Planet Gas Winds Up CSG Activities in NSW

Planet Gas Limited has announced its withdrawal from coal seam gas activities in New South Wales, Australia.

Under farm-in agreements with Leichhardt Resources, Planet Gas had the rights to earn 50% equity in three PELs at Bylong (PEL 468) and Shoalhaven (PEL 469) in the Sydney Basin and at Mooki (PEL 470) in the Gunnedah Basin.

By mutual agreement, Planet Gas and Leichhardt have agreed the exit from each farm-in agreement and Planet Gas will retain no residual interest or liability, Planet Gas said in a statement.

Planet Gas's Managing Director, Anthony McClure commented said the current environment in New South Wales does not fit with the company’s objectives being primarily focused on the Cooper Basin in South Australia.