Press Esc to close

WorldOil

World Oil News Center



Origin completes acquisition of 2 permits in WA' s Browse basin from Karoon

SYDNEY, Australia -- Origin Energy Limited (Origin) stated that it had completed the acquisition of Karoon Gas' s (Karoon) 40% interest in two offshore exploration permits (WA- 315-P and WA-398-P) in Western Australia' s Browse Basin.

Under the terms of the transaction, Origin has paid Karoon a $600 million cash consideration with additional payments of $75 million payable upon a project Final Investment Decision (FID) and $75 million payable on first production. A further payment of up to $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.

08/12/2014

 

Bookmark and Share


WO DATA HUB

EngineeringTablesIcon-Large

Engineering Data Tables

World Oil's specialized upstream Engineering Data Tables featuring the Drill Bit Classifier, Tubing Tables and more. Get Total Access today.

WO SUPPLEMENTS

2013 Fracturing Technology

2013 Fracturing Technology

MEDIA CENTER

By Digital Publisher

Drill Bit Classifier World Oil published its renowned Drill Bit Classifier in September 2013. The Drill Bit Classifier is a comprehensive listing of major manufacturers' d...

ENERGY EVENTS

Upcoming Events