• Termination of sale agreement with Vintage Energy Ltd
• Vintage failed to meet pre-conditions by the sunset date
• Metgasco to repay $255,000 interest-free loan to Vintage
• Metgasco to work with joint venture on future activities

Metgasco Ltd (ASX: MEL) has announced the termination of its sale agreement with Vintage Energy Ltd (Vintage) for the proposed sale of Metgasco's 25% non-operated interest in the Odin Gas Field and Vali Gas Field. The sale agreement, which was announced in November 2025 and December 2025, was subject to Vintage securing funding commitments and completing the purchase of Bridgeport's 25% interest in the sale tenements. However, Vintage has failed to satisfy these pre-conditions by the sunset date of 31 March 2026, leading to the termination of the agreement. As a consequence of the termination, Metgasco will repay to Vintage the interest-free loan of $255,000 for three months of joint venture cash calls by 13 May 2026. Despite the termination, the South Australian Government has awarded gas initiative grants totaling $5 million for the Odin-3 and Vali-4 wells to the joint venture, subject to the signing of grant agreements and drilling by 30 September 2028. Metgasco will now work collaboratively with the joint venture to agree on future activities in FY27 to maximize the performance of the gas-producing assets and accelerate the exploration of the oil prospectivity in ATP2021. The company also remains in active discussions for potential acquisition of new oil and gas assets and/or other corporate opportunities to recapitalize the business.

Metgasco will work with the joint venture to agree on future activities in FY27 to maximize the performance of the gas-producing assets and accelerate the exploration of the oil prospectivity in ATP2021. The company also remains in active discussions for potential acquisition of new oil and gas assets and/or other corporate opportunities to recapitalize the business.