AGL has called off the sale of its north Queensland gas assets to a Chinese consortium.
AGL says “certain conditions precedent to the sale were unable to be satisfied to secure counter-party support,” without providing further details.
The power company announced the sale in August 2017 after previously announcing it would quit gas exploration and production following a collapse in prices.
It did not give financial details of the sale.
AGL already wrote down the value of its exploration and production assets by $640 million due to that February 2016 decision.
It said Thursday’s move would not affect its earnings guidance.
The North Queensland gas assets comprise AGL’s 50 per cent stake in the Moranbah Gas Project Joint Venture, the North Queensland Energy Joint Venture and exploration rights in the Bowen Basin.