METGASCO LTD — Director's Dealing 2007

Oct 18, 2007

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

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	PETER POWER
Date of last notice	21 AUGUST 2007

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
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.
Date of change	17 OCTOBER 2007
No. of securities held prior to change	1,482,352 FULLY PAID ORDINARY SHARES (HELD BY PETER POWER) 482,352 FULLY PAID ORDINARY SHARES (HELD BY KAAREN POWER – WIFE) 3,480,575 OPTIONS EXERCISABLE AT $0.30 UP TO 30 JUNE 2009 (Each option is to subscribe to one fully paid ordinary share)
Class	FULLY PAID ORDINARY SHARES
Number acquired	A) 30,000 PURCHASED B) 1,482,352 TRANSFERRED

• See chapter 19 for defined terms.

Appendix 3Y Page 1

11/3/2002

Appendix 3Y Change of Director’s Interest Notice

Number disposed	NIL
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	A) $0.79 PER SHARE B) N/A
No. of securities held after change	30,000 FULLY PAID ORDINARY SHARES (HELD BY POWER FAMILY HOLDINGS LTD) 1,482,352 FULLY PAID ORDINARY SHARES (HELD BY PHESOJ PTY LTD – SUPER FUND OF PETER POWER) 482,352 FULLY PAID ORDINARY SHARES (HELD BY KAAREN POWER – WIFE) 3,480,575 OPTIONS EXERCISABLE AT $0.30 UP TO 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	A) ON-MARKET TRADE B) OFF-MARKET TRANSFER

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

• See chapter 19 for defined terms.

Appendix 3Y Page 2

11/3/2002