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News Breaks | | | | February 29, 2012 | | 09:46 EDT |  | CDZI | Cadiz updates on plan to convert nat gas pipelines for water transmission
Cadiz updated on its plans to purchase idle natural gas pipelines for conversion to water transmission, including a 220-mile pipeline owned by El Paso Natural Gas that originates south of Bakersfield, California and stretches into Cadiz, California, where the company’s primary landholdings are located. Based on the strength of the feasibility assessments, the company yesterday made a $1M payment to EPNG to continue the term of the option agreement through March 2013. The extension provides the company time to fully analyze opportunities for the pipeline through completion of the Project’s environmental review and permitting process. The purchase price of the line at the conclusion of the option period is $40M. The company is also currently exploring opportunities that are offered by a second smaller line owned by Questar Corporation. The company has an option agreement with Questar through December 31, 2012. The purchase price of the line at the conclusion of the option period is $10M. | |
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