This recent quarter was, as expected, quiet for Metgasco. Following the difficult decision in March to suspend field activities in response to significant regulatory changes announced by the NSW Government, Metgasco focussed on:
- fully implementing its suspension plans, including staff downsizing and cost reductions;
- community and government contact to highlight the importance of gas to the NSW community and that the CSG industry is a safe and environmentally attractive industry; and
- evaluating new business activities outside the Clarence Moreton Basin.
The bulk of the downsizing and cost reduction program has been achieved and the decommissioning program for the wells is underway. Of the nineteen wells that required decommissioning and sites rehabilitated, twelve wells were decommissioned. The overall program is on budget and schedule.