Metgasco (ASX:MEL) is an Australian energy company developing gas reserves and power for the eastern Australian energy market.
We are exploring, appraising and developing the vast gas resources of the Clarence-Moreton basin in northern New South Wales. Covering an area of approximately 1.5 million acres, the basin is prospective for both coal seam gas and conventional hydrocarbon resources.
Metgasco has established the largest certified gas reserve position in New South Wales in PEL 16 (Metgasco 96% interest) with:
- 287 BCF in 2P reserves; and
- 1,538 BCF in 3P reserves.
So far, all reserves are from coal seam gas and these have been recognized over less than 5% of the Company's acreage position. We have recently begun to evaluate the conventional hydrocarbon potential of the basin and have made our first conventional gas discovery in 2008.
The Clarence Moreton basin is close to markets and energy infrastructure and is only 70 km from the fast growing south east Queensland energy market.