Metgasco Funds Up for CBM Drive

Metgasco of Australia has raised A$15.3 million to help fund its coalbed methane operations in New South Wales.

Besides funding its gas commercialisation plans, the funds will help the company undertake a CBM drilling program on its acreage in NSW and expand its CBM reserve position.

“This capital raising program provides Metgasco with over A$21 Million in new funding to progress our high value exploration and commercialisation agenda,” commented Metgasco managing director Peter Henderson.

Metgasco is currently estimated to hold about 10.6 billion cubic metres of gas in proven plus probable reserves.