• Metgasco to sell 25% non-operated interest in Odin and Vali gas fields
• Conditional agreement with Vintage Energy for $5.9 million sale
• Metgasco to use proceeds to repay existing debt

Metgasco Ltd (ASX: MEL) has announced that it has entered into a conditional heads of agreement with Vintage Energy Ltd to sell the company's 25% non-operated interest in the Odin and Vali gas fields located in the Southern Flank of the Cooper Eromanga Basin. The proposed transaction is valued at $5.9 million, with the binding nature of the agreement conditional on Vintage securing funding commitments by 28 December 2025 and completing the purchase of Bridgeport's 25% interest in the assets by 26 February 2026. Following entry into the heads of agreement, the parties intend to enter into a formal sale agreement, with the effective date of the asset transfer being 1 December 2025. Vintage will assume all associated joint venture assets, agreements and liabilities, including the $3.39 million remaining from a gas pre-payment made by AGL. Completion of the transaction will be subject to various conditions precedent, including shareholder approvals and necessary ministerial and third-party consents. The sale of the Odin and Vali gas fields constitutes a disposal of Metgasco's main undertaking, requiring shareholder approval under ASX Listing Rule 11.2. Metgasco's board recommends shareholders vote in favour of the transaction, with the proceeds to be used to repay the company's existing debt. Following completion, Metgasco will seek to identify and acquire new assets and business opportunities within 6 months to maintain a sufficient level of operations and financial condition for continued ASX listing.

Following completion of the proposed transaction, Metgasco will seek to identify and acquire new assets and business opportunities within 6 months to maintain a sufficient level of operations and financial condition for continued ASX listing.