Metgasco Ltd · ASX:MEL
Metgasco — Investor Presentation (February 2022)
18 slides from Metgasco's investor presentation, Feb 22, 2022
Slide 1: Share Placement to fund Metgasco's high impact Cervantes#1 oil well
Share Placement to fund Metgasco’s high For personal use only impact Cervantes#1 oil well and to strengthen corporate balance sheet ATP2021 – Vali gas field currently being commercialised – AGL lead Cervantes Oil customer - with first gas Exploration project sales revenue expected – targeting a P50
Slide 2: Company snapshot
Company snapshot Metgasco’s gas exploration success allows line of sight to profitable business in mid CY22 For personal use only Company overview Substantial shareholders & Board Glennon Capital Pty Ltd 10.50% ▪ A highly experienced team focused on creating shareholder value. Keybridge Capital Limi
Slide 3: Strategy – Gas Base Business & Oil Exploration upside
Strategy – Gas Base Business & Oil Exploration upside Cooper/Eromanga Basin For personal use only • 30+ year Cooper Gas Production Hub to self fund ongoing basin E&P and deliver sustained shareholder dividends - board targeting a forward dividend payout ratio of 50-70% 12 Month Brent Oil Price Onsho
Slide 4: Quality permit portfolio - Cash flow anticipated Q3 CY22
Quality permit portfolio -Cash flow anticipated Q3 CY22 • East Coast Gas Discovered - Cooper/Eromanga Emerging Production Hub – Vali field For personal use only 25.2PJ* net 2P Gross reserves producing revenue by Mid CY22. Odin field net 2P 8Bcf ** • West Coast Oil - Perth Basin - Transformational oi
Slide 5: Achievement Summary since CY2020 AGM
Achievement Summary since CY2020 AGM Cooper Eromanga Perth Basin Corporate For personal use only ATP2021 /PRL211 L14- Cervantes ✓ April CY21-Vali-2 appraisal well drilled - ✓ All stakeholder land access approvals ✓ Following Dec CY2020 AGM approval 20 gas pay in Toolachee and Patchawarra achieved. m
Slide 6: Capital Raising
Capital Raising • Share Placement of $5.0 million at an issue price $0.026 For personal use only • Issue price: ➢ representing a discount of 16.1% on the closing price of Metgasco on 17 February 2022 ➢ representing a discount of 6.6% on the 30-day VWAP of Metgasco to 17 February 2022 • Placement wil
Slide 7: Use of Funds
Use of Funds For personal use only Drill high impact Cervantes-1 oil exploration well $3.00M Appraisal and Development activities on Cooper Eromanga Basin Assets $1.50M Corporate overheads and general working capital $0.50M Total $5.00M ASX: MEL 7
Slide 8: Share Capital Structure
Share Capital Structure For personal use only Current ordinary shares on issue 733,148,405 Shares issued via placement 192,307692 Total ordinary shares on issue post Entitlement Offer 925,456,097 Entitlement Offer Options (3.1 cents, expiry 31 December 2022) 58,442,091 Underwriter Options (3.1 cents
Slide 9: Share Placement Indicative Timeline
Share Placement Indicative Timeline* Announcement of Share Placement Tuesday 22 February 2022 For personal use only Lodgement of appendix 3B Tuesday 22 February 2022 Placement settlement – Tranche 1 Wednesday 2 March 2022 Placement allotment – Tranche 1 Thursday 3 March 2022 Shareholder meeting to a
Slide 10: Perth Basin – Cervantes High Impact Oil Exploration
Perth Basin – Cervantes High Impact Oil Exploration Potentially one of the largest undrilled oil opportunities in the Perth Basin (Gross P50 OOIP 35mmbbls), with geological similarities to nearby discoveries For personal use only A A’ Exploration Key Data Country Australia Basin Perth Basin Licence
Slide 11: Perth Basin – Cervantes Oil prospect located in oil trend
Perth Basin – Cervantes Oil prospect located in oil trend Cervantes in good address for oil • Jingemia-1 intersected a 26m water bearing For personal use only good porosity sand of Kingia/High Cliff Sand(outside of structural closure) reducing the risk of sand presence in Cervantes. • Cervantes stru
Slide 12: Oil Price at 7yr High
Oil Price at 7yr High The North Perth Basin Cervantes-1 exploration well is targeting a P50 recoverable For personal use only contingent oil resource of 15.3 MMbls gross/4.6 MMbls net to Metgasco. A Cervantes discovery would be a game changer, especially with oil prices at a 7yr high 12 Month Brent
Slide 13: ATP2021- Vali Field Reserves Significantly Upgraded
ATP2021- Vali Field Reserves Significantly Upgraded Three-Fold upgrade of Vali Field Gross 2P Gas Reserves to net 25.2 PJ For personal use only • An independent evaluation of the Vali field reserves was completed based on the results of the Vali-2 and Vali-3 appraisal wells • Independently evaluated
Slide 14: String of Pearls-Building a sizeable gas production hub
String of Pearls-Building a sizeable gas production hub Vali field life approx 30 years – 10-15MMscf/day raw gas rate For personal use only Assessing the resource upside ahead of first gas has allowed the value of the ATP2021and PRL211 assets to be optimised, with the following benefits expected to
Slide 15: ATP2021- Vali Field Gas Sales and Processing
ATP2021- Vali Field Gas Sales and Processing Gas Sales • For personal use only Heads of Agreement (HoA) signed with AGL Wholesale Gas Limited (AGL) • HoA targets parties executing a Gas Sales Agreement (GSA) in Q1 CY22 • Subject to agreeing a GSA and satisfaction of conditions precedent, gas supply
Slide 16: PRL211 Odin Gas Resources Significantly Upgraded
PRL211 Odin Gas Resources Significantly Upgraded • Independently certified Gross 2C Contingent Resources of 36.4 Bscf (8 Bscf net Metgasco) vs pre-drill estimates of 12.6 Bscf (2.8 net) For personal use only • Metgasco(21.25%),Vintage(operator with 42.5%), Bridgeport(21.25%) & Impress Energy(15%) •
Slide 17: PRL211 Odin-1 Well Test Results
PRL211 Odin-1 Well Test Results • Gas Flow Rate of 6.5 MMscfd at FWHP of 1823 psi on 28/64” choke For personal use only • A production log confirmed that all perforated zones were contributing gas • A total of 26.6 metres over five intervals in the Toolachee Formation were perforated, along with 7.5
Slide 18: Disclaimer / Reserves and Resource Notes
Disclaimer / Reserves and 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 as to the f