The people are over the lies and the deception by politicians and mining companies.
DART Energy will slash 70 per cent
of its workforce as it reins in costs in response to tighter government
restrictions on coal seam gas projects.
Dart Energy slashes costs amid CSG changes
It is axing 70 per cent of its workforce, taking the number of employees to 50, and slicing 60 per cent of its overall costs.
Dart will also suspend field operations at its Fullerton Cove project near Newcastle, despite the recent lifting of a court injunction on the company sinking exploratory wells.
The moves come after the NSW government in February announced tough new coal seam gas regulations, including a ban on CSG drilling near homes.
The federal government has also announced new environmental laws covering coal mines and CSG projects.
Dart chairman Nick Davies said the company was extremely disappointed with the uncertainty created by recent NSW and federal government decisions in relation to CSG.
"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 New South Wales is not being addressed, and indeed, will only get worse," he said.
"This is in direct contrast to the United Kingdom, where the government is actively seeking to support the responsible development of unconventional gas resources."
Dart's shares were 2.7 cents, or 25.7 per cent, lower at 7.8 cents at 1055 AEDT.
The NSW government's measures include an independent review of all CSG activities, their impact on water catchments and a two kilometre buffer zone around homes and industry clusters such as horse-breeders and wineries.
Dart and AGL Energy attacked the new regulations, saying billions of dollars worth of investment and hundreds of manufacturing jobs would be affected.
Under proposed new federal laws, the government will impose tougher restrictions on coal and CSG mining amid public concerns about their impact on water resources.
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