Metgasco Ltd · ASX:MEL
Metgasco — Investor Presentation (May 2024)
23 slides from Metgasco's investor presentation, May 10, 2024
Slide 1: Placement and SPP to raise $2.5 million to drill Odin-2
Placement and SPP to raise $2.5 million to drill Odin-2 to significantly boost gas production and cash flow generation Odin Field First Gas 14 September CY23 from Odin-1 Vali Field First Gas 21 February CY23 from Vali-1 Capital Raising Presentation 10 May 2024
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: Agenda
Agenda 1 Reasons to Invest in Metgasco 2 Reasons to drill Odin-2 Appraisal Well 3 Hub and Spoke Business Strategy 4 Metgasco Uncontracted Gas & Southern States Gas Market Fundamentals 5 Capital Raising – Key Details 6 Company Snapshot 7 Southern Flank Location & Why is it an Attractive Opportunity 8
Slide 4: Metgasco – Key Reasons to Invest
Metgasco – Key Reasons to Invest Gas Production Hub in place. Increase production and cash revenue via high impact low risk Odin-2 well. Future gas appraisal wells to be predominately funded via revenue Immediate revenue ▪ 2x-3x uplift in Odin gas production impact ▪ Gas supply into high Margin attr
Slide 5: Odin-2 Reasons to Drill
Odin-2 Reasons to Drill Odin-2 allows low cost, rapid tie-in to Vali pipeline with spare capacity ▪ The ATP2021 joint venture has approved drilling Odin-2 in FY24 ▪ Rig Contracted ready to Spud circa mid May ▪ Net cost to drill, complete and tie-in -$2.2M ▪ Estimated time to drill: 3-4 weeks ▪ Targe
Slide 6: Cooper Basin Expansion – Hub & Spoke Strategy
Cooper Basin Expansion – Hub & Spoke Strategy ▪ Hub and Spoke appraisal strategy to build production revenue and shareholder value ▪ Cooper Basin: ATP 2021 and PRL 211 – Odin and Vali Field generating solid revenue – circa $1.25M net sales revenue and profit of $269.9K in first half FY24* ▪ Allows l
Slide 7: Gas Contract Overview
Gas Contract Overview ▪ ENGIE foundation customer for Odin Gas and AGL for Vali gas ▪ Uncontracted gas from Jan 2027 connected to, or close to, existing infrastructure ▪ Metgasco exempt from the $12/gj price cap Odin Gas Supply Contract ODIN - 2C GROSS CONTINGENT Odin GSA with ENGIE RESOURCES* (MEL
Slide 8: Southern State Gas Market Fundamentals
Southern State Gas Market Fundamentals ▪ Gas Prices are attractive and supply shortfalls are forecast to grow Gas commodity prices for 2024 supply to southern states* Southern states forecast gas production and demand 2025-2035* * Source ACCC Gas Inquiry 2017-2030 December Report ASX: MEL 8
Slide 9: Capital Raising – Key Details
Capital Raising – Key Details Placement size • The Company is seeking to raise a minimum of A$1 million, with ability to accept oversubscriptions up to $1.25 million via a single tranche Placement (“the and structure Placement”). The Placement will issue a total of 200 million securities at the mini
Slide 10: Company Snapshot – East Coast Gas Producer
Company Snapshot – East Coast Gas Producer ▪ Strategy is to increase production revenue to grow business and shareholder value ▪ A highly experienced team focused on creating shareholder value Substantial Shareholders & Board* https://www.metgasco.com.au/company/board-management/ Glennon Capital Pty
Slide 11: Southern Flank Location and Growth Opportunity
Southern Flank Location and Growth Opportunity Proven gas province between highly productive regions in SA and Queensland ▪ Lightly explored and developed region between Ballera gas plant(Queensland) and Dullingari satellite (South Australia) ▪ Connected to Moomba gas plant by ATP2021 JV pipeline an
Slide 12: Metgasco fields on production in the Southern Flank
Metgasco fields on production in the Southern Flank Established production via Santos and Vali/Odin pipeline connection to Moomba Overview Overview ▪ Vali/Odin facilities connected to SACB Network and ▪ Vali and Odin gas discoveries 2020 and 2021 Moomba processing plant ▪ Well tie-in connections and
Slide 13: PRL211 – Odin Gas Field
PRL211 – Odin Gas Field Connected to Vali pipelines and Moomba infrastructure, appraisal gas production supplying Pelican Point Power Overview ▪ 2C gas: 39 PJ (gross; Metgasco share ~9.5 PJ) * ▪ Connected to Moomba via Vali-Beckler pipeline ▪ Contracted to supply gas to Pelican Point Power (JV of EN
Slide 14: ATP2021 Vali Gas Field
ATP2021 Vali Gas Field Appraisal by Production. Supplying Gas to AGL Overview ▪ End FY23 total 2P Vali field ( sales gas+ ethane) gross reserves 97.4PJ ( MEL share 23.375PJ*) ▪ 3 wells completed and connected to Moomba system, commenced supply to AGL via Vali-1 Feb 21 CY23. ▪ Gas processed and sold
Slide 15: ATP2021 – Opportunity for Commercial Oil Discoveries
ATP2021 – Opportunity for Commercial Oil Discoveries Drill Ready Prospects and leads …up to 20 closures mapped in ATP2021 ▪ Highly prospective area for oil ▪ ~11 MMbbls of oil production at Dullingari ▪ Oil production from the Roseneath field to the south ▪ Oil recovery from well to east (Orientos-
Slide 16: Capital Raising Presentation Summary
Capital Raising Presentation Summary Proven Cooper Basin location and Success rate. Odin-2 is ready to drill and quickly utilize capacity in Vali pipeline facilities. ▪ Delivering Odin-2 gas supply into high Margin attractive gas Odin gas contract contract (to Dec 2026) Odin-2 Drill Ready ▪ Odin-2 a
Slide 17: Investment Risks
Investment Risks Potential investors should be aware that there are risks associated with investing in Metgasco. Certain risks are beyond the control of Metgasco and its Directors and Management and may have a material impact on Metgasco’s future operating and financial performance, and/or the finan
Slide 18: Investment Risks (Cont)
Investment Risks (Cont) Oil and gas prices risk Estimating hydrocarbon reserves and resources is subject to significant uncertainties associated with technical data and the interpretation of that data, future commodity prices, and development and operating costs. There can be no guarantee that Vinta
Slide 19: Investment Risks (Cont)
Investment Risks (Cont) Title risk Interests in tenements in Australia are governed by Commonwealth and State legislation and are evidenced by the granting of licences or leases. Each licence or lease is for a specific term and carries with it annual expenditure and reporting commitments, as well as
Slide 20: Investment Risks (Cont)
Investment Risks (Cont) Counterparty exposure and Joint Ventures The financial performance of the Company is subject to its various counterparties or joint venture partners continuing to perform their respective obligations under the contracts. If one of its counterparties or joint venture partners
Slide 21: Investment Offer Restrictions
Investment 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 country
Slide 22: Investment Offer Restrictions (Cont)
Investment Offer Restrictions (Cont) 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 connection w
Slide 23: Investment Offer Restrictions (Cont) & Glossary
Investment Offer Restrictions (Cont) & Glossary 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