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METGASCO LTD Board/Management Information 2014

Sep 28, 2014

65313_rns_2014-09-28_181a3dad-9106-4d7e-947d-fb21279724ba.pdf

Board/Management Information

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ASX / MEDIA RELEASE

ASX Code: MEL

29 September2014

Board change: Retirement of Mr Nicholas Heath

Metgasco Limited (ASX:MEL) today announced that Mr Nicholas Heath will retire from the Metgasco Board of Directors, effective 30 September 2014.

Late in 2013, Mr Heath announced his intention to retire in the first half of 2014, following the planned drilling of the Rosella exploration well. When Metgasco’s drilling approval for the Rosella well was suspended in mid-May this year, Mr Heath was asked to remain to assist with actions to have the suspension removed. With legal action to have the suspension lifted well underway, Mr Heath now believes it is the right time to retire.

Mr Heath joined Metgasco as a Non-executive Director in October 2006 and became Chairman in July 2010. He stepped down as Chairman in December 2013, in anticipation of his imminent retirement.

Reflecting on Mr Heath’s Board tenure at Metgasco, the company’s Chairman, Mr Len Gill, said that: “Mr Heath has made a substantial contribution to Metgasco during his period on Metgaco’s Board. His time with Metgasco included a rapid and successful establishment of coal seam gas reserves in the company’s Northern Riversacreage, as well as some challenging times with the NSW Government and anti-gas lobby groups. Mr Heath’s extensive experience in all facets of the oil and gas industry, his leadership, judgment and wise counsel have been muchvalued and appreciated by his colleagues on the Board and the entire Metgasco team.”

In current circumstances and to reduce costs the Board does not intend to seek a replacement for Mr Heath.