• Metgasco to raise up to $750,000 through a non-renounceable entitlement offer
• Funds to be used for production uplift program targeting increased gas flow rates and cash generation
• Offer partially underwritten by PAC Partners, with sub-underwriting by existing substantial shareholder Glennon Small Companies Ltd

Metgasco Ltd (ASX: MEL) is pleased to announce that it is conducting a capital raising of up to approximately $750,000 (before costs) through a partially underwritten non-renounceable entitlement offer to eligible shareholders. The funds raised will be predominantly used to meet the costs of a production uplift program targeting near-term returns by optimising gas flow rates and cash generation from the Odin and Vali gas fields in the Cooper Basin. The program is expected to increase gas production through scale management measures at the Odin gas field and the addition of gas production from the Toolachee Formation at the Vali gas field. The entitlement offer will be made to existing shareholders at a price of $0.002 per new share, with one new share offered for every 3.89 existing shares held. The offer is partially underwritten by PAC Partners Securities Pty Ltd, with sub-underwriting arrangements in place with existing substantial shareholder Glennon Small Companies Ltd. The funds raised will also provide additional working capital for the company.

The company expects the production uplift program to significantly increase current gas production to existing gas customers and associated revenue. The potential revenue generated will enable the staged appraisal and development of c 36.55PJe* of 2P reserves to an undersupplied East Coast Gas market.

Metgasco continues to examine ways to further grow its business, including opportunities to acquire additional value-accretive exploration and production-stage oil and gas assets, as well as potential new areas of business consistent with the company's strategic objectives.