Metgasco is a petroleum (oil and gas) exploration and production company, listed on the Australian Stock Exchange (MEL).Our business is finding, producing, marketing and delivering oil and gas from natural oil and gas reserves, both conventional and unconventional.
Since listing in 2004, Metgasco has concentrated its exploration efforts in the Clarence Moreton Basin, in the north east corner of New South Wales. We currently have three exploration licences in this basin, PEL 13, PEL 16 and PEL 426. Our major focus has been on coal seam gas, but we have also identified significant tight and conventional gas potential in the basin.
We have acquired about 400 km of 2D seismic and have drilled approximately 50 wells to define the coal seam gas reserves. We have been successful in establishing a large natural gas reserve base from coal seams in the exploration licences (approximately 400 bcf of certified 2P reserves and 2,500 bcf of 3P reserves) and have identified an exciting conventional and tight gas prospect following the drilling of Kingfisher E01.
Our aim is to supply the gas to local industry in the north east corner of NSW before supplying gas to the broader eastern coast energy market and possibly the export LNG market. Metgasco is well positioned given that it is generally accepted that a shortage of gas is imminent on the eastern coast of Australia and that NSW’s contracted gas supplies will be severely curtailed after 2016. Gas prices are expected to be driven to close to export parity levels.
In March 2013, Metgasco suspended if Clarence Moreton Basin field operations because of uncertainty of NSW government support and regulations. Field operations and subsequent development and production will recommence when the regulatory environment is judged to be more favourable.
Metgasco is currently reviewing a range of oil and gas exploration and development opportunities outside the Clarence Moreton Basin.