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.