ASX and Media release AGL acquires gas bank and minority interests from Tri-Star 5 November 2008 AGL Energy Limited (AGL) advises that it has a acquired a 400TJ gas bank and 50% of Tri-Star Petroleum Company’s (Tri-Star) current joint venture working interests and related assets in the Spring Gully Project for $15.75 million. Commenting on the transaction AGL Managing Director, Michael Fraser, said: “Whilst a modest transaction, this investment is consistent with our objective of increasing direct access to gas reserves. Tri-Star discovered two of the largest CSG fields in Australia and AGL is keen to develop an ongoing relationship with the company.” The Managing Director of Tri-Star, Mr James Butler, Jr, said: “Tri-Star and AGL are keen to broaden their gas market activities in Australia and after assessing AGL’s energy business in eastern Australia we decided to select it as a partner in pursuing gas market development activities.” Further enquires: Media Nathan Vass, Senior Media Adviser Direct: + 61 2 9921 2264 Mobile: + 61 (0) 405 040 133 e-mail: [email protected] Analysts & Investors Graeme Thompson, Head of Investor Relations Direct: + 61 2 9921 2789 Mobile: + 61 (0) 412 020 711 e-mail: [email protected] About AGL AGL is one of Australia's leading integrated energy companies and is taking action toward creating a sustainable energy future for our investors, communities and customers. Drawing on over 170 years of experience, AGL operates retail and merchant energy businesses, power generation assets and an upstream gas portfolio. AGL has Australia's largest retail energy and dual fuel customer base. AGL has a diverse power generation portfolio including base, peaking and intermediate generation plants, spread across traditional thermal generation as well as renewable sources including hydro, wind, landfill gas and biomass. AGL is Australia's largest private owner and operator of renewable energy assets and is looking to further expand this position by exploring a suite of low emission and renewable energy generation development opportunities. About Tri-Star Tri-Star is a Houston- and Brisbane-based oil and gas exploration and production company with oil and gas interests in the USA and Australia. Tri-Star is credited with developing Australia’s first commercially viable coal seam gas produced from the Comet Ridge Production Facility at the Fairview CSG field, which is now operated by Santos. Tri-Star also discovered the Durham Ranch CSG field, which is now operated by Origin, and has been developed as the Spring Gully CSG Project. Tri-Star retains various economic interests in both of these fields.
ESG Price at posting:
45.0¢ Sentiment: Buy Disclosure: Held
