MetroCoal Limited said that it has entered into a binding agreement with Australia Pacific LNG (APLNG) which provides MTE with a clear path to a future Mining Lease in its Norwood Project area.
In consideration for MTE supporting the grant of petroleum licences within the overlapping area, APLNG and MTE have agreed, in relation to Norwood Project Area, that at the appropriate time, they will negotiate mutually acceptable co-development arrangements.
In the absence of reaching a mutually acceptable agreement in a timely manner, the parties will opt in to the overlapping tenure regime as envisaged in the document sponsored by the Queensland Resources Council and titled “Maximising Utilisation of Queensland’s Coal and Coal Seam Gas Resources – A New Approach to Overlapping Tenure in Queensland”, which was lodged with the Queensland Department of Natural Resources and Mines on 17 May 2012 (White Paper).
In their other areas of overlap, APLNG and MTE have also agreed to look for mutually acceptable arrangements for co-development.
[mappress] LNG World News Staff, November 26, 2012; Image: MetroCoal