• Metgasco entered into an agreement to sell its interest in the Odin and Vali gas fields, but the transaction was terminated
• The South Australian government announced $5 million in grants to support drilling of new gas production wells
• Metgasco is actively pursuing new oil and gas asset acquisitions to recapitalize the business

Metgasco reported its quarterly activities and cashflow for the period ending 31 March 2026. The key highlights include:- Metgasco entered into a conditional agreement in November 2025 to sell its 25% non-operated interest in the Odin Gas Field (PRL 211 & ATP 2021) and Vali Gas Field (ATP 2021) for $5.9 million to Vintage Energy Ltd. However, the transaction was terminated by Vintage on 1 April 2026 as it did not satisfy the pre-conditions by the sunset date of 31 March 2026.- The South Australian government announced grants of $2.5 million each to the PRL 211 and ATP 2021 joint ventures for the drilling of the Odin-3 and Vali-4 gas production wells. The grants are subject to certain conditions and are expected to fund approximately 50% of the drilling costs.- Production from the Odin and Vali gas fields continued during the quarter, with Odin-1 and Odin-2 wells producing an average of 1.48 MMscfd and the Vali-1 well producing an average of 0.39 MMscfd.- Sales revenue for the quarter was $367,600, 6% lower than the prior quarter, due to lower gas production.- Metgasco remains in active discussions for potential acquisition of new oil and gas assets and/or other corporate opportunities with a view to recapitalizing the business.- The company ended the quarter with a cash balance of $253,000.

Metgasco is actively pursuing new oil and gas asset acquisitions and other corporate opportunities to recapitalize the business. The company is also focused on maximizing the performance of its existing gas producing assets in partnership with its joint venture partners.