Santos shareholders from North West NSW, concerned about the reputational and financial risks of the Narrabri Gas Project have sent the company's top 100 investors a new report titled 'Home Truths' detailing why it should abandon the controversial project.
The group will also hand deliver a copy of the report to CEO Kevin Gallagher at the Santos AGM in Adelaide today.
The report reveals the costs of the project to the company and on local communities, as well as the extent of public opposition to it, saying that "The Narrabri Gas Project is destroying Santos’ corporate brand, shareholder value and confidence in the company."
The gas project located in the Pilliga Forest near Narrabri in NSW was purchased for close to $1 billion in 2011, and was written off to $0.00 by Santos in February this year.
The North West NSW shareholders say it is time for the company to cut their losses and get out of the project altogether.
Narrabri resident and Santos shareholder Dr Hugh Barrett said, "We want the truth about this ill-fated coal seam gas experiment in NSW to be understood by Santos' major investors, that's why we have made the decision to contact them directly. There are obvious financial reasons to get out of this project, it’s already lost the company well over a billion dollars, but coal seam gas is damaging Santos' reputation, too, and is socially and environmentally irresponsible.
"Home Truths contains the information that Santos does not tell investors, such as their current legal battle in the NSW Land and Environment Court and the on ground impacts that their coal seam gas exploration has had on soils, vegetation and groundwater."
"I expect we won't be the only aggrieved shareholders at the AGM next week. We just hope Kevin Gallagher listens to us. It’s time for Santos to abandon the Narrabri Gas Project."
To read the "Home Truths" being delivered to Santos about coal seam gas and the Narrabri Project, click here.