New Risk • Mar 17
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$863k This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$863k free cash flow). Share price has been highly volatile over the past 3 months (21% average weekly change). Negative equity (-AU$5.2m). Earnings have declined by 17% per year over the past 5 years. Market cap is less than US$10m (AU$771.6k market cap, or US$545.5k). Minor Risks Shareholders have been diluted in the past year (26% increase in shares outstanding). Revenue is less than US$5m (AU$2.2m revenue, or US$1.5m). Announcement • Jan 15
Metgasco Ltd Announces Resignation of Joint Company Secretary, Flynn Blackburn, Effective January 15, 2026 Metgasco Ltd. advised that Mr. Flynn Blackburn has resigned from the role of Joint Company Secretary, effective January 15, 2026. Henko Vos remains in the role of Company Secretary and will be responsible for communications with the ASX in relation to listing rule matters, pursuant to ASX Listing Rule 12.6. Announcement • Nov 20
Vintage Energy Limited (ASX:VEN) signed the conditional Heads of Agreement to acquire an additional 25% stake in ATP 2021 and PRL 211 Cooper Basins from Metgasco Limited (ASX:MEL) for AUD 5.9 million. Vintage Energy Limited (ASX:VEN) signed the conditional Heads of Agreement to acquire an additional 25% stake in ATP 2021 and PRL 211 Cooper Basins from Metgasco Limited (ASX:MEL) for AUD 5.9 million on November 17, 2025. Vintage received this irrevocable offer pursuant to its entitlement under the joint venture agreements after acceptance by Bridgeport’s owner of a third party offer to acquire Bridgeport. Vintage is considering the irrevocable offer, which expires on December 28, 2025. The initiative to acquire the Metgasco Sale Interest has been taken as the first step towards an ownership structure with appropriate capitalisation and composition to accelerate value creation from the two permits, which contain the Vali and Odin gas fields. Under the Heads of Agreement, a break fee of $100,000 will be payable by Metgasco to Vintage if prior to December 31, 2025. Following entry into the Heads of Agreement, it is intended that the parties will enter into a formal sale agreement relating to the Proposed Transaction. Completion of the Proposed Transaction will be subject to satisfaction of certain conditions precedent by 31 March 2026, including Metgasco securing shareholder approval for the Proposed Transaction, Vintage obtaining shareholder approval for the Proposed Transaction, all necessary ministerial consents being obtained and certain third-party consents (including AGL) being obtained in relation to assignment of material contracts. 