Energy producer and retailer, AGL Energy Limited (ASX:AGK), has bought land in New South Wales Hunter Valley and is on the hunt for more to secure potential coal seam gas projects.
The Australian Financial Review says in recent years AGL has bought six properties in the wine-growing region and has just settled on two more properties, one fetching a price of $2.85 million.
According to the report the Hunter Valley Protection Alliance is lobbing the state government to ban gas extraction from certain parts of the region.
AGL has reportedly said that it hopes to demonstrate to the community that the coal seam gas industry is low-impact, safe, clean and can co-exist alongside farming, wine-making and other agricultural industries.
In the 2011 financial year AGL Energy posted a net profit of $559 million.
AGK Price at posting:
$13.95 Sentiment: None Disclosure: Held
