I have sat on the sidelines todate just taking it in and think that I can really see it from all angles.
I attended a grower / company meeting and I suppose that I knew a blow up was always going to happen at some stage.
I got a few things out of that meeting:
In the early stages of drilling it seemed to me that Len was an ordinary neighbour and perhaps the contractors that he used to do the drilling were a lot rough and ready.
DERM really appeared to understand the underground water system. Whilst their most senior speaker wasn't given the time that he needed he appeared to me to really know his stuff. In my opinion DERM have taken the only course of action that was available - they need to run these additional tests for all parties the farmers, the legislators and the investors.
The Cat needs these additional tests run to fully clear the air over the perceived contamination and from what we have been reading its a given.
The farmers are in between a rock and a hard place and we as investors need to feel for them. Out of the blue someone has come onto their land (quite legally) and said we are drilling a few wholes right here and when ever we want and however we want.
Doesn't matter that at night you can see our lights and listen to the compressors and whatever else they use - would be like having the neighbours play american rap music all night at top volume. Dont forget that the noise really travels over vacant farming land.
Unfortunately the farmers the company and the investors are going to have to live with DERM's testing and assessment of the situation.
If the government here in Qld is seriously looking at stopping this then they need to stop CSM altogether as it seems to me that the amount of salt water that is coming out of the coal is equally as an important issue.
I just hope some middle ground can be found.
CXY Price at posting:
7.5¢ Sentiment: Hold Disclosure: Held