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ASX Listed Companies > MEL.AX Metgasco > Metgasco rig delayed by asbestos scare?

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Metgasco Fiasco
Gasfield Free Northern Rivers PR release published in full

Metgasco rig delayed by asbestos scare?

28 April 2014 According to Gasfield Free Northern Rivers, the speculative gas exploration company Metgasco may have failed to provide adequate explanation for the ongoing delays to their controversial drilling plans at Bentley near Lismore.

Under ASX rules Metgasco has a legal obligation to inform investors of the real reasons for any delays but has so far failed to notify investors of the scale of local opposition to their proposed drilling operations at Bentley.

Metgasco faces massive local opposition in the Northern Rivers with 87% voting in a local government poll in Lismore in 2012 against invasive gasfields.

More recently over 3000 people have showed up at the Bentley blockade and protesters have occupied the access to the proposed drill site.

"Metgasco had told investors that the drilling would be available by mid April [1] but in early April, and following a massive turnout of protesters at Bentley, Metgasco advised the stock exchange that its drilling rig had been delayed by rain in Queensland," [2] said Aidan Ricketts, spokesperson for Gasfield Free Northern Rivers.

"Documents have now come to light that suggest possible asbestos contamination of the rig that will be used at Bentley is part of the reason for the delay." (See attached letter)

"A letter from the company contracted by Metgasco to provide a rig confirms that the rig in question has been caught up in the recent contamination event in Queensland where coal seam gas drilling products were found to contain asbestos."

"Gasfield Free Northern Rivers are calling upon Metgasco to come clean with the real reasons for the delay," Mr. Ricketts said.

"Is it because of the overwhelming opposition in the Northern Rivers region or because of asbestos contamination of the rig that will be used at Bentley, or do they continue to stand by their claim to the stock exchange that it is rain in Queensland that is causing the delay?"

"The ASX is currently investigating complaints that Metgasco has breached its continuous disclosure obligations by failing to disclose the size of local opposition to its plans in the Northern Rivers and by failing to disclose to investors instances where its program is delayed as a result of the protest activity."

"It appears that Metgasco may still be failing to tell the full story about why its drilling operation is running so far behind schedule."


[1] Metgasco announcement to ASX dated 14 February 2014 http://www.asx.com.au/asxpdf/20140214/pdf/42mqk629mcldfg.pdf

[2] Metgasco announcement to ASX dated 8 April 2014 http://www.asx.com.au/asxpdf/20140408/pdf/42nwf2swby6sss.pdf

[3] Titan Letter dated 23 April 2014

 

 

 

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