METGASCO LTD — Director's Dealing 2009

May 4, 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	30 JANUARY 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 relevantinterest.
Date of change	29 APRIL 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	2,007,143 FULLY PAID ORDINARYSHARES (HELD BY PETER POWER)37,143FULLYPAIDORDINARYSHARES (HELD BY POWER FAMILYHOLDINGS LTD);1,489,495 FULLY PAID ORDINARYSHARES (HELD BY PHESOJ PTY LTD– SUPER FUND OF PETER POWER);489,495FULLYPAIDORDINARYSHARES (HELD BY KAAREN POWER –WIFE);1,480,575 OPTIONS EXERCISABLE AT$0.30 AND EXPIRING 30/06/2009 (eachoption is to subscribe to one fully paidordinary share);100,000 OPTIONS EXERCISABLE AT$1.20 EACH, VESTING 1/7/2008 (eachoption is to subscribe to one fully paidordinary share);100,000 OPTIONS EXERCISABLE AT$1.40 EACH, VESTING 1/7/2010 (eachoption is to subscribe to one fully paidordinary share);100,000 OPTIONS EXERCISABLE AT$1.60 EACH, VESTING 1/7/2011 (eachoption is to subscribe to one fully paidordinary share).
Class	ORDINARY FULLY PAID SHARES
Number acquired	502,910
Number disposed	NIL
Value/ConsiderationNote: If consideration is non-cash, provide details and estimatedvaluation	$0.40 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

2,258,036 FULLY PAID ORDINARYSHARES (HELD BY PETER POWER)41,786FULLYPAIDORDINARYSHARES (HELD BY POWER FAMILYHOLDINGS LTD);1,675,682 FULLY PAID ORDINARYSHARES (HELD BY PHESOJ PTY LTD– SUPER FUND OF PETER POWER);550,682FULLYPAIDORDINARYSHARES (HELD BY KAAREN POWER –WIFE);1,480,575 OPTIONS EXERCISABLE AT$0.30 AND EXPIRING 30/06/2009 (eachoption is to subscribe to one fully paidordinary share);100,000 OPTIONS EXERCISABLE AT$1.20 EACH, VESTING 1/7/2008 (eachoption is to subscribe to one fully paidordinary share);100,000 OPTIONS EXERCISABLE AT$1.40 EACH, VESTING 1/7/2010 (eachoption is to subscribe to one fully paidordinary share);100,000 OPTIONS EXERCISABLE AT$1.60 EACH, VESTING 1/7/2011 (eachoption is to subscribe to one fully paidordinary share).

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

PARTICIPATION IN RIGHTS 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 Nature of interest Name of registered holder (if issued securities) Date of change

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

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.

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