METGASCO LTD — Director's Dealing 2009

Dec 13, 2009

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	26 JUNE 2009

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	11 DECEMBER 2009

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

No. of securities held prior to change	3,487,718 FULLY PAID ORDINARY SHARES (HELD BY PETER POWER) 41,786 FULLY PAID ORDINARY SHARES (HELD BY POWER FAMILY HOLDINGS LTD); 1,675,682 FULLY PAID ORDINARY SHARES (HELD BY PHESOJ PTY LTD – SUPER FUND OF PETER POWER); 550,682 FULLY PAID ORDINARY SHARES (HELD BY KAREN POWER – WIFE); 100,000 OPTIONS EXERCISABLE AT $1.20 EACH, VESTING 1/7/2008 (each option is to subscribe to one fully paid ordinary share); 100,000 OPTIONS EXERCISABLE AT $1.40 EACH, VESTING 1/7/2010 (each option is to subscribe to one fully paid ordinary share); 100,000 OPTIONS EXERCISABLE AT $1.60 EACH, VESTING 1/7/2011 (each option is to subscribe to one fully paid ordinary share).
Class	ORDINARY FULLY PAID SHARES
Number acquired	23,170
Number disposed	NIL
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	$0.45 PER SHARE

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

No. of securities held after change

3,487,718 FULLY PAID ORDINARY SHARES (HELD BY PETER POWER) 41,786 FULLY PAID ORDINARY SHARES (HELD BY POWER FAMILY HOLDINGS LTD); 1,698,852 FULLY PAID ORDINARY SHARES (HELD BY PHESOJ PTY LTD – SUPER FUND OF PETER POWER); 550,682 FULLY PAID ORDINARY SHARES (HELD BY KAREN POWER – WIFE); 100,000 OPTIONS EXERCISABLE AT $1.1938 EACH, VESTING 1/7/2008 (each option is to subscribe to one fully paid ordinary share); 100,000 OPTIONS EXERCISABLE AT $1.3938 EACH, VESTING 1/7/2010 (each option is to subscribe to one fully paid ordinary share); 100,000 OPTIONS EXERCISABLE AT $1.5938 EACH, VESTING 1/7/2011 (each option is to subscribe to one fully paid ordinary share). = CONSEQUENT UPON THE APRIL 2009 RIGHTS ISSUE THE EXERCISE PRICE OF OUTSTANDING OPTIONS DECREASED BY A UNIFORM 0.0062 (ROUNDED TO 4 DECIMAL PLACES) TO THE PRICES SHOWN ABOVE

Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back

PARTICIPATION IN SHARE PURCHASE PLAN

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

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

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.

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