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Sydney Gas JV granted fourth production lease

Posted: 14 March 2007

Sydney Gas Ltd reported that the NSW Government has granted NSW’s fifth Petroleum Production Lease (PPL) under the Petroleum (Onshore) Act 1991 to the Camden Joint Venturers for a 21 year term.

The newly granted area, PPL 5, which covers 102.7 km2, brings to four, the number of leases now held by Sydney Gas (Camden) Operations Pty Ltd and AGL Gas Production (Camden) Pty Ltd.

The addition of PPL 5 increases the aggregate area under production leases to 206.9 km2, which will provide the Joint Venture with access to additional gas resources for consumers in New South Wales.

The most recent independently certified reserves for the Camden Gas Project are calculated to be 56.95 BCF (1P), 79.95 BCF (2P) and 104.98 BCF (3P) respectively.

The above certified reserves cover approximately 82 square kilometres.

The Joint Venture is currently producing approximately 12.6 MMcf/day (approximately 13.0 TJ/day) from certain areas of PPLs 1, 2 and 4.

The granting of PPL 5 will enable higher average production for the Camden Gas Project in view of the encouraging production results obtained from the recently drilled SIS well GL14 (approx. 920 Mcf/day), which is located adjacent to the boundary between PPL 4 and PPL 5.

AGL Energy Ltd is the operator of the Camden Gas Project in a 50-50 joint venture with Sydney Gas Ltd.



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