On 23 April 2013 The Northern Star reported that Metgasco Limited had left the door open to activating Dobie Bight wells, Harrier 01 and Corella P1.
This is a classic case of misdirection in the hope that local media and interested Northern Rivers’ residents would not notice recent share sales.
On 22 April Metgasco also lost CSG Nominees Pty Ltd (a wholly-owned subsidiary of Liquid Natural Gas Group Limited) as its largest shareholder, when these companies divested themselves of 24,310,732 of the 34,570,577 shares held at 21 September 2012.
It is unclear as to whether CSG Nominees intends to sell any remaining shares.
This share sell-off raises doubts about Metgasco’s somewhat unrealistic insistence that it still has prospects, presumably in Queensland and possibly in relation to LNGL’s Gladstone LNG Project.
The Australian Stock Exchange records Metgasco shares closing at 5.6 cents on 24 April 2013.
2 comments:
I wish it were that simple. According to LNG's Dec 2012 Half Yearly Report, their cash reserves were down to $2.5 million and with 6 monthly operating costs of $4.2 million LNG had to raise cash to cover the next 6 months operating costs. Metgasco unfortunately have not terminated their Northern Rivers plans, just suspended them until after the election. They have $23 million in the bank and a memorandum of understanding with LNG to supply gas through Gladstone for China in 2014/2015. they are biding their time and will be back to have another go at wrecking this beautiful area.
It is unlikely that Metgasco will have a pipeline from Casino to Gladstone under construction by 2014/15. It doesn't even have an initial DA active.
LNGL is the second 'partner' Metgasco have failed to deliver for.
Now ERM Power Limited has completed share acquisitions that make it Metgasco's largest shareholder and it remains to be seen if Metgasco can meet this third company's expectations re gaining a larger share of the NSW energy market.
http://northcoastvoices.blogspot.com.au/2013/04/hi-im-terry-from-erm-power-and-im-here.html
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