Another CSG company drops out
DART Energy, the Australian-based international coal-seam gas company which last year agreed to acquire a substantial Northern Rivers exploration license from Arrow Energy, has announced it will suspend its Australian operations.
The announcement comes only weeks after the Northern Rivers' most active CSG company, Metgasco, announced it was suspending all its operations in the Clarence/Moreton basin.
In a statement released to the Australian Stock Exchange today, Dart Energy announces major cutbacks in its Australian operations, including a reduction in staff by 70% including the CEO of its Australian business, Robbert de Weijer.
In the statement, Dart chairman Nick Davies blames the political environment for the decision.
"The Board of Dart is extremely disappointed with the uncertainty created by recent NSW and Federal government decisions in relation to CSG development in Australia," he says.
"The consequence is that investment is leaving the country, field operations are being suspended, Australian jobs are being lost, and the impending energy crisis in New South Wales is not being addressed, and indeed, will only get worse."
The company's vast PEL445 covers a 7100sqkm horseshoe-shaped area which includes Lismore, Evans Head, Mullumbimby, Kyogle, and west to Bonalbo and Urbenville.