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AGL to sell NQ gas assets

AGL to sell NQ gas assets

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Herbert Smith Freehills has advised AGL Energy Limited on the impending sale of its North Queensland gas assets to a consortium.

Firms: Herbert Smith Freehills (AGL Energy Limited); Undisclosed (consortium of Shandong Order Gas Co. Ltd. and Orient Energy Pty Ltd)

Deal: AGL Energy Limited (AGL) has been advised on its recently announced transaction to sell its North Queensland gas assets to a consortium of Shandong Order Gas Co. Ltd. and Orient Energy Pty Ltd.

Value: Undisclosed

Area: M&A

Key players: The legal team advising AGL is led by Herbert Smith Freehills partner Rob Merrick and includes special counsel Jau-Shi Liew, associate Claire Russo, graduate Kai Low, partner Andrew McLean and graduate Jasper Johnson.

The team is working closely with AGL’s senior legal counsel Julia Macdonald.

Deal significance: According to a statement from Herbert Smith Freehills, the assets comprise AGL’s 50 per cent interest in the Moranbah Gas Project Joint Venture (MGPJV), 50 per cent interest in the North Queensland Energy Joint Venture (NQEJV), and AGLs participation rights in the ATP1103 exploration licence located in the Bowen Basin.

The transaction is subject to waivers of pre-emptive rights and customary regulatory approvals and third-party consents, the firm said.

Commenting on the deal, Herbert Smith Freehills partner Rob Merrick said: “We have advised AGL in relation to these assets since the company first acquired its interests in the MGPJV in 2006 and the NQEJV in 2007”.

“It is a pleasure to be involved in this latest chapter,” he said.

 

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