New Hope Corporation (ASX:NHC) - CEO, Reinhold Schmidt
CEO, Reinhold Schmidt
Source: Courier Mail
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  • The ACCC has issued a draft determination proposing to authorise New Hope Corporation (NHC) subsidiary Bridgeport, Vintage Energy (VEN) and Metgasco (MEL) to enter into a joint marketing arrangement
  • The companies are joint venture partners developing the Vali field in Queensland’s Cooper/Eromanga Basin
  • The authorisation would enable the companies to jointly market gas produced from the field for five years and enter into supply agreements on common terms and conditions for the next 15 years
  • The ACCC is now seeking submissions on the draft determination
  • NHC is down 1.45 per cent at $1.36, VEN is up 6.6 per cent at 6.5 cents and MEL is trading flat at 2.6 cents

The ACCC has issued a draft determination proposing to authorise New Hope Corp. (NHC) subsidiary Bridgeport, Vintage Energy (VEN) and Metgasco (MEL) to enter into a joint marketing arrangement.

The companies are joint venture partners in the Vali field in Queensland’s Cooper/Eromanga Basin. Vintage holds a 50 per cent interest in the ATP 2021 Joint Venture, while the other two parties each hold a 25 per cent interest.

The authorisation would enable the companies to jointly market gas produced from the field for five years and enter into supply agreements on common terms and conditions for the next 15 years.

“The ACCC’s preliminary view is that joint marketing is likely to result in public benefit by enabling earlier development of the Vali field to bring this new gas supply to the market sooner,” said ACCC Commissioner Stephen Ridgeway.

“Given the small amount of gas to be jointly marketed, the proposed joint marketing is unlikely to adversely affect competition.”

In January, the ACCC granted the joint venture partners an interim authorisation for joint marketing and to enter conditional gas supply agreements valid until the end of 2021.

The ACCC is seeking submissions on the draft determination by April 12, 2021.

NHC is down 1.45 per cent at $1.36, VEN is up 6.6 per cent at 6.5 cents and MEL is trading flat at 2.6 cents at 12:55 pm AEDT.

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