Queensland Gas Company Limited

Queensland Gas Company's former Managing Director, Richard Cottee, has been recognised as a 'legend' of the Australian oil and gas industry after being awarded the title at the Legends in Oil and Gas awards function held in Sydney.

On Friday, the Australian shares reversed an early fall despite the negative leads overnight on overseas markets. The benchmark S&P/ASX200 index closed up 14.5 points, or 0.41 per cent, at 3,540.7, while the broader All Ordinaries index had gained 16.8 points, or 0.49 per cent, to 3,478.1. This week traders are awaiting RBA's aggressive rate cut which is expected to announced when its board meets on Tuesday.

Yesterday the Australian shares ended flat as weaker Commonwealth Bank and energy stocks weighed on the market. The benchmark S&P/ASX200 index was up 10.6 points, or 0.3 per cent, at 3,581.2, while the broader All Ordinaries index gained 6.7 points, or 0.19 per cent, to 3,521.7. It could be fairly quiet during the pre-Christmas sessions. But the local market may be hit by the dropping commodities prices and the fears on US auto industry as US government has admitted that orderly bankruptcy can be one of the options for the troubled automakers.

BG Group plc ("BG Group")(LON:BG) today announced that on Monday 8 December its wholly-owned subsidiary BG International (AUS) Investments Pty Limited ("BG AUS") intends to commence the compulsory acquisition of the remaining shares in Queensland Gas Company Limited ("QGC")(ASX:QGC) which it does not already own.

BG Group plc (LON:BG) announces that its wholly-owned subsidiary BG International (AUS) Investments Pty Limited ("BG AUS") has at the close of trading on the Australian Securities Exchange on Friday, 14 November acquired a relevant interest in more than 90 per cent of Queensland Gas Company Limited (ASX:QGC), under its unconditional on-market takeover bid for QGC.

BG Group plc ("BG Group")(LON:BG) and Queensland Gas Company Limited (ASX:QGC)(PINK:QGSCF) announced that, in the course of an ongoing recommended on-market takeover bid for QGC, BG Group had obtained majority control of QGC, with a relevant interest* in 495 million shares representing 52.06 per cent of the issued share capital of the Company.

This morning shortly after open the Australia market has joined the rally with S&P/ASX200 up 4.3%, or 162.7 points, to 3957.3 points. Yesterday Australian shares suffered their fifth consecutive day of losses, hitting fresh four-year lows, as falls by the big banks eclipsed gains by miners. At the close, the benchmark S&P/ASX200 share index was down 14.6 points, or 0.4%, to 3794.6, recovering from an earlier drop of as much as 2.2%. Analysts expected the next few weeks ahead a relief period.

Australia market gained total over 8% on last Monday and Tuesday but eroded by sell-offs in the rest of the week. Investors were selling the stocks they can sell. Australian shares have ended the week with another day of losses on fears that a possible global recession may hammer earnings for local companies. Analysts foresee a tough week and expect it will not improve until the credit market gets some sustained improvement.

The Australian share market ended a horror week on Friday, down more than 8% in a session that wiped A$106 billion from the value of stocks on the bourse. Last Friday the S&P/ASX200 index fell 8.3% in mid-afternoon trading, losing 360.2 points to plunge to 3960.7, the biggest one-day loss for the ASX200 index. Its affiliate, the All Ordinaries index, had its worst day since the October 1987 crash, losing 8.2%, or 351.9 points, to 3939.4. The ASX200 lost almost 16% for the week, about three times the amount it lost in the week after the September 11 attacks in 2001.

Queensland Gas Company Limited (ASX:QGC)(PINK:QGSCF) has reached an important milestone in its agreed takeover offer for Sunshine Gas - with acceptances by Sunshine shareholders now exceeding 51.8 per cent of Sunshine's shares.