Origin Acquires Interest in Two Offshore Exploration Permits

Origin Energy Ltd. (ASX:ORG) announced that it has completed its acquisition of Karoon Gas Australia Ltd.’s (ASX:KAR) 40-percent interest in two offshore exploration permits in the Browse Basin, located in Western Australia.

As quoted in the press release:

Under the terms of the transaction, Origin has paid Karoon a US$600 million cash consideration with additional payments of US$75 million payable upon a project Final Investment Decision (FID) and US$75 million payable on first production. A further payment of up to US$50 million will be payable on first production if 2P reserves at the time of FID reach certain thresholds.

Origin’s acquisition of the permits, which contain large and prospective offshore gas fields such as the Poseidon discovery, allows the company to establish a strategic position in one of Australia’s largest recent offshore gas discoveries.

The acquisition complements Origin’s recent farm-ins in the Cooper and Beetaloo basins and the awarding of new exploration acreage to the company in the Bonaparte Basin.

Click here to read the full Origin Energy Ltd. (ASX:ORG) press release.

Get the Latest Gas Investing Stock Information

Get the latest information about companies associated with Gas Investing delivered directly to your inbox.


By selecting company or companies above, you are giving consent to receive email from those companies. And remember you can unsubscribe at any time.

resource ebook2

Get the top stories on resource investing FREE!

Learn what is going on before you buy from this FREE Special Report, Who is Kitco? to US Mint: Sold Out! – Top Articles from Resource Investing News.

Leave a Reply