• Odin-1 well production optimisation activities increased average gas production
• Odin-2 commenced production and contributed to higher sales revenue
• Independent reserve study resulted in a 45% increase in Net Proved and Probable Reserves

Metgasco Ltd reported a strong operational performance during the December 2024 quarter, with a 105% increase in quarterly gas revenue compared to the prior quarter. This was driven by a 90% increase in total production to 0.06 PJe, primarily due to higher production from the Odin gas field. Odin-1 well production optimisation activities increased average gas production from 1.66 MMscfd to 3.1 MMscfd, while Odin-2 commenced production on 13 October 2024 and produced at an average rate of 1.04 MMscfd during the quarter. An independent reserve study resulted in a 45% increase in Metgasco's Net Proved and Probable Reserves to 6.3 MMboe, with sales gas and ethane accounting for 6.1 MMboe of this total. The company also reported that scale accumulation in the Odin gas export meter resulted in potential under-reporting of production, which is being addressed through a program to install a scale inhibitor chemical injection system. Metgasco's Vali gas field averaged raw gas production of 1.01 MMscfd during the quarter. The company ended the quarter with a cash balance of A$417,783 and secured additional debt funding of A$3.18 million to support its operations.

Metgasco reported a 105% increase in quarterly gas revenue to A$753,200, with total production of 0.06 PJe during the December 2024 quarter.