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METGASCO LTD Capital/Financing Update 2008
65313_rns_2008-09-01_ef7e479f-1c5e-442b-8586-fc44b55f0880.pdf
Capital/Financing Update
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$2nd$ September 2008
MEDIA RELEASE
FARM-IN PROGRAMME COMPLETED
Please find attached announcement issued by Metgasco Ltd on Farm-In Programme.
| Issued by: | Molopo Australia Limited | |
|---|---|---|
| For further information contact: Ian Gorman | COO 03 9618-8722 | |
| Ric Sotelo | CFO 03 9618-8722 |
Molopo Australia Limited is an ASX listed gas producer focused on the development of coalbed methane and other on-shore gas projects. Molopo holds a 50% interest in several gas fields located in the Bowen Basin, Queensland, a 30% interest in CBM operations located in the Gloucester Basin (NSW), a 50% interest is a US gas project, a 100% interest in a shale gas project in eastern Canada, a 50% interest in two permits in the Clarence Moreton Basin, NSW, an interest in the Liulin CBM project in China, and a 100% interest in two South African projects covering 250,000 hectares.
Registered Office Level 14, 31 Queen Street, Melbourne, Vic. 3000, Australia GPO Box 223, Melbourne, Vic. 3001, Australia
Telephone: (61 3) 9618 8722 Facsimile: (61 3) 9620 2804 Website: www.molopo.com.au Email: [email protected] NSW Office: Suite 1006, Level 10, 50 Clarence Street, Sydney, NSW, 2000, Australia GPO Box 7075, Sydney, NSW, 2001, Australia
Telephone: (61 2) 9290 2267 Facsimile: (61 2) 9290 2099
ASX RELEASE
2 September 2008
FARM-IN PROGRAMME COMPLETED
Metgasco (ASX:MEL) advises that pursuant to the PEL 13 and PEL 426 Farmin Agreements between Metgasco and Molopo Australia Limited ("Molopo"), that it has fulfilled its obligations with respect to the First Farmin Programme in PEL 426 and the Third Farmin Programme in PEL 13 in the Clarence Moreton Basin (NSW).
Work completed since commencing the relevant Farmin Programmes includes:
- Re-processing and re-interpretation of 253 line km of pre-existing dynamite and vibroseis seismic in PEL 13 and 242 line km in PEL 426; and
- The acquisition of 48 line km of new 2D vibrosels seismic in PEL 13 and 85 line km in $\pmb{\circ}$ 426.
This is the first major seismic acquisition programme in the Clarence Moreton basin in over 10 years.
Metgasco has now earned the following interests in these PELs:
- 75% interest in the coal seam gas rights in PEL 13; $\bullet$
- 50% interest in the conventional rights in PEL 13; and $\bullet$
- 50% interest in the conventional and coal seam gas rights in PEL 426. $\bullet$
Metgasco and Molopo have now signed the relevant documents to effect the appropriate transfer of interests. Metgasco and Molopo are currently reviewing the results from the seismic program with a view to identifying potential leads for further evaluation in PEL 13 and PEL 426.
For further information contact: Glenda McLoughlin David Johnson Managing Director Chief Financial Officer
Metgasco Limited ACN 088 196 383 Level 9, 77 Pacific Highway North Sydney NSW 2060 Tel: (02) 9923 9100 Fax: (02) 9923 9199 Website: www.metgasco.com.au