AJ Lucas Group to undertake strategic review of coal seam gas...

AJ Lucas Group to undertake strategic review of coal seam gas assets
AJ Lucas Group Limited (ASX: AJL) today announced that following a review of its Coal Seam Gas
Investments, it has appointed Goldman Sachs JBWere to explore options for its ownership of ATP
651, a QGC operated exploration permit in Queensland.
Commenting on the appointment, Chairman and Chief Executive Officer, Mr Allan Campbell said
“As previously announced, we intend to restructure the ownership of our CSG assets as part of a
broader strategy of focusing on our core businesses of providing specialist infrastructure and
mining services. AJ Lucas has a highly attractive portfolio of CSG assets.”.
Mr Campbell added “ATP651 is one of the most attractive pieces of CSG acreage on the east coast
of Australia. It has significant reserves potential and is strategically located near key infrastructure.
ATP651 is well positioned to benefit from expected LNG projects in the region.”
AJ Lucas’ 15% interest in ATP651 represents 41PJ of 2P reserves, and 126PJ of 3P reserves.
Additional reserves are expected to be proved up in the first half of the 2009 calendar year as
drilling programmes are progressed.


Worth waiting around for if you're a holder.
This share trades in a huge range, don't worry about a few cents up or down this goes in 50 cent swings, can't work it out myself.