METGASCO LTD — AGM Information 2007

Nov 20, 2007

ASX ANNOUNCEMENT

Date: 21 November 2007

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ANNUAL GENERAL MEETING CHAIRMAN’S ADDRESS

I am very pleased to report that, since I spoke to you at the last AGM, Metgasco has made spectacular progress towards becoming a major energy supplier in the New South Wales – Queensland border region. I propose to tell you some of the highlights. After the conclusion of the formal business the Managing Director, Mr David Johnson will make a presentation to bring you up to date on Metgasco’s affairs.

Let me recount some milestones.

In December, Metgasco signed a farm-in agreement with CS Energy, a Queensland Government owned generator aimed at establishing a gas supply for their Swanbank plant.

Recently, we successfully completed a major core drilling program as part of our effort to size the resource in the Company’s acreage.

Results from that campaign have allowed the Company to increase its booked gas reserves by almost nine times, giving us the largest certified reserves in NSW.

Geological evidence from this drilling program has increased our belief in the potential for conventional oil and gas in the Clarence Moreton Basin and studies are in hand to examine this potential further.

The Company’s acreage was increased to a dominant position in the basin when we farmed in to two permits to the south of the Company’s current operations.

Our test drilling for the development of production wells has commenced using a rig specially imported from Canada. In this connection Metgasco has entered into a technical services agreement with Vectra CBM LLC of Denver, a very successful gas producer from coals which are similar to the Walloons in the Clarence Moreton basin.

In parallel with all this, there has been much planning activity, for the Richmond Valley Power Station and for a pipeline to enable delivery of gas to the Swanbank power station. The Richmond Valley Power Station is a designated major project in New South Wales. In addition to engineering design, which is comparatively simple, the Company has been engaged in completing environmental and regulatory assessments for this project.

In December, we were gratified that over 70% of shareholders supported the Company’s Share Purchase Plan which raised $4.2 million. Metgasco also raised $12 million in a placement in March. Over the previous financial year, our market capitalization has increased from $33 million to $106 million and Metgasco was the

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best performing oil and gas stock listed on the Australian Stock Exchange. A substantial achievement in a period of strong growth in the oil and gas sector.

Your company is growing. Adding the requisite skills goes on apace in a time of great demand in the energy sector. This has required the development of a sophisticated remuneration system designed to attract and retain top performing people.

As companies grow great demands are placed on the few executives who must handle a wide range of responsibilities until appropriate help can be found. You may rest assured that these issues are being handled in a timely and professional manner and this should reinforce your confidence in the future success of Metgasco.

For further information contact: David Johnson Glenda McLoughlin Managing Director Chief Financial Officer

Metgasco Limited

ACN 088 196 383 Level 3, 32 Walker St North Sydney NSW 2060 Tel: (02) 9923 9100 Fax: (02) 9923 9199 Website: www.metgasco.com.au

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