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May 24, 2024

Metgasco vote closer than expected

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Today’s critical meeting at which Metgasco shareholders will decide whether to accept a $25 million government buyout of the company’s north coast coal seam gas licences is winding up but it may still be some hours before the result is known.

Postal votes have now been counted, with 51 per cent of voters supporting the buyback but a surprising 47 per cent opposing it.

Although the voting has now taken place, because votes are based on individual shareholdings it will take some time to count.

AAP has reported that Metgasco plans to use the proposed $25 million compensation from the New South Wales government to acquire oil and gas assets from distressed sellers.

‘It is our expectation that in the first six months of 2016, distressed sellers will continue to bring assets to the market,’ managing director Peter Henderson told shareholders.

‘There are many approaches we will consider, from acquisitions, to farm ins and mergers,’ he added.

Gasfield Free Northern Rivers co-ordinator Dean Draper, who has been posting from the meeting, said Mr Henderson announced the NSW Government indicated it would not provide the company with police support if it pushed ahead with its northern rivers licences.

‘This news upset shareholders,’ Mr Draper said.

He added that some shareholders wanted reassurance that the government would not reissue the licences to another company.

 


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