News Wrap

IN THIS morning’s News Wrap: Legal action over mine death; Queensland gas flared or dumped at zero price; and Roc Oil looks set to fall to China’s Fosun.

Lou Caruana

Legal action over mine death

The widow and daughters of a man who died when he was crushed by a bulldozer at a gold mine in Ghana are suing Perth-based company Ausdrill, reports the West Australian.

Mary Farrell and her children, Sorcha Caitriona Egan and Shona Anne-Marie Egan, are seeking millions of dollars in damages over the death of 49-year-old John Egan.

Egan died when he fell from a bulldozer being driven by local man Joseph Ampomah on October 3, 2011.

The family now live in Ireland and are being represented by law firm Slater and Gordon.

Queensland gas flared or dumped at zero price

Natural gas prices in Queensland have plunged to near-zero in a temporary distortion in the market, signalling that BG Group and possibly other producers are being forced to sell gas at a loss, or to burn it off as waste, according to the Australian Financial Review.

In contrast to the surging prices seen in multi-year contracts for gas along the east coast, the spot price in Brisbane hit a record low of 0.07c a gigajoule this week after starting the year at about $5.

Roc Oil looks set to fall to China’s Fosun

Fosun, China’s largest privately held conglomerate, is on course to secure its first takeover of a listed Australian company after gaining a substantial foothold over Roc Oil’s register, according to the Australian Financial Review.

The Chinese behemoth swooped on the oil and gas company in August with a knock-out $474 million cash bid – scuttling a controversial all-scrip merger with larger rival Horizon Oil – and now owns more than 29% of its target.

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