Metgasco Ltd (the Company) advises that following the commencement of the duly convened General Meeting of Shareholders (Meeting) at 10:00am today, the Authorised Representative of M&A Advisory Pty Ltd, a 19.2% shareholder of the Company, requested that the meeting be adjourned and that a vote on the following procedural motion be put to a poll:
That the meeting be adjourned to a date and time to be determined by the Board.
The motion was carried on a poll. The Board have determined to reconvene the adjourned Meeting at 4:00pm on Monday, 16 April 2018 at Level 17, 383 Kent Street, Sydney NSW 2000.
The Board encourages all shareholders to attend the reconvened Meeting.
Metgasco is presently pursuing new opportunities in the Oil & Gas sector. It holds an interest, via a secured production development funding facility, equity options and participation rights, in U.S Gulf of Mexico company Byron Energy Limited (ASX:BYE). Metgasco holds a 10% (non-operating) farmed-in interest in Byron’s Bivouac Peak Louisiana hydrocarbon project with a planned initial well testing a Gross prospective resource of 32,270 Mboe in addition to farm-in rights in relation to Byron’s Gulf of Mexico portfolio. Aside from its $6.0 million secured receivable noted above, Metgasco holds cash and investment corporate bonds of approximately A$8.9 million and is a substantial shareholder in BYE holding 5.77% of their issued capital and 10 million options of ordinary shares.
Alexander Lang, Executive Chairman
Phone: +61 02 9923 9100