Incitec Pivot Limited
(ASX:IPL) say they have signed a letter of intent with Real Energy Corporation Limited
(ASX:RLE).
The deal is a first step in negotiations for the sale of gas from Real Energy’s Cooper Basin gas project and the two companies intend to work closely together towards a binding Gas Sale Agreement.
It is hoped to eventuate a 10 year agreement for around 110 petajoules of gas.
Incitec Pivot recently reported a net profit of $146.5 million for the six months to the end of March.
