Metgasco (ASX:MEL), an Australian energy company focused on natural gas exploration and development, today announced it will sell its 25% non-operated interest in the Odin Gas Field (PRL211 & ATP 2021) and Vali Gas Field (ATP2021) for $5.9 million. The sale, formalised in a Petroleum Title Sale Agreement on December 12, 2025, is subject to certain conditions precedent being satisfied in the March 2026 quarter. The buyer is Vintage Energy.
Shareholders approved the proposed transaction at an extraordinary general meeting (EGM) held on January 14, 2026. Completion of the sale is contingent upon Vintage securing funding commitments, completing the purchase of Bridgeport’s 25% interest in the Sale Tenements, obtaining necessary ministerial consents, and securing certain third-party consents, including from AGL. If these conditions are not met by March 31, 2026, either party may terminate the agreement.
During the quarter ending December 31, 2025, the Odin Field averaged 1.91 MMscfd of gross raw gas production, while the Vali Field averaged 0.44 MMscfd. Sales revenue for the quarter was $391,600, a 13% decrease from the previous quarter. Production was 0.03PJe, down 25% from the September 2025 quarter.
Following completion of the proposed transaction, Metgasco will not have any substantial business operations or assets. The company is actively reviewing new business development opportunities to rebuild the business post-asset sale and aims to identify and acquire new assets and business opportunities within six months to maintain its ASX listing.
