SGL ricegrowers limited

sgl gets 42.5 mill from agl

  1. 1,414 Posts.
    15 November 2005
    Sydney Gas today announced that all of the preconditions to the Joint Venture
    arrangements with AGL over its development and exploration assets in NSW have been
    met, and the consideration of $42.25 million has been paid to Sydney Gas by AGL. From
    today, the Joint Ventures become operational with AGL Gas Production (Camden) Pty Ltd
    becoming the Operator of the Camden production Joint Venture and Sydney Gas
    Operations Pty Ltd remaining as Operator of the two exploration Joint Ventures. At this
    time Sydney Gas will continue to provide operational services to the Joint Ventures. From
    today Sydney Gas and AGL will each own 50 percent of the assets, receive 50 percent of
    the revenues and pay 50 percent of the expenditures for each of the Joint Ventures.
    Sydney Gas Chairman Michael Knight said that financial close of the joint venture
    arrangements with AGL completed a critical element of the Company’s strategy. He said
    this would allow for a more efficient development and exploration program to be
    implemented which is intended to generate value for shareholders.
    Sydney Gas CEO, Andrew Purcell said “The completion of our Joint Venture brings
    financial stability and greater operational capacity to our gas projects. We very much look
    forward now to working with AGL to fully utilise the combined expertise, capability and
    proficiencies of our two companies to enhance our ability to deliver cost effective energy
    to NSW”.
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