PERTH (miningweekly.com) – Gas producer Cooper Energy has struck a gas sales agreement (GSA) with fellow listed AGL Energy for all developed and uncontracted volumes from the Casino, Henry and Netherby fields in the Otway basin, effective from January next year.
The two companies have also amended the existing Sole GSA so that the annual contract quantity has been reduced from 12 PJ/y to 6 PJ/y, but the contract term has been extended by two years until December 2030.
The amendments include a mechanism to increase the annual contract quantity by up to 6 PJ/y from future Sole production increases, with the total incremental volume for AGL capped at 30 PJ.
GSA pricing and other terms remain unchanged, Cooper Energy said on Monday, noting that Sole production above the previous total contracted volume of 22 PJ in 2022, or incremental volume not purchased by AGL, would be available to sell into new contracts.
Cooper Energy MD David Maxwell said that the new gas sale arrangements with AGL were further demonstration of the flexibility within Cooper Energy’s gas portfolio and the steps being taken to optimise value and position the company for future growth.
“We are pleased to be working closely with AGL and look forward to ongoing collaboration.
“The new gas sale arrangements are a further illustration of Cooper Energy taking decisive action to increase certainty and position the company for further growth.”