It is believed that two-to-four weeks is needed to update the data room information relating to the ongoing negotiations between Epic and the pipeline’s main shippers, Alinta, Alcoa and Western Power, who account for around 90% of all gas pumped through the pipeline.

Epic had been convinced that long-term contracts with the shippers would support crucial expansion work on the DBNGP, however, the contracts were never completed due to fears surrounding Epic’s fragile financial state.

Following the data room update the receivers will begin an eight week due diligence for bidders which leaves a best scenario of a sale in late July.

In 1998 Epic paid $2.4 billion for the pipeline, including $1.85 billion in bank debt which it has been unable to repay. Last week the banks finally lost patience with the drawn out sales process of the pipeline and called in the receivers, whose main priority is to achieve a sale sufficient to cover the bank debt.

So far none of the potential bides is thought to have offered much more than the $1.85 million.