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Summary

Botany Cogeneration Project

BOTANY COGENERATION PROJECT

Santos has been advised by ALISE that the Botany Cogeneration Project may now proceed in two stages with the timing of the second stage dependent on satisfactory evolution of conditions in the electricity market. Under these circumstances, the initial stage of the project would require the supply of approximately 12 petajoules per annum of gas.

On 21 October 1996 Santos announced that it had reached agreement with AGL and ALISE Energy Australia Pty Ltd for the supply of gas to the proposed Botany Cogeneration Power Plant. This agreement was outlined in a Gas Heads of Agreement.

The Gas Heads of Agreement had come into effect following the signing of Heads of Agreement between ALISE and Energy Australia relating to the sale of electricity.

The Gas Heads of Agreement expired on 31 January 1997 as arrangements for the sale of electricity from the project had not been finalised by that date. However Santos is continuing negotiations with AGL and ALISE with the aim of finalising agreement on all necessary matters. The involvement of other South Australian Cooper Basin Producers will also be required for the project to proceed.