UPDATE: AGL Energy Won't Exercise Option To Buy BG Assets
15 Aprile 2009 - 1:58AM
Dow Jones News
AGL Energy Ltd. (AGK.AU) said Wednesday it won't exercise an
option to acquire A$1 billion worth of coal seam gas and power
generation assets in Queensland state from BG Group PLC
(BG.LN).
The integrated energy company said in a statement that it is
comfortable its strategic target of securing 2,000 petajoules of
equity gas can be achieved from recent acquisitions.
AGL in October gained the option to purchase the assets, which
include the Lacerta and Polaris CSG fields and the Condamine Power
Station, when it agreed to sell its holding in Queensland Gas
Company Ltd. into BG's takeover of that company. The options had a
four month expiry date, which AGL said Wednesday have lapsed.
The market didn't expect AGL to exercise the options,
particularly since it didn't exercise them by Feb. 1, when an
interest-free period on the exercise price expired.
AGL late last year bought CSG interests in New South Wales state
including a full acquisition of Sydney Gas Ltd. after divesting
non-core assets, like its stake in a gas export plant in Papua New
Guinea.
Australia's biggest energy retailer has made no secret of its
intention to participate in the privatization of NSW's retail power
assets, which the government wants to sell by the end of 2009.
AGL said its existing 400 megawatt of despatch rights over the
Yabulu and Oakey Power stations in Queensland, together with power
station development rights, delivered a better outcome than
exercising the Condamine Power Station option.
By Ross Kelly, Dow Jones Newswires; 61-2-8235-2957;
ross.kelly@dowjones.com
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