Metgasgone! Metgasco set to go
METGASCO has announced the suspension of all operations in the Northern Rivers.
The news has been welcomed by those who have been campaigning against the development of the industry in the region.
Lock The Gate spokesperson Ian Gaillard said it was "a great day for the Northern Rivers".
"I'd like to acknowledge the outstanding hard work of the Northern Rivers community in pushing back this dangerous industry," he said.
"Lock The Gate is everybody who has a yellow triangle on their house, in their car or on their gate.
"I feel for those people who will lose their jobs, but this campaign has cost a lot of people a lot of money and time in an effort to protect the Northern Rivers.
"I'd like to quote Tim Duddy, who was a campaigner from the Liverpool Plains: 'It's important that our environment is protected by economics, not the other way round'."
In an announcement to the media and the Australian Stock Exchange, Metgasco CEO Peter Henderson cited "the uncertain operating environment" created by State Government regulations for their decision to suspend operations.
He seems to have dismissed the idea of selling the company's exploration licences to another company, saying: "Once CSG investment regulations are firmly established and it once again becomes prudent to invest shareholder capital exploring and developing CSG reserves in New South Wales, Metgasco will resume its operations".
He said for the time being they will "scale back" and keep a small presence in the region.