News Article

AJ Lucas settles sale of coal seam gas permit in QLD

8/03/2010 -

Mining services provider AJ Lucas Group Ltd has settled the sale of its 15 per cent interest in a coal seam gas permit in Queensland.

AJ Lucas said in a statement on Friday it had received $98.5 million for the ATP651 permit, with $45 million to be used to reduce a senior debt facility.

The remainder would be used for working capital.

AJ Lucas announced the sale to Japan's Toyota Tsusho Corporation in December last year.

AJ Lucas chairman and chief executive Allan Campbell said the settlement of the sale significantly improved the company's liquidity and strengthened its balance sheet.

Source: AAP NewsWire

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