A girl after my own heart

First Dog On The Moon presents Brenda the Civil Disobedience Penguin…….

Well done the Dog!

Creating a Northern Rivers Regional Social Plan

Creating a Regional Social Plan

 

Regional Development Australia – Northern Rivers and Northern Rivers Social Development Council are working together to develop a social plan for our region. What do we know about our region? Who are our communities? What are our strengths, differences and common interests? What changes do we want to make to the region for the future? The project involves three stages: A snapshot of our region – bringing together data to develop a regional social profile on topics including employment, housing, civic participation, transport, health and education. Community engagement – a series of activities to gather community perspectives on our region and our social priorities for the future. Creating a regional social plan – that will be available for public comment and promoted to government, community organisations and groups. All information gathered will be publicly available via an online repository to inform short and medium term planning processes and build social inclusion, community participation, and responsiveness of community services. To find out more about how to have your say about the future of our region, contact regionalsocialplan@nrsdc.org.au The regional social plan will be available by August 2013. The Northern Rivers comprises the seven Local Government Areas of Ballina, Byron, Clarence Valley, Kyogle, Lismore, Richmond Valley and Tweed Shire.

 

It seems investors can't even give Metgasco shares away

 

The Northern Star 14 March 2013:

Jason McFadden from Ballina-based JPM Financial Planning said that over the past 12 months the company's value had fallen by 73%.

He said Metgasco stock was a high-risk proposition with it having only three major projects.

"I would say that if you are holding stock in the company today then you may have missed the boat," he said.

"Most stock brokers are currently recommending selling shares and there are a significant number of sellers in the market and not many buyers."

David Lennox, Resource Analyst at Fat Prophets said Metgasco may also face further problems at the end of the year.

"If the CSG mining conditions stay as they are the company may have to look at a write-down of assets when it reports on December 31st," he said.

"They may even have to look at putting through an impairment charge on their CSG assets on the balance sheet and that in turn may trigger a number of debt covenants if they have them."

Australian Stock Exchange Metgasco Limited share trades on 14 March 2013:

On 1 March 2013 it was reported that Metgasco was removed from the S&P/ASX All Ordinaries Index.

 

Before it indefinitely suspended its operations on the NSW North Coast this month, Metgasco was operating at a sustained loss, was behind in its exploration schedule, had no coal seam gas wells in production, no pipeline or other gas delivery infrastructure in place and, still needed to spend about $50 millon on exploration to reach the point where they could look at sales arrangements for the gas - a necessary precondition for production.

Not a good profile for a company which appears to have begun preliminary investigations in the Casino district between 1995-97 before incorporating in 1999, listing on the stock exchange in 2004 and commencing its trial production well program in 2005.

 

Metgasco Limited Annual Report for year ending 30 June 2012:

 

 

Annual Report for year ending 30 June 2011:

 

 

 Annual Report for year ending 30 June 2010:

 

 

Annual Report for year ending 30 June 2009:

 

 

Metgasco Limited Annual Report for year ending 30 June 2008:

 

Challenging the February 19 Coal Seam Gas media release by Premier Barry O’Farrell and Andrew Stoner MP

There is much to challenge in the February 19 media release by Premier Barry O’Farrell and Andrew Stoner MP.

Up until now The National Party have claimed that their Strategic Regional Land Use Policy would protect land and water in New South Wales. If this assertion were true, why is there any reason for new ‘measures’ to ‘strengthen’ regulations?

Mr Stoner would have us believe that we (the community) have been listened to. Let’s remember it was The NSW Greens’ Jeremy Buckingham MLC who successfully initiated the 2012 NSW Parliamentary Inquiry into Coal Seam Gas mining that brought to light the dangers of CSG. The Liberal/National NSW government needed to be dragged kicking and screaming to the inquiry before agreeing on these modest reforms to the rampant coal seam gas industry. Now they are rewriting history.

Andrew Stoner and Barry O’Farrell claim their government is not responsible for the exploration licences. “It was Labor that handed out CSG exploration licences… “ Perhaps they are just unaware that Liberal/National government also handed out licences. The application to drill for pilot production at Fullerton Cove was made to the O’Farrell Government in September 2011 and approved by DITRIS on 5 June 2012.

Premier O’ Farrell has claimed that if his government were to cancel petroleum exploration licences then the state would be liable for billions in compensation.  However, the Petroleum (Onshore) Act makes it clear that companies would not be paid any compensation for cancellation of licences if they breached ‘conditions’.   Surely this means that if the Lib/National government has got its new ‘measures’ and ‘controls’ correct then they won’t have to pay any compensation because all the companies will be complying with their ‘conditions’.

The O’Farrell/Stoner government is yet to legislate these new promises made under pressure. If the legislation is passed as proposed there is no protection for farming land, only for viticulture and horse studs. Does this mean that many farmers in New South Wales have less value than grapes and horses?

Existing licences and drilling such as we have seen at Glenugie and Doubtful Creek will proceed. No amount of payout would compensate for the loss in value of farmland because of its industrialisation. Picture many CSG wells 500m apart linked by roads and pipelines; the one small well in a pretty field is advertising hype by the CSG industry.

Luke Hartsuyker is quoted on March 8 as saying that coal seam gas is ‘very much an industry approved in the state jurisdiction’. The responsibility of this jurisdiction certainly appears to cause Mr Stoner some conflict when he can be quoted on ABC News February 22, as saying: “I wouldn’t want a CSG well five metres from my property. It’s going to affect my property value a hell of a lot. Nobody is going to want to buy that value, ah that piece of land rather, um, and there’s always the potential for something to go wrong, so I understand why people are concerned.” How does this fit with the bottom line of the same media release where Mr Stoner says: “We want a sustainable CSG Industry in NSW...”?  Sustainable? How? Renewable? No? Social Licence for this industry? None!

Carol Vernon

Fernmount

11/3/2013

GuestSpeak is a feature of North Coast Voices allowing Northern Rivers residents to make satirical or serious comment on issues that concern them. Posts of 250-300 words or less can be submitted to ncvguestspeak AT gmail.com.au for consideration.