Landholders at Bellata, Gurley & Terry Hie Hie fighting against the renewal of coal seam gas licence PEL470 are celebrating tonight as news filters through that the farminee agreement between Leichhardt Resources Pty Ltd and Planet Gas Limited has ended.
Planet Gas Limited announced to the ASX this afternoon that they were pulling out in its entirety of NSW.
"Planet Gas and Leichhardt have agreed the exit from each farm-in agreement and Planet Gas will retain no residual interest or liability," said the Planet Gas Limited letter to ASX on 14.05.13.
100% of landholders in 2012 in PEL470 signed declarations and stood together to oppose the renewal and for no further licence to be issued over the lands by the NSW Liberal National Government.
Minister Hartcher – Resources and Energy renewed the licence February 8th 2013.
Chair of Bellata Gurley Action Group Against Gas Inc Mrs Penny Blatchford says "the area of Bellata and Gurley is renowned for its highly productive soils and strategic value to agriculture to the state and Australia."
"A united community standing up and saying no to the miners makes a significant difference to whether your region becomes a gasfield or not," she said.
"Today we celebrate that our stand to protect our land has been rewarded with the farminee Planet Gas pulling out of NSW. Leichhardt Resources the $2 company is out in the cold - like a shag on a rock with no financial, technical or operating capacity to meet its licence commitments,” says Mrs Angie Smith Landholder at Bellata.
Planet Gas shares have plummeted with the news from 0.018 c to 0.013c per share down 18.75% overnight.
The Bellata Gurley Action Group Against Gas Inc wrote a very detailed and comprehensive document as to why PEL470 should not be renewed to the NSW Government – they should have listened to the community.
References
Planet Gas Media Release: Withdrawal from New South Wales Coal Seam Gas