Metgasco Appoints New Managing Director (Australia)

The Directors of Metgasco are pleased to announce that Mr Peter Henderson has been appointed Metgasco’s Managing Director. Mr Henderson is to take up the appointment as soon as he is released from his current role, expected to be in May 2011.

The Company’s founding Managing Director, Mr David Johnson, will continue in his role until Peter Henderson joins the Company and will also provide ongoing consulting services to Metgasco subsequently, ensuring his extensive experience in exploration in the Clarence Moreton basin will continue to be available to the Company.

On announcing his retirement as Managing Director, Mr Johnson said “Metgasco is now making the critical transition from exploration to production and it is important for the Company that the key skills required to drive project outcomes in upstream field and infrastructure development are added at the very top of the organisation. The Clarence Moreton basin is the sleeping giant in the Australian gas industry. With our exciting conventional discoveries, our demonstrated coal seam gas reserves and high value commercial agenda, Metgasco is poised for rapid growth. Peter shares my vision of Metgasco becoming a major gas supplier on the east coast of Australia and I am convinced that he has the energy, intellect and tenacity required to deliver on the Company’s promise.”

Mr Henderson brings over 30 years oil and gas industry experience to Metgasco. Since 2007 Mr Henderson has been Development Manager for Premier Oil Plc, managing major offshore project developments in Indonesia and Vietnam. Prior to this role he was Chief Operating Officer of Anzon Energy Limited which initiated the highly successful oil operations in Victoria’s Bass Strait using a floating production system.

Mr Henderson has held senior management roles with oil and gas companies covering operations, development, commercial and exploration activities (Santos, Western Mining, Nido Petroleum). He also has experience working with engineering companies (Clough) and with business development (JBFM Babcock). His experience covers operations in Australia, Indonesia, China, the Phillipines and Vietnam. He commenced his career as a mechanical engineer with Esso Australia in 1977. During his 17 year career with Esso, he filled a variety of technical, operations, commercial and planning roles, including a role as Operations Technical Manager in Gippsland, Victoria, from 1990 to 1994. Mr Henderson is a graduate of Melbourne University.

Metgasco’s Chairman Mr Nicholas Heath said “Metgasco’s Board is pleased to welcome Peter as Managing Director. Peter brings strong upstream development and production skills to Metgasco at a time when the company is transitioning into commercialisation of its large coal seam and conventional gas resources. David Johnson has been an exceptional leader in identifying the resource potential of the Clarence Moreton basin over fifteen years ago and in building the Company from its initial public offering in 2004. The Board would like to thank him for his enormous contribution to the Company. This is an exciting new growth period for Metgasco and the Company is well positioned to take advantage of opportunities opening up in the east coast energy and LNG export markets. The Board looks forward to Peter delivering on the Company’s development strategy which includes the Richmond Valley Power Station, Lions Way pipeline and LNG export opportunities.”

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Source: Metgasco, November 15, 2010