AGL Energy Limited (AGL) today announced that the PNG LNG joint venture participants have formally signed and executed a Coordinated Development and Operating Agreement (CDOA) for the PNG LNG Project.

AGL has a 3.6% participating equity interest in the project which has been set up as an integrated venture with ExxonMobil (41.6%), Oil Search (34.1%), Santos (17.7%), Nippon Oil (1.8%) and Landowner interests (1.2%).

AGL Managing Director, Michael Fraser, said "the signing of this agreement is an important step towards a positive FEED decision following which AGL will consider options for disposing of its interests in its PNG oil and gas assets."

Further enquiries:

Media
Andrew Scannell, Head of Media
Direct: + 61 3 8633 6167
Mobile: + 61 (0) 407 290 658
e-mail: ascannell@agl.com.au

Analysts & Investors
Graeme Thompson, Head of Investor Relations
Direct: + 61 2 9921 2789
Mobile: + 61 (0) 412 020 711
e-mail: gthompson@agl.com.au

About AGL
AGL is one of Australia's leading integrated energy companies. Drawing on 170 years of experience, it includes retail and merchant energy businesses, power generation assets and an upstream gas portfolio. AGL has Australia's largest retail energy and dual fuel customer base. This includes customers supplied with gas and electricity through AGL's joint venture partnership with ActewAGL. AGL has a diverse power generation portfolio including base, peaking and intermediate generation plants, spread across traditional thermal generation as well as re newable sources including hydro, wind, landfill gas and biomass.