METGASCO LTD — AGM Information 2008

Nov 16, 2008

2008 Annual General Meeting

Managing Directors Review

AGENDA

• ► 2008 YEAR IN REVIEW
• ►Kingfisher conventional gas discovery
• ►2D seismic program
• ►PEL 16 conventional prospectivity
• ►CP-11 CSM trial production well
• ►CSM 2P/3P Reserve Increases
• ►RVPS & Lions Way Pipeline
• ► 2009 YEAR OBJECTIVES
• ►Exploration
• ►Reserves & Production
• ►Gas Sale Opportunities
• ►Infrastructure Development
• ►Management & Stakeholder Activities
• ►QUESTION & ANSWER SESSION

2008 YEAR IN REVIEW - Kingfisher Conventional Gas Discovery

2008 YEAR IN REVIEW - Kingfisher Conventional Gas Discovery

2008 YEAR IN REVIEW - Kingfisher Conventional Gas Discovery

• Contingent Resource of 36.6 Bcf OGIP (Pmean) and 69.9 Bcf OGIP (P10)
• Total conventional resource potential of 82 Bcf OGIP (Pmean) and 831 Bcf OGIP (P10) attributed to Kingfisher including unaddressed deeper targets

2008 YEAR IN REVIEW –2D Seismic Program

2008 YEAR IN REVIEW –PEL 16 Prospectivity

2008 YEAR IN REVIEW –PEL 16 Prospectivity

A R E A	B f O G I P c ( ) P m e a n	B f O G I P c ( ) P 1 0
K i f i h F i l d n g s e r e	8 2	8 3 1
M k l l P t a c e a r r o s p e c	6 3	6 8 8
M k l l N h L d t a c e a r o r e a	1 4 6	1 7 9 3 ,
B b i d L d o w e r r e a	2 8	5 2 9
C i d L d c a a e a	5 3	5 3 2
F i l L d t a n a e a	3 0	5 3 1
M h L d o n a r c e a	5 3	5 2 8
T i l l L d r e r e a	3 6	3 8 9
T O T A L	4 7 3	5 1 9 1 ,

2008 YEAR IN REVIEW –CP-11 CSM trial production well

►

• ► On test since January 2008, CP-11 rate of 200Mscf/d achieved.
• ► Has now produced in excess of 30mmcf of gas and 20,000bbl of water.
• ► Increase in the gas flow rate can be expected as the dewatering process continues.
• ► In the Walloon Coal Measures in the Surat basin the process took between 38 and 56 months before there were trial production wells flowing at the level that CP 11 has now reached.
• Substantial room for additional productivity enhancements

2008 YEAR IN REVIEW –CSM 2P/3P Reserve Increases

2P Reserves(PJ)

2008 YEAR IN REVIEW –RVPS & Lions Way Pipeline

►RVPS

• ► EA Public consultation process now complete
• ► MEL now responding to submissions made to DOP
• ►Network load flow studies complete
• ►Expect regulatory close 2009
• ► Lions Way Pipeline
• ►Regulatory Process continuing
• ►Commenced land access program
• ► Commenced flora and fauna, regolith and hydrology studies

2009 OBJECTIVES

• ► Exploration
• ►Maintain 2P objective of 660PJ
• ►Further evaluation PEL's 13 & 426
• ►Orara dual target well in PEL 426
• ►Kingfisher/Mackellar appraisal program
• ► Reserves and Production
• ►1P Reserves for CSM & Conventional
• ►Trial production for new reservoirs (I/J)
• ►Trial Production in new areas
• ►Further development in well optimisation

2009 OBJECTIVES

• ► Gas Sale Opportunities
• ►Build MEL strategic position
• ►Separate physical delivery to Brisbane
• ►Flexible supply options
• ► Gas as gas, gas as power for NSW and Queensland
• ► Infrastructure Development
• ►RVPS planning completion
• ►Lionsway planning finalisation
• ►Stratheden JV project sanction
• ►Appraise other opportunities
• ► Management & Stakeholder Activities
• ►Build on community participation
• ►HS&E Training

Question & Answer Session

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