Metgasco, an Australian oil and gas exploration and production company, provided Tuesday the following update on its operations in New South Wales (NSW), Australia.
Following the 2013 annual general meeting (AGM), directors have held meetings with a number of shareholders to receive their comments on how to improve performance. A diverse range of views has been expressed on a small number of issues, including strategy, communications, governance and staffing. Meetings with a small number of shareholders are still to occur. The Board will take shareholder input into account as it refines plans.
Metgasco advises that plans to drill its conventional exploration well, Rosella E01 in PEL 16, are progressing:
Subject to rig availability and government approvals, it is intended to drill the well in the first half of 2014, targeting March/April 2014.
Rosella E01 is a commercially high risk well planned to test the non-coal seam gas (CSG) potential of the Greater Mackellar structure and follows the discovery of tight gas in the Kingfisher E01 well in late 2009. In a high side success case, the Greater Mackellar structure could contain volumes of gas which are significant for Metgasco and NSW.
In other areas, Metgasco:
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