Member for Myall Lakes Stephen Bromhead met with Minister for Resources and Energy Anthony Roberts last week to announce the cancellation of Petroleum Exploration Licences (PELs) 437 and 476 following buy-backs from resources company Pangaea.
PEL 476 covered 1,009,357 hectares north of Maitland and including areas around Taree, Tuncurry, Bulahdelah and Dungog.
Mr Bromhead said the buy-back of PEL 476 is very important to residents of the Manning and Great Lakes areas.
“I was delighted that Minister Roberts made this important decision which will go a long way to reducing the concerns felt by Myall Lakes’ residents about CSG,” Mr Bromhead said.
“This included nearly 100 per cent of land in the Myall Lakes electorate.
“The buy-back program, which provides a one-off opportunity for PEL holders to surrender titles for limited compensation.
“Through the buy-back of PEL 476 there can be no CSG exploration.
“We are determined to ensure world’s best practice regulation of the gas industry, while safely and sustainably providing energy security