METGASCO LTD — AGM Information 2014

Nov 27, 2014

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2014 AGM Chairman’s Address

28 November

Rosella Well

• No lawful right;

• No lawful basis;

• No need;

• Judgement possibly before Christmas.

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New South Wales Gas Plan

• Better science and information to deliver world’s best practice regulation;

• Pause, reset and recommence: Gas exploration on our terms;

• Strong and certain regulation;

• Sharing the benefits;

• Securing NSW gas supply needs.

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• Future of Gas Development in the Northern Rivers

• Some NR MPs support buyback (or cancellation);

• $120M invested over 10 years;

• If buyback then fair compensation;

• Redress by government needed to rebuild investor confidence.

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Conclusion

• Minimal progress for Metgasco (and other NSW CSG companies) in this term;

• We have identified significant resources;

• Gas demand remains strong;

• Diversification outside NSW would complement longer timeframe needed for development in the Northern Rivers.

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Reclassification of reserves

Reserve and Resource Category – Petajoules (PJ)	Reserve and Resource Category – Petajoules (PJ)	Reserve and Resource Category – Petajoules (PJ)	Reserve and Resource Category – Petajoules (PJ)	Reserve and Resource Category – Petajoules (PJ)
	1P (Proven)	2P (Proven + Probable)	3P (Proven + Probable + Possible)	2C Contingent Resource
Reserves & resources 1 July 2013	2.7	338	2,055	2,373
Reclassification of reserves to resources	(2.7)	(338)	(2,055)	2,055
Reserves & resources 30 June 2014	-	-	-	4,428

Reserve and Resource Category – Petajoules (PJ)	Reserve and Resource Category – Petajoules (PJ)	Reserve and Resource Category – Petajoules (PJ)	Reserve and Resource Category – Petajoules (PJ)	Reserve and Resource Category – Petajoules (PJ)
	1P (Proven)	2P (Proven + Probable)	3P (Proven + Probable + Possible)	2C Contingent Resource
Reserves & resources 1 July 2013	2.7	338	2,055	2,373
Reclassification of reserves to resources	(2.7)	(338)	(2,055)	2,055
Reserves & resources 30 June 2014	-	-	-	4,428

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Disclaimer

This presentation is being provided for the sole purpose of providing the recipients with background information about Metgasco Ltd (Metgasco). No representation, express or implied, is made as to the fairness, accuracy, completeness or correctness of information contained in this presentation, including the accuracy, likelihood of achievement or reasonableness of any forecasts, prospects, returns or statements in relation to future matters contained in the presentation (“forward-looking statements”). Such forward-looking statements are by their nature subject to significant uncertainties and contingencies and are based on a number of estimates and assumptions that are subject to change (and in many cases are outside the control of Metgasco, its Directors and Officers) which may cause the actual results or performance of Metgasco to be materially different from any future results or performance expressed or implied by such forward-looking statements.

This presentation provides information in summary form only and is not intended to be complete. It is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor.

Due care and consideration should be undertaken when considering and analysing Metgasco’s financial performance. All references to dollars are to Australian Dollars unless otherwise stated.

To the maximum extent permitted by law, neither Metgasco nor its related corporations, Directors, employees or agents, nor any other person, accepts any liability, including, without limitation, any liability arising from fault or negligence, for any loss arising from the use of this presentation or its contents or otherwise arising in connection with it.

This presentation should be read in conjunction with other publicly available material. Further information including historical results and a description of the activities of Metgasco is available on our website, www.metgasco.com.au.

ASX Listing Rule 5.11 Disclosure

Reserves have been certified by Mr Tim Hower of MHA Petroleum Consultants (Denver) who is a qualified person as defined under the ASX Listing Rule 5.11. Reserves have been developed within the guidelines of the SPE. Mr Hower has consented to the use of the reserve figures in this presentation. Conversion of reserves from PJ to Bcf at 1.04 PJ/1.00 Bcf.

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