Following the suspension of all work on the Rosella E-01 exploration well, Metgasco (ASX:MEL) today provides the following market update. Metgasco provided anextensive submission to the Office of Coal Seam Gas, on Thursday, May 15, 2014, demonstrating that the Company had fully complied with licence conditions relating to community consultation. The Office undertook to consider the submission and to advise on Monday May 19 if it was prepared to lift the Rosella drilling suspension. Last night the Office advised that its evaluation is not yet complete and was unable to confirm a date for its response. Metgasco also advises that it has engaged specialist legal services to provide advice in relation to the suspension. Metgasco remains committed to its gas resources in the Clarence Moreton Basin, contrary to a weekend media report. About Metgasco
- Metgasco is an exploration company listed on the Australian Stock Exchange, close to 100% Australian owned.
- We have been exploring in the Clarence Moreton Basin around Casino for 10 years, drilling more than 50 wells and acquiring 400 km of seismic. We have had more than 300 land access agreements, all voluntary. We have spent over $100m and established significant coal seam gas reserves.
- The Rosella well is intended to explore for conventional and tight gas. It is not a coal seam gas exploration well.