METGASCO LTD — Capital/Financing Update 2004

Dec 20, 2004

Metgasco Limited
Updated Statement of Commitments

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	Expenditure
Drilling and appraisal	3,178,200
Administration and working capital	1,495,100
Cost of offer	481.700
otal	5,155,000

Readers are referred to page 4 of the prospectus dated 11 November 2004 for further information regarding the above Statement of Commitments. The expenditure reflects the final amount raised under the prospectus of \$5,155,