https://www.miningweekly.com

Origin in A$190m Otway deal

11th September 2017

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – Energy major Origin Energy will pay A$190-million to increase its interest in the Otway gas project joint venture (JV), in Victoria.

The ASX-listed company on Monday announced that it would acquire JV partner Benaris’s 27.77% interest in the project, as well as its interest in exploration permits in the region.

Origin told shareholders that the acquisition would increase its subsidiary Lattice Energy’s interest in the Otway gas project JV to 95%, and the exploration JV to 100%.

Under a separate agreement, Lattice has also agreed to pay Benaris A$60-million for 11.89 PJ of reserves to rebalance the share of gas between the parties, relating to the historical lifting of production at Otway, and to reach agreement on other JV matters.

The transaction would increase Lattice Energy’s Otway Basin 1P reserves from 91 PJ to 145 PJ and its 2P reserves from 156 PJ to 237 PJ.

Origin has previously tipped the divestment of the Lattice Energy upstream business, and said on Monday that the company would have the right, but not the obligation, to acquire the Otway gas power JV assets if the divestment of Lattice Energy did not proceed.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Rio-Carb
Rio-Carb

Rio Carb is an OEM (Original Equipment Manufacturer) of R-C700 Chromium Carbide (CrC) alloy clad wear plates and pipes used for heavy materials...

VISIT SHOWROOM 
WearCheck
WearCheck

Leading condition monitoring specialists, WearCheck, help boost machinery lifespan and reduce catastrophic component failure through the scientific...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.046 0.608s - 128pq - 2rq
Subscribe Now