The Greens NSW mining spokesperson Jeremy Buckingham today said that the decision by the board of Metgasco to downgrade the value of their gas resources reflected the cost of failing to earn a social license to conduct their drilling operations.

“Metgasco has paid the price for comprehensively failing to earn a social licence in the Northern Rivers to conduct their drilling operations” said Greens MP Jeremy Buckingham.

“Metgasco have admitted that their depressed share price reflects the high level of risk that unconventional gas poses to investors and this downgrade should act as a warning to anyone thinking of investing in fossil fuels in NSW.”

“A business model that relies on cops and courts to force its way into a community is doomed to fail. Metgasco should cut their losses, pack their bags and leave the Northern Rivers.

“The Greens believe that coal seam gas is unsafe, unnecessary and unwanted. The Greens support a rapid transition to clean renewable energy such as wind and solar,” he said.