AGL poised to act on BG deals

Summaries - Australian Financial Review
Monday 2/2/2009 Page: 13

AGL Energy could buy two Queensland gas fields, Lacerta and Polaris, from BG Group based on an agreement made in last October. AGL had agreed to trade its stake in Queensland Gas Company as part of BG Group's friendly takeover plan. AGL could also acquire BG Group's Condamine power station. Funds generated from the sale of Queensland Gas Company and an Exxon-MobilExxon-Mobil-operated Papua New Guinea liquefied natural gas project has been put towards a string of acquisitions including a gas lease in New South Wales Gloucester Basin from AJ Lucas and Molopo Australia, coal seam gas assets from Tristar Petroleum and wind farm sites. AGL has also struck a joint venture with Cooper Basin oil and Innamincka Petroleum and launched a takeover bid for Sydney Gas. AGL is aiming to increase 2P gas stocks to 2000 petajoules.