METGASCO LTD — Capital/Financing Update 2016

Nov 6, 2016

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ASX / MEDIA RELEASE ASX Code: MEL

7 November 2016

Return of Capital Update

The Board of Metgasco Limited wishes to advise that the Company has received a draft Class Ruling from the Australian Taxation Office ( ATO ) and accordingly, it will be proceeding with the Return of Capital of $0.025 per share as approved by Shareholders at the Company's General Meeting held on 12 September 2016.

The Return of Capital will have a Record Date of 7.00pm on Friday, 11 November 2016, and a Payment Date of Wednesday, 16 November 2016.

The ATO will publish the Class Ruling following completion of the Return of Capital. The Company will notify shareholders when this has occurred.

ENDS

About Metgasco:

www.metgasco.com.au

Metgasco is presently pursuing new opportunities in the Oil & Gas sector. It holds an interest, via a secured production development funding facility, options and participation rights, in U.S Gulf of Mexico company Byron Energy Limited (ASX:BYE). Metgasco holds a 10% (non-operating) farmed-in interest in Byron’s Bivouac Peak Littoral Louisana hydrocarbon project with an initial H1 2017 well testing a Gross prospective resource of 32,270 Mboe. Metgasco also holds a portfolio of cash, fixed income and managed credit assets valued at approx. A$20m (net of the Return of Capital of 2.5c/share approved by shareholders to be paid on 16 November 2016).

For further information contact: Metgasco Limited ACN 088 196 383 Alexander Lang Level 3, 2 Elizabeth Plaza, North Sydney NSW 2060 Executive Chairman Tel:+61 2 9923 9100 Fax: +61 2 9959 5387 info@metgasco.com.au Web: www.metgasco.com.au

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