ANNOUNCEMENTSYDNEY GAS ANNOUNCES COMPLETION OFJOINT VENTURE...

ANNOUNCEMENT
SYDNEY GAS ANNOUNCES COMPLETION OF
JOINT VENTURE ARRANGEMENTS WITH AGL
15 November 2005
Sydney Gas today announced that all of the preconditions to the Joint Venture
arrangements with AGL over its development and exploration assets in NSW have been
met, and the consideration of $42.25 million has been paid to Sydney Gas by AGL. From
today, the Joint Ventures become operational with AGL Gas Production (Camden) Pty Ltd
becoming the Operator of the Camden production Joint Venture and Sydney Gas
Operations Pty Ltd remaining as Operator of the two exploration Joint Ventures. At this
time Sydney Gas will continue to provide operational services to the Joint Ventures. From
today Sydney Gas and AGL will each own 50 percent of the assets, receive 50 percent of
the revenues and pay 50 percent of the expenditures for each of the Joint Ventures.
Sydney Gas Chairman Michael Knight said that financial close of the joint venture
arrangements with AGL completed a critical element of the Company’s strategy. He said
this would allow for a more efficient development and exploration program to be
implemented which is intended to generate value for shareholders.
Sydney Gas CEO, Andrew Purcell said “The completion of our Joint Venture brings
financial stability and greater operational capacity to our gas projects. We very much look
forward now to working with AGL to fully utilise the combined expertise, capability and
proficiencies of our two companies to enhance our ability to deliver cost effective energy
to NSW”.