METGASCO LTD — Director's Dealing 2006

Dec 21, 2006

Appendix 3Y

Rule 3.19A.2

Change of Director's Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 30/9/2001.

Name of entity METGASCO LTD
ABN 088 196 383

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	GLENDA MCLOUGHLIN
Date of last notice	22 SEPTEMBER 2005

Part 1 - Change of director's relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of "notifiable interest of a director" should be disclosed in this part.

Direct or indirect interest	DIRECT AND INDIRECT
Nature of indirect interest (including registered holder)	MAXA PTY LTD - DIRECTOR
Note: Provide details of the circumstances giving rise to the relevant interest.	WILIAM HARTNELL - HUSBAND
Date of change	22 DECEMBER 2006
No. of securities held prior to change	5,787,971 FULLY PAID ORDINARY SHARES (HELD BY GLENDA MCLOUGHLIN)
	3,080,956 FULLY PAID ORDINARY SHARES (HELD BY MAXA PTY LTD - DIRECTOR)
	466,727 FULLY PAID ORDINARY SHARES (HELD BY WILIAM HARTNELL - HUSBAND)
	4,480,575 OPTIONS EXERCISABLE AT \$0.30 UP UNTIL 30 JUNE 2009 (Each option is to subscribe to one fully paid ordinary share)
Class	FULLY PAID ORDINARY SHARES

⁺ See chapter 19 for defined terms.

Number acquired	46,875
Number disposed	NIL
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	\$0.32 PER SHARE
No. of securities held after change	5,803,596 FULLY PAID ORDINARY SHARES (HELD BY GLENDA MCLOUGHLIN)
	3,096,581 FULLY PAID ORDINARY SHARES (HELD BY MAXA PTY LTD - DIRECTOR)
	482,352 FULLY PAID ORDINARY SHARES (HELD BY WILIAM HARTNELL - HUSBAND)
	4,480,575 OPTIONS EXERCISABLE AT \$0.30 UP UNTIL 30 JUNE 2009 (Each option is to subscribe to one fully paid ordinary share)
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	SHARE PURCHASE PLAN OFFER

Part 2 - Change of director's interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of "notifiable interest of a director" should be disclosed in this part.

Detail of contract	NA.
Nature of interest
Name of registered holder
(if issued securities)
Date of change
No. and class of securities to which
interest related prior to change
Note: Details are only required for a contract in relation to which the interest has changed
Interest acquired
Interest disposed

⁺ See chapter 19 for defined terms.

Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation
Interest after change

⁺ See chapter 19 for defined terms.