Metgasco Gets Greenlight to Explore for Gas in Australia

Metgasco has been given permission by Australia’s Queensland Government to explore for oil and gas in the country’s Cooper Basin, the company said May 29.

The granting of the Authority to Prospect (ATP) as part of the Petroleum and Gas Act follows Metgasco’s tender in 2015, notification of status as preferred tenderer in 2016 of the 2021 and 2020 blocks, and the company’s conclusion of Native Title negotiations earlier this year.

“Over the last several months, Metgasco has substantially advanced its knowledge of ATP 2021 and ATP 2020, commencing a technical work program led by the efforts of our technical director, Dr Robbert Willink,” the explorer said.

“The Company is confident of the prospectivity of its Cooper Basin projects and will be accelerating its geological mapping and seismic assessment in the coming months,” it added.

Metgasco is listed on Australia’s stock exchange and has cash reserves of about A$5.8mn ($4.37mn), it says on its website.