Coal seam gas and shale explorer Dart Energy Ltd share values dropped to its record low in trading at the Sydney bourse after it scrapped its initial public offering. The offering would include its international assets as well as slash in its headcount by as much as 70%.

Share prices dropped by 44% to just Aus$0.059 to an enterprise value of Aus$52 million or US$54 million. At its peak, Dart shares were priced at Aus$0.69 per share back in 2010. 

This decision to withdraw its initial public offering and cut its workforce is in response to stricter controls imposed by the Australian government for coal-seam gas project development. Instead of this debacle, the company would focus on coal-seam gas and shale projects in the United Kingdom instead.

According to a statement by Chairman Nick Davies in a statement, the new rules result in 'investment leaving the country, field operations are being suspended, Australian jobs are being lost and the impending energy crisis in New South Wales is not being addressed.'