From the ABC:
Gas company Metgasco says the New South Wales Government has offered to buy back three exploration licences in the state’s north for $25 million.
The State Government suspended the company’s licence to drill at its Rosella site near Bentley in the state’s north in 2014, amid allegations of inadequate community consultation.
Earlier this year, the Supreme Court found the Government had acted improperly and lifted the suspension.
The NSW Government had been negotiating compensation with the company.
In a statement to the media and the Australian Stock Exchange, Metgasco said the settlement followed “protracted discussion” with the Government since July.
It said the board of directors unanimously supported the settlement deal and would recommend shareholders vote in favour of it.
…NSW Minister for Industry, Energy and Resources Anthony Roberts said the Government was satisfied with the deal, which he said settled the interests of all stakeholders.
“We believe this is a fair and reasonable offer which balances the interests of New South Wales taxpayers and Metgasco shareholders,” he said.
“This means that effectively, should the shareholders agree to this offer, it will make the Northern Rivers of New South Wales gas free.
“This will enable us to reset the debate and ensure that the people of New South Wales have control over their resources when, how and if they are mined.”
Count down to major APPEA whine in 10, 9, 8, 7…
