Tuesday, May 29

Metgasco flags A$1.4B in future New South Wales gas investment

Metgasco (ASX: MEL) expects its fully developed coal seam gas business model to result in A$1.4 billion in direct expenditure over 20 years in the Northern Rivers area in New South Wales.

The company is planning to tap the resources contained in its 3 Clarence Moreton Basin permits to fuel a number of development options.

This includes domestic gas sales to Richmond Diaries and other businesses; providing gas to the Richmond Valley gas-fired power station; mini liquefied natural gas and compressed natural gas; piping gas for LNG export; and gas sales to industrial customers in Queensland and New South Wales.

Metgasco, which had a quiet March 2012 quarter due to New South Wales Government approval restrictions, has being making preparations for a proposed core well and lateral well program to start in the middle of this year.

It is also taking steps to shoot seismic for its conventional oil and gas exploration and appraisal program in May or June before drilling the proposed Rosella-E01 well to test the Greater Mackellar structure in mid to late 2012.

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