Whatever happened to Metgasco Limited?

After Metgasco Limited left the NSW Northern Rivers region with its pockets stuffed full of compensation dollars because local communities resisted its efforts to create a coal seam gas industry in the middle of biodiverse, culturally rich and productive rural landscapes, it temporarily sank from sight.

Now it has reared its head in Queensland as this mining corporation was; successful in its bid for tender areas PLR 2015-5-16 and PLR 2015-5-19, which were offered under a competitive tender by the Queensland Government in the Cooper/Eromanga Basins. Metgasco’s move into the Cooper Basin secures high quality exploration opportunities proximal to delivery infrastructure in mature producing basins. An Authority to Prospect will be granted after Native Title agreements and other environmental approvals are satisfactorily completed. Metgasco has engaged expert consultants to assist in timely and effective engagement with the Wongkumara community as well as with the application for an Environmental Authority.

According to Metgasco:

Tender area PLR 2015-5-19 covers an area of approximately 370km2 and is located in the southern Cooper Basin, adjacent to the South Australian (SA) border. Right across the state boundary there are numerous Permian gas fields, with both structural and stratigraphic traps. Drilling density on the Queensland side is much lower, although this prolific SA trend extends into tender area PLR 2015-5-19.

Tender area PLR 2015-5-16 has an area of 530km2 and is located in the south-east Cooper Basin about 65 km southwest of the town of Eromanga. The block occupies the central and southern parts of a prominent north-south regional high feature that includes the Mt Howitt, Wareena, Kercumurra and Hooley high structures.

Metgasco appears to be partly or wholly exploring on land over which the Wongkamara peoples hold Native Title.

The company has another project underway in the Gulf of Mexico where it has acquired farm-in rights from Byron Energy Ltd in exchange for an est. A$1.3m investment – thereby deploying  approx. 27% of Metgasco’s current financial resources.

Peter Henderson, the CEO that Metgasco let go in May 2016 with a $300,000 handshake, was last heard of looking for work with Perth-based Tap Oil Limited.