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Sydney Gas – AGL JV Complete |
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The joint venture arrangements between Sydney Gas and AGL over its development
and exploration assets in NSW have been finalized.
From yesterday, the joint
ventures became 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.
Sydney Gas and
AGL now each own 50% of the assets, receive 50% of the revenues and pay 50% 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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