METGASCO LTD — Director's Dealing 2010

Dec 2, 2010

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	LEONARD GILL
Date of last notice	13 AUGUST 2010

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	26 NOVEMBER 2010
No. of securities held prior to change	90,000 FULLY PAID ORDINARY SHARES(HELD IN THE NAME OF L F GILLINVESTMENTS PTY LTD ATF GILL FAMILYSUPERANNUATION FUND)
Class	ORDINARY SHARES
Number acquired	90,000
Number disposed	NIL
Value/ConsiderationNote: If consideration is non-cash, provide details and estimatedvaluation	$0.45 PER SHARE

• See chapter 19 for defined terms.

Appendix 3Y Page 1

11/3/2002

Appendix 3Y Change of Director’s Interest Notice

No. of securities held after change	90,000 FULLY PAID ORDINARY SHARES(HELD IN THE NAME OF LEONARD GILL)90,000 FULLY PAID ORDINARY SHARES(HELD IN THE NAME OF L F GILLINVESTMENTS PTY LTD ATF GILL FAMILYSUPERANNUATION FUND)
Nature of changeExample: on-market trade, off-market trade, exercise of options, issue ofsecurities under dividend reinvestment plan, participation in buy-back	ISSUE OF SECURITIES APPROVED BYMEMBERS AT THE ANNUAL GENERALMEETING HELD ON 16 NOVEMBER 2010

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	Detail of contract	N/A	N/A	N/A	N/A	N/A
	Nature of interest
	Name of registered h(if issued securities)	older
	Date of change
	No. and class of secinterest related priorNote: Details are only required	urities to whichto changefor a contract in relation
	to which the interest has change	d
	Interest acquired
	Interest disposed
	Value/ConsiderationNote: If consideration is non-can estimated valuation	ash, provide details and
	Interest after change

• See chapter 19 for defined terms.

Appendix 3Y Page 2

11/3/2002