Last night Metgasco presented an extensive submission to the Office of Coal Seam Gas, demonstrating that we had fully complied with licence conditions relating to community consultation. The Office undertook to consider the submission and to advise on Monday if it is prepared to lift the Rosella drilling suspension.
Notwithstanding this, Metgasco has learnt that the resources NSW Police consider to be necessary to provide a safe and lawful environment for drilling to proceed have been re-allocated.
As a consequence, Metgasco advises that the drilling of the Rosella well will not be proceeding in the near term.
Metgasco is working to cancel drilling rig and other service contracts, and to minimise costs.
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 close to $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.