Saturday, 19 January 2013

Metgasco Limited - a comedy of errors but are the shareholders laughing?

Share price in the doldrums for months on end, caught dumping wastewater in a sewerage treatment plant after being told to fix the problem with one of its holding ponds, had to beg to be excused from EPA fines, losing money hand over fist, had to put its Lions Way Pipeline plans into mothballs, in the process of losing one of its large institutional shareholders, and faced with the steady dislike of entire Northern Rivers communities, one would think matters could not get worse.
However, this week community members at the site, local media and at least one state politician have been telling the world that this coal seam gas exploration and wannabe production company can’t even drill a simple test shaft.
Seems the drill head ran into rock it could not pass through so it broke and, someone managed to let drilling mud flow free.
Whatever happened to the much vaunted seismic testing to map subsurface geology and structure of an area before picking an exploratory well site?
Didn’t do it? Forgot to bring the mapping? Thought near enough would be good enough and was rather surprised to find a very large rock in the way? Ooopps!
And to top the lot for this woebegone company, those pesky regional folk are still making it difficult for Metgasco to turn up to work at Glenugie in the morning.
The protesters who had locked themselves to the vehicle were from properties near to the CSG site at Glenugie. A young girl, believed to be the daughter of one of the farmers, was removed from the vehicle by police.

*Photograph and quote from The Daily Examiner 15 January 2013

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