Highlights

  • 2P reserves stood at 6.2 PJe at 30 June 2026, compared with 36.45 PJe a year earlier.
  • 2C contingent resources rose to 31.45 PJe, from nil at 30 June 2025.
  • Gas in place is unchanged, with the movement driven by reclassification based on current capex plans.
  • The assessment was completed independently by Chris Dykes Reserves International.

Metgasco Ltd (ASX:MEL) has released its Reserves and Contingent Resources Statement as at 30 June 2026 for its interests in the Odin and Vali gas fields in the Cooper Basin. The update reflects a reclassification of gas volumes rather than any change in the gas in place.

Reserves Reclassified to Contingent Resources

Metgasco's net Proved (1P) reserves fell from 18.15 PJe to 0.7 PJe, and Proved plus Probable (2P) reserves fell from 36.45 PJe to 6.2 PJe. At the same time, 2C contingent resources increased from nil to 31.45 PJe.

The company said gas without current development plans has been reclassified as contingent resources, as there is not yet a firm commitment to a larger-scale development. Gas in place remains unchanged, and the changes reflect current capital expenditure plans.

Breakdown of Reserve Movements

During FY26, production of 0.1 PJe was recorded, and 30.15 PJe of 2P reserves was reclassified to contingent resources. Closing 2P reserves of 6.2 PJe comprise 1.3 PJe developed and 4.9 PJe undeveloped, including 6.05 PJ of sales gas, 1.1 kt of LPG and 0.025 MMbbl of condensate.

The 2C contingent resource of 31.45 PJe includes the 30.15 PJe reclassified from reserves and a further 1.3 PJe of technically recoverable gas that had not previously been reported as reserves. The full 2C resource is gas.

Independent Assessment and Methodology

The estimates were prepared by Chris Dykes Reserves International Limited under the supervision of geologist Stewart Easton, who has more than 30 years' experience, and are classified under the SPE PRMS 2018 framework.

Metgasco's net share is 25% of gross reserves under the licensing terms. Undeveloped reserves fall within the Justified for Development sub-class, and under the Joint Operating Agreement, Metgasco may drill wells with or without its joint venture partners.

Key Takeaways

  • Metgasco's reserves were reclassified, but gas in place at Odin and Vali is unchanged.
  • Most former reserves now sit within the 2C contingent resource of 31.45 PJe.
  • Future development commitments could determine whether contingent resources move back into reserves.