On March 14 last year the share price was sitting at 39c, which was down from their all-time high of $1.51 in June 2008. Jason McFadden from Ballina-based JPM Financial Planning said that over the past 12 months the company's value had fallen by 73%. He said Metgasco stock was a high-risk proposition with it having only three major projects.
"I would say that if you are holding stock in the company today then you may have missed the boat," he said.
"Most stock brokers are currently recommending selling shares and there are a significant number of sellers in the market and not many buyers." Information from Northern Star.
ANTI-CSG group Lock the Gate is claiming a "massive victory" for the
community after Metgasco announced it would suspend its Northern Rivers
operations.
In a statement, Lock the Gate spokeswoman Boudicca Cerese said the
decision vindicated the efforts of "thousands of people across the
region" who had opposed coal seam gas.
Ms Cerese also rejected a claim by Metgasco community opposition had nothing to do with the decision to withdraw.
"In the past two years we have seen the growth of an unprecedented social movement made up of people from across the political spectrum who are totally opposed to the industrialisation of our beautiful region for coal seam gas mining.
"We have seen all sorts of innovative and creative actions from community members ranging from the development of the grass roots gas field free community surveys to the formation of community action groups like the wonderful Knitting Nannas Against Gas.
"We have witnessed the largest ever rally in the region with 7,000 people on the streets of Lismore last May marching against coal seam gas.
"We have been inspired by the courageous efforts of local communities and their supporters at Glenugie and Doubtful Creek who have survived floods and wild weather whilst continuously blockading Metgasco's drilling operations for almost four months.
"People from all walks of life have come together as never before- farmers, townspeople, Aboriginal traditional owners, tree changers, you name it- working collaboratively in the face of our government's failure to protect what we all hold dear- our natural places, food growing land and precious water supplies," she said.
Lock the Gate regional coordinator Ian Gaillard warned Metgasco would face renewed opposition if it ever tried to make good on its plan to return to the region once the regulatory environment had settled.
"The people of the Northern Rivers have shown that coal seam gas companies simply cannot operate in the face of empowered and resolute community opposition," Mr Gaillard said.
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