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METGASCO LTD Capital/Financing Update 2006
65313_rns_2006-02-19_0e2e4497-addc-4ecb-93a6-a1d32ee9c086.pdf
Capital/Financing Update
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20 February 2006
AUSTRALIAN STOCK EXCHANGE Via Electronic Lodgement
DRILLING UPDATE
Metgasco advises that as of 9.00am this morning, 600m of horizontal inseam well #10 has been completed. Approximately 70m of the horizontal section remains to be completed. This is expected to be finalised early this week.
Over the coming week, the Company expects to complete the intersection of MSC#10 and vertical well #8. Once this is finalised, liner will be run and pumps inserted in the vertical well. The Company will then commence dewatering and testing MSC#10.
Overview of Project
Metgasco holds 100% of PEL16 located near Casino and Lismore in northern New South Wales. PEL16 contains a CSM gas resource of over 4 trillion cubic feet of gas-in-place and also has the potential for conventional oil and gas reservoirs. The Company has completed a pilot program of 5 vertical wells to test the gas production capability of the Richmond coal seam. This pilot program has now been extended to include drilling two horizontal wells.
For further information contact: Glenda McLoughlin Chief Financial Officer Metaasco Ltd Tel: (02) 9923 9100 Fax: (02) 9923 9199
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