• Odin & Vali raw gas production of 100 MMscf, highest since January 2025
• Production optimized via operational measures ahead of Uplift Project
• Production Uplift Program expected to commence in mid-July

Metgasco Ltd (ASX: MEL) has reported that the Odin and Vali gas fields, located within the ATP 2021 and PRL 211 joint ventures (Metgasco 25%, Vintage Energy Ltd 50% and operator, Bridgeport Cooper Basin Pty Ltd 25%), have delivered their strongest monthly production performance in nearly six months. The Odin and Vali gas fields produced 100 MMscf of raw gas in May 2025, 8% higher than the preceding month's comparative of 92 MMscf. The increased output, which occurred counter to natural decline anticipated from depletion, is attributed to operational measures taken in advance of the previously announced Production Uplift Program. These measures include back pressure reduction in the gathering system, cycling Odin-2 for pressure build-up and flow, and instrumentation reliability improvements. Production from the Odin gas field rose, with average daily gas production up from 2.30 MMscf/d to 2.47 MMscf/d. Vali recorded a smaller than anticipated decline, with average daily production of 0.76 MMscf/d marginally below the April daily average of 0.78 MMscf/d. Metgasco is fully funded for the Uplift Program following successful completion of the recent shareholder entitlement offer. The Production Uplift Program comprises a range of initiatives at Odin and Vali, including investigation and potential remediation of scale accumulation, and opening of additional production intervals in the Toolachee Formation at Vali and swab and re-perforation at Vali-3. The program has been modelled to provide an uplift in raw gas production of between 2.1 MMscf/d to 5.6 MMscf/d from the company's Odin and Vali gas fields.

The Production Uplift Program is expected to commence from mid-July and is anticipated to significantly increase current gas production to existing gas customers and associated revenue.