Metgasco share price drops again
The share price of Metgasco, the northern rivers CSG company at the centre of recent confrontations at Glenugie (near Grafton) and at Doubtful Creek (near Kyogle), lost 10 per cent in a single day’s trade yesterday and is now trading at 13.5c.
This is below any previous low for Metgasco and follows weeks of slowly sinking prices.
The drop, which values the company at less than half its worth in September last year, follows Metgasco’s admission to the market just over two weeks ago that protests against its activities and the associated delays were affecting the market and had contributed to its decision to drill one less test well than originally proposed this year.
Since that announcement, public protests have caused further hold-ups for the company in moving its equipment from Glenugie to its new test site at Doubtful Creek.
In both cases, police escorts were required at an undisclosed public expense.
In addition to the protests in this region, both the Labor and National Party candidates for federal seats in the northern rivers are now in a bidding war for who is the most against CSG.
The sitting Labor candidates Janelle Saffin and Justine Elliot have already articulated anti-CSG positions but yesterday National Party candidate for the seat of Page, Kevin Hogan, released a statement declaring his opposition to CSG and his preparedness to cross the floor on the issue if elected.
For more information on Metgasco’s share price, go to: http://www.asx.com.au/asx/research/companyInfo.do?by=asxCode&asxCode=MEL.