Bentley suspension costs Metgasco more than $81m

METGASCO has posted a net loss of almost $86 million for the year ending June 30, 2014 according to its annual report.

It includes $81.2 million for "the impairment of the exploration and evaluation asset," a reference to the suspension of the company's Rosella exploration licence.

A letter from the chairman said Metgasco is committed to developing and commercialising gas reserves in northern NSW, "albeit... over a longer timeframe than previously envisaged".