Additional assets to be divested including permits PEL 4 and PEL 267, part of the Hunter Gas Project, PEL 2 in the North Camden area and the Moranbah Gas Project assets. PELs 2, 4 and 267 will be sold as part of the NSW Government’s PEL buy-back scheme.
“The buyback of PEL 2 now means there is no CSG title covering the special areas of the Sydney Water Catchment,” NSW Minister for Industry, Resources and Energy Anthony Roberts says.
With this renewed purpose, Mr Vesey says the company now has the structure in place to ensure it remains a relevant gas producer and supplier, amid a climate of volatile oil prices and increasing gas export opportunities.
“The gas business has the potential to provide vital gas resources for our New South Wales customers and is set to contribute significantly to our balance sheet and deliver solid returns for our shareholders,” Mr Vesey says. “It is important that we get the structure right.”