AGL entered into long term agreements to buy gas from Sydney Gas Ltd’s Camden gas project in 1999 and 2002.
“This $9 million advance provides for repayment from the value of future natural gas deliveries,” said Sydney Gas CEO Bruce Butcher.
“It will enable Sydney Gas to drill and fracture stimulate new production wells within the Camden Gas Project, and tie those into its Rosalind Park Gas Plant that was commissioned on 16 December 2004 and has been supplying natural gas to AGL Wholesale Gas Ltd since.”
Sydney Gas said it was intending to ramp up gas production associated with the Rosalind Park facility.
