15.7 C
Byron Shire
May 7, 2021

Metgasco posts $5 million loss

Latest News

From go to whoa – Norco Primex expo covers it all

Norco and Primex are bringing a three-day sustainable farming and primary industry expo to you.

Other News

Is hydrogen part of a sustainable energy future?

There’s a lot to like about hydrogen. For starters, it’s abundant. Hydrogen can store excess renewable power. When liquified, it’s more energy intense than fossil alternatives. In a fuel cell, it can generate electricity. When it’s burned, the only by-product is water.

Father of Julian Assange to speak on the Northern Rivers this week

Northern Rivers residents can hear Mr Shipton in person at the Courthouse Hotel this Tuesday, May 4, from 7pm as part of the monthly Turning Point Talks.

Dreaming about a bucket-list surfing and wellness holiday?

Have you always dreamt about traveling to exotic ‘bucket-list’ beach destinations like Bali or Vanuatu… or are your dreams...

Rous County Dam

Jo Faith, Newtown Strong objections to the proposed development of this dam have been articulated by the Indigenous Heritage First...

Houses without smoke detectors very alarming

Fire & Rescue NSW is always busy and the nation-wide fires in recent years have highlighted the importance and value of our firefighters.

Interview with Madeleine West

Madeleine West is a nationally acclaimed actress who is one of the many talents who lives in our region. Not just a soap star (some might know her as Dee Bliss from Neighbours), Madeleine has an extensive performance training background and she’s going to be sharing her Theatresports expertise with kids at the Byron Comedy Fest.

Chris Dobney

Coal-seam gas miner Metgasco posted a $5 million loss at its AGM yesterday, the second in as many years.

The loss came as no surprise to CEO Peter Henderson, who explained that the company was still in the prospecting phase and so far had no gas to sell.

But he says that situation will soon change, following the granting of the company’s first production licence and what Mr Henderson described as ‘successful’ seismic testing in recent weeks.

Mr Henderson says that as a result of the testing, the company plans to drill three production wells near Casino in coming months, with an optimistic deadline of ‘early December’ to start producing gas.

Metgasco predicts gas sales nearing $4 million next financial year and upwards of $7 million the following.

But Mr Henderson remained coy on particular details of any deals and sales, saying they were subject to ‘commercial-in-confidence negotiations’.

So far Metgasco has variously proposed local gas sales in Casino, a pipeline through world-heritage wilderness to join up with southeast Queensland gas production, and/or a pipeline to a seaport at Byron Bay or Ballina.

No concrete plans for any of the proposals have so far been released.

At least one news report this week has hinted that the company is preparing itself for an early sale, quoting analysts as suggesting the share price understates its value.

Baillieu Research set a price target for the company at 62 cents per share and expects its share price to increase by 10 to 12 per cent in the next year.

Metgasco shares closed unchanged at 20 cents yesterday.


Support The Echo

Keeping the community together and the community voice loud and clear is what The Echo is about. More than ever we need your help to keep this voice alive and thriving in the community.

Like all businesses we are struggling to keep food on the table of all our local and hard working journalists, artists, sales, delivery and drudges who keep the news coming out to you both in the newspaper and online. If you can spare a few dollars a week – or maybe more – we would appreciate all the support you are able to give to keep the voice of independent, local journalism alive.

1 COMMENT

  1. So Mr Henderson has an “optimistic deadline of early December” to start producing gas? I think “optimistic” is the understatement of the year!

    One can only hope that the recent research by SCU into fugitive methane emissions will ring some warning bells somewhere, if not in the industry, then perhaps in government, and that the “optimism” will be replaced by realism Corporate Social Responsibility!

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Greater Sydney goes into COVID related lockdown

NSW Premier Gladys Berejiklian has just announced that greater Sydney area will go into lockdown until next Monday.

Board defends its management of Mullum Rural Co-op

The issue of potential fraud and financial mismanagement was a key part of the response from Mullumbimby Rural Co-op board, and Chair Ross Tucker,...

An operetta and children’s theatre for NORPA

NOPRA has announced recipients of the theatre company’s two artist residencies.

Dam doesn’t give a damn about koalas

The proposed Dunoon Dam is still a possibility, though it has been voted against twice by the members of Rous County Council. Now information has emerged which presents another reason to shut down the threat of the dam once and for all.