METGASCO LTD — Capital/Financing Update 2009

Mar 11, 2009

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MARKET RELEASE

12 March 2009

Metgasco Limited

TRADING HALT

The securities of Metgasco Limited (the “Company”) will be placed in pre-open at the request of the Company, pending the release of an announcement by the Company. Unless ASX decides otherwise, the securities will remain in pre-open until the earlier of the commencement of normal trading on Monday, 16 March 2009 or when the announcement is released to the market.

Security Code: MEL

Kim-Ly Nguyen Principal Adviser, Issuers (Sydney)

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12[th] March 2009

Ms Kim-Ly Nguyen Australian Securities Exchange Bridge Street SYDNEY NSW 2000

Dear Ms Nguyen

Trading Halt

This letter serves to confirm my request for an immediate Trading Halt in respect of Metgasco Limited’s quoted shares until Monday 16[th] March 2009 at which time the Directors of the Company expect to make an announcement regarding a placement.

The Directors are not aware of any reason why a Trading Halt should not be granted.

Yours sincerely

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NJV Geddes Secretary

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: (02) 9923 9100 Fax: (02) 9923 9199

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