CO2 Group’s wholly owned subsidiary, CO2 Australia is pleased to announce that the Management Services Deed relating to the establishment and management of a substantial mallee environmental planting for Woodside Burrup Pty Ltd has been executed. This formalises the detail of the ‘Offsets Program’ announced by CO2 Group on 7 November 2007.
CO2 Group’s Chief Executive Officer, Mr Andrew Grant stated, “The finalisation of the formal agreement is a major milestone. This is a substantial contract for CO2 Group and we have committed considerable organisational resources to the project.”
Under the proposed carbon offset program, CO2 Australia on behalf of Woodside, will establish and manage mallee environmental plantings. This carbon offset program will be established over the next 2 consecutive planting seasons (i.e. 2008 and 2009) with Woodside having an option to undertake additional plantings in the 2010 to 2012 planting seasons. The 2008 planting will take place in New South Wales, with all subsequent plantings in Western Australia.
The first two consecutive years (2008 and 2009) of the program have an estimated value of approximately $25 million over a 50 year time frame, with the majority of the value being generated in the first 2 years. Should Woodside exercise its option for additional plantings, the value of the carbon offset program increases by approximately $75 million bringing the total value of the carbon offset program to approximately $100 million. The carbon offset program will be subject to a number of regulatory and other specific conditions.
Andrew Grant: CEO, CO2 Group Limited
For more information contact:
Elise Margaritis: Marketing and Communications Manager, CO2 Australia Limited
T: (03) 9928 5111