• Proposed sale of 25% interest in Odin and Vali gas fields to Vintage has been terminated
• Vintage failed to meet pre-conditions by the sunset date of 31 March 2026
• Metgasco to repay $255,000 interest-free loan to Vintage
• Company to work with joint venture to maximize gas production and explore oil prospectivity

Metgasco Ltd (ASX: MEL) has announced the termination of its Petroleum Title Sale Agreement (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 termination comes as Vintage was unable to satisfy the pre-conditions of the agreement by the sunset date of 31 March 2026. As a consequence of the termination, Metgasco will repay the $255,000 interest-free loan provided by Vintage for three months of joint venture cash calls. Despite the termination, the South Australian Government has awarded gas initiative grants totalling $5 million for the Odin-3 and Vali-4 projects to the joint venture, subject to 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 maximize gas production and explore oil prospectivity in the Odin and Vali gas fields. The company also remains in active discussions for potential acquisitions and other corporate opportunities to recapitalize the business.