A recent report by financial services company Credit Suisse has found that risks associated with the Santos gas project in Narrabri has devalued the site by $600-million.
The gas company originally paid Eastern Star more than $900-million in 2011 for the project, but following daily protests, technical and environmental problems the value has decreased by nearly two-thirds.
Santos has had nine exploration wells approved so far, but has to wait another six months before they can drill due to water modelling issues.
We’ll have more on this story in tomorrow night’s bulletin.
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