Comet Ridge has advised it is waiting for word from the New South Wales Government for the intentions on the renewal of PEL 6 and PEL 427 after the Future of Gas Statement was published last month.
Outlined in the company’s quarterly report, renewable application amendments were submitted for PEL 6 and PEL 427, the most prospective of Comet Ridge’s NSW permits, on the understanding the Department of Regional NSW would favourably reconsider renewals of these permits.
Discussions with the department indicated that a minimum relinquishment of 25 per cent of each block area was required and amended renewal applications were submitted by Comet Ridge on that basis.
The company advised it was agreed that the outstanding renewal for PEL 428 should be withdrawn, with PEL 6 and PEL 427 being renewed.
Outlined in the NSW Government Future of Gas Statement, Comet Ridge said the government on one hand seemed to support a gas industry for manufacturing, but has also retracted gas activity outside the Narrabri gas project.
“The company is extremely disappointed that the apparent intent of The Future of Gas Statement is to extinguish entire permit areas, over and above statutory obligations, with no indication of any regard for the investment made by Comet Ridge in these permits over the past 10 years,” Comet Ridge highlighted in its report.
Comet Ridge stated it believes the statement is a backward step for investment and job creation in regional NSW.
Subscribe to Oil & Gas Today for the latest industry news.