: Perth Basin: L14 planning to drill Cervantes prospect
Perth Basin: L14 planning to drill Cervantes prospect ▪ Cervantes drilling surface location and access track chosen to reduce environmental footprint and to enable all three Permian oil targets to be accessed via one deviated exploration well. ▪ Bottom-hole location optimised via recently acquired s
Slide 21: ATP2020: Loki lead
ATP2020: Loki lead Overlooked, underexplored area with shallow oil and gas potential close to infrastructure Exploration Key Data Near Top Toolachee TWT Structure Map CI:0.005s Country Australia Independent Basin Cooper/Eromanga 4 way dip closure Leads Licence ATP2020 Well Loki Lead Loki Licence Ent
Slide 22: Byron Energy: A strategic investment for growth
Byron Energy: A strategic investment for growth Metgasco’s 4 year investment relationship with Byron Energy has delivered strong returns to our shareholders, despite exploration disappointments in the Gulf of Mexico MEL drilled two wells via June 2016: Staged Today: Byron Investment farm-in and grew
Slide 23: Disclaimer / Prospective & Contingent Resource Notes
Disclaimer / Prospective & Contingent Resource Notes ▪ 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
Slide 24: International offer restrictions
International offer restrictions This document does not constitute an offer of new ordinary shares (New Share) of the Company in any jurisdiction in which it would be unlawful In particular, the document may not be distributed to any person, and the New Shares may not be offered or sold, in any coun
Slide 25: International offer restrictions (continued)
International offer restrictions (continued) Singapore This document and any other documents relating to the New Shares have not been, and will not be, lodged or registered as a prospectus in Singapore with the Monetary Authority of Singapore Accordingly, this document and any other document in conn
Slide 26: International offer restrictions (continued)
International offer restrictions (continued) United Kingdom Neither this document nor any other document relating to the offer has been delivered for approval to the Financial Conduct Authority in the United Kingdom and no prospectus (within the meaning of section 85 of the Financial Services and Ma