Texan fracking company risks millions in chase for Kimberley gas

Environs Kimberley

Texan fracking company risks millions in chase for Kimberley gas
Broome-based conservation group Environs Kimberley is warning that Texas-based
company, Black Mountain, risks wasting tens if not hundreds of millions of dollars in trying
to open up gas fracking fields in the Kimberley.
“Several multinational oil and gas and resource companies have spent large sums of
shareholders’ cash on failed exploration in the Kimberley, including ConocoPhillips,
PetroChina, Hess, Alcoa and Mitsubishi, with no return on investment,” said Environs
Kimberley Director Martin Pritchard.
“In a clear signal to other ‘players’, West Australian mining billionaire Andrew Forrest’s
Squadron Energy relinquished its oil and gas interests in the Kimberley region’s Canning
Basin last month.
The company was quoted as saying:
Squadron Energy continuously reviews its investment portfolio to ensure our projects are
aligned with our climate policy and actively support the transition to a low carbon economy.
“Faced with a $29 million work programme for its exploration leases, and an uncertain future
for fossil fuels according to the recent IEA and IPCC reports, which stated there is no more
room for new oil and gas fields, Forrest’s withdrawal was seen as a sensible business move.
“Texas-based fracking company Black Mountain’s subsidiary, Bennett Resources, has bought
Mitsubishi’s leases in the Kimberley’s Fitzroy River catchment south-east of Derby.
“They currently have a 20-well drilling and fracking proposal under assessment by the WA
Their ‘Valhalla’ project ‘scoping document’, which was out for public
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