DART Energy shares have tumbled to record lows as the company cuts costs and slashes jobs in response to government crackdowns on coal seam gas projects.
Dart will close offices and axe 70 per cent of its workforce, taking the number of employees to 50, as it aims to slice costs by nearly two thirds.
It is also suspending field operations at Fullerton Cove, near Newcastle in NSW, and switching focus to developing CSG projects in Britain and China.
The moves come after the NSW government announced tough new coal seam gas regulations, including a ban on CSG drilling near homes.
The federal government also plans new environmental laws covering coal and CSG projects amid public concerns about their impact on water resources.
Dart's shares tumbled by more than a third after it revealed its restructure plans on Tuesday.
Chairman Nick Davies said he was disappointed with the uncertainty created by government decisions.
"The consequence is that investment is leaving the country, field operations are being suspended, Australian jobs are being lost, and the impending energy crisis in NSW is not being addressed, and indeed, will only get worse," he said.
He said this was in direct contrast to Britain's approach to CSG projects.
Dart's decision to suspend operations at Fullerton was made despite the recent lifting of a court injunction on the company sinking exploratory wells there.
Anti-CSG group Lock The Gate Alliance welcomed the suspension, saying it would protect local drinking water supplies.
"The people of Fullerton Cove have fought bravely to defend their community from a global gas company, and for now at least, they have won," said alliance coordinator Steve Phillips.
Meanwhile, Dart has cancelled plans to float its international arm.
And in a management shakeup, Dart will have just one chief executive heading the entire company instead of separate bosses for its international and Australian arms.
The head of Dart's international operations, UK-based John McGoldrick, will become the company's new chief executive.
Dart's shares were four cents lower at 6.5 cents at 1519 AEDT.
Options Xpress market analyst Ben Le Brun said the sharp fall in Dart's shares could have been a kneejerk reaction as many CSG players will come under pressure as a result of the new government restrictions.
"The market likes the idea of cutting your workforce and getting costs out as much as possible but playing against that is the government restrictions on coal seam gas projects so maybe the market's giving that more of a weighting," he said.
Anda sedang membaca artikel tentang
Dart Energy slashes costs amid CSG changes
Dengan url
http://tantanganbarusan.blogspot.com/2013/04/dart-energy-slashes-costs-amid-csg.html
Anda boleh menyebar luaskannya atau mengcopy paste-nya
Dart Energy slashes costs amid CSG changes
namun jangan lupa untuk meletakkan link
Dart Energy slashes costs amid CSG changes
sebagai sumbernya
0 komentar:
Posting Komentar