Metgasco Ltd · ASX:MEL
Metgasco — Investor Presentation (November 2026)
31 slides from Metgasco's investor presentation, Nov 10, 2026
Slide 1: Producing gas. Exposed to oil. Built for growth.
ASX: MEL · CAPITAL RAISING · 10 NOVEMBER 2026 Metgasco rsonal use only Producing gas. Exposed to oil. Built for growth. An ASX-listed Cooper Basin gas producer and explorer, positioned for Australia's energy security squeeze. Entitlement offer at 1.1c 5 for 1 · one free attaching 3-year option with
Slide 2: Disclaimer and forward-looking statements
IMPORTANT NOTICE Disclaimer and forward-looking statements rsonal use only This presentation has been prepared by Metgasco Ltd (Metgasco) for Forward-looking statements, including about production, drilling, funding, background information only and is current only at its date. It is in summary marke
Slide 3: Six reasons to own an undervalued, producing gas company
WHY INVEST Six reasons to own an undervalued, producing gas company rsonal use only Since 2023 13x $5m A producing gas hub Plant capacity headroom SA Government grants Odin and Vali are in production and tied into Built for 20 MMscf/d against ~1.5 today. Up to 50% of the drilling cost of Odin-3 and
Slide 4: Six ways a 1.1c share can grow in value
YOUR UPSIDE Six ways a 1.1c share can grow in value rsonal use only 01 02 03 Drilling New wells, half paid for A better gas price Lower field costs Odin-3 & Vali-4 aim to lift flow, enabling JV to drill Odin and Vali contract ends December 2026, A permanent Odin connection removes more wells and mov
Slide 5: A renewed board with a clear plan to grow
WHAT'S CHANGED A renewed board with a clear plan to grow rsonal use only Our lender becomes an owner Costs cut at the top A renewed board Glennon Small Companies converts up to Directors and the MD significantly cut their A new chair and a new technical director, $1.0m of debt into shares at the off
Slide 6: Building a larger gas company, asset by asset
THE STRATEGY Building a larger gas company, asset by asset rsonal use only Step 1 Recapitalise: this raise resets the balance sheet and funds the next phase. GROW FIND BUILD Grow what we have Find new assets Grow a portfolio New wells, lower field costs and better gas We have put extensive work into
Slide 7: Building a larger Australian onshore oil & gas company
LONGER TERM · WHAT WE'RE BUILDING Building a larger Australian onshore oil & gas company rsonal use only NOW NEXT THEN A clean base A portfolio A larger supplier Recapitalised, costs down, lender aligned as New wells and new assets, built around a Selling into the southern gas gap from 2028, a share
Slide 8: The Market: Oil
rsonal use only THE MARKET · OIL US$100+ ~20% of world oil moved through Hormuz before the war Brent crude, with the Strait 80–90% of Australia's fuel is imported of Hormuz effectively shut Domestic hydrocarbons have strategic value again. 36–38 days Australia is among the most exposed economies in
Slide 9: Southern gas supply is tight, and the gap is structural
THE MARKET · EAST COAST GAS SUPPLY Southern gas supply is tight, and the gap is structural rsonal use only 2028 ACCC: structural shortfalls without new supply 2029 AEMO: peak-day shortfall risk in the south 2030 AEMO: structural gap, new supply needed $13–15/GJ Contracted 2026 east coast prices Sout
Slide 10: Two fields, two permits, one producing hub
THE ASSETS Two fields, two permits, one producing hub rsonal use only Field Permit MEL Vali ATP 2021, Queensland 25% Odin PRL 211 (SA) and ATP 2021 (Qld) 25% Partners in both: Vintage Energy 50% (operator), Bridgeport 25%. • Odin straddles the SA–Queensland border • Tied into Moomba via the Vali–Bec
