A J Lucas considers CSM spin-off

Engineering company, A J Lucas, at Ryde, aims to take advantage of the increasing interest in Australia’s coal seam gas industry (CSM) with a spin-off, Lucas Energy. The company regarded as among Australia’s most experienced and comprehensive CSM service providers, boosted its shareholding, in January, to 15 per cent in Sydney Gas, which is operating at Camden and exploring elsewhere in the Sydney Basin and the Hunter region. Other key CSM assets are located in Queensland and Canada. The company, which listed on the ASX in 1999, has grown from $20 million in annual revenue to a forecast $450 million in 2008.