In the full face of protestors Santos Limited (ASX:STO)
shareholders have voted not to withdraw from the Narrabri coal seam gas project in New South Wales.
The oil and gas explorer’s shareholders were asked to vote on the resolution, brought by the Wilderness Society at the company’s annual general meeting (AGM) in Adelaide on Friday.
The resolution proposed Santos abandons its investment of more than $1 billion in the natural gas resources in and around Narrabri.
Despite opposition to the project voiced at the AGM 99.22 per cent of shareholders voted for in favour of Santos pushing ahead with the project.
Following the AGM shares in Santos rose 0.35 per cent on Friday to end the week at $14.34.
Meanwhile, fellow coal seam gas miner Metgasco Limited (ASX:MEL)
plunged more than 40 per cent on Friday on fears for the future of its Rosella exploration drilling program in New South Wales.
The government has decided to suspend the program amid concerns Metgasco’s community consultation did not tick all the boxes.
Santos reported a net profit of $516 million in the 2013 calendar year.