Slide 11: 37.6 PJe of gas net to Metgasco, and new wells unlock it
RESERVES AND RESOURCES · INDEPENDENT ASSESSMENT, 30 JUNE 2026 37.6 PJe of gas net to Metgasco, and new wells unlock it rsonal use only Metgasco net (25%), PJe 30 June 2026 WHAT IT MEANS 2P reserves 6.2 The 2P reserves already include the two grant- 2C contingent resources 31.45 backed wells, Odin-3
Slide 12: $5m from South Australia for our next two wells
GOVERNMENT SUPPORT · TWO SA GRANTS $5m from South Australia for our next two wells rsonal use only KEY TERMS $2.5m $2.5m • Up to 50% of drilling costs • Announced Feb 2026; agreements signed Odin-3 Vali-4 15 June 2026 • Wells to be delivered before September New production well at Odin, which New pr
Slide 13: Replacing rented equipment at Odin saves ~$0.7m a year
LOWER COSTS · ODIN PERMANENT CONNECTION Replacing rented equipment at Odin saves ~$0.7m a year rsonal use only $0.7m $0.3m Q4 FY27 a year less rental cost of this raise funds our planned install, ~4 for the JV share weeks, gas still flowing for ~3 • Odin-1 was fast-tracked onto production with tempo
Slide 14: The plant is built for 13 times today's gas flow
GROWTH PIPELINE · INFRASTRUCTURE IN PLACE The plant is built for 13 times today's gas flow rsonal use only 20 5 of 5 2 MMscf/d facility capacity, already built Wells drilled that found gas New wells ready, drilling up to 50% grant-funded Producing today ~1.5 MMscf/d Facility capacity 20 MMscf/d At c
Slide 15: Producing and revenue-generating today, with room to grow
PRODUCING ASSETS · REVENUE Producing and revenue-generating today, with room to grow rsonal use only Odin Vali Discovered 2021 January 2020 First gas September 2023 February 2023 Wells Odin-1, Odin-2 Vali-1 ST1, Vali-2, Vali-3 Customer ENGIE (Pelican Point) AGL Current rate 1.2 MMscfd gross 0.3 MMsc
Slide 16: Oil exposure, in a world that is short of oil
EXPLORATION UPSIDE · OIL Oil exposure, in a world that is short of oil rsonal use only Up to 20 Drill-ready closures mapped in ATP 2021 Thaldra, on Snowball 3D seismic ~11 MMbbl Oil shows produced next door at Dullingari in Vali-3; oil recovered at Orientos-2 Map: Vintage Energy (flatEARTH mapping),
Slide 17: A steady run of catalysts from here
GROWTH PIPELINE · CATALYSTS A steady run of catalysts from here rsonal use only FROM JAN 2027 Q4 FY27 BY SEP 2028 THROUGHOUT Recontract gas Cut field costs Grow the hub New assets Odin's contract ends Permanent Odin connection, Odin-3 and Vali-4, up to 50% In discussions with companies December 2026
Slide 18: A very big funnel, with strong macro behind it
GROWTH PIPELINE · NEW OPPORTUNITIES A very big funnel, with strong macro behind it rsonal use only 01 02 03 04 Surplus Expiring and Non-core assets Behind-the- exploration released acreage from larger meter gas power permits companies A very, very big funnel Very good macro Companies dropping acreag
Slide 19: People who have found, built and financed energy companies
THE BOARD People who have found, built and financed energy companies rsonal use only Ken Aitken Dr Rob Willink Tom Chapman Michael Glennon Managing Director Non-Executive Director Non-Executive Director Non-Executive Chairman 40+ years in upstream oil and gas: 40 years in exploration: Shell, 35+ yea
Slide 20: Combined experience: where our board learned the business
rsonal use only COMBINED EXPERIENCE WHERE OUR BOARD LEARNED THE BUSINESS 145+ Shell · Origin Energy · Chevron · BHP · Santos · Beach · Mitsui · Amerada Hess · Enterprise Oil · Apache · Marathon · Cairn · Sagasco · Central Petroleum · Empire Oil & years across exploration, Gas production and capital
Slide 21: We are not here to manage decline. We are here to grow.
