However, chief financial officer, Brad Farrington, warned that the deal with the 29 syndicated banks would only bring temporary relief as it awaits the outcome of a crucial transmission tariff ruling.

"The extension has only bought the Dampier-to-Bunbury Natural Gas Pipeline (DBNGP) time. The threat to our viability has not been removed. Refinancing of the debt facility is still heavily dependent on the WA Gas Regulator's final decision," Farrington said.

Farrington said Epic believes the positive Supreme Court decision and the strong indications from the Regulator that he will release a final decision by the end of March has enabled it to achieve this 'breathing space' from the banks.

"Epic Energy's successful Supreme Court action has provided more guidance to the Regulator for a proper assessment of Epic Energy's proposed Access Arrangement and made it clear that he was empowered to take into consideration the State sale process and its objectives," Farrington said.