(Bloomberg) -- Shares of Australia's biggest independent oil and gas company surged to the highest in two years as energy prices soar and a court dismissed an environmental challenge against its projects.
The Supreme Court of Western Australia dismissed two challenges brought against the Environmental Protection Authority over approvals made in 2019 for two Woodside Petroleum Ltd. assets, Pluto LNG and Karratha gas plant, the company said in an exchange filing Tuesday.
The challenges were brought by the Conservation Council of Western Australia, which in November also filed a separate challenge against Woodside's proposed Pluto Train 2 expansion, part of a $12 billion project approved for investment last year. The project will result in annual greenhouse gas pollution equal to 15 new coal-fired power stations, the environmental group said in a report last year.
Woodside shares jumped as much as 5.7% in Sydney to A$30.30 a share, the highest since February 2020. Shares have gained 38% since the start of the year as oil and gas prices have rallied behind strong demand and the fear of supply disruptions after Russia invaded Ukraine.
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