METGASCO has been removed from the All Ordinaries Index on the Australian Stock Exchange.
When it was announced on Friday that the gas resource company was to be removed from the All Ordinaries Index, its shares had slumped to a new low of nine cents.
In 2008 Metgasco shares peaked at around $1.50.
Their removal from the All Ordinaries (an index of common shares on the Australian Stock Exchange) was one of many changes made last week. Proactive Investors Australia reported the All Ordinaries Index had a major reshuffle among the smaller stocks in the index, with 64 changes in total.
Metgasco was one of 40 companies removed from the All Ordinaries in the S&P Dow Jones Indices March Quarterly Rebalance.
Metgasco will be listed until the end of trading on March 15.
CSG Northern Rivers spokesperson Aidan Ricketts said the Metgasco share price had been "heavily exposed to social movement risk".
Update your news preferences and get the latest news delivered to your inbox.