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Metgasco Ltd ( (AU:MEL) ) has provided an update.
Vintage Energy has welcomed up to $5 million in South Australian government grants allocated to its Southern Flank gas projects, PRL 211 and ATP 2021, which it holds in joint ventures with Metgasco and Bridgeport. The funding, part of a broader $15 million SA Gas Incentive Grant program, is designed to accelerate technically robust gas projects that can be delivered before late 2028.
The grants are expected to cover up to half the joint venture costs of drilling the Odin-3 and Vali-4 production wells, which are intended to tap existing reserves and boost gas supply for electricity generation in South Australia. The wells, contingent on final grant agreements and rig availability, are targeted for drilling in the September quarter of 2026 and underscore government support for maintaining reliable gas supply to major power producers AGL and ENGIE.
The most recent analyst rating on (AU:MEL) stock is a Hold with a A$0.03 price target. To see the full list of analyst forecasts on Metgasco Ltd stock, see the AU:MEL Stock Forecast page.
More about Metgasco Ltd
Vintage Energy Ltd is an Australian oil and gas producer with a 50% interest in the Southern Flank gas projects PRL 211 and ATP 2021 in South Australia, alongside partners Metgasco Ltd and Bridgeport (Cooper Basin) Pty Ltd. The company supplies gas from its Odin and Vali fields to major South Australian energy generators AGL and ENGIE, focusing on expanding conventional gas production to support regional electricity generation needs.
Average Trading Volume: 104,041
Technical Sentiment Signal: Sell
Current Market Cap: A$845.1K
Learn more about MEL stock on TipRanks’ Stock Analysis page.