CSG company slams NSW Govt changes
CSG company Dart Energy has labelled the recent CSG regulatory changes by the NSW Government as a "setback for the NSW economy".
Dart recently acquired a massive Northern Rivers gas tenement from Arrow Energy.
The company's PEL 445 covers 7100sq km, wrapping almost completely around Metgasco's exploration tenements around Casino, and includes Bonalbo, Urbenville, Kyogle, Nimbin, Lismore, Ballina and Evans Head.
In an investor statement released following the O'Farrell Government's announcement of restrictions on CSG around residential areas, the company said it would undertake a review of the regulat- ory changes while focusing on its international business.
Unlike junior explorer Metgasco, Dart Energy is a major international gas player and has coal seam and shale gas assets in Britain, Europe and Asia.
Its major CSG project in Scotland has a sales agreement with the country's sec- ond-biggest gas retailer.
Dart chairman Nick Davies said the company would review the changes to "fully understand the implications for our NSW assets".
"Clearly, increased regulation in NSW will result in the export of capital interstate and offshore to countries that work more constructively with industry," Mr Davies said.
"With many of the State's long-term gas supply contracts due to expire from next year, the NSW Government's decision will complicate efforts to safely source local natural gas for industry and its one million domestic gas users."