Metgasco (MEL)

Shares / Stock Code

MEL

Stock Exchange / Sharemarket

ax

Metgasco (MEL) is an exploration company, which explores and develops coal seam methane (CSM) and conventional gas resources in the Walloon Coal Measures located northern NSW. Metgasco listed on the Australian stockmarket (ASX) on 23 December 2004.

Coal seam methane is a recognised and important source of gas. MEL's overall location is well located to supply both gas and gas-fired power to northern NSW and southern QLD. The Metgasco project is one of the closet gas occurrences to Brisbane and the Gold Coast.

Major customers include residents of SE QLD and NE NSW. Regions that are growing in population due to lifestyle shifts towards coastal living and raising demnds for energy. Metagasco is one of the closest suppliers to both these regions. Competitors include CH4 Gas Ltd and Origin Energy.

As of June 30, 2009, CS Energy had earned a 15% interest in the coal seam gas within three of 11 graticular blocks in this tenement. As of June 30, 2009, Metgasco had earned a 75% interest in the coal seam gas interests in PEL 13, a 50% interest in the conventional interests in PEL 13 and a 56.6% interest in PEL 426. Its subsidiaries include Richmond Valley Power Pty Ltd and Clarence Moreton No. 1 Pty Ltd.