METGASCO LTD — Capital/Financing Update 2009

Dec 6, 2009

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ASX / MEDIA RELEASE 7 December 2009

SPP HEAVILY OVERSUBSCRIBED

Metgasco (ASX:MEL) advises that it has received strong support from shareholders for its Share Purchase Plan which closed on 3 December 2009.

The SPP has been oversubscribed by 44% with applications exceeding $36 million. As previously advised the maximum amount intended to be raised under the SPP is $25 million. Accordingly a scale back will be applied by the Company.

Allottment of New Shares will take place on Thursday 10 December 2009.

For further information contact: David Johnson Glenda McLoughlin Managing Director Chief Financial Officer

Metgasco Limited ACN 088 196 383 Level 9, 77 Pacific Highway, North Sydney NSW 2060 Tel:+61 2 9923 9100 Fax: +61 2 9923 9199 Web: www.metgasco.com.au

Metgasco Limited

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