Acquired 100% interest in PEL 285 in Gloucester Basin of New South Wales.
AGL Energy Ltd. (Australia: AGL) has acquired 100% interest in petroleum exploration license 285 in the Gloucester Basin of New South Wales in Australia from AJ Lucas Group (Australia: AJL) and Molopo Australia Ltd. for A$370 million (US$325 million) in cash. AJ Lucas held a 70% stake and Molopo held 30%. PEL 285 proved plus probable reserves have been certified by NSAI to be 175 petrojoules as of February 2008, representing approximately 26% of total certified reserves in New South Wales. Goldman Sachs JBWere was advisor to AJ Lucas. Lazard Carnegie Wylie was advisor to Molopo.