Amplitude Energy and AGL sign four-year gas sales deal
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The news: Amplitude Energy has inked a binding foundation gas sales agreement (GSA) with AGL Energy over a four-year term.
Shares had risen 1.74% to $1.75 at 12:00pm AEST.
The context: Under the agreement, Amplitude will supply 20 petajoules of gas, or 5 petajoules per year, from the East Coast Supply Project (ECSP) over a four-year period, in which the sales price depends on conditions in the global oil market.
Amplitude said the agreement is largely dependent on the results of the ECSP drilling activities, subject to a minimum level of reserve bookings and deliverability.
What they said: "AGL Energy has been a key supporter of Amplitude Energy, including as a foundation buyer from the Sole gas project.
“This GSA reflects the strong demand we are seeing for reliable, domestic gas supply in Southeast Australia, as well as both parties’ confidence in the ECSP,” Amplitude Energy CEO Jane Norman said.
The source: ASX
