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Our achievements

Major Milestones  

• First commercial gas producer in NSW, with consistent production and sales since May 2001.
  
  
• Camden Gas Project designated a State Significant Development by the NSW government.
  
  
• Sydney Gas awarded the first two Petroleum Production Leases (PPLs) in NSW. 
  
  
• Additional PPLs for the Camden area have been secured bringing the total production leases held by the Sydney Gas AGL joint venture to five.

2008 Highlights

• Total gas production from Camden Gas Project (100%) was 5.261PJ – 15.7% higher than last year.
  
  
• Gas sales averaged 14.37TJ/day compared to the 2007 average of 12.46TJ/day.
  
  
• Revenue from gas sales was $8.755 million in 2008 up 15% from $7.398 million in 2007.
  
  
• EBITDA (before exploration/development write-downs and net gains on disposal of assets) significantly improved to a positive $2.840 million compared to $0.112 million in 2007.
  
  
• Sydney Gas entered an agreement with the A J Lucas Group Limited. The agreement provides up to $47.2 million in additional equity, access to experienced personnel and specialised drilling equipment.
  
  
• International drilling and pipeline expert, Andy Lukas was appointed Chief Executive Officer of Sydney Gas. His appointment was a key benefit of the AJ Lucas agreement.
  
  
• Exploration and development accelerated in 2008 mainly due to the AJ Lucas agreement. Three exploration coreholes were drilled in 2008 with a fourth corehole commenced in late June 2008.

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