ARCHIVE

Epic seeks fourth extension

Despite a flurry of interest in the sale of its assets Epic Energy has been forced to request a f...

Epic seeks fourth extension

The syndicate of 28 banks has already extended the loan three times leaving Epic until March 16 to make the repayment under the current agreement although company chief David Williams has previously said he believed the banks would extend the date in order to secure a satisfactory sale of Epic’s $2.6 billion Australian assets including the DBNGP.

Potential buyers expected an announcement within days of the February 19 bidding deadline but an outcome may still be one to two weeks away.

A number of Australian and international bidders expressed interest in pieces of the Epic pie although early reports suggest the embattled company will have to settle for far less than the $2.4 billion it paid for the Dampier to Bunbury Natural Gas Pipeline around four years ago.

The new owner will probably face severe pressure from the WA State Government to implement expansion plans on the DBNGP as soon as possible in order to avert any future power crisis such as experienced in Perth during the recent summer.

With an expected outlay of several hundred million needed for the expansion Epic’s hopes of reaching its desired $2.4 billion sale price is looking further away than ever.

TOPICS:

A growing series of reports, each focused on a key discussion point for the energy sector, brought to you by the Energy News Bulletin Intelligence team.

A growing series of reports, each focused on a key discussion point for the energy sector, brought to you by the Energy News Bulletin Intelligence team.

editions

ENB CCS Report 2024

ENB’s CCS Report 2024 finds that CCS could be the much-needed magic bullet for Australia’s decarbonisation drive

editions

ENB Cost Report 2023

ENB’s latest Cost Report findings provide optimism as investments in oil and gas, as well as new energy rise.

editions

ENB Future of Energy Report 2023

ENB’s inaugural Future of Energy Report details the industry outlook on the medium-to-long-term future for the sector in the Asia Pacific region.

editions

ENB Cost Report 2021

This industry-wide report aims to understand current cost levels across the energy industry