Origin Energy wraps up Browse basin deal with Karoon Gas
PERTH (miningweekly.com) – Australian energy major Origin Energy has completed its multimillion-dollar offshore exploration permit acquisition from fellow-listed Karoon Gas.
In June this year, the two companies entered into a conditional sale and purchase agreement over a 40% interest in two exploration permits in Western Australia’s Browse basin.
Origin said on Tuesday that the company had now paid Karoon a $600-million cash consideration, with additional payments of $75-million payable upon a final investment decision on the project, as well as $75-million on first production.
A further payment of up to $50-million would be payable on the first production if 2P reserves at the time of a final investment decision reached certain thresholds.
Origin said that the acquisition of the permits allowed the company to establish a strategic position in one of Australia’s largest recent offshore gas discoveries, and complemented the company’s farm-in deals in the Copper and Beetaloo basins.
Karoon executive chairperson Bob Hosking said the completion of the transaction allowed Karoon to focus on the upcoming appraisal of its Karoon oil discovery offshore Brazil, and to continue to add value to the company’s extensive exploration acreage elsewhere in Brazil, Peru and in Australia.
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