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Metgasco Ltd ASX:MEL

0 opened or increased0 held1 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 1 managers in total.

Position history by manager 1 managersSelect a point to see the comment

Opened or increasedHeldReduced or exited Start or end of the position not reported

20252026

30 Jun 2024 to today

Commentary 2 comments

DateManagerActionSummary

26 Nov 2025Glennon Small CompaniesReducedGlennon Small Companies reduced its exposure to Metgasco Ltd after determining that the company's operations did not generate sufficient cashflow to support it as a going concern. Glennon Small Companies notes that after taking a more active management role, Metgasco has announced the sale of its main assets for $5.9 million — proceeds to be used to repay debt of the same amount including capitalised interest — with the deal subject to Vintage Energy financing. The blended debt interest rate was approximately 17%. With a major shareholding in the vehicle, the fund intends to seek new assets to inject into the Metgasco shell.

Presentation, price recorded $0.05

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30 Jun 2024Glennon Small CompaniesHeldThe manager continues to hold Metgasco, noting ongoing uncertainty regarding the extension of the SPP and funding for capital calls related to the Odin 2 well development, with the overall process taking longer than initially anticipated and well flow rates coming in below initial expectations. The manager still believes the valuation of Metgasco and its associated listed entities does not fully reflect the sizeable gas assets in both regions, noting the company remains cash flow positive before well development funding costs.

Monthly Report, price recorded $0.23

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First mention by manager

Price recorded at each manager's first comment

Price at first mentionThe share price recorded when each of 1 managers first commented on MEL.

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About Metgasco Ltd

Energy, Oil, Gas and Consumable Fuels

Metgasco (ASX:MEL), a small oil and gas explorer, has been actively managed by Glennon Small Companies as it reduces its exposure. In November 2025, Glennon explained it announced the previous year that it would actively seek to reduce its exposure to Metgasco, which required it to take a more active role in the company's management to protect value for shareholders. Metgasco operates in the Energy sector within the Oil, Gas and Consumable Fuels industry, and Thesis Tracker has captured 2 comments from 1 fund manager, Glennon Small Companies. Founded in 1999 and headquartered in West Perth, Metgasco explores for and develops oil and gas projects, holding interests in the Cooper Basin, including the Odin and Vali gas fields in partnership with Vintage Energy, which supply gas to the east coast market, and has faced operational and funding challenges in bringing its fields into consistent production.

Market cap: $1m
Price to earnings: Loss-making
Return on equity: 144.8%
Dividend yield: 0.0%
Price to book: -0.08x
Net margin: -237.2%
52-week range: $0.01 to $0.15

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in Metgasco Ltd (ASX:MEL)?

Fund managers including Glennon Small Companies have invested in Metgasco Ltd (ASX:MEL).

What opportunities or catalysts do fund managers highlight for Metgasco Ltd?

Glennon's active involvement in Metgasco's management aims to protect and realise value from its Cooper Basin gas interests.

What are the key risks to the Metgasco Ltd investment thesis, according to fund managers?

Glennon has sought to reduce its exposure to Metgasco, reflecting operational and funding challenges and the difficulty of realising value from small gas assets.

What does Metgasco Ltd (ASX:MEL) do?

Metgasco Ltd. is an Australian oil and gas exploration company headquartered in West Perth. Founded on June 22, 1999, the firm specializes in the identification and development of hydrocarbon resources. As an energy sector entity, Metgasco focuses on exploration activities to build its portfolio of oil and gas properties.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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