Monday, 3 November 2014

A few facts you may not know about coal seam/tight gas exploration company Metgasco Limited in 2014


Metgasco Limited’s profile in the financial year 2013-14:

* there were only 6,331 shareholders as at 30 June 2014
* had 1,202,222 ordinary shares on offer on 30 June 2014 according to the company's 2013-14 annual report;
* its largest shareholders were ERM Power (majority owned by the St Baker family) and the St Baker family of Queensland who held a total of 13.41% of the company’s fully paid ordinary shares;
* held a 100% interest in three exploration licences on the NSW North Coast covering approximately 4,556km2, PELs 13, 16 and 426;
* had three listed subsidiaries, Clarence Morton (No.1) Pty Ltd, Richmond Valley Power Pty Ltd and Loins Way Pipeline Pty Ltd;
* although operating at a loss it paid 5 directors and 1 executive officer over $1.3 million in remuneration;
* paid no tax or royalties;
* had less than 10 employees in total according to statements made to the media in March 2013;
* had no female directors or women in senior executive positions;
* for the convenience of its board and employees maintains one city and one regional office, with the city head office costing somewhere in the vicinity of $112,000 per annum in rental costs;
* a shareholder group tried to unseat the board of directors in September 2013;
* the ordinary share price continues the downward trend which began in 2008;
* appears to have sunk no new wells from 1 July 2013 to date and, according to NSW Resources & Energy mapping has drilled less than 40 gas exploration wells since the company was formed in 1999;
* had no beneficial interest in any farm-in or farm-out agreements;
* in July 2013 there was an explosion during the decommissioning of PEL 16 well Kingfisher E01;
* permission to drill well site Rosella E01 on PEL 16 was suspended by the NSW Government in May 2014;
* had  PPLA 9 and PELA 130 in the Casino district still unapproved as at 30 June 2014; and
* the PEL 426 exploration licence due for renewal in February 2014 has not received renewal approval to date, according to NSW Resources & Energy list of .Petroleum Titles and Applications current as at 1 July 2014.

NOTE: From 29 October 2014 every New South Wales tenement that the company currently holds is covered by the NSW Labor Party policy banning coal seam/tight/unconventional gas exploration and production in the Northern Rivers region.
No judgment has been handed down yet in Metgasco Limited v Minister for Resources and Energy (Case # 201400165970) before the NSW Supreme. 

1 comment:

John Fraser said...

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Here in Queensland the magnificent efforts of the Northern Rivers Community has spooked the newman LNP government.

So much so that newman, today, has come out and defended the Queensland CSG industry.

Congratulations to all who oppose the CSG industry and wish to protect the Northern Rivers and surrounding areas.