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Initially the sale was set for December 8 but bids will now be pushed back until after Christmas in mid-January.
Epic's assets are to be split in two for the sale with the Dampier to Bunbury Natural Gas Pipeline (DBNGP) to be sold by UBS and the remainder of the company's portfolio, located in the eastern states, to be handled by Carnegie Wylie & Co.
The Western Australian Office of Gas Access Regulation (OffGAR) recently decided to extend the approval time for access arrangements to the Dampier to Bunbury Natural Gas Pipeline by two months.
The extension will provide some relief for Epic Energy, which has high hopes of achieving a good upfront tariff from its key customers to underpin a good price for its Western Australian gas pipeline, as the outcome of negotiations with its core customers, Alcoa, Alinta and Western Power, is expected to prove crucial to a competitive bidding war for the asset.
Revenue for the DBNGP for the 12 months to December 31 is tipped to be around $235 million, with $186 million of earnings before interest, tax, depreciation and amortisation.
