Metgasco (ASX:MEL) is shooting in November this year 2D seismic at its Northern Rivers petroleum exploration licence PEL16 in New South Wales.
This will provide more definition of the northern extent of the Greater Mackellar conventional / tight gas exploration prospect.
It will increase confidence of the structure’s closure before testing the prospect with the planned Rosella well.
Metgasco has already acquired about 440 kilometres of seismic in the area, over and above the 980 kilometres that other companies have acquired over time.
Negotiations with a drilling contractor to drill the Rosella well are almost complete.
The company plans to announce the selection of the contractor and the proposed timing for the Rosella drilling program in the next few weeks.
On 12th August 2015, it received $250,000 from the New South Wales Government being the recovery of legal fees awarded following the decision by the New South Wales Supreme Court to reinstate its right to drill the Rosella E01 well and the awarding of costs to Metgasco.
As at 30th June 2015, the company had $7.6 million in cash and no debt.
*Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.* Reported by Proactive Investors 15 hours ago.
This will provide more definition of the northern extent of the Greater Mackellar conventional / tight gas exploration prospect.
It will increase confidence of the structure’s closure before testing the prospect with the planned Rosella well.
Metgasco has already acquired about 440 kilometres of seismic in the area, over and above the 980 kilometres that other companies have acquired over time.
Negotiations with a drilling contractor to drill the Rosella well are almost complete.
The company plans to announce the selection of the contractor and the proposed timing for the Rosella drilling program in the next few weeks.
On 12th August 2015, it received $250,000 from the New South Wales Government being the recovery of legal fees awarded following the decision by the New South Wales Supreme Court to reinstate its right to drill the Rosella E01 well and the awarding of costs to Metgasco.
As at 30th June 2015, the company had $7.6 million in cash and no debt.
*Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.* Reported by Proactive Investors 15 hours ago.