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AGL offloads Queensland gas permit

  • Märkte: Natural gas
  • 05.06.15

Australian utility and gas group AGL Energy has sold its 50pc interest in the ATP529P onshore exploration permit in the Galilee basin in Queensland, which has been targeted for development of its coal-bed methane (CBM) gas resources.

AGL sold its stake in ATP529P to Australian independent Galilee Energy where AGL will not receive any funds, but instead it will contribute A$590,000 ($456,000) to Galilee to support future operations at the Glenaras well, which forms the main part of the Galilee gas project, where it will also become the operator. Galilee will own 100pc of ATP529P.

The transaction is expected to be complete in late July or early August 2015. Galilee Energy completed a study of ATP529P in March 2014 that confirmed the potential for commercial gas production in the area.

The disposal of AGL's 50pc interest in ATP529P follows the company announcement last month that it plans to sell A$1bn of assets by the end of the 2016-17 fiscal year ending 30 June. AGL earmarked some of its CBM exploration assets as part of this planned disposal programme.

km/rjd



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