DRIVEN BY GROWTH · HUNTING FOR OPPORTUNITIES We are not here to manage decline. We are here to grow. rsonal use only Searching nationally Extensive work done Talking to companies We screen oil and gas opportunities right A wide range of oil and gas assets identified In discussions with companies abo
Slide 22: A lean company: investors' money goes into the ground
LOW COST · OPERATIONAL EFFICIENCY A lean company: investors' money goes into the ground rsonal use only Corporate costs, half year to 31 Dec 2025 $'000 Employee costs 134 ~$0.8m Accounting, compliance, legal 124 a year to run the listed company, before Directors' fees 55 finance costs Other administ
Slide 23: Gas in the ground for about 30c a GJ, in a $13–15/GJ market
VALUE · WHAT 1.1C BUYS Gas in the ground for about 30c a GJ, in a $13–15/GJ market rsonal use only After a full raise, at 1.1c $m WHAT IT MEANS Market capitalisation (220.4m shares) 2.42 East coast contract gas sells for $13–15 a Plus net debt and gas prepayment ~8.8 GJ. Enterprise value ~11.2 At 1.
Slide 24: A large stake at the ground floor, before the assets go in
WHY GET IN EARLY A large stake at the ground floor, before the assets go in rsonal use only Invest Shares at 1.1c Stake after raise Free options Ground-floor price About $2.4m for the whole company after the raise. $100,000 9.1m 4.1% 9.1m Before the acquisitions $250,000 22.7m 10.3% 22.7m Early hold
Slide 25: Raising ~$2.02m to reset the balance sheet and fund growth
THE OFFER Raising ~$2.02m to reset the balance sheet and fund growth rsonal use only KEY TERMS USE OF FUNDS Item Detail Use $m Structure Renounceable entitlement, 5 for 1 Debt reduction (GC1 conversion, non-cash) 1.00 Offer price 1.1c per share Odin permanent connection 0.30 Discount 31% to last clo
Slide 26: Capital structure before and after the raise
CORPORATE SNAPSHOT Capital structure before and after the raise rsonal use only SUBSTANTIAL HOLDERS Item 5 Nov 2026 Pro forma Shares on issue 36.7m 220.4m Holder % Unquoted options 0.14m +183.7m Glennon Small Companies 20.0 Share price 1.6c 1.1c issue Top 20 62 Market capitalisation $0.59m $2.42m Ca
Slide 27: Key risks: what investors should weigh
KEY RISKS What investors should weigh rsonal use only Funding Joint venture AGL prepayment Production Going-concern uncertainty; this Non-operated interest; relies on Undelivered Vali gas may New wells may not perform as raise and lender support are the operator and partners become payable in cash i
Slide 28: A small gas producer with room to grow
INVESTMENT SUMMARY · KEY METRICS A small gas producer with room to grow rsonal use only Company profile Metrics Ticker ASX: MEL Net 2P + 2C gas 37.65 PJe (2P 6.2) Sector Energy · oil and gas E&P · gas FY26 revenue $1.35m producer Market cap after raise ~$2.4m at 1.1c Basin Cooper–Eromanga, Southern
Slide 29: An undervalued ASX gas producer with a growth pipeline
ABOUT METGASCO An undervalued ASX gas producer with a growth pipeline rsonal use only Metgasco Ltd (ASX: MEL) is an Australian, ASX-listed oil and gas producer and explorer. It produces natural gas from the Odin and Vali gas fields in the Cooper Basin (Cooper–Eromanga Basin), on the Southern Flank i
Slide 30: Reserve and Resource Notes and Glossary
Reserve and Resource Notes and Glossary The reserve and resource volumes for Vali and Odin were independently certified by CDRI reference Metgasco ASX release 26 October 2026. The Vali and Odin gas reserves shown in this presentation were shown in Metgasco’s FY26 Annual Report (ASX release 17 Octobe
Slide 31: Gas today. Oil upside. A board driven to grow.
METGASCO · ASX: MEL rsonal use only Gas today. Oil upside. A board driven to grow. Join us as we build the next phase of Metgasco. Michael Glennon, Chairman Telephone Web info@metgasco.com.au +61 8 9463 2463 www.metgasco.com.au