Incitec Pivot (ASX:IPL) to put development of Queensland Gas tenement

Company News

by Rachael Jones

Incitec Pivot (ASX:IPL) today announced that the 50/50 joint venture project concerning the coal seam gas acreage (ATP 2031) in Queensland’s Surat Basin has been temporarily paused at the request of its partner Central Petroleum (ASX:CTP).

The oil and gas sector has been significantly impacted by logistical disruptions caused by the COVID-19 pandemic, as well as significant disruptions to the global oil and domestic gas markets.

Incitec Pivot’s (ASX:IPL) gas supply agreement with Central Petroleum (ASX:CTP)., for the supply of natural gas to the Gibson Island site in Queensland ended in December 2019.

Gas supply from Australia Pacific LNG will meet the plant’s needs from 1 April 2020 through to 31 December 2022.

Shares in Incitec Pivot (ASX:IPL) are trading 3.1 per cent higher at $2.01.
 

Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.