Investors beware: after spending more than $40 million in the Canning Basin, the US-owned company's continued pursuit of remote gas appears to be throwing good money after bad.
Canadian firm Vermilion judged the chance of the December spill as "rare" - the same probability it claims for seven planned exploration wells that could affect anywhere along the Pilbara coast.
Rhett Bennett is the Texas-based chair, CEO, and major owner of Black Mountain Energy, which plans to develop gas fields in the Kimberley using fracking. He is also ceo of Black Mountain Oil and Gas, which operates in the USA.
Investors beware: after spending more than $40 million in the Canning Basin, the US-owned company's continued pursuit of remote gas appears to be throwing good money after bad.
The green light for Black Mountain Energy comes just months after Federal experts said its environmental risk assessment was "limited and disjointed" and reached "largely unsupported" conclusions.
