It is party time though still because Metgasco Shares are at an all time low sitting around 14cents a share on the ASX at the moment. Any financial institution that gets into bed with these guys has got to be run by mad men.
http://www.asx.com.au/asx/research/companyInfo.do?by=asxCode&asxCode=MEL
The Csg industry in Australia is leaking like this fresh water on the beach in the vicinity of the Thornbill E04 PEL |
On the 8 February 2013 this was the Metgasco Drilling report:
Drilling announcement
Rig mobilised to Bowerbird E04 site
Metgasco advises that the AJ Lucas Rig 103 was mobilised to the Bowerbird E04 well site in PEL 13 from the Thornbill E04 site. Metgasco expects to spud the well over the next few days.
The commencement of the Bowerbird E04 well was delayed due to the recent floods in the Northern Rivers area.
Bowerbird E04 is a vertical exploration well designed to further assess the Walloon Coal Measures to the north of the Bowerbird E02 well, drilled in 2010. The total planned depth of the well is 550 metres. The well will be “plugged and abandoned” before the rig leaves the site and the site rehabilitated.
This well is the second well in the 2013 work program approved by the New South Wales Government. Following the completion of this well Metgasco will prepare to drill 3 lateral wells in PEL 16 to demonstrate the productivity of the coal seams and a conventional well to test the Greater Mackellar structure.
Metgasco has a 100% interest in PEL13 and PEL 16.
ENDS
Investors: Sean Hooper 0411 760 509
Media: Richard Shields 0418 418 877
http://www.metgasco.com.au/files/1193478.pdf
MARKET BRIEFING
What are your plans for drilling the Greater Mackellar structure and how large is this structure?
Peter Henderson
Right now we’re analyzing the successful seismic data captured late last year. This data will help us to better define the structure before drilling of the Rosella-1 well starts. Our plan is for drilling to occur over the May to June period.
http://www.metgasco.com.au/files/1188710.pdf
http://www.lngworldnews.com/metgasco-completes-seismic-acquisition-program-in-pel-16-australia/ |
Images @ Melonpopzdropz Flickr
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