Metgasco 'keen and ready to drill' after Govt dumps appeal

METGASCO says it is "keen and ready to drill" after the State Government confirmed it would not appeal a Supreme Court decision finding the Government was wrong to suspend its licence.

And Fairfax Media reports the company may be hunting an $80m payout from the government as well as a return to Bentley.

The Fairfax report is based on $80m of $120m Metgasco says it has invested in the North Coast having been capitalised, but the company isn't talking about money just at the moment. Not publicly anyway.

>> FULL TEXT OF METGASCO'S STATEMENT TO THE ASX

"We would like to meet with government to discuss the damage caused to Metgasco as a result of the suspension decision and the future of the gas industry in the Clarence electorate," the company's managing director, Peter Henderson, said in a statement to the Australian Stock Exchange.

"We would prefer to settle our claim for damages out of court,

"We are also keen and ready to drill the Rosella conventional gas exploration well and wish to confirm that the NSW Government will maintain law and order.

"NSW needs a gas industry and the NSW Government needs to show the investment community that businesses will be encouraged and licence rights honoured."

The suspension of Metgasco's licence was announced last May, just days before a rumoured 800 strong police presence was anticipated to break up a blockade of protesters camping at Bentley.



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