The December 2012 quarter was eventful and positive for Metgasco, with the completion of a successful fundraising and the re-commencement of field activity.
The highlights of the quarter were
• completion of 32 line kilometres of 2D seismic;
• completion of civil works in preparation for the drilling of the Thornbill E04 well;
• continued progress with plans for the West Casino Gas Project; and
• the placement of new shares via a Share Purchase Plan (SPP), raising $10 million to fund the company’s ongoing work programme.
With large uncontracted 2P coal seam gas (CSG) reserves on the East Coast of Australia, substantial conventional gas potential, a successful placement and SPP, and a NSW Government that is supportive of CSG development to address looming demand/supply imbalances and create new jobs, Metgasco is well positioned to execute its growth strategy