Mel had put CSG on the backburner to focus on its conventional gas, and still got suspended. The Greens and LTG claiming it was a CSG well not conventional gas, getting away with more lies. The State Govt gave the reason for suspension as lack of community consultation, but we know it was more to do with how to control the protestors, with an election coming up, at the expense of Mel and its shareholders. We have paid the price.
NSW has now been reduced to 9% PEL. If AGL and STO and Mel abandon projects, we are back to square one. AGL's CSG project has been operating for nearly 20 years, successfully, without community opposition. Why is the State Govt heading down the path of more PEL buybacks?
It is sad that science and fact has taken a backseat to a well organised campaign of scaremongering by the Greens and LTG. The community was okay with Mel drilling over 50 wells in a 10 year period, and only turned on Mel, when the Greens and LTG started their campaign, smearing the gas industry.
Very, very disappointed with the NSW State Govt, playing hardball. They stuffed up by sitting on the fence, doing nothing, for years, letting LTG and Greens campaign spread like cancer, killing the gas industry, and now people believe that gas is as dirty as coal, even though it is 50-70 % cleaner. As I've said before the state govt has raked millions in stamp duty from real estate in NSW, yet not interested in squashing the CSG myths, by placing ads in the media, to educate the public that it is safe, and not a new industry.
MEL Price at posting:
5.0¢ Sentiment: Hold Disclosure: Held
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