Metgasco Limited (ASX:MEL), an oil and gas exploration and production company operating in Australia’s Cooper and Eromanga Basins, has released its Quarterly Activities Report for the period ended 30 June 2026. The report outlines a quarter of varied operational performance and significant progress on strategic corporate initiatives aimed at recapitalising the company. Managing Director Ken Aitken noted active engagement in reviewing potential farm-in and asset acquisition discussions to secure future growth.
Operationally, the quarter saw a decline in sales revenue and production. Quarterly sales revenue was $292,450, a 20% decrease from the March FY26 quarter, primarily due to lower gas production. Total quarterly production registered 0.025 PJe, down 17%. Average online gross raw gas production from the Odin Field was 1.29 MMscfd, while the Vali Field averaged 0.4 MMscfd. A key highlight was the joint venture finalising agreements with the South Australian government, receiving $5 million in grants. Metgasco’s $1.25 million share, designated for drilling Odin-3 and Vali-4 appraisal wells, was received as restricted cash.
On the corporate front, Metgasco continues active discussions for new oil and gas assets or other corporate opportunities. In May, the company secured a $500,000 bridging loan facility at a 10% interest rate from Glennon Small Companies. Metgasco also repaid Vintage Energy an interest-free loan of $255,000 in May following the termination of a Petroleum Title Sales Agreement. Post-quarter, on 2 July, Metgasco’s existing loans with Glennon Small Companies Ltd were extended to 30 December 2026, with terms unchanged. The company ended the quarter with available operating cash of $366,000, and total cash and cash equivalents of $1,616,000, including restricted grant funds.
