sells png oil and gas interests for 1.1bn

Sydney - Thursday - October 30: (RWE Aust Business News) - AGL
Energy Ltd (ASX:AGK) has executed sale and purchase agreements for all of
its oil and gas exploration and production interests in Papua New Guinea,
which include a 3.6 per cent interest in the PNG LNG project.
Net proceeds from the sale, after closing out oil hedges, will be
approximately $1.1 billion while the agreed sale price is $US800 million.
No capital gains tax will be payable in either PNG or Australia
on proceeds from the sale.
The purchaser, whose identity is confidential at this stage, is
an international oil and gas company.
The sale is unconditional, other than Government approvals, and
is subject to the pre-emptive rights process.