Natural gas explorer Metgasco Limited disclosed Monday that in response to media queries, the company confirms that it is in discussions with the New South Wales (NSW) Government to seek an out-of-court settlement for the dispute over the suspension of Metgasco's approval to drill a conventional and tight gas well in permit PEL 16 in northern NSW, Australia. The discussions are confidential and without-prejudices.
Metgasco continues to argue that the Government's suspension decision was unlawful and unjustified and has severely damaged its interests. Court action is currently underway to have the suspension decision lifted.
Metgasco will not comment or speculate on the status or possible outcome of discussions with Government.
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