AUSTRALIA

Metgasco lets Elk run free

TROUBLED New South Wales hydrocarbon hunter Metgasco has axed its proposed merger with US-focused Elk Petroleum due to the recent hammering of the oil price and feedback that the junior will struggle to raise the funds needed to proceed with the merger.

Metgasco lets Elk run free

Metgasco boss Peter Henderson said that, based on discussions with numerous financial organisations, the company had concluded that the chance of securing acceptable finance was now "very low" due to a...

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