• Metgasco to sell 25% non-operated interest in Odin and Vali gas fields for $5.9M
• Proposed transaction subject to conditions including shareholder and regulatory approvals
• Company to seek new business opportunities within 6 months of completing sale

Metgasco has entered into a conditional agreement to sell its 25% non-operated interest in the Odin Gas Field (PRL211 & ATP 2021) and Vali Gas Field (ATP2021) for $5.9 million to Vintage Energy. The sale is subject to various conditions including shareholder and regulatory approvals. Following completion of the sale, Metgasco will not have any substantial business operations or assets and is actively pursuing new opportunities within the oil and gas exploration sector. The company has taken steps to reduce corporate and administration costs, and any additional capital required for new opportunities would be raised through capital raisings. If the new acquisition is deemed a significant change in the nature or scale of the company's activities, Metgasco will need to re-comply with ASX listing rules. The company's gas production from the Odin and Vali fields during the quarter was lower than the previous quarter, with various operational issues impacting performance. Metgasco is also reviewing options to enhance its liquidity, including potential mergers, asset sales, or farm-in/farm-out opportunities.

Following completion of the asset sale, 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. The company is actively pursuing new opportunities in the oil and gas exploration sector which have the potential to add value for shareholders.