It seems investors can't even give Metgasco shares away

 

The Northern Star 14 March 2013:

Jason McFadden from Ballina-based JPM Financial Planning said that over the past 12 months the company's value had fallen by 73%.

He said Metgasco stock was a high-risk proposition with it having only three major projects.

"I would say that if you are holding stock in the company today then you may have missed the boat," he said.

"Most stock brokers are currently recommending selling shares and there are a significant number of sellers in the market and not many buyers."

David Lennox, Resource Analyst at Fat Prophets said Metgasco may also face further problems at the end of the year.

"If the CSG mining conditions stay as they are the company may have to look at a write-down of assets when it reports on December 31st," he said.

"They may even have to look at putting through an impairment charge on their CSG assets on the balance sheet and that in turn may trigger a number of debt covenants if they have them."

Australian Stock Exchange Metgasco Limited share trades on 14 March 2013:

On 1 March 2013 it was reported that Metgasco was removed from the S&P/ASX All Ordinaries Index.

 

Before it indefinitely suspended its operations on the NSW North Coast this month, Metgasco was operating at a sustained loss, was behind in its exploration schedule, had no coal seam gas wells in production, no pipeline or other gas delivery infrastructure in place and, still needed to spend about $50 millon on exploration to reach the point where they could look at sales arrangements for the gas - a necessary precondition for production.

Not a good profile for a company which appears to have begun preliminary investigations in the Casino district between 1995-97 before incorporating in 1999, listing on the stock exchange in 2004 and commencing its trial production well program in 2005.

 

Metgasco Limited Annual Report for year ending 30 June 2012:

 

 

Annual Report for year ending 30 June 2011:

 

 

 Annual Report for year ending 30 June 2010:

 

 

Annual Report for year ending 30 June 2009:

 

 

Metgasco Limited Annual Report for year ending 30 June 2008: