Metgasco Secures Drilling Rig (Australia)

Metgasco announced the signing of a contract with AJ Lucas to drill three exploration core wells, two in PEL 426 and one in PEL 13.

Peter Henderson, Metgasco’s Managing Director & CEO said: “A J Lucas will supply a KWL 1600 exploration drilling rig. The work to be completed by this rig is a significant part of our 2012/13 work program. The wells will provide more geological understanding and will meet our work commitments in the two exploration licences”

“This is an exciting time for Metgasco and all the pieces are now falling into place. The NSW Government, through the renewal of our exploration licences and the approval of our production licence, is fully in support of the CSG industry; the financial community and our shareholders have recently given Metgasco a thumbs up with the successful capital raising campaign; and the market for our gas is strong,” said Mr Henderson.

“A commitment to a drilling rig for our CSG lateral and conventional program should take place in the next few months. At the same time as the drilling activity, Metgasco remains committed to delivering gas to Richmond Dairies, developing sales opportunities for other businesses in the Northern Rivers region and to pursuing broader domestic and export opportunities.” Mr Henderson said.

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LNG World News Staff, November 02, 2012; Image: Metgasco