AGL Energy Ltd. (AGK.AU) said Wednesday it won't exercise an option to acquire A$1 billion worth of coal seam gas and power generation assets from BG Group PLC (BG.LN).

The integrated energy company said in a statement it was comfortable its strategic target of securing 2,000 petajoules of equity gas can be achieved from recent acquisitions.

AGL in October gained the option to purchase the assets, which include CSG fields in Queensland and the Condamine Power Station, also in Queensland, when it agreed to sell its holding in Queensland Gas Company Ltd. into BG's takeover of that company.

By Ross Kelly, Dow Jones Newswires; 61-2-8235-2957; ross.kelly@dowjones.com
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