Santos shares resume trading as it confirms it will proceed with Barossa gas project
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More news: Santos shares have resumed trading as the company welcomed the Federal Court decision to dismiss claims by Tiwi traditional owner Simon Munkara that the company's Barossa LNG project would damage areas of cultural significance. The gas giant said it will now continue pipelaying activity for the project in accordance with its approved environmental plan.
Shares were trading 2.38% higher at $7.73 at around 2:15pm AEDT.
Santos shares rise after Barossa LNG project ruling
The news: Santos shares jumped after a Federal Court decision cleared the way for it to proceed with its Barossa LNG project in the Timor Sea, before the shares were placed in a trading halt pending an announcement.
The numbers: Following the court ruling, the gas giant will be allowed to proceed with its $5.8 billion Barossa LNG project, having halted work on the 262 kilometre pipeline in September 2022 due to court challenges. A group of 11 elders from the Tiwi Islands, led by Simon Munkara, launched the case against Santos last year, claiming the company had failed to consult and consider the traditional owners' connection to the sea that he said would be irreparably damaged should the pipeline be constructed. Santos paused trading at 12:40pm on Monday after shares gained 2.65% following the ruling.
The context: Justice Natalie Charlesworth said she was not convinced by arguments that the pipeline would cause irreparable harm, ruling that Santos would not need to revise its environmental plan having adequately considered the traditional owners' connection to the sea. The company received another boost last month when the federal offshore regulator approved its revised plan for drilling at the Barossa gas project.
The sources: ASX announcement, Federal Court of Australia
