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Media reference to ICAC investigation

An article in today's media reported that the Metgasco project has been referred to ICAC by Minister Roberts.  The article referred to two allegations.

The article might be interpreted to imply an improper connection between Mr Bellas and Metgasco.  Mr Bellas is the Chairman of ASX Listed company ERM who hold (approx. 13%) of the shares in Metgasco.

ERM is a passive investor in Metgasco and has no Board representation.  The staff and Board of Metgasco have no personal, or business or any other association with Mr Bellas. Mr Bellas is not accused of any wrong doing.

In addition the staff and Board of Metgasco have no personal, or any other association with Messrs Obeid or Mr Di Girolamo.

Metgasco can confirm that Peter Gray in his role as a stockbroker assisted in the business process to secure a licence for Carlita Holdings to explore for coal seam gas and conventional gas reserves in northern NSW for a syndicate of 6 individuals including Mr Gray.

The licence was transferred to Metgasco Pty Ltd with the same shareholding in August 1999.  The understanding of the current Board, based on company records, is that Mr Gray received no improper benefit from this transfer.  Mr Gray is not accused of any wrong doing.

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North Sydney Office
Level 3, 2 Elizabeth Plaza
North Sydney NSW 2060

Tel: +61 2 9923 9100
Fax: +61 2 9959 5387

Metgasco Ltd  ACN 088 196 383