Shares in Metgasco Limited (ASX:MEL) rose after informing the market the Independent Commission Against Corruption (ICAC) will not be proceeding with an inquiry into the company.
The coal seam gas miner has had a turbulent month with the suspension of its Rosella exploration drilling program and being referred to the New South Wales corruption watchdog.
Metgasco was publically named by the New South Wales Energy Minister Anthony Roberts on May 15, 2014 when announcing he had written to ICAC. However, the company says ICAC has made it clear there was no information in the referral that was indicative of corrupt conduct.
Chairman Len Gill says he was shocked and extremely disappointed with the Minister’s move and the referral had caused major damage to the company’s reputation.
Shares in Metgasco surged 22.22 per cent on Monday following the announcement to close at $0.055.
Metgasco reported a net loss of $2.33 million in the first half of the 2014 financial year.