Metgasco Raises Funds for CSG Operations

Metgasco Limited has announced its intension to raise capital to the tune of approximately A$10 million by private placement of new ordinary shares. The funds would be used to expand company’s work program which includes lateral CSG wells and license well commitments.

It will offer eligible shareholders the right to participate in a Share Purchase Plan (SPP) which will enable existing (i.e. pre placement) shareholders to apply for up to $15,000 of shares at the same price as the Placement. Further details of the SPP, including the timetable will be provided to shareholders shortly.

The company is exploring, appraising and developing the vast gas resources of the Clarence-Moreton basin in northern New South Wales, Australia.  The area covers approximately 1.1 million acres, the basin contains both unconventional and conventional hydrocarbon resources.