Given lko were able to prove there was gas there but hadn't proven the size of the resource. It cant be valued. But yes the law clearly states that ownership of the resource passes to the proprietor of the licence on condition royalties are paid to the state (people of Victoria). This is subject to variation and review. But reality lko will only ever be entitled to compensation on this basis.
lko only never applied for a natural gas extraction permit.
I think the judge will rule that the Vic governement is well within its rights to change the law.
Will the judge penalise the state government for costs, time and being in breach of their duties ? I'm sure the judge will create a formula for compensation if it doesn't already exist.
So if it is the case that commonwealth law takes precedence over state law, it's what cases are precedent in such matters ?
Given lko were able to prove there was gas there but hadn't...
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