Casino Powering Up for Gas-Led Economic Boom; First Big Find in NSW in 100 Years
Byline: mel mcmillan email@example.com
ENOUGH methane gas to power 30,000 homes for at least 656 years has been discovered at Casino.
Metgasco, a North Sydney-based gas exploration and supply company, announced yesterday the Kingfisher E1 well near Casino Airport had struck multiple gas-bearing sands at intervals between 1058 and 2067 metres below the surface. The discovery was better than the company had expected.
"Kingfisher is a major new gas discovery," Metgasco managing director David Johnson said. "This is the first significant conventional gas discovery in over a century of exploration in the state of New South Wales."
Earlier this month, shares in the company were trading at about 46 cents. Yesterday, shares opened at 54 cents and reached a high of 74 cents before closing at 67 cents.
NSW Government approval for a $42 million gas-fired power station, to be built by Metgasco in Casino, is expected to be announced soon.
It is thought the power station will take 18 months to build and will employ between 40 and 60 workers during the construction phase, with a smaller number of workers being employed in ongoing roles. …