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APA GROUP — Capital/Financing Update 2008
Jul 21, 2008
64398_rns_2008-07-21_24f9a994-d6d1-4212-92ae-caf7cc173fce.pdf
Capital/Financing Update
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ASX RELEASE
22 July 2008
22 July 2008
The Manager
Company Announcements Office Australian Securities Exchange 4[th] Floor, 20 Bridge Street Sydney NSW 2000
Electronic Lodgement
Dear Sir or Madam
Company Announcement
I attach the following announcement for release to the market:
- Heads of Agreement with Eastern Star Gas and Gastar Exploration
Yours sincerely
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Mark Knapman
Company Secretary
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ASX RELEASE
22 July 2008
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Heads of Agreement with Eastern Star Gas and Gastar Exploration
APA Group Supports Development of NSW Coal Seam Gas Resource
APA Group (ASX: APA) is pleased to announce it has entered into a Heads of Agreement with Eastern Star Gas Limited and Gastar Exploration Ltd to investigate arrangements to transport coal seam gas from the Narrabri Coal Seam Gas Project into the south eastern Australia gas market.
Mr Mick McCormack, Managing Director of APA said “This is the first step in a relationship that has significant growth potential, as the Narrabri Coal Seam Gas Project aims to become a major supplier of gas to meet NSW’s requirements.
“APA is in a unique position to transport gas from Eastern Star Gas’ proposed new pilot production projects to major load centres. We will make use of our established NSW pipeline infrastructure to deliver gas at the earliest opportunity, and maximise capital efficiency to provide services on competitive terms. As gas production increases, we will then be able to progressively expand gas transportation capacity in our existing pipelines and develop pipeline laterals to supply gas to new regions.”
The connection of the Narrabri Coal Seam Gas Project into APA’s NSW gas transmission system, which feeds downstream distribution systems in NSW and ACT and delivers gas into Victoria through APA’s Victorian Transmission System, also paves the way for enhanced security of gas supply for NSW and will give gas users new options for gas supply.
Mr McCormack added “We are pleased to be working with Eastern Star Gas in their development of this indigenous NSW gas resource. Through this agreement we will work towards ensuring timely delivery of the gas to the markets.”
For further information please contact:
Chris Kotsaris, Investor Relations APA Group Telephone: (02) 9693 0049 or Mob: 0402 060 508 Email: [email protected]
Joanne Collins, Gavin Anderson & Company Telephone: (02) 9552 8939 or Mob: 0423 029 932 Email: [email protected]
About APA Group (APA)
APA Group, comprised of Australian Pipeline Trust and APT Investment Trust, is the major ASX-listed energy transmission company in Australia with interests in almost 12,000 km of natural gas pipeline infrastructure, over 2,300 km of gas distribution networks in south east Queensland, Coal Seam Gas processing plants, gas fired power stations, gas storage facilities and two high voltage direct current interconnector systems.
APA manages and operates all its assets and also provides management and operation services to gas distribution and transmission company Envestra (which owns 19,100 km of natural gas distribution networks and 1,029 km of natural gas transmission pipelines). It also holds an 18 percent stake in Envestra and a one-third interest in the SEAGas pipeline. APA Group has a varied and quality customer base including AGL Energy, Cooper Eromanga Basin Producers, Xstrata, Newmont, CS Energy, BHP Billiton, Zinifex, Incitec Pivot, Origin, RioTinto, Nickel West, Synergy and Verve Energy.
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