AGL Energy Limited
(ASX:AGL) has sold an exploration licence to explore for gas on the NSW Central Coast back to the NSW Government.
The PEL 5 licence covered nearly 400 square kilometres from Wyong to Morisset and has been sold to the government as part of the NSW Gas Plan once the area was deemed to be not commercially viable.
The majority of the surface areas is covered by lakes and mining leases leaving just 10 per cent of the area available for exploration.
AGL will now concentrate on its gas plant in Camden and the exploration and production of coal seam gas in Gloucester.
AGL made a net profit of $308 million for the half year ended 31 December 2014.
