METGASCO LTD — Director's Dealing 2012

Jan 3, 2012

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	NICHOLAS HEATH
Date of last notice	12 AUGUST 2011

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	INDIRECT
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to the relevantinterest.	AURIDIUM PTY LTD ATF THE HEATHFAMILY SUPERANNUATION FUND
Date of change	3 JANUARY 2012

• See chapter 19 for defined terms.

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Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

No. of securities held prior to change	372,727 FULLY PAID ORDINARY SHARES(HELD BY NICHOLAS HEATH)160,863 FULLY PAID ORDINARY SHARES(HELD BY AURIDIUM PTY LTD ATF THEHEATHFAMILYSUPERANNUATIONFUND)*100,000OPTIONSEXERCISABLEAT$0.2938 UP TO 1 JANUARY 2012 (Eachoption is to subscribe to one fully paidordinary share)150,000OPTIONSEXERCISABLEAT$0.4938 UP TO 1 JANUARY 2012 (Eachoption is to subscribe to one fully paidordinary share)= CONSEQUENT UPON THE APRIL 2009 RIGHTSISSUE THE EXERCISE PRICE OF OUTSTANDINGOPTIONS DECREASED BY A UNIFORM 0.0062(ROUNDED TO 4 DECIMAL PLACES) TO THEPRICES SHOWN ABOVE
Class	A) FULLY PAID ORDINARY SHARESB) OPTIONS
Number acquired	A) 100,000
Number disposed	B) 150,000
Value/ConsiderationNote: If consideration is non-cash, provide details and estimated valuation	A) $0.2938 PER SHAREB) NIL
No. of securities held after change	372,727 FULLY PAID ORDINARY SHARES(HELD BY NICHOLAS HEATH)260,863 FULLY PAID ORDINARY SHARES(HELD BY AURIDIUM PTY LTD ATF THEHEATHFAMILYSUPERANNUATIONFUND)
Nature of changeExample: on-market trade, off-market trade, exercise of options, issue ofsecurities under dividend reinvestment plan, participation in buy-back	A) EXERCISE OF OPTIONSB) EXPIRY OF OPTIONS

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	N/A
Nature of interest

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

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

Part 3 –[+] Closed period

Part 3 –+Closed period
Were the interests in the securities or contracts detailedabove traded during a+closed period where prior writtenclearance was required?	NO
If so, was prior written clearance provided to allow the tradeto proceed during this period?	N/A
If prior written clearance was provided, on what date was thisprovided?	N/A

• See chapter 19 for defined terms.

11/3/2002

Appendix 3Y Page 3