abce certificate
New Articles
Wednesday, 07 January, 2009, 22:10 GMT | more >>

QGC says considering transactions



By Upstream staff 

Australian coal seam gas producer Queensland Gas Company (QGC) said today that its board would meet later today to consider certain strategic transactions, without giving further details.

Trading in the company's shares was placed on halt pending an announcement, which it said would be made following the meeting either later today or on Monday.

Officials at Queensland Gas were not immediately available for comment, reported Reuters.

Analysts said the company has previously indicated it might move into higher-value projects, such as liquefied natural gas, compressed natural gas, gas-to-liquids, ammonia or urea production.

QGC has also said it might venture into more infrastructure projects to expand its gas transportation network.

"It could be anyone of those, or they could be planning to acquire some fields or sell some assets," said an analyst who declined to be identified.

QGC, which operates two coal seam gas projects in the north-eastern state of Queensland, supplies gas to two gas-fired power plants and has a 10-year gas sales agreement with petrochemical firm Incitec Pivot .

Last year, QGC received several takeover proposals from major companies, including oil and gas producer Santos and US investment fund TCW Group, attracted to its fast-growing assets in Queensland's Surat basin.

Power retailer AGL Energy eventually bought a 27.5% stake in QGC for about A$327 million (US$291.96 million) in March.

The company in December upgraded its proved and probable (2P) reserves by 212 petajoules (PJ), bringing its total 2P reserves to 1,317 PJ.

Shares in QGC were up 3.95% at A$3.42 before the trading halt.


Friday, 01 February, 2008, 01:20 GMT  | last updated: Friday, 01 February, 2008, 03:46 GMT

Lips sealed: Australia's QGC halts trading in the company's shares
 

e-mail this article to a colleague


to email:  from:
comments: